HomeMy WebLinkAboutCity Council Resolution 1996-216r
RESOLUTION NO. 216
RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING
ON A PROPOSED PROJECT (AT THE LAKE APARTMENTS PROJECT)
AND ITS FINANCING, UNDER MINNESOTA STATUTES,
CHAPTER 462Ct AS AMENDED AND AUTHORIZING CERTAIN
OTHER ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of Plymouth, Minnesota (the ":city) is authorUed, pursuant
to Minnesota Statutes, Chapter 462C (the "Housing Act") to develop and administer
multifamily housing programs pursuant to a housing plan, which may be fin -.need by the
issuance of revenue bonds of the City; and
WHEREAS, the City has adopted its Comprehensive Plan, which includes a 462C
Housing Plan component, as amended (the "Housing Plan") pursuant to and in
conformance with the provisions of the Housing 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, the City has received a proposal from Melair Associates Limited
Partnership, a Minnesota limited partnership (the "Borrower"), that the City issue its tax
exempt revenue bolds in the amount of up to $7,685,000 (the "Bonds") to finance the
acquisition and rehabilitation of the 204 -unit multifamily housing development located at
2500 Nathan Lane in the City (the "Project"); and
WHEREAS, prior to approving the financing of the Project and the issuance of
the City's 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 h aring, in a newspaper
circulating generally within the City; and
WHEREAS, the Borrower has represented that it will reimburse the City for Kny
administrative expenses incurred by the City in connection with the issuance of the
bonds;
NOW, THEREFORE, BE IT RESOLVED by 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 May 1, 1996, at approximately 7 o'clock
P.M.
2, That the City Clerk has caused 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. The City Council hereby ratifies and affirms the publication of the
public hearing notice by the City Clerk.
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
Council 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 less 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.
S. 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.
6. The Borrower has agreed and it is hereby determined that any and all
direct and indirect t uts incurred by the City in connection with the Project, whether or
not the Project is carried to completion, and whether or not the City by resolution
authorizes the issuance of the Bonds, will be paid by the Borrower upon request.
PASSED AND ADOPTED:
ATTEST:
City Clerk
jens Mms
Approved by the City Council on April 17, 1996.
2.-
Mayor