HomeMy WebLinkAboutResolution - 89-174 - Authorize Additional Bond for Prairie Village Apartments Amount to $6,540,000 - 08/01/1989 RESOLUTION #89-174
RESOLUTION EXPRESSING PRELIMINARY INTENT TO
ISSUE OBLIGATIONS PURSUANT TO MINNESOTA
STATUTES CHAPTER 462C FOR MUL'.TIFAMILY HOUSING
PROJECT
WHEREAS, by Resolution No . 88-273 the City Council of Eden
Prairie , Minnesota (the "City") , subject to the terms of such
resolution, confirmed its preliminary approval of the issuance of
City bonds or notes pursuant to Minnesota Statutes Chapter 462C
(the "Act") in the approximate aggregate face amount of $5 , 750 , 000
(the "Original Amount" ) to finance the acquisition, construction
and installation of an approximately 112 unit multifamily housing
rental. project (the "Project") ; and
WHEREAS , Prairie Village Limited Partnership, a Minnesota
limited partnership (the "Developer10) has requested that the City
increase the Original Amount to $6 , 540, 000.
NOW THEREFORE BE IT RESOLVED by the City Council of the City
of Eden Prairie as follows :
1 . The City Council hereby grants its preliminary approval
and expresses the preliminary intention of the City to issue
pursuant to the Act revenue obligations (the "Bonds") in a maximum
principal amount not to exceed $6 , 540 , 000 , for the purpose of
financing the acquisition, construction and installation of the
Project and related costs ; subject to the City, the Developer and
purchasers of the Bonds reaching definitive agreement on the
provisions thereof ; provided, however, that such Bonds shall be
issued on or before December 2 , 1989 .
2 . Notwithstanding any other provision hereof, the City
shall not be legally obligated hereby to issue the Bonds in any
amount and the City may, in its sole discretion, determine at any
time to not issue the Bonds .
Passed and approved this 1st day of August, 1989 .
Mayor i
ATTEST:
Ci Y lerk