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HomeMy WebLinkAboutCC RES 04-050 RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (SILVER LAKE VILLAGE PROJECT) PURSUANT TO MINNESOTA STATUTES, CHAPTER 462A AND 462C; ON BEHALF OF ST. ANTHONY LEASED HOUSING ASS Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII 104438 Box: 31 Folder: RES 2004 Document: CC RES O4-050 RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (SILVER LAKE VILLAGE PROJECT) PURSUANT TO MINNESOTA STATUTES, CHAPTER 462A AND 4620; ON BEHALF OF ST. ANTHONY LEASED HOUSING A55 RESOLUTION NO. 04-050 CITY OF ST. ANTHONY RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (SILVER LAKE ALLAGE PROJECT) PURSUANT TO MINNESOTA STATUTES, CHAPTERS 462A AND 462C; ON BEHALF OF ST. ANTHONY LEASED HOUSING ASSOCIATES I, LIMITED PARTNERSHIP BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City"), as follows: Section 1. Recitals 1.1 St. Anthony Leased Housing Associates I, Limited Partnership, a Minnesota limited partnership (the"Borrower"), has proposed that the City issue its Variable Rate Demand Multifamily Housing Revenue Bonds (Silver Lake Village Project) in one or more series (the "Bonds") and loan the proceeds to the Borrower. The proceeds of the Bonds would be used to finance a portion of the costs of the acquisition, construction and equipping of a 261-unit multifamily housing development (the "Development") located at the former Apache Plaza Mall site in the City. The Borrower has requested that the City consider the issuance of the Bonds, in a principal amount not to exceed $37,500,000, to assist in the financing of the Development. 1.2 The Borrower will request that LaSalle Bank, N.A. facilitate the financing of the Development and the issuance of the Bonds by providing credit enhancement and liquidity support for the Bonds pursuant to a credit facility. 1.3 The City is authorized by Minnesota Statutes, Chapter 462C (the "Act"), to issue its revenue bonds (the"Bonds")to finance multifamily housing developments such as the Development. Minnesota Statutes, Section 462C.07 provides that programs for such multifamily housing developments may be financed with revenue bonds issued by the City, following adoption of a housing program, after a public hearing, and other proceedings conducted in accordance with the requirements of the Act. s r Section 2. Preliminary Approval of Bond Financing 2.1 On the basis of the information given the City to date,but subject to the adoption of a housing program following a public hearing as required by the Act, preliminary approval is hereby given to the issuance of the Bonds, in an amount not to exceed$37,500,000, to provide financing for the Development. The adoption of this resolution shall not be deemed, however, to establish a legal obligation on the part of the City or its Council to issue or to cause the issuance of the Bonds. All details of the Bonds and the provisions for payment thereof shall be subject to final approval of this Council prior to their issuance. The Bonds, if issued, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except the revenues to be received from the operation of the Development and owner thereof 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 said revenues and funds specifically pledged to the payment thereof, and shall not constitute a debt or pecuniary liability of the City within the meaning of any constitutional or statutory limitation. 2.2 At such time as the Borrower is prepared to proceed with the issuance of the Bonds, the City Manager, in consultation with the Borrower and bond counsel for the City, is authorized to prepare the housing program required by the Act and prepare and publish a notice of hearing on the adoption of the housing program and the issuance of the Bonds as required by the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended. Section 3. Application for Bond Issuance Allocation. The Mayor and City Manager, in consultation with the Borrower, are authorized to execute the necessary documents on behalf of the City to apply for an allocation of bonding authority for the Development pursuant to the provisions of Minnesota Statutes, Chapter 474A. Adopted this 22nd day of June, 2004. M or Attest: City Clerk-Tr urer • CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE I, the undersigned,being the duly qualified and acting recording officer of the City of St. Anthony, Minnesota(the"City"), hereby certify that the attached resolution is a true copy of Resolution No. 04-050, entitled: "RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (SILVER LAKE VILLAGE PROJECT) PURSUANT TO MINNESOTA STATUTES, CHAPTERS 462A AND 462C; ON BEHALF OF ST. ANTHONY LEASED HOUSING ASSOCIATES I, LIMITED PARTNERSHIP"(the"Resolution"), on file in the original records of the City in my legal custody; that the Resolution was duly adopted by the City Council of the City at a meeting on June 22, 2004, and that the meeting was duly held by the City Council and was attended throughout by a quorum, pursuant to call and notice of such meeting given as required by law; and that the Resolution has not as of the date hereof been amended or repealed. I further certify that upon vote being taken on the Resolution at said meeting, the following Councilmembers voted in favor thereof: Faust, Hodson, Horst, Stille, Thuesen and the following voted against the same: None and the following abstained from voting thereon or were absent: None WITNESS my hand officially this 22nd day of June, 2004. City Cl •