HomeMy WebLinkAbout86-55 - ADMIN Resolution - City Council - 1986/05/05r
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RESOLUTION NO. Jpr,_ s s
A RESOLUTION APPROVING AN AMENDED FINANCE PROGRAM
FOR A MULTIFAMILY RENTAL HOUSING PROJECT UNDER
MINNESOTA STATUTES, CHAPTER 462C
WHEREAS, the City Council (the "Council") of the City of St. Louis Park
(the "City") has, by Resolution No. 6386 dated October 3, 1979, adopted a Housing
Plan for the City in accordance with the Municipal Housing Finance Act, Minnesota
Statutes, Chapter 462C (the "Act"); and
WHEREAS, this Council has given preliminary approval to a program for
issuance of housing revenue bonds in an amount up to $8,700,000 to finance a 165 -
unit multifamily housing development located at Pennsylvania Avenue and Highway
7 (the "Project") to be constructed by a limited partnership in which Jack Safar,
David Brierton and the Dominium Group (the "Developers") will be general
partners; and
WHEREAS, the Developers have requested that this Council adopt an
amended program for the issuance of housing revenue bonds up to $10,800,000 to
finance the Project; and
WHEREAS, the Project as proposed will provide housing within the City for
persons of low and moderate income, in furtherance of the objectives of the Act
and the Housing Plan of the City;
NOW, THEREFORE, BE IT RESOLVED:
1. The preliminary approval previously given to the Project is hereby
ratified by the City and the amended program providing for the issuance of the
bonds for the purpose of financing the development cost of the Project is hereby
approved, subject to failure of the Minnesota Housing Finance Agency to reject the
program within 30 days following the date of submission, and to mutual agreement
of this body, the Developer, and the initial purchasers of the bonds as to the details
of the bond issue and provisions for their payment. In all events, it is understood,
however, that the bonds of the City shall not constitute a charge, lien, or
encumbrance, legal or equitable, upon any property of the City except the Project
and each bond, when, as, and if issued, shall recite in substances that the bond,
including interest thereon, is payable solely from the revenues received from the
Project and property pledged to the payment thereof, and shall not constitute a
debt of the City.
The foregoing preliminary approval of the Project by the City is for
purposes of financing pursuant to the Act and shall not be construed as a waiver of
any zoning, density, land use, or similar restrictions which may be applicable to the
Project.
2. A law firm selected by the Developer with concurrence by the
Council is authorized as bond counsel to assist in the preparation and review of
necessary documents relating to the Project and bonds issued in connection
therewith. An underwriter selected by the Developer with concurrence by the
Council is authorized to act as underwriter of the bonds to be issued in connection
with the Project, its fee to be paid out of the proceeds of the bonds when and if
issued.
Adopted by the City Council May 5, 1986.
ATTEST:
404 4
Reviewed for administration:
6411. All5kj21J3
Mayor
Approved as to form and legality:
City Attorney
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