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HomeMy WebLinkAboutRES 85-051 RESOLUTION RELATING TO THE ISSUANCE OF REVENUE BONDS OURSUANT TO CHAPTER 426C, MINNESOTA STATUTES, FOR THE PURPOSE OF FINANCING A MULTIFAMILY HOUSING DEVELOPMENT; GIVING PRELIMINARY APPROVAL TO THE DEVELOPMENT, APPROVING A MULTIFAMILY HOUSING P Meeting Sheet IIIIII VIII VIII VIII VIII VIII IIII IIII 102406 Box: 23 Folder: RES 1985 Document: RES 85-051 RESOLUTION RELATING TO THE ISSUANCE OF REVENUE BONDS OURSUANT TO CHAPTER 426C, MINNESOTA STATUTES, FOR THE PURPOSE OF FINANCING A MULTIFAMILY HOUSING DEVELOPMENT; GIVING PRELIMINARY APPROVAL TO THE DEVELOPMENT, APPROVING A MULTIFAMILY HOUSING P CERTIFICATION OF MINUTES RELATING TO HOUSING REVENUE BONDS • Issuer : City of. St. Anthony, Minnesota Governing Body: City -Council Kind, date, time and place ofmeeting: A regular meeting, held on November 26, 1985, at 8 :30 o'clock P.M. , at the City Hall . Members present : Sun81a ,4) !?c3r 10) I��rks, K-_-)kcuis�t Emno+f \ Members absent : none Documents Attached: . Minutes of said meeting (pages ) : MINUTES OF PUBLIC HEARING ON PROPOSED MULTIFAMILY HOUSING PROGRAM RESOLUTION NO. 85- 051 RESOLUTION RELATING TO THE ISSUANCE OF REVENUE BONDS PURSUANT TO CHAPTER 462C, • MINNESOTA STATUTES, FOR THE PURPOSE OF FINANCING A MULTIFAMILY HOUSING DEVELOPMENT; GIVING PRELIMINARY APPROVAL TO THE DEVELOPMENT, APPROVING A MULTIFAMILY HOUSING PROGRAM AND AUTHORIZING PREPARATION OF NECESSARY. DOCUMENTS I, the undersigned, being the duly qualified and acting recording officer of the -public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody., from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said, meeting was duly held , by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this 27 _ day of OV 1985 . Signat e (SL.-AL) Carol ' B. Johnson, City Clerk Name and Title • The Mayor stated that this was the time and place for a public hearing on the proposal that .the City undertake` a program (the Program) pursuant to Minnesota Statutes, Chapter 462C. The City Manager presented an affidavit showing publication of .the notice of public .hearing at least once not less. than 15 days prior to the date fixed. for the public hearing, in ' the St. Anthony Bulletin, a newspaper Circulating generally throughout the City. The affidavit was examined; found to .be satisfactory and ordered placed on file with the City Manager. The City Manager presented any comments on the Program submitted by Metropolitan Council . The Mayor then opened the meeting for the public hearing on the proposal to undertake the Program. The purpose of the hearing was explained and the nature of the Program . and of the proposed revenue bonds was discussed, and all persons present who desired to do so were afforded an opportunity to express their views with respect to the proposal to undertake and finance the Program, in respect to which the following persons either appeared, were recognized and made statements, or filed written comments- with .the City Manager before the date set for the hearing, summaries of which appear opposite their respective names : Name of Speaker. Summary of Views After all persons who wished to do so had stated or filed -their. views on the proposal , the .Mayor declared the public hearing closed_. Member �(31�k,� introduced the following resolution and moved its adoption : -RESOLUTION NO. 85- 051 RESOLUTION RELATING TO 'THE ISSUANCE OF REVENUE BONDS PURSUANT TO CHAPTER 462C, MINNESOTA 'STATUTES, FOR THE PURPOSE OF FINANCING A MULTIFAMILY HOUSING DEVELOPMENT; GIVING PRELIMINARY APPROVAL TO THE DEVELOPMENT, APPROVING A MULTIFAMILY HOUSING PROGRAM AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City" ) as follows : Section 1. Recitals . 1. 01. 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 to _make or purchase loans to finance one or more multifamily housing developments within its boundaries which revenue bonds or obligations shall be payable solely from the revenues of the development or other security pledged therefor. 1. 02 . The Act provides that, prior to issuing revenue bonds or obligations to . finance . a multifamily housing development, the City must develop a- housing -plan and, after holding a public hearing thereon after notice published at least thirty days prior thereto, submit the housing .plan for review to the regional development commission. 1 . 03 . On 198 , after thirty days published notice, this Council adopted the City of St. Anthony Housing Bond Plan (the "Housing Plan" ) . - 1. 04 . The Act further provides that the City may plan, administer and made or purchase a .loan or loans. to finance-one or more developments .of the kinds described in subdivisions 2, 3 , 4 and 7 of Section 462C. 05 of the Act upon- adoption of aprogram setting forth the information required by subdivision 6 of Section .462C. 05 of the Act after a public hearing thereon after fifteen days published notice and upon approval ' by the Minnesota Housing Finance Agency as provided by Section 462C . 01 of the Act on the basis of the considerations stated in Section 462C. 04 of the Act. 1. 05 . . Representatives* of. Arkand Partnership, a Minnesota partnership (the "Developer" ) , have advised this • Council of its desire to acquire approximately seven acres • I I in the City in the St. Anthony Village Shopping Center located on the south. side of Kenzie Terrace at Harding. Street Northeast, and constituting part of the Kenzie Terrace Redevelopment Area and construct and equip thereon one or more multifamily rental apartment buildings containing approximately 300 to 400 units, together with parking and .related and subordinate facilities (the -"Development" ) . Total development and financing costs are presently estimated by the DeveloPer to be approximately $24, 000, 000 . 