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HomeMy WebLinkAboutResolution - 99-222 - Lincoln Parc Apartments Project - Proposed Multifamily Housing Program & Issuance of Multifamily Housing Revenue Bonds - 12/07/1999 CITY OF EDEN PRAIRIE ]HENNEPIN COUNTY RESOLUTION NO.99-222 RESOLUTION RELATING TO A PROPOSED MULTIFAMILY HOUSING DEVELOPMENT UNDER MINNESOTA STATUTES, CHAPTER 462C, ON BEHALF OF COMMUNITY HOUSING CORPORATION OF AMERICA;ADOPTING A HOUSING PROGRAM THEREFOR BE IT RESOLVED by the City Council of the City of Eden Prairie,Minnesota(the "City"), as follows: Section 1. Recitals and Findings 1.1. This Council has received a proposal that the City finance a portion or all of the cost of a proposed multifamily housing development under Minnesota Statutes, Chapter 462C, as amended(the"Act"), on behalf of Community Housing Corporation of America, a Minnesota nonprofit corporation, or a nonprofit affiliate(the"Original Borrower"), consisting of the acquisition, construction and equipping of a 186-unit multifamily rental housing development to be owned by the Borrower and located at 8030 Eden Road in the City(the"Project"). 1.2. On September 7, 1999, following a public hearing thereon,this Council adopted a resolution(the"Original Resolution") approving a multifamily housing program for the Project, designated as the"Program for Multifamily Housing Development under Minnesota Statutes, Chapter 462C, Lincoln Pare Apartments Project"(the"Original Housing Program") and the issuance of revenue bonds by the City in the approximate principal amount of$36,000,000 to finance the costs thereof. 1.3. The City has been advised that the Original Borrower has been replaced by Governmental and Educational Assistance Corporation, an Arkansas nonprofit corporation, or an affiliate thereof(the"Borrower") and has prepared an"Amended Program for Multifamily Housing Development under Minnesota Statutes, Chapter 462C,Lincoln Parc Apartments Project"(the"Amended Housing Program"), attached hereto as Exhibit A.to reflect this change. 1.4. On November 16, 1999,this Council held a public hearing on the adoption of the Amended Housing Program after publication of the notice of hearing not less than 15 days prior to the date thereof in a newspaper circulating generally in the City. The public hearing was duly noticed and held in accordance with the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended. All parties who appeared at the hearing were given an opportunity to express their views with respect to the proposal to adopt the Amended Housing Program and to undertake and finance the Project, as amended, and interested persons were given the opportunity to submit written comments to the City Administrator before the time of the hearing. Section 2. Adoption of Amended Housing Program. Based on the public hearing, such written comments (if any) and such other facts and circumstances as this Council deems relevant,it is hereby found, determined and declared: (a) the Amended Housing Program is hereby approved and adopted in the form attached hereto; and (b) the findings with respect to the Project and the preliminary approval of issuance by the City of its revenue bonds under the provisions of the Act and the Program to finance the Project in the maximum aggregate face amount of$36,000,000 (the`Bonds")is hereby reaffirmed and ratified. Passed this 7th day of December, 1999. Jean L.Harris,May Attest: Ka leen Porta, City Clerk E)UMIT A AMENDED PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT UNDER MINNESOTA STATUTES,CHAPTER 462C LINCOLN PARC APARTMENTS PROJECT This housing finance program is undertaken by the City of Eden Prairie,Minnesota(the"City") for a multifamily rental housing development located at 8030 Eden Road in the City and amends and supersedes the housing finance program adopted by the City Council of the City on September 7, 1999. The Development(as hereinafter described)will be financed by revenue bonds issued by the City pursuant to Minnesota Statutes, Chapter 462C. The Development will be undertaken to further the policies and goals stated in the City's Housing Plan. The Development, called Lincoln Parc Apartments,will consist of the acquisition,construction and equipping of a multifamily rental housing development of approximately 186 units, a portion of which are designed for persons of low and moderate income. The Development will be undertaken by Governmental and Educational Assistance Corporation, an Arkansas nonprofit corporation,or an affiliate. The expected base monthly rental fees for a one-bedroom unit will be between$546 and$855; a two-bedroom unit will be between$654 and$1390; and a three-bedroom unit will be between$749 and$1515. The Development will be available for rental to the general public, and will be operated only as a multifamily rental housing facility for the term of the revenue bonds. The City will issue revenue bonds to finance the Development in the principal amount not to exceed$36,000,000. The owner of the Development will be required,pursuant to a revenue agreement, to make payments sufficient to pay when due the principal of,premium,if any, and interest on all such revenue bonds. The revenue bonds may be structured so as to take advantage of whatever means are available or necessary and are permitted by law to enhance the security for and marketability of the revenue bonds. Substantially all of the net proceeds of the revenue bonds(the initial principal amount thereof, less amounts deposited in a reasonably required reserve or paid out as costs of issuance of the revenue bonds)will be used to pay the costs of the Development,including any functionally related and subordinate facilities. The Development will be operated as a multifamily rental housing development within the meaning of Minnesota Statutes, Chapter 462C. Acquisition of the Development will be carried out in accordance with applicable land use and development restrictions, and construction of the Development is subject to applicable state and local building codes. The Development is consistent with the City's Housing Plan under Minnesota Statutes, Chapter 462C. The owner of the Development will be required to operate the project in accordance with state and local anti-discrimination laws and ordinances. The City has adequate existing capacity to administer,monitor and supervise the Development, although the City has reserved the right to contract with other public agencies or private parties for these purposes. The costs of the Development and the program of financing the Development,including specifically the costs of the City generally will be paid or reimbursed by the owner of the Development or from the application fee paid to the City by the owner.