HomeMy WebLinkAboutResolution - 85-97 - Housing Revenue Bonds - Tanager Creek - $11,000,000 - 05/07/1985 CITY OF EDEN PRAIRIE
RESOLUTION
ADOPTING A HOUSING BOND PROGRAM FOR THE ISSUANCE OF
MULTIFAIMILY HOUSING REVENUE BONDS FOR THE TANAGER
CREEK APARTMENTS PROJECT AND AUTHORIZING SUBMISSION
OF SAME TO THE MINNESOTA HOUSING FINANCE AGENCY.
WHEREAS, pursuant to the Minnesota Municipal Housing Act,
Minnesota Statutes, Chapter 462C (rhe "Act") , the City of Eden Prairie
( the "City") is authorized to adopt a housing plan and carry out
programs for the financing of multifamily housing which is affordable
to persons of low and moderate income; and
WHEREAS, the Act requires adoption of the housing plan after a
p,iblic hearing held thereon after publication of notice in a newspaper
of general circulation in the City at least thirty days in advance of
the hearing; and
WHEREAS, after thirty days published notice of public hearing, the
City held a public hearing and adopted the City's Housing Plan (the
"Plan") by passing Resolution 82-27 on February 2, 1982; and
WHEREAS, in accordance with its requirements, the Plan provides
i for programs for the issuance of bonds to finance multifamily housing
development which are affordable to persons and families of low and
moderate income and are consistent with the goals, conditions and
requirements of the Plan; and
WHEREAS , the City has received from Cheyenne Land Company, a
general partnership organized and existing under the laws of the State
of Minnesota, the sole general partners of which are Richard Neslund
and R. Neslurid Co. , a corporation the sole shareholder of which is
"la ber_h Neslund (the "Developer") , a proposal to construct a
multifamily housing development of approximately 186-units on property
located on the northwest and southwest quadrants of Baker Road (County
Road 60) and Edenvale Boulevard in the City (the "Project") , and a
request for the City to issue housing revenue bonds in the amount of
approximately $11 ,000,000 for the Project; and
WHEREAS, the Act requires adoption of a program after a public
hearing held thereon after publication of notice in a newspaper of
general circulation in the City at least fifteen days in advance of
the hearing before the issuance of bonds for the Project; and
WHEREAS, the City of Eden Prairie has on this date conducted a
public hearing on a housing bond program (the "Program") , after
publication of notice as required by the Act; and
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WHEREAS, the .Act further requires submission of tine Program to the
Minnesota Housing Finance Agency (the "MHFA") for its approval ;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Eden Prairie;
1 . That the Program for the issuance of up to $11 ,000,000 of the
City 's multifamily housing revenue bands is hereby in all respects
adopted.
2. That the City Manager is hereby authorized to submit the
Program to the MHFA, and to do all other things and take all other
actions as may be necessary or appropriate to carry out the Program in
accordance with the Act and any other applicable laws and regulations.
3. The Developer has agreed to pay directly or through the City
any and all costs incurred by the City in connection with the Project
whether or not the Project is approved by the MHFA; whether or not the
Project i.s carried to completion; and whether or not the bonds or
operative instruments are executed.
4. Miller & Schroeder Municipals, Inc. is hereby designated as
underwriter of the bonds to be used in connection with the Project,
its fee to be paid out of the proceeds of the bonds when and if
issued.
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l 5. The adoption of this resolution does not constitute a
guarantee or a firm commitment that the Citv will :issue the bonds as
requested by the Developer. The City retains the right in its sole
discretion to withdraw from participation and accordingly not issue
the bonds should the City at any time prior to the issuance thereof
determine that it is in the best interest of the City not to issue the
bond or should the parties to the transaction be unable to reach
agreement as to the terms and conditions of any of the documents
required for the transaction.
b. All commitments of the City expressed herein are subject to
the condition that by December 31 , 1985, the City and the applicant
shall have agreed to mutually acceptable terms and conditions of the
Revenue Agreement, the Bonds and of the other instruments and proceed—
ings 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
an extension thereof, and the Bonds are not sold within such time,
this Resolution shall expire and be of no further effect.
ADOPTED:
ATTEST: ��,
or /
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City Clerk