1996-022CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 96-22
RESOLUTION ADOPTING A HOUSING PROGRAM AND GIVING-
PRELIMINARY APPROVAL FOR THE ISSUANCE OF MULTIFAMILY
HOUSING REVENUE BONDS FOR THE HOPKINS RENAISSANCF, PROJECT
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes, Chapter
462C (the "Act"), the City of Hopkins (the "City") is authorized to carry out housing
programs for the financing of multifamily housing developments (the "Program"),
including the payment of interest on taxable and tax-exempt bonds, the establishment of
reserves to secure such bonds and the payment of all other expenditures of the City
incident to and necessary or convenient to carry out such program; and
WHEREAS, the Act requires adoption of the Program after a public hearing held thereon after
publication of notice in a newspaper of general circulation within the City at least fifteen
(15) days in advance of the hearing; and
WHEREAS, the City on this date conducted a public hearing on the Program, after publication of
notice as required by the Act; and
WHEREAS, the Program provides for the issuance of multifamily housing revenue bonds for the
Hopkins Renaissance Project in an aggregate principal amount of approximately
$5,810,000 to finance the acquisition and rehabilitation of an existing multifamily rental
housing development, consisting of 101 units located at 27 - 14th Avenue North within
the City (the "Project").
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HOPKINS, MINNESOTA:
l . The Program for the Project is hereby in all respects adopted.
2. The City hereby ratifies the prior publication of the notice of public hearing.
3. The City staff, its consultants and bond counsel are hereby authorized to do all
things and take all actions as may be necessary or appropriate to carry out the
Program in accordance with the Act and any other applicable laws and
regulations.
4. The issuance of approximately $5,810,000 principal amount of multifamily
housing revenue bonds pursuant to the Program to finance the Project is hereby
given preliminary approval.
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The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember and upon vote being taken thereon, the
following voted in favor thereof:
and the following voted against the sane:
Whereupon said resolution was declared duly passed and adopted, and was signed by the
Mayor and attested to by the City Clerk.
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