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HomeMy WebLinkAboutCity Council Resolution 1984-246CITY OF PLYMOUT" Pursuant to due call and notice thereof, areIrtmeeting of the City Council of the City of Plymouth, Minnesota, was held on t—fre dA -y of April 1984. enp The following members were..present:Mayor Davor , ouncilmembeMoen, 1611s, Schneider and Crain ollowing members were absent: Councilmember Moen introduced the following Resolution and moved its ~Ion: RESOLUTION N0. 84-246 RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSED HOUSING BOND PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING PUBLICATION OF NOTICE THEREFOR WHEREAS, Minnesota Statutes, Chapter 462C, authorizes a city to plan, administer and make or purchase a loan or loans to finance one or more multi -family housing developments or the rehabilitation of multi -family housing developments after adoption of a housing plan; and WHEREAS, the housing plan must be considered at a public hearing held after notice published at least 30 days prior to the date of said hearing after which the housing plan may be adopted by resolution of the governing body of the city with or without amendment; and WHEREAS, the City of Plymouth (the "City") held a public hearing on the City's Housing Plan (the "Plan") after at least thirty (30) days' published notice on March 3, 1983 and by the passage of Resolution No. 83-145 (the "Plan Resolution") on April 11, 1983 adopted the Plan; and WHEREAS, in accordance with its requirements, the Plan provides for programs for the Issuance of bonds to finance multi -family housing developments which are affordable to persons and families of low and moderate income and are consistent with the goals, conditions and requirements of the Plan; and WHEREAS, a program for the issuance of bonds to finance multi -family housing developments which are affordable to persons and families of low and moderate income and are consistent with the goals, conditions and requirements of the Plan; and WHEREAS, a program for the issuance of bonds to finance a multi -family housing development must be considered at a public hearing after notice published at least fifteen (15) days prior to the date of said hearing after which the program may be adopted by resolution of the governing body of the city with or without amendment; and r Resolution No.j 84-246 April 16, 1984 Page 2 WHEREAS, there has been presented to this City Council (the "City Council") a proposal for the construction of an approximately 160 -unit rental apartment project (the "Project"). NOW, THEREFORE BE IT RESOLVED THAT: 1. The City Council of the City of Plymouth will conduct a ,public hearing on the proposed housing program for the Project on May 21, 1984 at 7:30 p.m. 2. 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 once in a newspaper of general circulation in the City at least fifteen (15) days prior to the date established for the public hearing by the preceding paragraph of this resolution. 3. The underwriting firm of Miller do Schroeder Municipals, Inc. is hereby designated as Underwriter for the sale of such bonds if the City Council decides to adopt such bond program; provided that the payment or reimbursement of the fees or expenses of the Underwriter and other bond issuance costs shall not be a general liability of the City, but shall be paid or reimbursed from the program revenues or by the Project developer. The City Manager, City Clerk, City Attorney and other officers, employees and agents of the City are hereby authorized to assist the Underwriter in the preparation of the program and the necessary documents. The motion for the adoption of the foregoing Resolution was duly seconded by Councilmember Crain , and upon vote being taken thereon the following vo n favor theroof: Mayor Davenport, Councilmembers ben, Neils. Schneider and Crain The following vo against or abstained: ngne 11hereupon the Resolution was declared duly passed and adopteA. EXHIBIT A NOTICE OF PUBLIC HEARING ON A HOUSING PROGRAM UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED, TO FINANCE A MULTI -FAMILY HOUSING DEVELOF-HENT CITY OF PLYMOUTH, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Plymouth, Minnesota (the "City") will meet on Nay 21, 1984 at 7:30 p.m. at the City offices in Plymouth, Minnesota, for the purpose of conducting a public hearing on the adoption of a housing bond program by the City, prepared in compliance with Minnesota Statutes, Chapter 462C. The program provides for the issuance of revenue bonds of the City to finance the cost of a multi -family rental housing development consisting of the construction of a 160 -unit rental apartment development (the "Project") located north of Highway 55 and south of 18th Avenue in the City. The Developer of the Project will be Richard Neslund, a Minnesota resident who will own and operate the Project. The proposed Project will consist of the construction of a building and the Installation of equipment in connection therewith for use of approximately 160 -unit attached residential housing units principally in eight-plex buildings. The size of the bond issue proposed for the Project is presently estimated not to exceed $8,000,000. The bonds shall be limited obligations of the City and the bonds and Interest thereon shall be payable solely from the revenues pledged to the payment thereof, except that such bonds may be secured by a mortgage and other encumbrance on the Project. No holder of any such bonds shall ever have the right to compel any exercise of the taxing power of the City of Plymouth to pay the bonds, or the interest thereon, nor to enforce payment against any property of the City except the Project. All persons interested may appear and be heard at the time and place set forth above. DATED: - , 1984 BY BY ORDER OF THE CITY COUNCIL OF THE CITY OF PLYMOUTH Laurie Houk, City Clerk