HomeMy WebLinkAboutCity Council Resolution 1984-539CITY OF PLYMOUTH
RESOLUTION NO. 84-539
RESOLUTION ESTABLISHING THE DATE FOR A
PUBLIC HEARING ON A PROPOSED HOUSING
BOND PROGRAM PURSUANT TO TAX EQUITY
AND FISCAL RESPONSIBILITY ACT AND 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 develop-
ments 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, the Tax Equity and Fiscal Responsibility Act requires that a
program for the issuance of bonds to finance a multi -family housing develop-
ment mush 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
WHEREAS, there has been presented to this City Council (the "City
Council") a proposal for the construction of ar. 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 August 27, 1984 at
7:30 p.m.
a0.
r2. 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 Schreoder 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 reimburse-
ment 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 Administrator,
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 dncuments.
APOPTED: Au ust fith , 1984
ATTEST:
City Clerk
Mayor
EXHITBIT A
NOTICE OF PUBLIC HEARING REQUIRED BY TEFRA
UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED,
TO FINANCE A MULTI -FAMILY HOUSING DEVELOPMENT
CITY OF PLYMOUTH, MINNESOTA
NOTICE 5 HEREBY GIVEN that, in order to comply with the Tax Equity
and Fiscal Responsibility Act ("TEFRA"), the City Council of the City of
Plymouth, Minnesota (the "City") will meet on August 27, 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 SS and south
of 18th Avenue in the City. The Developer of the Project will be Richard
Neslund, a Minnesota resident. Mr. Neslund or a related entity 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 $9,550,000. 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: August 6th '1984
BY ORDER OF THE CITY COUNCIL
OF THE CITY OF PLYMOUTH
BY
Laurie Houk, City Clerk