11-26-1985 Council Agenda - Laserfiche WebLink

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Project, and that the effect of the Project, if undertaken, will be to encourage the provision of additional multi - family rental housing opportunities to residents of the City, to assist in the redevelopment of blighted and marginal land and to promote more intensive development and use of land within the City; 5. The Project, and the program to finance the Project by the issuance of revenue bonds, is hereby given preliminary approval by the City subject to the approval of the financing program by MHFA and subject to final approval by the City, the Developer and the purchasers of the Bonds as to ultimate details of the financing of the project; 6. In accordance with subdivision 5 of Section 462C.05, Minnesota Statutes, the Mayor is hereby authorized and directed to submit the program for financing the project to MHFA, requesting its approval, and other officers, and employees and agents of the City are hereby authorized to provide MHFA with preliminary information as it may require; 7. The Developer has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project whether or not the project is carried to completion and whether or not approved by MHFA will be paid by the Developer; 8. Briggs and Morgan, Professional Association, acting as bond counsel, and such investment bankers as may be selected by the City with the consent of the Developer, are authorized to assist in the preparation and review of necessary documents relating to the Project and the financing program therefor, to consult with the City Attorney, Developer and purchasers of the Bonds (or trustee for the purchasers of the Bonds) as to the maturities, interest rates and other terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and submit such documents to the City for final approval; 9. Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The holder of the Bonds shall never have the right to 5 IN V \. v v