HomeMy WebLinkAbout93- 100 - ADMIN Resolution - City Council - 1993/07/19RESOLUTION NO. 93- 100
A RESOLUTION GIVING PRELIMINARY APPROVAL TO REFINANCING
OF A RENTAL HOUSING PROJECT
(COMMUNITY HOUSING AND SERVICE CORPORATION 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 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, by Resolution 85-127.14, dated September 3,
1985, the Council of the City adopted a program amendment to
said Housing Plan which includes a Program (the "Program") to
finance the construction of one or more multi -family rental
housing projects through the issuance of revenue bonds of the
City; 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 85-222, dated
December 16, 1985, gave final approval for the issuance of
Rental Housing Revenue Bonds (FHA Insured Mortgage Loan/
Community Housing and Service Project) Series 1985 pursuant to
authority conferred by the Act in the amount of $11,000,000 (the
"1985 Bonds") to finance the construction of a 153 -unit
apartment complex (the "Project") located at 3630 Phillips
Parkway, St. Louis Park, Minnesota, by Community Housing and
Service Corporation, a Minnesota nonprofit corporation (the
"Borrower"); and
WHEREAS, the Project provides housing within the City for
persons of .ow and moderate income, in furtherance of the
objectives of the Act and the :lousing Plan and Program of the
City;
WHEREAS, the Borrower has requested that the City give
preliminary approval for the issuance of revenue refunding bonds
of the City (the "Bonds") pursuant to authority conferred by the
Act in an amount presently estimated not to exceed $11,250,000
to advance refund the 1985 Bonds; and
WHEREAS, pursuant to published notice, the City held a
public hearing on July 19, 1993 on the issuance of the Bonds;
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 Borrower, 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.
3. This resolution shall become effective immediately
upon its passage and without publication.
Adopted by the City Council July 19, 1993.
ATTEST:
City erk
Q3 -goo
Reviewed for administration: Approved as to form and
execution:
iitide,
Yialaureet eta
Manager City Attorney
1 searR5I1.3
-3-