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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.