HomeMy WebLinkAboutCity Council Resolution 1984-098RESOLUTION NO. 84-98
Member Schneider introduced the
following resolution and moved its adoption:
RESOLUTION RELATING TO THE ISSUANCE OF
REVENUE BONDS PURSUANT TO CHAPTER 462C,
MINNESOTA STATUTES; CALLING FOR A PUBLIC
HEARING ON AN AMENDMENT TO A HOUSING
PROGRAM
BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota (the City), as follows:
Section 1. Recitals.
1.01. By the provisions of Minnesota Statutes,
Chapter 462C, as amended (the Act), the City is authorized
to plan, administer, issue and sell revenue bonds or
obligations co 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 other sources pledged
to the payment thereof.
1.02. The City has approved a program
for a multifamily development (the Program) by Resolution
No. , adopted , 1983, after a public hearing
thereon, duly noticed in accordance with the Act.
1.03. The Program describes the development to be
undertaken by Mission Partners, A Minnesota Limited Partnership
(the Developer), and will consist generally of a multifamily
residential rental housing development containing approximately
200 rental housing units,parking and related facilities to be
located at in the City (the
Development), and describes the proposed financing by means
of the City's issuance of revenue bonds or other obligations
to be issued by the City (the Bonds) in an aggregate principal
amount not to exceed $8,500,000.
1.04. The Developer has informed this Council that
increased costs of the Development now necessitates the City's
issuing the Bonds in an aggregate principal amount not to
exceed $10,000,000.
1.05. This Council has caused to be prepared an
amendment to the Program which modifies those provisions of
the Program relating to the change in the aggregate principal
amount of the Bonds.
RES N0. 84-98
1.06. The City will hold a public hearing on the
. Program, as amended, prior to adoption of the amendment,
which hearing will be held after notice Published at least
fifteen days prior to '.he date set for the hearing.
Section 2.. Public Hearing.
2.01. A public hearing on the Program, as amended,
is hereby called and shall be held on 1984 at
o'clock P.M., at the City offices.
2.02. The City Clerk is hereby authorized to
cause notice of the public hearing to be published in a
newspaper circulating generally in the City at least fifteen
days before the hearing in substantially the following form:
NOTICE OF A PUBLIC HEARING ON A PROPOSED
AMENDMENT TO A PROGRAM FOR A MULTIFAMILY
HOUSING DEVELOPMENT AND THE ISSUANCE OF
BONDS THEREFOR UNDER MINNESOTA STATUTES,
CHAPTER 462C, AS AMENDED
CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN by the City Council of the
City of Plymouth, Minnesota (the City), that it will hold a
public hearing at the City Offices, 3400 Plymouth Boulevard,
Plymouth, Minnesota, on the day of , 1984, at
o'clock P.M., on a proposed amendment to a program
(the Program) approved by the City for a multifamily residential
rental housing development (the Development) to be undertaken
by Mission Partners, A Minnesota Limited Partnership, which is
proposed to be financed by the issuance of revenue bonds or
other obligations of the City under the Act (the Bonds). The
Program specifies the Bonds will be in an aggregate principal
amount not exceeding $8,500,000; the proposed amendment will
increase such amount to $10,000,000.
The Program describes the Development, which will
consist generally of approximately 200 rental housing units,
parking and related facilities located at
in the City. The Bonds will be payable solely
from the revenues pledged to the payment thereof and will
not constitute a debt of the City. The Program, as amended,
describes the need for the Development and the method of
financing proposed and states that the Development is to be
constructed pursuant to Section 462C.05, Subdivision 2 of the
Act.
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RES N0. 84-98
iCopies of the proposed amendment to the Program
and the Program are on file and available for inspection
in the office of the City Clerk at the City Offices.
All persons interested may appear and be heard
at the time and place set forth above, or may file written
comments with the City Clerk prior to the date of the hearing
set forth above.
Dated: . 1984.
BY ORDER OF THE CITY COUNCIL
Laurie Houk
City Clerk
Passed and adopted by the City Council of the
City of Plymouth this 27th day of February , 1984.
Mayo
Attest:
City Clerk
The motion for the adoption of the foregoing
resolution was duly seconded by Member Councilmember Crain
and upon vote being taken thereon, the following voted in
favor thereof: Mayor Davenport, Councilmembers Schneider and Crain
and the following voted against the same: none
Whereupon the resolution was declared duly passed and adopted
and was signed by the Mayor and attested by the City Clerk.
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