HomeMy WebLinkAboutCity Council Resolution 1995-367FROM BEST I FLANAGAN 0651411995 19:22 N0, 6 P, 2
RlWLV11ON NO.Sty 3_
OF THE
CrrV OF PLYMOVfB,110N =OrA
RZS0WnO!ri ESWIJSH10+1G THE DATE FOR A PUBLIC HEARING ON
AND GIVING PRE124V U APPROVAL TO A HOUSING BOND PROGRAM
FOR TE ISSUANCE OF REFUNDING BONDS IN AN AMOUNT NOT
MEN Jr. R G $9,S00,Q90; AND AUMOREMG Tl$ PREPARAJEJON OF
NECESSARY DOCUMEIM
W148RBA% Minnesota Statutes. Chapter 4620., a amendod (the "Act")
authorises a city to issue revenue obligations Ler the purposes specified in the Act and in
"artiroranee of the policies set forth therein; and
WIHIRBA,4, prior to approving the financing and undertaking of the rdanding of
the outstanding principal balance of the City of Plymouth, Minnesota, $9,300,000
Multifamily Housing Development Revenue Refunding Bonds (Parkside Apartment;
Project), Series 1990 (the "Prior Bonds") issued for the Parkside Apartments Project (the
"Project') in the City of Plymouth, Minnesota (the *01f) proposed by Parkside LaMl
Limited Liability Company, a Minnesota limited liability company (the "Borrower"), the
program Lor the issuance of bonds for the Project must be considered at a public beating
ager notice, published at haat 15 days before the bearing, in a newspaper circulating
generally within the City;
NOW, TIMPEFORK be It resolved by the (Sty of Plymouth, Minnesota:
1. That the Qty Council of the City will conduct a public hearing on the
proposal to issue revenue obligations to refund the Prior Bonds and
refinance the Project on July 11, 19959 at approximately 7:00 o'clock P.M.
2. That the Oty Clerk Is hereby authorized to cause a public notice to he
published once in a newspaper circulating generally with 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.
3. Tho City Manager Is hereby authorized and directed to take all steps
nec ossary and desirable to proceed to develop the Project and the financing
therefor.
4. The City preliminarily approves the proposal for the issuance of Bonds, not
to exceed $9,500,000 to finance the Project, subject to the agreement
between the City and the Borrower on the afP viability of units to persons
at or below 60% of medlau family income.
FROM IEST 1 FLANAIAN
16.14.1995 11122 N0, 6 P. 3
3. Tan intention est mmd bcneby abaft not be dmood to obNpte the COY to
t&b nay fli"W 6vorabie actbo for the iM&M of the BOLA or to bind
tba Qty to hm the Boo& A l detdh of sascb teveane bond lone and the
pcarLdons for payment thereat dwU be mbject to And approval d to
Boody and tae Project by the Chy and mg be mtbjoet to mtcb fl dw
oomdid m v the Chy may ape ft The ltmm of do Ban& titan be
satbjeot to a final aU reeohttba b7 ft Qq► Lound in I" nob
dMeteti m and appmd by the My of ft taro of tba Banda and the
doataae� is eaonecdoo dmg%W L The City mq g in it: nob df=LJM
detesmine at opr tine to not iw a the Hoods`.
6.
The Bmwar bat► qpW and !t b ttmeby detesmbod that aW Aad Atl
MM and indirect wo betted by do Cllr In wou dom with the
Prod k wmdm or not the Pr*ct b catrled to aampiet m and Nlzadw
at not the Cly by taolWm auttsorizm rite innanoe of the BC -Mk Will ba
paid by tae AoiTMr Upon rogML
PASSED AND APPROVED dds g= dip► of Jtmc ,1995.
Attest: Laurie Ahrens
Clsy Clerk
-2-
,iQv Tierney
Mgor