HomeMy WebLinkAbout7533 (Res.)
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CITY OF STILLWATER
RESOLUTION NO. 7533
ADOPTING A HOUSING BOND PROGRAM FOR THE
ISSUANCE OP MULTIPAMll.Y MORTGAGE REVENUE BONDS
AND AUTHORIZING SUBMISSION OP SAME TO THE
MINNESOTA HOUSING FINANCE AGENCY.
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota
Statutes, Chapter 462C (the "Act"), the City of Stillwater (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
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WHEREAS, the Act requires adoption of the housing plan after a public
hearing held thereon after publication of notice in a newspaper of general
circulation in the City at least thirty days in advance of the hearing; 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; aild
WHEREAS, by the p'~""ge of Ordinance No. 631, the City Council of the
City of Stillwater has authorized the Washington County Housing and
Redevelopment Authority (the "Authority") to exercise on behalf of the City of
Stillwater, all of the powers conferred by Minnesota Statutes, Sections 462C.01 to
462C.07, including without limitation, the power to adopt a housing plan and
program to issue and sell mortgage revenue bonds for single family housing and
multifamily housing development revenue bonds for multifamily rental housing
developments, provided that the City Council of the City of Stillwater shall hold
public hearings required under the Act with respect to housing plans or programs
adopted pursuant to the Act, and the City Council of the City of Stillwater must
approve any housing plan or program prior to its submission to the Metropolitan
Council or the Minnesota Housing Pinance Ageney, respectively; and
WHEREAS, the City Council of the City has conducted a public hearing on
AND ADOPTED a housing plan (the "Plan") after publication of notice as required
by the Act; and
WHEREAS, in accordance with its requirements, the Plan provides for
programs for the issuance of bonds to finance multifamily housing development
which are affordable to persons and families of low and moderate income and are
consistent with the goaIa, conditions and requirements of the Plan; and
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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
bond program (the "Program"), after publication of notice as required by the Act;
and
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WHEREAS, the Program provides for the Issuance of multifamily housing
revenue bonds in an amount not exceeding $2,100,000 to finance the acquisition of
land and construction of a building for use 88 a 36-unit multifamily rental facility
to be located on the East side of Greely street to the North of 1709 Greely street
in the City and to be owned and operated by GDS and Associates, a Minnesota
general partnership; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Stillwater:
1. That the Program is hereby in all respects adopted.
2. That the Executive Director of the Authority Is hereby authorized to
submit the Program to the MHPA, and to do all other things and take all other
actions 88 may be necessary or appropriate to carry out the Program in accordance
with the Act and any other applicable laws and regulations.
Adopted by Council this 19th day of November, 1985
Published: November 29, 1985
ATTEST:
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