1986-14Resolution 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 "MHFA") 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 MHFA, 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
Passed and duly adopted by the City Council of the City of Hopkins, this 4th
day of March, 1986.
ATTEST:
0
U&
City Clerk
2
Mayor