HomeMy WebLinkAbout7534 (Res.)
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CITY OF STILLWATER
RESOLUTION NO. 7534
ADOPTING A HOUSING BOND PROGRAM FOR THE
ISSUANCE OF MULnFAMILY MORTGAGE REVENUE BONDS
AND AUTHORIZING SUBMISSION OF SAME TO THE
MINNESOTA HOUSING FINANCE AGENCY.
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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
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 leest 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; and
WHEREAS, by the pUGDge 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.Ol 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
multifamUy housing development revenue bonds for multifamUy 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 plal1S 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 Finance Agency, respectively; and
WHEREAS, the City Council of the City has conducted a.public hearing on 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 bon.ds to finance multifamily housing development
which are affordable to persons and families of low and moderate income and are
consistent with the goals, conditions and requirements of the Plan; 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
bond program (the "Program"), after publication of notice as required by the Act;
and
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WHEREAS, the Prosram provides for the issuance of. multifamily housing
revenue bonds in an amount not exceeding $1,800,000 to finance the acquisition of
land and construction of a building for use as a SD-unit multifamily rental facility
to be located on the Northwest corner of the intersection of West Orleans Street
and County Road 5 in the City and to be owned and operated by Orleans Homes
Number One Limited Partnership, a Minnesota limited partnership; 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
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 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.
Adopted bY. Council this 19.'h d" of No,""'; 198';,,;"
Published: November 29,)985-.. ~ i.
ATTEST: h~ "o!~~A/
iCilY-CLERK 0 __ _ _._ ' lAYO
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