HomeMy WebLinkAboutResolution - 85-164 - Adopt Housing Revenue Bonds - Parkway Apartments - $17,000,000 - CITY OF ED1�N P RA1RIL;
1tESOLU'1'l0N NO. q 1 �, Z
ADOPTING A HOUSING BOND PROGRAiM FOR THE
ISSUANCE; OF MULTIFAMILY MORTGAGE RL:VENUE 130NDS
AND AUTHORIZING SUBMISSION OF SAME TO THE
b1INNESO`I'A HOUSING FINANCE: AGENCY.
WHEREAS, pursuant to the ivIinnesota 'Municipal Housing Act, Minnesota
Statutes, Chapter 462C (the "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 public
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, the City held a public hearing on the City's Housing Plan (the
"Plan") after at least thirty (30) day' published notice on February 2, 1982, and by
the passage of Resolution No. 82-27 (the "Plan Resolution") adopted the Plan; and
WHEREAS, in accordance with its requirements, the Plan provides for
programs for the issuance of bonds to finance multifamily housing development
which are affordable to persons and families of low and roderate income and are
consistent with the goals, conditions and requirements of the Plan; and
WHEREAS, the Act requires adoption of a progra►n 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; and
WHEREAS, the City of Eden Prairie (the "City") 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
W1-IERLAS, the Program provides for the issuance of up to $17,000,000 of
the City's multifamily housing revenue bonds to finance the acquisition of land and
construction of an approximately 350-unit rental housing development to be
located at the intersection of Chestnut Drive and Anderson Lake Parkway in the
City and owned and operated by Parkway Apartments Limited Partnership (the
"Developer"); and
WHEREAS, the Act further requires submission of the Program to the
Minnesota Housing Finance Agency (the "M HFA") for its approval;
NOW, 'THEREFORE, BE IT RESOLVED by the City Council of the City of
Eden Prairie:
r 1. That the Program for the issuance of up to $17,000,000 of the City's
l multifamily housing revenue bonds is hereby in all respects adopted.
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2. 'That the City Manager is hereby authorized to submit the Program to
the 1IHFA, 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 is carried to
completion; and whether or not the bonds or operative instruments are executed.
4. The adoption of this resolution does not constitute a guarantee or a
firm commitment that the City will issue the bond as requested by the Developer.
The City retains the right in its sole discretion to withdraw from participation and
accordingly not issue the bonds, or to issue the bonds in an amount less than
$17,000,000, 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.
5. All commitments of the City expressed herein are subject to the
condition that by December 31, 1985 the City and the Developer shall have agreed
to mutually acceptable terms and conditions of the loan agreement, the bonds 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.
ADOPTED:
ATT �'I'. �; •�,lG , .�-r ;�'
7'---May o r
City Clerk
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