RES 1985-93 - 00005255204
RESOLUTMN NO. 93 - 1985
RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED
HOUSING REVENUE BOND PROTECT UNDER MINNESOTA STATUTES,
CHAPTER 462C (THE FRUXEY SQUARE PLAZA LIMITED
PARTNERSHIP)
NOW, SHEREFORE, BE IT RESOLVED by the City Council (the "Council ") of the City
of Fridley, Minnesota (the "City "), as follows:
1. It is hereby found, determined and declared as follows:
1.1 The Fridley Square Plaza Limited Partnership, a Minnesota limited
partnership (the "Company "), of which Louis R. Lundgren as a partner,
has advised the Council that it desires to undertake a project which
consists of the acquisition of land and the construction thereon of a
12 story apartment complex with a 2 level underground parking ramp,
and a 61 surface parking facility (the "Project ") , to be located on
Lot 1, Block 1, Sylvan Hills Plat 7 and Lot 1, Block 11 Sylvan Hills
Plat 6 in the City of Fridley, Minnesota.
2. Cn the basis of information given the City to date, it appears that it
would be in the best interest of the City to issue Housing Revenue Bonds
(the "Bonds ") under the provisions of Minnesota Statutes, Chapter 462C, to
finance the Project in an amount presently estimate not to exceed
$14,000,000.
3. The Project and the related financing thereof by the City are hereby given
preliminary approval, and the issuance of the Bonds for such purpose and
' in such estimated amount is hereby approved, subject to the mutual
agreement of the Council, the Company, and the initial purchasers of the
Bonds as to the details and provision for payment of the Bonds. In all
events, it is understood, however, that the Bonds shall not constitute a
debt of the City or a charge, lien or encumbrance, legal or equitable,
upon any property of the City except its interest in the Project, and each
of the Bonds when, as and if issued shall recite in substance that it is
payable solely from the revenues received from the Project and property
pledged to the payment thereof.
4. The adoption of this resolution by the Council does not constitute a
guarantee or a firm commitment that the City will issue the Bonds as
requested by the Company. The City retains the right in its sole
descretion to withdraw from participation and accordingly not issue the
Bonds should the City determine that it is in the best interest of the
City not to do so or should the parties to the transaction be unable to
reach agreement on the terns thereof.
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Page 2 - Resolution No. 93 - 1985
PASSED AND ADOPTED BY THE QTY COUNCIL OF THE QTY OF FRIDLEY THIS 4TH DAY OF
NOVEMBER, 1985.
WILLIAM J. NE -
YOR
ATTEST:
'
G.
RICHARD D. PRIBM- ACTING CITY CIZM