HomeMy WebLinkAboutCity Council Resolution 2013-284Extract of Minutes of a Meeting of the
City Council of the City of Plymouth, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Plymouth, Minnesota, was duly held at the City Hall in said City on Tuesday, August 27,
2013, at 7:00 P.M.
The following members were present: Mayor Slavik, Councilmembers Johnson, Wosje,
Stein, Black, Willis, and Bildsoe
and the following were absent: None
Member Bildsoe introduced the following resolution and moved its adoption:
RESOLUTION NO. 2013-284
RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF A MULTIFAMILY HOUSING REVENUE NOTE
UNDER MINNESOTA STATUTES, CHAPTER 462C AND APPROVAL OF
A JOINT POWERS AGREEMENT AND HOUSING PROGRAM
(HAMMER RESIDENCES, INC. PROJECT)
The motion for the adoption of the foregoing resolution was duly seconded by member
Black, and after fiill discussion thereof and upon vote being taken thereon, the following voted in
favor thereof: All members voted in favor.
whereupon said resolution was declared duly passed and adopted.
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RESOLUTION GIVING HOST APPROVAL TO THE ISSUANCE
OF A MULTIFAMILY HOUSING REVENUE NOTE
UNDER MINNESOTA STATUTES, CHAPTER 462C AND APPROVAL OF
A JOINT POWERS AGREEMENT AND HOUSING PROGRAM
(HAMMER RESIDENCES, INC. PROJECT)
BE IT RESOLVED, by the City Council (the "Council") of the City of Plymouth,
Minnesota (the "City") as follows:
Section 1. Description of the Project.
(a) Hammer Residences, Inc. (the "Borrower") has represented to the City as follows:
the Borrower is a Minnesota nonprofit corporation and organization described in Section
501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), and has proposed that
the Wayzata Housing and Redevelopment Authority (the "HRA") assist in financing a portion of
the costs of (1) refinancing the outstanding principal balance of the City of Wayzata, MN
("Wayzata") $2,500,000 Revenue Bond (Hammer Residence, Inc. Project) dated December 27,
2006, relating to certain of the Borrower's facilities in Wayzata; (2) refinancing the outstanding
principal balance of the City of Golden Valley ("Golden Valley") $800,000 Revenue Bond
(Hammer Residences, Inc. Project) dated January 17, 2008, relating to certain of the Borrower's
facilities in the City; (3) refinancing the outstanding principal balance of Wayzata's
$1,302,945.08 Refiinding Revenue Bond (Hammer Residences, Inc. Project) dated July 1, 2010,
relating to the Borrower's headquarters building located at 1909 East Wayzata Boulevard in
Wayzata; (4) refinancing of certain conventional debt of the Borrower issued on November 11,
2009 and under a credit line used for capital improvements to certain of the Borrower's facilities
located in the City, Golden Valley, Wayzata and the City of Minnetonka ("Minnetonka"); and (5)
additional capital expenditures including renovation and equipping and acquisition of database
software for the Borrower's headquarters building in Wayzata and certain other facilities located
in the City, Golden Valley, Wayzata and Minnetonka (collectively, the "Project"), pursuant to
Minnesota Statutes, Chapter 462C (the "Act"), and Minnesota Statutes Section 469.152 through
469.1655.
(b) Pursuant to a Joint Powers Agreement among the HRA, the City, Minnetonka,
and Golden Valley, (the "Joint Powers Agreement") the HRA will issue its Multifamily Housing
Revenue Note (Hammer Residences, Inc. Project) Series 2013 (the "Note"). The Note, as and
when issued, will not constitute a charge, lien or encumbrance upon any property of the City and
will not be a charge against the general credit or taxing powers of the City.
Section 2. Recital of Representations Made by the Borrowers.
(a) The Borrower has agreed to pay any and all costs incurred by the City in
connection with the issuance of the Note, whether or not such issuance is carried to completion.
(b) The Borrower has represented to the City that no public official of the City has
either a direct or indirect financial interest in the Project nor will any public official either
directly or indirectly benefit financially from the Project.
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Section 3. Public Hearing.
(a) As required by the Act and Section 147(f) of the Code, a notice of public hearing
was published in the City's official newspaper and newspaper of general circulation, for a public
hearing on the proposed issuance of the Note by the HRA, the proposed housing program and the
proposal of the Borrower to undertake and finance the Project.
(b) As required by the Act and Section 147(f) of the Code, the City Council has on
this same date held a public hearing on the issuance of the Note by the HRA, the proposed
housing program and the proposal by the Borrower to undertake and finance the Project, at
which hearing all those appearing who desired to speak were heard and written comments were
accepted.
Section 4. Host Approval. The City Council hereby gives the host approval required
under Section 147(f) of the Code, approves of the housing program pursuant to the Act, pursuant
to Minnesota Statutes §471.656, Subd. 2(2), consents to the issuance of the Note by the HRA and
the execution and delivery by the City of the Joint Powers Agreement.
ATTEST:
City Clerk
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
I, the undersigned, being the duly qualified and acting City Clerk of the City of
Plymouth, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my office, and that the same is a full, true
and complete transcript of the minutes of a meeting of the City Council of said City duly called
and held on the date therein indicated, insofar as such minutes relate to granting host approval to
the issuance of a revenue note for a project in the City.
WITNESS my hand this day of August, 2013.
City Clerk
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