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02-18-1986 Resolutions -- "" ,. RESOLUTION NO. 86-13 RESOLUTION AMENDING RESOLUTION NO. ~2985 ADOPTED FEBRUARY 16, 1982, WITH RESPECT TO CITY OF HOPKINS COMMERCIAL DEVELOPMENT REVENUE BOND (STANDAL PROJECT), ISSUED IN THE ORIGINAL PRINCIPAL AMOUNT OF $900,000 WHEREAS, this Council adopted a resolution on February 16, 1982 (the "Bond Resolution"), approving the issuance and sale to the First National Bank of Hopkins (the "Bank") of the City's Commercial Development Revenue Bond (Standal ProJect), issued in the original principal amount of $900,000 (the "Bond"), pursuant to a Loan and Purchase Agreement dated as of February 1, 1982 (the "Loan Agreement"), among the City, John B. Standal (the "0riginal Borrower"), and the Bank; and WHEREAS, the Bond was issued in order to provide financing for the acquisition and construction of a commercial building in the City to be owned by the Original Borrower and leased to various tenants (the IproJect"); and WHEREAS, the security for the Bond consists, inter alia, of the Mortgage and Lease Assignment described in the Bond Resolution; and WHEREAS, the City ass~gned to the Bank its interests (other than to repayment of advances and expenses and rights of indemnity) in the Loan Agreement pursuant to a Loan Agreement Assignment dated as of February 1, 1982 (the "Loan Agreement Assignment"), from the City to the Bank; and WHEREAS, the Original Borrower has assigned his interest in the Project to Western Properties ("Western"), a Minnesota general partnership (the Or~ginal Borrower and Western together referred to as the "Borrower"), which assignee has assumed the obligations of the Original Borrower under the Loan Agreement, includ~ng without limitation the obligation to pay when due all principal of and interest on the Bond; and WHEREAS, the Borrowers and the Bank have proposed certain amendments to the Bond and the Loan Agreement, as set forth in the Agreement Amending Commercial Development Revenue Bond and Loan and Purchase Agreement dated as of February 1, 1986 (the "Amendatory Agreement"), among the City, the Borrowers and the Bank, the form of which Amendatory Agreement has been furn~shed to the City and ~s on file with the C~ty Clerk; and I -2- WHEREAS, a public hearing was duly called and held on the proposed amendments to the Bond and the Loan Agreement, notice of which hearing was duly published in the off~c~al newspaper at least 14 days ~n advance thereof, as provided by law; NOW, THEREFORE, Be it resolved by the City Council of the City of Hopkins as follows: 1. Findings. Based upon the representations of the Borrowers with respect to paragraphs (a) and (b), the City hereby makes the following findings: (a) The acquis~tion and construction of the ProJect, as described herein and in the Loan Agreement, have been completed in accordance with the provis~ons of the Loan Agreement; . (b) The Bond is proposed to be revised, and satisfactory arrangements have been agreed to between the Borrowers and the Bank, as owner of the Bond, for the modification of the Bond, as provided ~n the Amendatory Agreement; (c) There is no litigat~on pending or, to the best of the City's knowledge, threatened with respect to the ProJect, the Bond, the Loan Agreement or the Amendatory Agreement, which has not been fully disclosed ~n wr~ting to the Bank; and (d) It is in the best interests of the C~ty that the mod~f~cation of the Bond, as provided in the Amendatory Agreement, be approved, which approval the C~ty hereby f~nds to be necessary and desirable and ~n the public interest. 2. Approval and Execution of Documents. The form of Amendatory Agreement now on file with the C~ty Clerk is approved. The Amendatory Agreement shall be executed in the name and on behalf of the City by the Mayor and the City Clerk, ~n substan- t~ally the form now on file, but with all such changes therein, not inconsistent with the Act or other law, as may be approved by the officers executing the same, which approval shall be conclu- sively ev~denced by the execution thereof. The Mayor, City Clerk and other officers of the City are authorized to execute and deliver, on behalf of the C~ty, such other documents, certifi- cates or filings as are required by the Amendatory Agreement or by the Bank or Faegre & Benson, as Bond Counsel, in Iconnection with the modification of the Bond, as prov~ded in the Amendatory Agreement. -3- 3. Certifications, etc. The Mayor, City Clerk and other officers of the City are authorized and directed to prepare and furnish to Faegre & Benson, as Bond Counsel, to the Borrowers and to the Bank certified copies of all proceedings and records of the City relating to the ProJect and the Bond, and such other affidavits and certif~cates as may be required to show the facts appearing from the books and the records in the officers' custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits shall constitute representa- tions of the City as to the truth of all statements contained therein. . 