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HomeMy WebLinkAboutResolution - 85-49 - Final Approval - Housing Revenue Bonds - Ames Partnership - 02/05/1985 RESOLUTION APPROVING A JOINT PROGRAM FOR FINANCING RENTAL HOUSING, GIVING PRELIMINARY APPROVAL TO A JOItTr POWERS AGREEMENT IN CONNECTION THEREWITH AND AUTHORIZING SUBMISSION OF JOINT PROGRAM, TO THE MINNESOTA HOUSING FINANCE AGENCY WHEREAS : (A) The City Council of the City of Eden Prairie, Minnesota, by a Resolution No. 84-225 adopted on August 28, 1984, has approved a multi-family rental "housing development, known as the "Eames Apartments Project" and the financing thereof_ pursuant to Minnesota Statutes, Chapter 462C, (B) It is now proposed that the Eames Apartments Project should be financed, together with certain other multi-family rental housing projects located in various municipalities in the State of Minnesota, pursuant to a single issue of revenue bonds or obligations; (C) It is anticipated that such revenue bonds or obligations will be structured as a "loan-to--lender" transaction with Midland Financial Savings and Loan Association of Des Moines, Iowa acting as the "Lender" , and that the bonds will be underwritten by Piper, Jaffray & Hopwood Incorporated of Minneapolis, Minnesota; (D) It is further proposed that. the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ( the "St Paul HRA" ) should issue the revenue bonds or obligations, acting on behalf of itself with respect to certain projects located within the city limits of the City of Saint Paul, and on behalf of such other municipalities, including this City, as may approve the financing of multi-family rental housing projects located therein for financing pursuant to a joint program; (E) It appears that such an issue of bonds or obligations to finance a joint financing program will result in substantial financial benefits to the developers of the multi-family rental. housing developments and will accordingly assist the economic viability of such developments and will result in lower rental housing costs to the residents of such developments ; (F) There has been submitted to this City Council a form of Joint Powers Agreement providing for a joint housing program and for the issuance of bonds or obligations to finance such joint dousing program; NOW WHEREFORE, BE IT RESOLVED by the City Council of the City of Eden Prairie, Minnesota, as follows : 1 . The City hereby approves the financing of the Eames Apartments Proje-ct, together with certain other multi-family rental housing developments located in various municipalities in the State of Minnesota, by the issuance of a single issue of revenue bonds or obligations to be issued by the St. Paul HRA on behalf of itself and all of such other municipalities. 2. The form of the Joint Powers Agreemer.t submitted to this City Council is hereby approved. The Mayor and such other- officers or employees of the City as may be appropriate are hereby authorized and directed to execute the Joint Powers Agreement upon execution thereof by such other municipalities or other political subdivisions as may also approve the financing of multi-family rental housing developments located in each of them for financing under the joint program. This City Council hereby authorizes and directs the Mayor and other appropriate officers and employees of the City to execute the Joint Powers Agreement with such variations, alterations, modifications or other changes as may be required to effectuate the purposes of this resolution and are not, in the opinion of the City Attorney, materially adverse to the interests of this City. 3 . The financing program for the Eames Apartment Project, together with the financing programs for the other multi-family rental housing developments to be financed under -the joint program, is hereby authorized to be submitted to the Minnesota Mousing Finance Agency in combined form and as may be appropriate to secure the approval of the Minnesota Housing Finance Agency to the joint program and the financing of all of the multi-family rental housing developments to be included therein. 4 . The Mayor and other appropriate officers or employees of the City are further authorized and directed to execute a Regulatory Agreement by and among the developer of the Eames Apartment Project, the St . Paul HRA as Issuer of the bonds, the City, the Lender and the Trustee for the revenue bonds or obligations issued to finance the joint program, and such other parties as may be appropriate . Such Regulatory Agreement shall be subject to the approval of the City Attorney, and shall contain such terms and conditions as may be required to implement this City ' s policies with respect to rental housing , with respect to the payment of fees , expenses and other charges associated with revenue bond financing , and with respect to any other matters which would normally be included in agreements between the City and the developer of a rental housing project financed by revenue bonds . The approvals and authorizations contained in this resolution are hereby made expressly subject to the execution of such Regulatory Agreement containing such terms and conditions as are acceptable to the Mayor and City Attorney . 5 . The adoption of this resolution does not constitute a guarantee or a firm commitment that the City will execute the Regulatory Agreement . The City retains the right in its sole discretion to withdraw from participation and accordingly not execute the Regulatory Agreement should the City at any time prior to the execution thereof determine that it is in the best interest of the City not to execute the Regulatory Agreement or should the parties to the transaction be unable to reach agreement as to the terms and conditions of the Regulatory Agreement or any of the documents required for the transaction. 6 . All commitments of the City expressed herein are sub- ject to the condition that by December 31 , 1985 , the City and the applicant shall have agreed to mutually acceptable terms and conditions of the Regulatory Agreement and of the other instruments and proceedings relating to the Bonds and their issuance and sale . If the events set forth herein do not take place within the time set forth above , or any extension thereof, and the Bonds are not sold within such time, this Resolution shall expire and be of no further effect. Passed and adopted by the City Council of the City of. Eden Prairie this 5th day of February, 1985 . Mayor Attest: i y Clerk Resolution No . 85- was moved by Councilmember The motion for the adoption of the foregoing resolution was duly seconded by member , and upon vote being taken thereon, -the following_ voted in Favor thereof: and the following voted against the same : whereupon the resolution was declared duly passed and adopted and was signed by the Mayor and attested by the City Clerk .