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HomeMy WebLinkAboutCity Council Resolution 1995-712• RESOLUTION NO. 95-712 RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSED PROJECT (FOX FOREST APARTMENTS PROJECT) AND ITS FINANCING, UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH Y4MREAS, the City of Plymouth, Minnesota (the "City) is authorized, pursuant to Minnesota Statutes, Chapter 462C (the "Housing Act") to develop and administer multifamily housing programs pursuasc to a housing plan, which may be financed by the issuance of revenue bonds of the City, and which may be re`nanced by the issuance of revenue refunding bonds of the City; and WHEREAS, the City has adopted its Comprehensive Plan, which includes a 462C Housing Plait component, as amended (the "Housing Plan") pursuant to and in conformance with the provisions of the Housing Act and haz 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, pursuant to the Housing Act the City has previously issued its Multifamily Housing Revenue Refunding Bonds (For. Forest Apartments Project), Series 1989 (the "Prior Bonds") to provide financing for a 160 -unit multifamily apartment project located at 1796 Magnolia Lane in the City (the "Project"); and WHEREAS, the City has received a proposal from Fox Forest Limited Partnership, a Minnesota limited partnership (the "Borrower"), that the City issue its taxable and tax exempt revenue bonds in the amount of up to $11,500,000 (the "Bonds") to refund the outstanding principal amount of the Prior Bends and to finance certain other costs of the Project; and WHEREAS, prior to approving the financing of the refunding of the Prior Bonds and the issuance of the City's taxable bonds, in accordance with the Housing Act, a housing program for the financing of multifamily housing developments (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 WHEREAS, the Borrower has represented that it will reimburse the City fur any administrative expenses incurred by the City in connection with the issuance of the bonds; NOW, THEREFORE, BE IT RESOLVED b.11 the City Council of the City of Plymouth, Minnesota; • 1. That the City Council of the City will conduct a public hearing on the Program and proposal to issue the Bonds on December 19, 1995, at approximately 7 o'clock P.M. 2. That the City Clerk is hereby authorized to cause a public notice to be 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. The City Manager is hereby authorized and directed to take all steps necessary and desirable to proceed to develop the Project and the financing therefor. 4. Notwithstanding the foregoing, however, the adoption of this resolution shall not be deemed to establish a legal obligation on the part of the City or its City Cotmcil to issue or cause the issuance of such revenue bonds. The City retains the right in its sole discretion to withdraw from participation and accordingly not to issue the Bonds, or to issue the Bonds in an amount Iess than the amount referred to in this resolution, should the City, at any time prior to issuance thereof, determine that it is in the best interests of the City not to issue the Bonds, or to issue the Bonds in an amount less than the amount referred to in this resolution, or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents required for the transaction. The Bonds, if issued, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except the revenues specifically pledged to the payment thereof, and each Bond, when, as and if issued, shall recite in substance that the Bond, including interest thereon, is payable solely from the revenues and property specifically pledged to the payment thereof and shall not constitute a debt of the City within the meaning of any constitutional or statutory limitations. 5. The approval of the City of the issuance of the Bonds shall be subject to the Borrower and the City reaching an agreement on low income housing assistance to be provided by the Borrower in the City. F. The Borrower has agreed and it is hereby determined that any and all direct and indirect costs incurred by the City in connection with the Project, whether or not the Project is carried to completion, and whether or not We City by resolution authorizes the issuance of the Bonds, will be paid by the Borrower upon request. ATTEST: City clerk *\106Wax\41933.tet -2- PASSED AND ADt3P"ED: Mayor