1. 06 . Representatives of the Developer have requested that the City issue its revenue bonds in one or more series (the "Bond"s" ) pursuant to- the authority of the Act in such aggregate principal amount as may be necessary to finance all or a portion of the costs of the Development and make the proceeds of. the Bonds available to the Developer, directly or indirectly, for the acquisition, construction and equipping of the Development, ' subject to agreement by the Developer to pay promptly the principal of and interest on the Bonds . 1.07 . A multifamily -housing program has been prepared pursuant to the requirements of' subdivision 5 of Section 462C. 05 of the Act for the Development and the issuance of the Bonds (the "Program" ) , a copy of which is attached as Exhibit A hereto. A copy of the Program has been submitted to the Metropolitan' Council for. review and comment as required • by the Act . 1.08. At a public hearing, duly noticed and held on November 25, 1985, in accordance with the 'Act and Section 103 (k) of the. Internal Revenue Code of 1954 , as amended, on the Program, any comments on the' Program submitted by the Metropolitan Council were presented to .the Council and all parties who appeared at the hearing were given at- opportunity to express their views with respect to the Program and interested persons were given the opportunity to' submit written comments to the City Clerk before the time of the hearing. Section 2 . Approvals and Authorization. 2 .01. The Program is hereby approved and itis hereby found and determined that it would be in the best . interests of the City to issue the Bonds under the provisions of the Act in an amount currently estimated to be $24, 000, 000 to finance all or a portion of the cost of the Development. 2 .02 . . The Development is hereby given preliminary approval by the City and the issuance. of the Bonds for such purpose . approved. The Bonds shall not be- issued until the. Program has been reviewed by the Minnesota Housing Finance. Agency as provided by the Act- until the other requirements • of the Act--have . been satisfied, until the.. requirements of -2- Section 103 of the .Internal Revenue Code of 1954, as amended • (the , "Code" ) , necessary in order to- assure the tax exemption of the interest on the Bonds have been satisifed, and until the City,. the Developer and the purchaser or purchasers of the Bonds have agreed upon the details of the Bonds and the provisions for their payment. The principal of, premium; if. any, and interest on each .Bond, .when, as and if issued, shall be payable solely from .the revenues of the Development and. the property pledged to the payment thereof and shall not constitute a debt of the City. The City Attorney and other officers of the City are authorized in cooperation with Dorsey & Whitney, as bond counsel, to initiate preparation of such documents as may be appropriate to the financing of the Development setting forth the detailed terms of the Bonds, -the security therefor- and the provisions for payment of the principal, premium, if any, and interest thereon in compliance with state and federal statutes and regulations . 2 : 03 . Pursuant to subdivision l of Section 462C.07 of the Act, in the making of the -loan to finance acquisition, _ construction and equipment of the Development and the issuance of the Bonds or other obligations of the City, the City may exercise, within its corporate limits, - any 'of the powers the Minnesota Housing Finance Agency may exercise under Chapter 462A, Minnesota Statutes, without limitation under the provisions of Chapter 475, Minnesota Statutes . 2 .04 . In accordance with Section 462C. 04 subdivision 2 of the Act, the Mayor and City Manager are hereby authorized and directed to cause the Program to be submitted to the Minnesota Housing Finance Agency for review. The Mayor, City Manager, City Attorney and other officers, employees and agents of the City are hereby authorized ,and directed to provide the Minnesota Housing Finance Agency with any preliminary information needed for this purpose. The City Attorney is authorized. to initiate and assist- in the preparation of such documents as may be appropriate to the Development, the Bonds and the Program. 2 . 05. The Developer has agreed to pay .directly or through the City any and all costs incurred by the City in connection with the Development whether or not the Program is rejected by .the Minnesota Housing Finance Agency; whether or not the Development is carried to completion; and whether or not the Bonds and all operative instruments are executed. 2 .06 . The City retains the right., in its sole discretion, to withdraw from participation and, accordingly, not .issue the Bonds should the City at any time prior to the issuance thereof determine that it is in the best interest of .the City not to issue the Bonds . -3- 2. 07=.' This Resolution is intended to, and shall , constitute a. "bond resolution" or some other official action" with respect to the Bonds and the - Development under and within the meaning of Section 1. 103 (8) (a) ' of the Treasury Regulations under the Code Passed and adopted by the City Council of the City of St. Anthony', Minnesota this 25th, day of November, 1985. 00, .�� ' Mayor Attest: City er The motion for the adoption of the foregoing resolution was duly seconded by Member- V�CakoUJS and upon vote being taken thereon, the following voted in favor thereof : and the following. voted against the same : VIOVIe whereupon the resolution was declared duly passed and adopted and was signed by the Mayor whose signature was attested by the City Clerk. Reviewed -for administration. City Manager -4- .