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HomeMy WebLinkAboutCity Council Resolution 2008-024CERTIFICATION OF MINUTES Municipality: The City of Plymouth, Minnesota Governing Body: City Council Meeting: A meeting of the City Council of The City of Plymouth was held on the 8t1' day of January, 2008, at 7:00 p.m. at Plymouth City Center, 3400 Plymouth Boulevard, Plymouth, Minnesota. Members present: Mayor Slavik, Councilmembers Murdock, Hewitt, and Stein. Members absent: Councilmembers Willis, Bildsoe, and Black. Documents: Resolution No. 2008-024 - Resolution Giving Approval to a Proposed Housing Program and The Proposed Issuance Therefor of a Revenue Bond at the Request of Hammer Residences, Inc. Pursuant to a Joint Powers Agreement to be Entered Into in Connection Therewith Certification: I, Sandra R. Engdahl, City Clerk of the City of Plymouth, Minnesota, do hereby certify the following: Attached hereto is a true and correct copy of a resolution on file and of record in the offices of the City of Plymouth, Minnesota, which resolution was adopted by the Plymouth City Council, at the meeting referred to above. Said meeting was a regular meeting of the Plymouth City Council, was open to the public, and was held at the time at which meetings of the City Council are regularly held. Member Hewitt moved the adoption of the attached resolution. The motion for adoption of the attached resolution was seconded by Member Stein. A vote being taken on the motion, the following voted in favor of the resolution: All Members voted in favor. Whereupon said resolution was declared duly passed and adopted. The attached resolution is in full force and effect and no action has been taken by the City Council of the City of Plymouth, Minnesota which would in any way alter or amend the attached resolution. Witness my hand officially as the City Clerk of the City of Plymouth, Minnesota this day of January, 2008. IM Its City Clerk The Mayor announced that this was the time and place for a public hearing on a proposal by Hammer Residences, Inc., a Minnesota nonprofit corporation, for the City to enter into a joint powers agreement under which a revenue bond would be issued by the City of Golden Valley, Minnesota, for, among other things, a housing program in Plymouth. The following persons appeared: After all persons present had an opportunity to express their views, the hearing was closed. RESOLUTION GIVING APPROVAL TO A PROPOSED HOUSING PROGRAM AND THE PROPOSED ISSUANCE THEREFOR OF A REVENUE BOND AT THE REQUEST OF HAMMER RESIDENCES, INC. PURSUANT TO A JOINT POWERS AGREEMENT TO BE ENTERED INTO IN CONNECTION THEREWITH WHEREAS, by the provisions of Minnesota Statutes, Chapter 462C, as amended (the "Housing Programs Act'), the City of Plymouth, Minnesota (the "City"), is authorized to plan, administer, issue and sell revenue bonds or obligations to make or purchase loans to finance one or more multifamily housing developments within its boundaries, which revenue bonds or obligations shall be payable solely from the revenues of the development; and WHEREAS, pursuant to Section 462C.07, Subdivision 1 of the Housing Programs Act, in the purchase or making of multifamily housing loans and the issuance of revenue bonds or other obligations, the City may exercise within its corporate limits any of the powers the Minnesota Housing Finance Agency may exercise under Minnesota Statutes, Chapter 462A; and WHEREAS, the City has received a request from Hammer Residences, Inc., a Minnesota nonprofit corporation (the "Borrower"), that the City approve a housing program (the "Program") pursuant to the Housing Programs Act, which provides for the City of Golden Valley, Minnesota (the "Issuer"), to issue a revenue bond (the "Bond") in a principal amount not to exceed $900,000, all pursuant to Minnesota Statutes, Section 471.59 (the "Joint Powers Act'), and the Housing Programs Act; and WHEREAS, the proceeds of the Bond will be loaned to the Borrower, to provide acquisition financing for, including the refinancing of any temporary indebtedness incurred, for the acquisition of existing residential buildings and sites located in the City and in the City of Golden Valley, and the rehabilitation thereof, all as more particularly described in, among other things, the Housing Program developed in connection the multifamily housing development located at 1120 Ives Lane North in the City, a copy of which is currently on file in the office of the City Clerk (the "Housing Program"); and WHEREAS, a copy of the Housing Program has been presented to this Council and is ordered placed on file with the City Clerk; and WHEREAS, the Housing Program has been submitted to the Metropolitan Council for review and comment as required by the Housing Programs Act; and WHEREAS, the Joint Powers Act provides that one or more governmental units of the State of Minnesota, by agreement entered into with one or more other governmental units of the State of Minnesota, or another State, through action of their governing bodies, may jointly or cooperatively exercise any power common to the contracting parties, and may provide for the exercise of such power by one of the participating governmental units on behalf of the other participating units; and WHEREAS, pursuant to the Joint Powers Act, the Borrower has requested that the City enter into a Joint Powers Agreement (the "Joint Powers Agreement") with the Issuer in connection with the proposed issuance of the Bond; and WHEREAS, the Borrower has agreed to reimburse the City for the costs of publication of notice of public hearing in a newspaper of general circulation in the City, together with legal fees to be incurred by the City, as well as any other costs incurred by the City related to the Joint Powers Agreement. NOW, THEREFORE, be it resolved by the City Council, that: I . As required by the Housing Programs Act, the City Council held a public hearing on Tuesday, January 8, 2008 on the issuance of the Bond and on the proposal to undertake and finance the Housing Program, all after publication in the official newspaper of general circulation of a notice setting forth, among other things, the time and place of hearing; stating the general nature of the Housing Program and an estimate of the principal amount of the Bond or other obligations to be issued to finance the Housing Program; and stating that all parties who appear at the public hearing shall have an opportunity to express their views with respect to the proposal. 2. It is hereby found that the financing arrangement described by the Joint Powers Agreement and the Bond will enhance the ability of the Borrower to incur tax-exempt indebtedness to finance the Housing Program. 3. The Borrower will be required to pay all the expenses of the City paid or incurred with respect to the Housing Program and to indemnify the City for any potential liability incurred by the City with respect to the Housing Program. 4. The Housing Program and the issuance of a revenue bond by the Issuer to finance the Housing Program, are hereby approved, subject only to final approval and authorization by the Issuer thereof, and agreement by the Borrower and the Lender, as to the details of the Bond and provision for its payment. 5. In no event shall the Bond ever be payable from or charged upon any funds of the City other than amounts payable under the revenue agreement which are to be pledged to the payment thereof, no holder of the Bond shall ever have the right to compel the exercise of the taxing power of the City to pay the Bond or the interest thereon, nor enforce the payment thereof against any property of the City the Bond shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City; and the Bond does not constitute an indebtedness of the City within the meaning of any constitutional, statutory, or charter limitation. 6. The Borrower is hereby authorized to enter into such contracts, in its own name and not as agent for the City, as may be necessary for the Housing Program by any means available to it and in the manner it determines, without advertisement for bids as may be required for the acquisition or constriction of municipal facilities, but the City shall not be liable on any such contracts. 2 7. The City is hereby authorized and one or more officers are hereby directed to enter into the Joint Powers Agreement with the Issuer, under the provisions of the Joint Powers Act, and the form of such Joint Powers Agreement has been placed on file in the offices of the City. The form of the Joint Powers Agreement, as currently on file, is hereby approved and the Joint Powers Agreement, in such form, but subject to such modifications thereto as shall be approved by the officer or officers executing the same, which approval shall be conclusively evidenced by the execution thereof, shall be executed and delivered by one or more officers of the City. 484-0772-322`,2