HomeMy WebLinkAbout92-178 - ADMIN Resolution - City Council - 1992/11/161
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RESOLUTION NO. 92-178
RESOLUTION AMENDING RESOLUTION 92-164
RELATING TO THE ISSUANCE OF RENTAL HOUSING
REVENUE REFUNDING BONDS, CALLING A PUBLIC HEARING
AND AUTHORIZING AN AGREEMENT AS TO INDEMNITY
AND PAYMENT OF EXPENSES IN CONNECTION THEREWITH
BE IT RESOLVED by the City Council (the "City Council")
of the City of St. Louis Park, Minnesota (the "City"), as
follows:
Resolution 92-164, adopted on October 20, 1992, is hereby
amended as follows:
1. The public hearing on the proposal of Tamarind
Limited Partnership (the "Company") that the City issue the
Bonds is hereby rescheduled and shall be called for Monday, the
7th day of December, 1992 at 7:30 o'clock p.m.
2. The City Clerk of the City is hereby authorized to
cause a public notice, substantially in the form of the notice
attached hereto as Exhibit A, to be published in the official
newspaper of the City and if so requested by the Company,
another newspaper of general circulation in the City.
3. This resolution shall become effective immediately
upon its passage and without publication.
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Adopted this 16th day of November, 1992.
ATTEST:
Reviewed for administration:
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Approved as to form and
execution:
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City Manager City Attorney
1337JRS/12
Exhibit A
to Resolution
No. 92-170
NOTICE OF PUBLIC HEARING RELATING
TO THE PROPOSED ISSUANCE OF
RENTAL HOUSING REVENUE REFUNDING BONDS
ON BEHALF OF TAMARIND LIMITED PARTNERSHIP
NOTICE IS HEREBY GIVEN that a public hearing shall be
conducted by the City Council of the City of St. Louis Park,
Minnesota (the "City") on the proposed issuance of rental
housing revenue refunding bonds by the City on behalf of
Tamarind Limited Partnership, a Minnesota limited partnership or
a successor or assign thereof (the "Borrower") pursuant to
Minnesota Statutes, Chapter 462C, Chapter 462A and Chapter 475,
as amended (the "Act") and the City's Home Rule Charter. The
hearing will be held at the Council Chambers of the City Hall,
5005 Minnetonka Boulevard, St. Louis Park, Minnesota, on Monday,
December 7, 1992, at approximately 7:30 o'clock p.m. On
December 5, 1985, the City issued its $4,000,000 aggregate
principal amount rental housing housing revenue bonds (Fannie
Mae Program/Tamarind Project) Series 1985,, pursuant to the Act
(the "Series 1985 Bonds") to finance the acquisition,
construction and equipping by the Borrower of a 102 unit
apartment complex located in the City at 2300 and 2350 Ridge
Drive, on a 2.49 acre site at the intersection of Ridge Drive
and Cedar Lake•Road, approximately five blocks'southwest of the-
intersection of Highway 12 and Minnesota Highway 100 (the
"Project"). The Project is now known as Tamarind Apartments.
The Borrower has requested the City to issue its rental housing
revenue refunding bonds to refund the Series 1985 Bonds in the
estimated maximum aggregate principal amount of $4,000,000, plus
up to $600,000 in revenue bonds to finance certain Project costs
and to fund a default reserve fund for said bonds. At the time
and place listed above for the public hearing, the City Council
shall give all parties who appear an opportunity to express
their views with respect to the proposal to refund the Series
1985 Bonds and to issue the rental housing revenue refunding
bonds. Interested persons may also submit written comments to
the undersigned City Clerk prior to the date of such hearing.
**
Dated: November 18 1992
1997JR8/13
**published in Sun -Sailor November 18, 1992.