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RES 1981-148 - 000064141 WELU TION RD. 148 — 1981 RW [,UPION GIVING PRELIMIMM APPROVAL TO M11TIFAMILY SOUSING ON PUMBM UDDER KURUMM SIARUTES, CHAPTER 462C AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS ( 1OM PAP& TERRACE AND ! IORE TAM GARDENS) WHEREAS, the Legislature of the State of Minnesota has authorized any city, including the City of Fridley (the "City "), to plan, administer and make or purchase loans to finance multifamily housing developments after adoption of a housing plan pursuant to Minnesota Statutes, Chapter 462C (the "Act "); and WHEREAS, the term "multifamily housing development" is defined by the Act to include an apartment facility, cooperative or group of townhouses which include four or more dwelling units, each to be rented or sold to or occupied by a person or family as a residence, including new construction or the rehabilitation of an existing building and site; and WHEREAS, the term 'housing plan" is defined by the Act to mean a plan for an individual city which sets forth the information required by Section 462C.03 of the Act including a housing program; and WHEREAS, the City is currently preparing for approval a housing plan, including a multifamily housing program; and WHEREAS, the City has received an application from North Park Terrace Company (the "Developer ") requesting that the City finance the construction of approximately 360 units of rental housing at 83rd Avenue Northeast and Main Street Northeast to be known as North Park Terrace (the "North Park Project ") in an amount of approximately Eighteen Million Dollars ($18,000,000); and WHEREAS, the City has received an application from A.L.I. & Associates (the "Developer ") requesting that the City finance the construction of approximately 100 units of elderly /handicapped rental housing at Rice Creek Road and Old Central Avenue Northeast to be known as Moore Lake Garden (the "Moore Lake Project ") in an amount of approximately Seven Million Dollars ($7,0001000); and WHEREAS, at least twenty percent (208) of the units in the North Park Project and Moore Lake Project are to be occupied by individuals of low or moderate income, within the meaning of Section 167(k)(3)(B) of the Internal Revenue Code of 1954, as amended (the "Code "), pursuant to Section 462C.05 of the Act and Section 103(b)(4)(A) of the Code; and WHEREAS, the North Park Project and Moore Lake Project will be located within a redevelopment project,as defined in Minnesota Sts1tutes, Section 462.421, Subdivision 13 and a housing district as defined in Minnesota Statutes, Section 273.73, Subdivision 11; . NDW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY AS FOLLOWS: (1) That the North Park Project and Moore Lake Project are hereby given preliminary approval. (2) That the City will issue one or more series of revenue bonds in an amount of approximately Twenty -five Million Dollars ($251000,000) to finance the acquisiton and construction of North Park Project and Moore Lake Project in the City in the event that the City, the Developers and the purchaser of such revenue bonds agree on the terms of the sale and purchase and security of the revenue bonds. Page 2 — Resolution No. 148 - 1981 (3) That the revenue bonds to be issued by the City to finance the North Park Project and Moore Lake Project shall not constitute a charge, lien or encumbrance legal or equitable upon any property of the City except the North Park Project amd Moore Lake Project and the issue or issues, when, as and if issued, shall recite in substance that the bonds, including interest thereon, is payable solely from the revenues received from the North Park Project and Moore Lake Project and property pledged to the payment thereof, and shall not constitute a debt of the City. (4) The law firm of Holmes & Graven, Chartered, is authorized to assist the City in the adoption of a housing plan and the creation of a program thereunder to provide financing for multifamily rental housing developments in the City which are identified in this Resolution, and is authorized to act as bond counsel and to assist in the preparation and review of documents necessary for the issuance by the City of bords issued under the Act pursuant to the housing plan. PASSED AMID ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 14TH DAY OF DECEMBER, 1981 ATTEST: SIDNEY C. 'INMM - CITY CLERK =I ^,--A 71 - 1 YA