HomeMy WebLinkAbout7655 (Res.)
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CITY OF STILLWATER
RESOLUTION NO. 7655
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 Stillwater (the 'City') is authorized to
adopt a housing plan and carry out programs for the financing of multi-family
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 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 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 multi-family housing revenue
bonds in an aggregate principal amount not to exceed $4,900,000 to finance
construction of a 116 multifamily rental housing unit to be located North of
and adjacent to 2100 West Orleans Street (the 'project.); and
WHEREAS, The Act further requires submission of the Program to the Minnesota
Housing Finance Agency (the "MHFA") for its approval; and
WHEREAS, pursuant to Ordinance No. 631 (the 'Ordinance") the City has
authorized the Washington County Housing and Redevelopment Authority (the
'County Authority') to exercise the City's powers under Minnesota Statutes,
Section 462C.01 through 462C.08.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Stillwater:
1. That the Program of the City of Stillwater is hereby in all respects
adopted.
2. That the Executive Director of the County Authority 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 issuance of multi-family housing revenue bonds pursuant to the
Program to finance the Project is hereby given preliminary approval.
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r Adopted by the City Council on October 9, 1986.
Publish: October 17, 1986
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