HomeMy WebLinkAboutCity Council Resolution 1985-270RESOLUTION NO. 85-270
'14W RESOLUTION CALLING FOR A PUBLIC HEARING ON AN
AMENDMENT TO A MULTIFAMILY HOUSING PROGRAM OF
THE CITY AND THE ISSUANCE BY THE CITY OF ITS
MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGRE-
GATE AMOUNT OF UP TO $10,000,000
WHEREAS, Minnesota Statutes, Chapter 462C, requires that
the City approve and the Minnesota Housing Finance Agency
("MHFA") approve a housing program of the City's Housing
Plan with respect to the issuance of any revenue bonds of
the City for the financing of multifamily rental housing
after a public hearing thereon and whereas the Internal
Revenue Code of 1954, as amended (the "Code"), requires that
the City hold a pubic hearing prior to the issuance of its
revenue bonds for projects for residential rental property,
within the meaning of Sect�n 103(b)(4)(A) of the Code; and
WHEREAS, the City Council of the City of Plymouth,
Minnesota (the "City") has approved and MHFA has approved a
housing program to its Housing Plan providing for the issu-
ance of its revenue bonds to finance the acquisition and
construction of a proposed 211 unit rental
housing project within the City by 's4ifamily
n Partner a
Minnesota Limited Partnership (the "Progra
WHEREAS, the City has received a proposal from Mission
Partners to amend the Program to substitute Parkside at
Medicine Lake Partnership, a Minnesota partnership to be
formed, for Mission Partnership as developer of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA, AS FOLLOWS:
Section 1. Public Hearing. The Council shall meet on
HAY �, zo "*, 1985, at 30 p.m., to hold a public
hearing on the amendment of the Program and on the issuance
by the City of its Multifamily Housing Revenue Bonds (Park-
side Apartments Project) in an aggregate principal amount up
to $10,000,000 to finance the acquisition, construction and
installation of an approximately 211 unit multifamily rental
project in the City in accordance with the Program.
Section 2. Notice of Public Hearing; Filing of Plans.
The City Clerk is authorized and directed to cause notice of
the hearing, substantially in the form attached hereto as
Exhibit A, to be given as required by law.
Acopted by the City Council of the City of Plymouth on
this 15th day of April , 1965.
ATTEST:
City Clerk
Mayor
PUBLIC NOTICE
• NOTICE OF PUBLIC HEARING ON A PROPOSED
AMENDMENT TO A MULTIFAMILY HOUSING PROGRAM
AND THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS (PARKSIDE APARTMENTS PROJECT)
IN AN AGGREGATE AMOUNT
OF UP TO $10,000,000
CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City
of Plymouth, Minnesota (the "City"), will meet on H,ay ,
20 , 1985 at 73- p.m., at the City Hall, 3400
Plymouth Boulevard, in Plymouth, Minnesota, for the purpose
of conducting a public hearing on a proposal tha` the City
issue its Multifamily Housing Revenue Bonds (the "Bonds") in
an amount of up to $10,000,000 to finance the acquisition,
construction and Instal -la t=on of an approximately 231 uni,
multifamily rental project (the "Project"), to be located in
the City's Mission PUD, southwest quarter of Section 14,
southwest of 41st Avenue and north of County Road 9 and
amend a Housing Program of its Housing Plan to provide that
Parkside at Medicine Lake Partnership, a Minnesota partner-
ship to be formed (the "Partnership"), will be the developer
of the Project. The Project will be reserved for rental in
part by persons of low and moderate income, with at least 20
• percent of the units held open for occupancy by families or
individuals with adjusted income not in excess of 80 percent
of the median family income estimated by the United States
Department of Housing and Urban Development for the Minne-
apolis/St. Paul Standard Metropolitan Statistical Area. The
Project will be developed and initially owned and operated
by the Partnership, or a joint venture in which Parkside at
Medicine Lake Partnership will be a substantial partici-
pant. The Bonds will be limited obligations of the City of
Plymouth, payable solely from the revenues of the Project
and certain other security pledged therefor; the Bonds and
the interest thereon will not constitute or give rise to a
charge against the City's general credit or taxing powers or
a pecuniary liability of the City.
Copies of the Program and the City's Housing Plan are on
file and available for inspection in the office of the City
Clerk in City Hall.
Anyone desiring to be heard during this public hearing
will be afforded such an opportunity. The hearing will
provide an opportunity for persons to express their views
with respect to adoption of the Program, the issuance of the
Bonds by the City and as to the location and nature of the
Project.