RES 1985-103 - 00005274223
RESOLUTIIN NO. 103 - 1985
RESOLUTION RELATING TO THE APPROVAL OF A MULTIFAMILY
HOUSING PROGRAM UNDER MINNE STATUTES, CHAPTER 462C FOR
' THE CONSTRUCTION OF A MULTIFAMILY HOUSING PROTECT BY THE
FRIDLEY PLAZA ASSOCIATES IMITED PARTNERSHIP, AND
AUTHORIZING THE SALE OF HOUSING REVENUE BONDS
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 def ined 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 constructin or the
rehabilitation of an existing building 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
, the City adopted a Housing Plan on October 7, 1985; and
WHEREAS, the City has received an application from the Fridley Plaza
Associates Limited Partnership (the "Developer ") requesting that the City
finance the construction of approximately 234 units of rental housing to be
known as the Fridley Plaza Apartments (the "Project ") on property generally
' located on Lot 1, Block 1, Sylvan Hills Plat 6 and Lot 1, Block 1, Sylvan
Hills Plat 7, Fridley, Minnesota, in an amount not to exceed thirteen million
dollars ($13,000,000); and
WHEREAS, at least twenty percent (208) of the units in the Project are to be
occupied by individuals whose incomes are not greater than eighty percent
(808) of the area median income, pursuant to the Act; and
WHEREAS, the Project will be lcoated within a Redevelopment Project, as
defined in Minnesota Statutes, Chapter 273.73, Subdivision 11; and
NCW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY AS
FGLLCWS:
1. That the Multifamily Housing Program under Minnesota Statutes, Chapter
462C, for the construction of a multifamily housing project to be known as
the Fridley Plaza Apartments and to be constructed by the Fridley Plaza
Associates Limited Partnership, is hereby approved.
2. That the City intends to issue one or more series of Housing Revenue Bands
in an amount not to exceed thirteen million dollars ($13,000,000) to
finance the acquisition and construction of the Fridley Plaza Apartment
Project in the City in the event that the City, the Developer and the
purchasers of such revenue bonds agree on the terms of the sale, purchase
' and security of the Housing Revenue Bonds.
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3. That the Housing Revenue Bonds to be issued by the City to finance the
Project shall not constitute a charge, lien or encumbrance, legal or
equitable, upon any property of the City except that property upon which
the Project is to be constructed, 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 Fridley
Plaza Apartment Project and property pledged to the payment thereof, and
shall not constitute a debt of the City.
4. The law firm of O'Connor and Hannan 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 bonds issued under the Act pursuant to the housing
plan.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 2ND DAY OF
DECEMBER, 1985
ATTEST:
o A
RICHARD D. PRIBIL - ACTING CITY CLERK
WILLIAM J. NEE CKYOR