HomeMy WebLinkAbout92-183 - ADMIN Resolution - City Council - 1992/12/07RESOLUTION NO. 92-183
A RESOLUTION GIVING PRELIMINARY APPROVAL TO REFINANCING
OF A MULTIFAMILY RENTAL HOUSING PROJECT
(TAMARIND PROJECT) UNDER MINNESOTA STATUTES, CHAPTER 462C
WHEREAS, pursuant to the Minnesota Municipal Housing Act,
Minnesota Statutes, Chapter 462C (the "Act"), the City is
authorized to adopt a housing plan and carry 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 newspaper of general circulation in the City at least
thirty 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 adopted the Housing Plan on October 2,
1979; and
WHEREAS, the City adopted a Housing Program (the
"Program") for multifamily housing revenue bonds as a part of
the Housing Plan Amendment on March 13, 1982; and
WHEREAS, the Program has been reviewed and approved by
the Metropolitan Council and the Minnesota Housing Finance
Agency ("MHFA"), as required by the Act; and
WHEREAS, the City, by Resolution 85-206, dated
December 2, 1985, gave final approval for the issuance of Rental
Housing Revenue Bonds (Fannie Mae Program/Tamarind Project)
Series 1985 pursuant to authority conferred by the Act in the
amount of $4,000,000 (the "1985 Bonds") to finance the
construction of a 102 -unit rental housing development (the
"Project") located at 2300 and 2350 Ridge Drive, St. Louis Park,
Minnesota, the owner of which is Tamarind Limited Partnership, a
Minnesota limited partnership (the "Owner"); and
WHEREAS, the Owner has requested that the City give
preliminary approval for the issuance of revenue refunding bonds
-1-
09857-374 12/1/92
9z-I8S
of the City (the "Bonds") pursuant to authority conferred by the
Act in an amount presently estimated not to exceed $4,600,000 to
refinance the 1985 Bonds; and
WHEREAS, pursuant to published notice, the City held a
public hearing on December 7, 1992 on the issuance of the Bonds;
and
WHEREAS, the Project provides 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 refinancing of the Project and the issuance of
Bonds are preliminarily approved, subject to final approval and
authorization by this Council and mutual agreement of this
Council, the Owner, 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 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.
2. This preliminary approval shall not constitute
authorization to issue the Bonds and shall not in any fashion
obligate or require the City to authorize the issuance of the
Bonds or impose any liability on the City for failure or refusal
to authorize the issuance of the Bonds.
Adopted by the City Council December 7, 1992.
ATTEST:
Reviewed for administration: Approved as to form and execution:
City Manager City At
-2-
091357-974
12/1/92