RES 85-056 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF MULTIFAMILY HOUSING BONDS (ARKAND LIMITED PARTNERSHIP II HOUSING PROJECT), OF THE CITY, FOR THE PURPOSE OF FINANCING A MULTIFAMILY RENTAL HOUSING DEVELOPMENT, AND AUTHORIZING THE EXECUTION OF NECE

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Councilmember Enrooth introduced the following resolution and moved its adoption: RESOLUTION NO. 85-056 RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF MULTIFAMILY HOUSING BONDS (ARKAND LIMITED PARTNERSHIP II HOUSING PROJECT) , OF THE CITY, FOR THE PURPOSE OF FINANCING A MULTIFAMILY RENTAL HOUSING DEVELOPMENT, AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS BE IT RESOLVED by the City Council of the City of St . Anthony, Minnesota (the City) , as follows : Section 1 . Authorization and Recitals . 1 . 01 . General Authority. By the provisions of Minnesota Statutes, Chapter 462C, as amended (the "Act" ) , the City is authorized to plan, administer , issue and sell revenue bonds or • obligations and to make or purchase loans to finance one or more multifamily housing developments within its corporate limits , which revenue bonds or obligations shall be payable solely from the revenues of the development . This Council has approved -a Housing Plan for the City (the "Housing Plan" ) , by a resolution adopted on July 9, 1985 , after a public hearing was held thereon. The Housing 'Plan has been reviewed and commented on by the Metropolitan Council pursuant to Minnesota Statutes , Section 462C. 01 and 462C . 04 , Subdivision 1 . This Council has approved a multifamily housing program under the Housing Plan (the "Program" ) , by Resolution No. 85-051 adopted on November 26, 1985 . The program provides for the financing of a project under the Act consisting of the acquisition, construction and equipping by Arkand Limited Partnership II (the Borrower ) a Minnesota limited partnership, of an approximately 150 residential unit multifamily housing project intended primarily for the elderly and related facilities to be located in the City (the "Project" ) . The Program has been submitted to the Minnesota Housing Finance Agency, as required by Minnesota Statutes, Section 462C. 04 , Subdivision 2, and such Agency has informed the City that it will not be rejected within 30 days after submission.