HomeMy WebLinkAbout87-211 - ADMIN Resolution - City Council - 1987/12/21RESOLUTION NO. 87-211
RESOLUTION FOR A PROGRAM AMENDMENT OF
THE HOUSING PLAN AND PROGRAM OF THE CITY
OF ST. LOUIS PARK AND GIVING PRELIMINARY
APPROVAL TO A MULTIFAMILY RENTAL HOUSING
PROJECT UNDER MINNESOTA STATUTES, CHAPTER
462C
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota
Statutes. Chapter 462C (the "Act"), a City is authorized to adopt a housing plan
aria -6/-0y out programs for the financing of multifamily housing for persons of low
and moderate income; and
WHEREAS, the Act requires adoption of the housing plan after a public
hearing held thereon after publication of notice in a a newspaper of general
circulation in the City at least 30 days in advance of the hearing; and
WHEREAS, the City of St. Louis Park (the "City") published notice of a
public hearing on a proposed housing plan (the "Housing Plan") on August 1, 1979;
and
WHEREAS, the City conducted a public hearing on the Housing Plan on
September 4, 1979; and
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 has adopted subsequent amendments to
such Plan; and
WHEREAS, the Council to the City has before it on this date a program
amendment to said Housing Plan to include an additional proposed multifamily
rental housing program (the "Program"); and
WHEREAS, upon review of and comment upon said Housing Plan amendment
by the Metropolitan Council, and approval of the Program by the Minnesota
Housing Finance Agency, the City intends to proceed to issue its revenue bonds to
finance a qualified multifamily rental housing project; and
WHEREAS, Glenpark Evangelical Manor, a Minnesota nonprofit corporation
(the "Developer") has requested that the City give preliminary approval for the
issuance of revenue bonds of the City pursuant to authority conferred by the Act in
an amount presently estimated not to exceed $6,000,000 to finance the acquisition
of land and buildings, and facilities functionally related to, a 105 -unit elderly
rental housing development constructed thereon (the "Project") located at 4301
Park Glen Road in the City; and
WHEREAS, the Act requires adoption of a program after a public hearing
held thereon after publication of notice in a newspaper of general circulation in the
City at least fifteen days in advance of the hearing; and
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WHEREAS, the City adopted a Housing Program (the "Program") for
multifamily housing revenue bonds as a part of the Housing Plan Amendment on
October 6, 1986; and
WHEREAS, the City published notice of a public hearing on the Project on
or before December 6, 1987; and
WHEREAS, the City of St. Louis Park (the "City") has on this date
conducted a public hearing on the Program for the Project, after publication of
notice as required by the Act; 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 by the City Council of the City of
St. Louis Park, Minnesota:
1. The title "Housing Plan and Program 1979-1987" of the City's Housing
Plan and Program is hereby changed to "Housing Plan and Program 1979-1990".
2. Page 50 of the Housing Plan and Program of the City is hereby
revised by the addition of the Project and is hereby identified as "Page 50 as
revised and approved by the City Council on December 21, 1987."
3. The Project is hereby given preliminary approval by the City and the
issuance of bonds for the purpose of financing the development cost of the Project
approved, subject to approval of the Program' by the Minnesota Housing Finance
Agency, 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 provision 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 substance 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 pledge the full faith and credit of the City 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.
4. That the City Manager is hereby authorized to submit the Program to
the Minnesota Housing Finance Agency and to do all other things and take all other
actions as may be necessary or appropriate to carry out the Program as amended in
accordance with the Act and any other applicable laws and regulations.
5. Holmes et Graven, Chartered, 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.
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6. It is understood and agreed that the Developer shall indemnify the
City against all liabilities, losses, damages, costs and expenses (including attorneys'
fees and expenses incurred by the City) arising with respect to the Project or the
Bonds, all as to be more fully provided for an agreed to by and between the
Developer and the City in a Bond Purchase Agreement and the Loan Agreement to
be entered into by such parties with respect to the Bonds.
7. The Developer will pay all expenses incurred by the City in
connection with the Bonds, including the fees and expenses of the attorney to the
City, all as more fully provided for and agreed to in the aforementioned Bond
Purchase Agreement and Loan Agreement.
ADOPTED by the City Council December 21, 1987.
Mayor
ATT ST:
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City Cler
Reviewed for administration: Approved as to form and execution:
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City Attorn