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Home My WebLink About93- 147 - ADMIN Resolution - City Council - 1993/09/20f 1. 1J J lY ..1 . 111 v1- J J-! JJJ J a • laal a 1/.1 1 L RESOLUTION NO. 93- 147 RESOLUTION RELATING TO CALLING A PUBLIC HEARING JN CONNECTION WITH THE ISSUANCE OF RENTAL HOUSING REVENUE REFUNDING BONDS BE IT RESOLVED by the City Council (the "City Council") of the City of St. Louis Park, Minnesota (the "City"), as follows: Section 1. Recitals: Findings. 1.01. Minnesota Statutes, Chapter 462C, Chapter 462A and Chapter 475, as amended (the "Act"), authorize the City to issue revenue bonds to finance programs or developments described in any housing plan, upon approval of the program as provided in the Act, including one or more multifamily rental housing developments within its boundaries and to refund any bonds then outstanding including the payment of any redemption premiums thereon and any interest accrued or to accrue to the redemption date next succeeding the date of delivery of the refunding bonds. 1.02. The Home Rule Charter of the City authorizes the issuance of bonds "for any public purpose not prohibited by law". t 1.03. On December 5, 1985, the City issued its $4,000,000 aggregate principal amount Rental 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 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"), by Tamarind Limited Partnership, a Minnesota limited partnership (the "Borrower") whose general partner is currently Tamarind Management Company, a Minnesota corporation. 1.04. The Council has received a proposal from the Borrower that the City issue its rental housing revenue refunding bonds (the "Bonds") in an aggregate principal amount of approximately $3,820,000 to refund all of the outstanding principal amount of the Series 1985 Bonds. The proposal includes a maturity on the Bonds which extends the existing final maturity and the weighted average maturity of the Series 1985 Bonds. It is anticipated that the Bonds will be backed, in substantial part, by a Mortgage Pass -Through Certificate issued by Federal National Mortgage Association ("Fannie Mae") in payment of the purchase price of a mortgage loan on the Project acquired from the bond trustee. BOND22013964 9/3/93 I Al 1 .1 1111 e j II Li J ,III 1 1.05. The City hereby finds and determines the issuance of the Bonds is authorized under the Act and the City's Home Rule Charter and constitutes a public purpose under the City's Home Rule Charter for which bonds can be issued. 1.06. Section 147(f)(2)(D) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 1313(a)(3)(A) of the Tax Reform Act of 1986 require a public hearing following reasonable public notice prior to the approval of the Series A Bonds by the Council. 1.07. The Borrower has presented to the City a form of public notice, attached hereto as Exhibit A, with a request that the City Council establish a date for a public hearing and authorize publication of the form of public notice provided by the Borrower. 1.08. The Borrower and the City have entered into an Agreement As To Indemnity and Payment of Expenses, dated as of October 1, 1992, in connection with the Borrower's proposal to refund the Series 1985 Bonds, which Agreement remains in full force and effect. Section 2. Public Hearing. 2.01. The City will conduct, and there is hereby called, a public hearing on the proposal of the Borrower that the City issue the Bonds on Monday, the 18th day of October, 1993 at 7:30 o'clock p.m. 2.02. 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 Borrower, another newspaper of general circulation in the City. Section 3. Effective Date. 3.01. This resolution shall become effective immediately upon its passage and without publication. Adopted this 20th day of September, 1993. (11,iige.14....0 City C1er BOND/72013964 9115193 2 r i:I 1:),U1 1-4...0 t.ti ul. .).,4 yo„ 1-WILIA 1i:11h Reviewed for administration: Approved as to form and execution: _fra44-1Ceete-igZe-- City Attorney BOND/22013964 9/1563 3 1111♦ 1111., !I 1, 10 la Ju, 1.L. ul.. )J-1 4,1,) 1•111lia!1 iia11i L Juu5.I)115 7 Exhibit A ii to Resolution No. 93141 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, October 18, 1993, 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 and is owned by the Borrower. 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 $3,820,000. 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. BOND/22013964 9/15)93 , 1993 i ci,44 1"4"6744') City Clerk/ 41