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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