HomeMy WebLinkAboutResolution - 95-213 - Amendment to Housing Program for Tanager Creek and Preliminary Approval of Refunding Bonds - 12/19/1995 Councilmember �a-fk1Cf g iidroclL introduced the following resolution, the
reading of which was dispensed with by unanimous consent, and moved its adoption:
CITY OF EDEN PRAIRIE
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO. 0 5 — Ln i
i 3
ADOPTING A HOUSING PROGRAM FOR THE
ISSUANCE OF MULTIFAMILY HOUSING REVENUE
BONDS.
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota
Statutes, Chapter 462C (the "Act"), the City of Eden Prairie (the "City") is authorized to
carry out housing programs for the financing of multifamily housing developments (the
"Program"), including the payment of interest on taxable and tax exempt bonds, the
establishment of reserves to secure such bonds and the payment of all other expenditures
of the City incident to and necessary or convenient to carry out such program; and
WHEREAS, the Act requires adoption of the Program after a public hearing held
thereon after publication of notice in a newspaper of general circulation within the City at
least fifteen(15) days in advance of the hearing; and
WHEREAS, the City on this date conducted a public hearing on the Program,
after publication of notice as required by the Act;and
WHEREAS, the Program provides for the issuance of multifamily housing
revenue refunding bonds in an aggregate principal amount of approximately $9,600,000
and taxable multifamily housing revenue refunding bonds- in an aggregate principal
amount of approximately $4,077,350 to refinance a 185-unit multifamily rental housing
development at the northwest and southwest quadrants of Baker Road (County Road_ 60)
and Edenvale Boulevard within the City(the"Project").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Eden Prairie,Minnesota, as follows:
1. The Program for the Project is hereby in all respects adopted.
2. The City hereby ratifies the prior publication of the notice of public
hearing.
3. The City staff, its consultants and bond counsel are hereby authorized to
do all things and take all actions as may be necessary or appropriate to carry out the
Program in accordance with the Act and any other applicable laws and regulations.
4. The issuance of approximately $9,600,000 principal amount of
multifamily housing revenue refunding bonds and approximately $4,077,350 principal
amount of taxable multifamily housing revenue refunding bonds pursuant to the Program
to finance the Project is hereby given preliminary approval.
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember /()g int % t-r-Lu/<n s and upon vote being taken thereon, the
following voted in favor thereof
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on (-q5e
j�DSS 1 h4nn;r1r1! fir.
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted, and was signed by the
Mayor and attested to by the City Clerk.
Dated: December l� , 1995.
e�
Jayor
Attest:
Ci lerk -
(SEAL)
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