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HomeMy WebLinkAbout7676 (Res.) 000244 r CITY OF STILLWATER RESOLUTION NO. 7676 ADOPT I NG A HOUS I NG PROGRAM FOR THE ISSUANCE OF p.fJL T1- FAMILY 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. hearlngl and r WHEREAS, the City of Stillwater has adopted a Housing Plan In accordance with the Act by the adoption of a resolution of the City Council on June 4, 1985, 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 $2,400,000 to finance construction of a 60 multifamily rental housing units 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 "t+tFA") for Its approval 1 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.Ol through 462C.08. NOW, THEREFORE, BE IT RESOLVED by the CIty Council of the City of StIllwater: r 1. That the Program for the Project Is hereby In al I respects adopted. 2. That the Executive Dlrector.of the County AuthorIty Is hereby authorized to submit the Program to the MHFA, and to do al I other things .~,~ (' r o 000243 and take al I 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. The staff of the Washington County Housing and Redevelopment Authority Is hereby authorized to proceed wIth the preparatIon of the housing program relatIng to the Project, for presentation to the City COuncIl at the public hearing herein authorIzed. The staff of the Washington County HousIng and Redevelopment AuthorIty Is hereby authorized to prepare and submit al I applicatIons, and other Information necessary for submission to obtain an al location of bondIng authorIty from the Minnesota Department of Energy and Economic Development In accordance wIth MInnesota Statutes, Chapter 474A. 4. That the Issuance of multI-family to the Program to finance the Project approva I . Adopted: December 2, 1986 PubliShed: December 12, 1986 housing revenue bonds pursuant Is hereby given prelImInary ~~ Attest: City C er I i I nn rrl I r1I I .