Loading...
HomeMy WebLinkAboutResolution - 95-212 - Final Plat - Birch Island Acres 2nd Addition (formerly Pafko) - 12/19/1995 CITY OF EDEN PRAIRIE HENNEPIN COUNTY, MINNESOTA RESOLUTION NO. 9 5 — 2 1 2 A RESOLUTION APPROVING FINAL PLAT OF BIRCH ISLAND ACRES 2ND ADDITION (formerly Pafko 2nd Addition) WHEREAS, the plat of Birch Island Acres 2nd Addition has been submitted in a manner required for platting land under the Eden Prairie Ordinance Code and under Chapter 462 of the Minnesota Statutes and all proceedings have been duly had thereunder, and WHEREAS, said plat is in all respects consistent with the City plan and the regulations and requirements of the laws of the State of Minnesota and ordinances of the City of Eden Prairie. NOW, THEREFORE, BE IT RESOLVED BY THE EDEN PRAIRIE CITY COUNCIL: A. Plat approval request for Birch Island Acres 2nd Addition is approved upon compliance with the recommendation of the City Engineer's report on this plat dated December 12, 1995. B. That the City Clerk is hereby directed to supply a certified copy of this Resolution to the owners and subdivision of the above named plat. C. That the Mayor and City Manager are hereby authorized to execute the certificate of approval on behalf of the City Council upon compliance with the foregoing provisions. ADOPTED by the Eden Prairie City Council on December 19, 1995. a* 044�� Jean L. Hams, Mayor ATTEST: SEAL 4e�� John/ Frane, Clerk Subsection A. Definitions. The following terms used in this Program shall have the following meanings,respectively: (1) "Act" shall mean Minnesota Statutes, Section 462C.01, et. seq., as currently in effect and as the same may be from time to time amended. (2) "Bonds" shall mean collectively the tax exempt multifamily housing revenue refunding bonds and the taxable multifamily housing revenue bonds to be issued by the City to finance the Program. (3) "City" shall mean the City of Eden Prairie, State of Minnesota. (4) "Developer" shall mean Tanager Limited Partnership, a Minnesota limited partnership. (5) "Housing Unit" shall mean any one of the market rate apartment units located in the Project, occupied by one person or family, and containing complete living facilities. (6) "Land" shall mean the real property upon which the Project is situated. (7) "Program" shall mean the program for the financing of the Project pursuant to the Act, including the redemption and prepayment of the City's prior debt issued to finance the Project,the payment of interest on the Bonds,the establishment of reserves to secure the Bonds and the payment of all other expenditures of the City incident to and necessary or convenient to carry out the program. (8) "Project" shall mean the multifamily rental housing development, consisting of 185 market rate Housing Units located on the Land and owned and operated by the Developer. (9) "Tax Exempt Bonds" means the tax exempt multifamily housing revenue refunding bonds to be issued in the aggregate principal amount of approximately $9,600,000. (10) "Taxable Bonds" means&64• Xable multifamily housing revenue refunding. bonds to be issued in the aggregate principal amount of approximately$4,077,350. Subsection B. Program for Financing the Project. It is proposed that the City establish this Program to provide for tax exempt and taxable financing of 185 Housing Units owned by the Developer,or a related entity,at a cost and upon such other terms and conditions as set forth herein and as may be agreed upon in writing between the City,the initial purchaser of the Bonds and the Developer. To do this,the City expects to issue the .Bonds as soon as the terms of the Bonds have been agreed upon by the City the Developer, and the initial purchaser of the Bonds. The.proceeds of the Bonds will be loaned to the Developer for the refinancing of the Project, for paying interest on the Bonds, for establishing reserves to secure the Bonds and for paying the costs of issuing the Bonds and all other expenditures of the City incident to and necessary or convenient to carry out the Program. It is expected that a trustee will be appointed by the City to monitor the payments of principal of and interest on the Bonds. The cost of any additional security device for the Bonds will be borne by the Developer and payable in addition to the principal of and interest on the Bonds. The City will hire no additional staff for the administration of the Program. The City intends to select and contract with a financial institution or trustee, experienced in trust matters, to administer the Bonds. No portion of the state ceiling for qualified mortgage bonds will be used for the Program. Insofar as the City will be contracting with underwriters, legal counsel, bond counsel,the trustee, and others, all of whom will be reimbursed from Bonds proceeds and revenues generated by the Program, no administrative costs will be paid from the City's budget with respect to this Program. The Bonds will not be general obligations of the City, but will be paid only from revenues and properties pledged to the payment thereof, which may include additional security such as additional collateral, insurance or a letter of credit. Subsection C. Standards and Requirements Relating to the Financing of the Project Pursuant to the Program. The following standards and requirements shall apply with respect to the operation of the Project by the Developer pursuant to this Program: (1) Ninety-five percent (95%) or more of the proceeds of the sale of the Tax Exempt Bonds will be used to provide funds for the financing of the Program, which provides for 185 market rate residential Housing Units. The funds will be made available to the Developer pursuant to the terms of the Bond offerings, which may include certain covenants to be entered into between the City and the Developer. (2) The Developer will not arbitrarily reject an application from a proposed tenant because of race, color, creed, religion, national origin, sex, marital status, or status with regard to public assistance or disability. (3) No Housing Unit may be in.violation of applicable zoning ordinances or Ether applicable land use regulations, including any urban renewal plan or development district plan, and including the state building code as set forth under Minnesota Statutes, Section 16.83 et seq. Subsection D. Evidence of Compliance. . The City may require from the Developer or such other person deemed necessary at or before the issuance of the Bonds, evidence satisfactory to the City of compliance with the standards and requirements for the making of the financing established by the City, set forth herein; and in connection v therewith, the City or its representatives may inspect the relevant books and records of the Developer in order to confirm such compliance. In addition, the City may periodically require certification from either the Developer or such other person deemed necessary concerning compliance with various aspects of the Program. Subsection E. Issuance of Bonds. To finance the Program, the City may by resolution authorize, issue and sell the Bonds. The Bonds shall be issued pursuant to Section 462C.07, Subd. 1 of the Act, and shall be payable primarily from the revenues of the Program authorized by such section. The Bonds are expected to be issued in March, 1996. Subsection F. Severability. The provisions of the Program are severable and if any of its provisions, sentences, clauses or paragraphs shall be held unconstitutional, contrary to statute, exceeding the authority of the City or otherwise illegal or inoperative by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions. Subsection G. Amendment. The City shall not amend this Program while the Bonds authorized hereby are outstanding,to the detriment of the holders of such Bonds. GP.235548 vl ,