11-26-1985 Council Agenda - Laserfiche WebLink

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(1) The Developer has submitted to the City a Memorandum of Understanding executed by the Developer, expressing certain understandings by and between the City and the Developer pertaining to the Plan, the financing program and the Project, and the financing therefor. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1. The City hereby approves the Housing Plan in the form submitted and on file in the office of the City Clerk - Treasurer of the City and hereby ratifies the previous submission of the Housing Plan to Metropolitan Council for its advance review and comment. 2. The City hereby gives preliminary approval to the proposal of the Developer that the City undertake the Project, described above, and the program of financing therefor, pursuant to Minnesota Statutes, Chapter 462C, consisting of the acquisition, construction and equipping of multi - family rental housing facilities within the City pursuant to the Developer's specifications and to a revenue agreement between the City and the Developer on such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in a total principal amount not to exceed $10,150,000 to be issued pursuant to the Act to finance the acquisition, construction and equipping of the Project; and said agreement may also provide for the entire interest of the Developer therein to be mortgaged to the purchasers of the Bonds, or a trustee for the holder(s) of the Bonds; and the City, hereby undertakes preliminarily to issue its bonds in accordance with such terms and conditions; 3. At the option of the City, the financing may be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the Bonds; provided that any such financing structure must be consented to by the Developer. 4. On the basis of information available to the City it appears, and the City hereby finds, that the Project consti- tutes a multi - family housing development within the meaning of subdivision 5 of Section 462C.02 of the Act; that the Project will be primarily occupied by persons of low or moderate income; the availability of the financing under the Act and the willingness of the City to furnish such financing will be a substantial inducement to the Developer to undertake the 4