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HomeMy WebLinkAbout1985-245 CCRMember Bill Hawes introduced the following resolution and moved its adoption: RESOLUTION NO. 85 -245 RESOLUTION ADOPTING A HOUSING AND BOND PROGRAM FOR THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE EARLE BROWN COMMONS PROJECT AND AUTHORIZING SUBMISSION OF SAME TO THE MINNESOTA HOUSING FINANCE AGENCY AND THE METROPOLITAN COUNCIL WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter 462C (the "Act the City of Brooklyn Center, Minnesota (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 adopted the City's Housing Plan (the "Plan on September 21, 1982, after holding a public hearing, all in accordance with the requirements of the Act; 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 moderate income and are consistent with the goals, conditions and requirements of the Plan; and WHEREAS, the City has received from Earle Brown Commons Partnership, a Minnesota general partnership, a proposal to construct a multifamily housing development of approximately 269 units on property located north of the intersection of Earle Brown Drive and Summit Drive North, at 6100 Summit Drive North, in the City (the "Project and a request for the City to issue housing revenue bonds in the amount of approximately $15,750,000 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, notice of a public hearing on a proposed housing program for the Project (the "Program was published on December 12, 1985; and WHEREAS, the City has on this date conducted a public hearing on the Program; and WHEREAS, the Act further requires submission of the 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 Brooklyn Center: RESOLUTION NO. 85-245 1. That the Program for the issuance of up to $15,750,000 of the City's multifamily housing revenue bonds (the "Bonds is hereby in all respects adopted. It is hereby found, determined, and declared that it would be in the best interests of the City to issue the Bonds and, therefore, the City hereby gives preliminary approval to issuance of the Bonds in the approximate amount of $15,750,000 subject to the City, Earle Brown Commons Partnership (the "Developer and the purchaser of the Bonds reaching agreement on the terms under which the Bonds will be issued. 2. That the City Manager is hereby authorized to submit the Program to the MHFA and the Metropolitan Council, 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 bond 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. The Mayor, City Manager, other officers, employees, and agents of the City, and Counsel to the City are hereby authorized, in cooperation with bond counsel, to prepare, execute, and deliver documents in conjunction with review and approval of the Program and to prepare documents with respect to the Bonds. 6. Miller Schroeder Financial, Inc. is hereby designated underwriter of the Bonds to be issued in connection with the Project, its fee to be paid out of the proceeds of the Bonds when issued. i December 30, 1985 Da Mp� ATTEST: Clerk The motion for the option of the foregoing resolution was duly seconded by member Celia Scott and upon vote being taken thereon, the following voted in favor thereof: roc,, ryc;;i i rt, Gene TIhct)ca, Cali Scott, Bill Hawes, and Rich Thei: and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.