80-6255R11
RESOLUTION N0. 6255
RESOLUTION GIVING PRELIMINARY
APPROVAL TO THE PROPOSED PIULTI-FAMILY
HOUSING DEVELOPi1ENT MORTGAGE FINANCE PROGRAM
BE IT RESOLVED, by the City Council of the City of Richfield,
Minnesota:
1. Findings
1.1 Minnesota Statutes, Section 46 X .Ol to 46X.08 (1979
Supp.) (the "Act"}, authorizes cities to issue revenue bonds
or other obligations to plan and administer programs of
making or purchasing mortgage loans to finance the construc-
tion and acqusition of multi-family housing developments (as
defined in the Act), including construction financing and
the financing of the acquisition of dwelling units and
interests in common facilities by persons to whom such units
and facilities may be sold as contemplated in Minnesota
Statutes, Chapter 515.
I.2 Prior to issuing its bonds or other obliations for the
Program the City is required by the Act to prepare and adopt
a housing plan (the "Plan"), and the. City staff has begun
_ work on the preparation of the Plan in anticipation of the
issuance of such bonds or obligations by the City.
1.3 The City Council .finds .thaw it is necessary and desir-
able for the sound management of the City and the achieve-
ment of its housing and redevelopment goals to utilize the
authority granted by the Act and to provide for the issuance
and sale of bonds or other obligations (the "Bonds") to
finance a program as further described below.
_1.4 The City staff has held preliminary discussions with
Knutson Company involving a proposal for the construction of
a multi-family housing development for persons 62 years of
age and over, to be owned and operated by a cooperative and
to be located at approximately 66th street and Graham Avenue
in the Lyndale-IIub-Nicollet Redevelopment area (LIIN) (the
"Program") at a cost of approximately $10,000,000.
1.5 The City Council finds that it is desirable to retain
the firm of Evenson-Dodge, Inc. of Minneapolis, t•linnesota,
financial consultants, to assist the Citiy in the development
of the Plan an<I Program and ttre marketing of the Bonds in
accordance with the Act, and to retain the law firm of
LeFevere, Lefler, Pearson, O'Brien & llrawz as Bond Counsel
in connection with the issuance and legal approval of the
Bonds.
2. Directions: Authorizdtions
2.1 The City Managed is authorized and directed to develop
and submit the Plan ~o the City Council for .its review and
approval. The Plan shall include and identify the Program
and make such recommendation as are .necessary in order to
permit the issuance of the Bonds by the City.
2.2 Evenson-Dodge, Inc., and LeFevere, Lefler, Pearson,
O'Brien & Drawz are authorized and directed to assist the
City Staff in preparing the Plan and to work with Knutson
Company in'the further deliveration of the Program to con-
form with the Act and'j LI~t goals .
2.3 The City Council intends to issue the Bonds in an
aggregat-e principal amount of approximately $10,000,000 to
finance the Programl, provided that that amount may be
increased by any amo~nt by which construction and permanent
notes and bonds may ~Ibe outstanding at the time of issuance
of the Bonds. ',
~ . .
2.4 The issuance of the Bonds pursuant to the Plan and
Program is subject in all respects to the ultimate approval
of the City of-all agreements and other documents reasonably
necessary to complete such issuance.
2.5 This Resolutionis effective immediately.
Passed by the City Council) of the City of Richfield, this lst day
of July., 1980. ~,
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I
I
Dona d J. Priebe ayor
ATTES'£ : - - i
Sy a K. ergh Acting. ' Clerk