HomeMy WebLinkAboutCity Council Resolution 1984-169RESOLUTION NO. 84- 169
- Member Nei)S introduced the
following resolution and moved its adoption:
RESOLUTION RELATING TO THE ISSUANCE OF REVENUE BONDS
PURSUANT TO MINESOTA STATUTES, CHAPTER 462C, FOR THE
PURPOSE OF FINANCING A MULTIFAMILY HOUSING
DEVELOPMENT; ADOPTING AN AMENDMENT TO.A MULTIFAMILY
HOUSING PROGRAM AND AUTHORIZING SUBMISSION OF THE
AMENDED HOUSING PROGRAM TO THE MINNESOTA HOU3ING
FINANCING AGENCY FOR REVIEW AND APPROVAL
BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota (the City), as follows:
Section 1. Recitals.
1.01. Under Minnesota Statutes, Chapter 462C, as
amended (the Act), 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.
1.02. The Act provides that the City may plan,
administer and make or purchase loans to finance one or more
developments of the kinds described in Subdivisions 2, 3, 4 and
7 of Section 462C.05 of the Act upon adoption of a program
setting forth the information required by Subdivision 6 of
Section 462C.05 of the Act, after a public hearing held thereon
and after approval thereof by the Minnesota Housing Finance
Agency, as provided in Section 462C.01 of the Act on the basis
of the considerations stated in Section 462C.01 of the Act.
1.03. Representatives of Mission Partners, A
Minnesota Limited Partnership (the Developer) has advised this
Council of the Developer's desire to acquire certain land
located in the City, described as the "J-1 portion of the
Mission Residential Planned Unit Development in the City" and
to construct and equip a multifamily rental housing development
consisting of approximately two hundred eleven (211) units
which will be both one and two bedroom apartments, of which
twenty percent (208) of the units will be specifially reserved
for tenants whose incomes are not greater than eighty percent
(808) of the area median income (the Project). Development and
financing costs of the Project were originally estimated to be
approximately $8,500,000; such costs, however, are presently
estimated by representatives of the Developer to be
approximately $10,000,000.
1.04,. On April 11, 1983, after notice duly published,
this Council held a public hearing on a progr,m for the project
and its financing (the Program) and thereafter adopted a
resolution (the Approval Resolution) approving the Program and
giving preliminary approval to the Project and the City's
issuance of its revenue bonds or obligations under the Act (the
Bonds) in an aggregate principal amount not to exceed
$8,500,000.
1.05. Representatives of the Developer have now
requested that the City issue the Bonds pursuant to the P.ct in
an aggregate principal amount not to exceed $10,000,000. The
City has been advised by representatives of the Developer that
the request for the increased amount of the Bonds is due to the
increased costs of the Project.
Section 2. Approval of Amendment.
2.01. The City has caused to be prepared an amendment
to the Program which increases the aggregate principal amount
of the Bonds from $8,500,000 to $10,000,000. The amendment to
the Program has been presented to this Council. On April -2,
_
1984, after notice duly published, a public :gearing was held on
the amendment to the Program. The Program as amended by said
amendment is hereby adopted by the City pursuant to Section
462C.05, Subdivision 5 of the Act. The Mayor and other
officers and employees of the City are hereby authorized to
prepare and execute the required amended certifications and
submit the Program amendment to the Minnesota Housing Finance
Agency.
2.02. The Approval Resolution is hereby amended by
deleting the figure $8,500,000 wherever it appears and
,jbstituting therefor the figure $10,000,000. The Approving
Resolution is in all other respects confirmed.
Adopted by the City Council of the City of Plymouth,
Minnesota this 2nd day of Apia(}, 1984.'
Attest:
City Clerk
Mayor
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The Motion for the adoption of the foregoing resolution
was duly seconded by Member Moen , and upon
vote being taken thereon, the following voted in favor thereof:
Mayor Davenport Councilmembers Moen Neils Schneider dnd 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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