4. Continuing Validity and Effect of Bond Resolution. Except as amended hereby, the Bond Resolut~on ~s hereby confirmed and shall remain ~n full force and effect from and after the date hereof. The term "Bond Resolution", as used hereafter with respect to the Bond, shall refer to the Bond Resolution as amended hereby, together with any subsequent amendments or modifications thereto. Adopted this 18th day of February, 1986.:.~ - . - - - - -=~.:--~~ .;:~--~ ....--:..-- --- - - - _...~- =--~~-- Mayor City Clerk -4- RESOLUTION NO. 86-15 'It CITY OF HOPKI NS HENNEPIN COUNTY, MINNESOTA RESOLUTION MAKING FINDINGS OF FACT AND APPROVING APPLICATION FOR CONDITIONAL USE PERMIT CUP86-2 . WHEREAS, an application for a Conditional Use Permit entitled CUP86-2 has been made by Oakwood Development Company to construct two apartment buildings on one parcel of land at Smetana Road and Feltl Court in southwest Hopkins. WHEREAS, the procedural history of the application is as follows: 1. That an application for Conditional Use Permit CUP86-2 was filed with the City of Hopkins on February 7, 1986. 2. That the Hopkins Planning Commission reviewed such application on February 25, 1986. 3. That the Hopkins Planning Commission, pursuant to mailed notices, held a public hearing on February 25, 1986; all persons present at the hearing were given an opportunity to be heard. 4. That the written comments and analysis of the City Staff and the Planning Commission were considered. NOW THEREFORE, BE IT RESOLVED, that the Hopkins City Council makes the following Findings of Fact in respect of CUP86-2: 1. That the proposed development conforms to the requirements for a Conditional Use Permit 2. That no variances are required. BE IT FURTHER RESOLVED, that application for Conditional Use Permit CUP86-2 is hereby approved subject to the following conditions: 1. That a favorable outcome of the Environmental Assessment Worksheet 2. Approval of the subdivision 3. Approval of the Nine Mile Creek Watershed District as applicable 4. Providing contingent plans for expansion of parking as set forth 5. Securing a driveway easement 6. Provide required access points for emergency vehicles or alternative arrangement as set forth by the Fire Marshal. Adopted this 4th day of March, 1986. -:.-=- ~ ~ - - ~ - - - -- - - - - - _-=--~-- __-:-:;: ""_---..-_. ::7 - - - Ellen Lavin, Mayor l' I ~ o. . Resolution No. 86-14 ADOPTING A HOUSING PROGRAM FOR THE ISSUANCE OF MULTIFAMILY MORTGAGE REVENUE BONDS AND AUTHORIZING SUBMISSION OF SAME TO THE MINNESOTA HOUSING FINANCE AGENCY WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter 462C (the "Act"), the City of Hopkins (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 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; and WHEREAS, the City has on this date conducted a public hearing on a housing program (the "Program"), after publication of notice as required by the Act; and WHEREAS, the Program provides for the issuance of multifamily housing revenue bonds to finance the acquisition of land and construction of a 324-unit rental housing development by Oakwood Development Company, a Minnesota Limited Partnership to be formed (the "Applicant"); and WHEREAS, the Act further requires submission of the Program to the Minnesota Housing Finance Agency (the "MHF A") for its approval; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hopkins: 1. That the Program of the City is hereby in all respects adopted. 2. That the City Manager is hereby authorized to submit the Program to the MHF A, 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. That the Applicant has agreed to pay directly or through the City any and all costs incurred by the City in connection with the Program whether or not the Program is approved by the Commission of Securities; whether or not the Program is carried to completion; and whether or not the bonds or operative instruments are executed. 4. That 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 Applicant. The City retains the right in its sole discretion to withdraw from participation and accordingly not issue the bonds 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. 1 ....J . . Passed and duly adopted by the City Council of the City of Hopkins, this 4th day of March, 1986. '" ... .... ~ ~ - -- ~- - -- =---" ...... - - - c- -~- - -_ - - - - . - . ~ - ~ - - --- - - - - - Mayor ATTEST: City Clerk 2