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HomeMy WebLinkAboutCity Council Resolution 1993-349RESOLUTION NO. 93-349 OF THE CITY OF PLYMOUTH, MINNESOTA RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSED MULTIFAMILY HOUSING PROGRAM AND THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS THEREFOR FOR THE ACQUISITION AND REHABILITATION OF A MULTIFAMILY HOUSING FACILITY; AND CERTAIN OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, Minnesota Statutes, Chapter 462C. as amended (the "Act") authorizes a city to issue revenue obligations for the purposes specified in the Act and in furtherance of the policies set forth therein; and WHEREAS, the City of Plymouth, Minnesota (the "City") has adopted a 462C Housing Plan (the "Housing Plan") pursuant to and in conformance with the provisions of the Act and has held a public hearing thereon, after at least 30 days' published notice thereof, and after review and comment by the Metropolitan Council thereon; and WHEREAS, prior to approving any program for multifamily housing (the "Program") pursuant to the Act, the Program must be considered at a public hearing after notice, published at least 15 days before the hearing, in a newspaper circulating generally within the City and on or prior to the date such notice is published a Program must be submitted to the Metropolitan Council for comment; and WHEREAS, there has been presented to this City Council (the "Council") by M. Mitchell Rotenberg, as a partner or shareholder of a partnership or corporation to be formed (the "Developer"), a proposal that the City issue its revenue obligations in an amount not to exceed $10,000,000 to finance the acquisition and rehabilitation of a 313—unit multifamily rental housing project known as the "Harbor Lane Apartments" (the "Project") located at 3145, 3165, 3215, 3205, 3255, 3333, 3305 and 3325 Harbor Lane within the boundaries of the City; NOW, THEREFORE, be it resolved by the City of Plymouth, Minnesota: 1. That the City Council of the City will conduct a public hearing on the proposal to issue revenue obligations and undertake the Housing Program on July 12, 1993, at approximately 7:00 o'clock P.M. 2. That the City Clerk 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 circulating generally within the boundaries of the City not less than fifteen (15) days prior to the date established for the public hearing by the preceding paragraph of this Resolution. Res. 93-349 Page 2 3. The City Manager is hereby authorized and directed to take all steps necessary and desirable to proceed to develop the Housing Program for the Project and the financing therefor. 4. The intention expressed hereby shall not be deemed to obligate the City to take any further favorable action for the issuance of the Bonds or to bind the City to issue the Bonds. The issuance of the Bonds shall be subject to a final authorizing resolution by the City Council in its sole discretion and approval by the City of the term of the Bonds and the documents i:i connection therewith. The City may, in its sole discretion, determine at any time to not issue the Bonds and in any event the Developer shall be responsible to reimburse the City for all costs incurred by the City in connection with the actions taken by the City in furtherance of the issuance of the Bonds and the financing of the Project. 5. That the City Manager or his designee and the City Attorney are hereby authorized to prepare a Housing Program in conformance with the Act for the Project and the City Manager is hereby authorized to submit such Program to the Metropolitan Council as required by the Act at the time the Notice of Public Hearing. attached hereto as Exhibit A. is published. PASSED AND APPROVED this 21st day of June. 1993. Attest: City Clerk 3212p Mayor —2— • • Res. 93-349 Page 3 NOITCE OF PUBLIC HEARING ON PROPOSED MULTIFAMILY HOUSING PROGRAM FOR THE ACQUISITION AND REHABILITATION OF A MULTIFAMILY HOUSING FACILITY CITY OF PLYMOUTH, MINNESOTA NOTICE IF HEREBY GIVEN that the City Council of the City of Plymouth, Minnesota (the "City"), will meet on Monday, July 12, 1993 at 7:00 p.m., in the City Council Chambers, Plymouth City Center, 3400 Plymouth Boulevard, in Plymouth, Minnesota, for the purpose of conducting a public hearing on a proposal that the City adopt a housing program (the "Program") providing for the issuance of the City's Multifamily Housing Revenue Bonds (Harbor Lane Apartments Project) (the "Bonds") in one or more series in an amount up to $10,000,000 to finance the acquisition and rehabilitation of a 313—unit multifamily housing rental project, including 109 one—bedroom, 164 two—bedroom and 39 three—bedroom units, known as the "Harbor Lane Apartments" located at 3145, 3165, 3215, 3205, 3255, 3333, 3305 and 3325 Harbor Lane, in the City (the "Project") together with related issuance costs. In addition, the Program provides that the City may make or enter into any contracts, agreements, reimbursement agreements, mortgages, assignments, security agreements, guarantees or similar agreements or instruments as may be necessary in connection with accomplishing the purposes of Minnesota Statutes, Chapter 462C. The Project will be reserved for rental in part by persons of low and moderate income, with at least twenty percent (20X) or forty percent (40X) of the units held open for occupancy by families or individuals with adjusted income not in excess of fifty percent (50X) or sixty percent (60X), respectively, of the median family income estimated by the United States Department of Housing & Urban Development for the Minneapolis/St. Paul standard metropolitan statistical area. The Project will be developed and initially owned and operated by M. Mitchell Rotenberg, or a partnership or corporation to be formed of which M. Mitchell Rotenberg or his affiliates will be a general partner or shareholder, or his or its successors, affiliates or assigns. 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 constitute 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 Manager, located at the address stated above. Anyone desiring to be heard during this public hearing will be afforded such an opportunity. All others interested may file written comments with the City Manager prior to the date of the hearing. 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 nature of the Project. Dated: June _, 1993 /BY ORDER OF THE PLYMOUTH CITY COUNCIL 3213p