HomeMy WebLinkAbout7677 (Res.)
000246
,
r
CITY OF STILLWATER
RESOLUTION NO. 7677
ADOPTING A HOUSING PROORAM FOR THE ISSUANCE OF MULTI-
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 Incomel 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 hearlngl
and
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 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
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
$2,500,000 to fInance construction of a 56 multifamily rental housIng
units to be located on the Southeast side of Highway 5, Northwest of 2100
West Orleans Street (the "ProJect"); and
WHEREAS, The Act further requires submission of the Program to the
MInnesota HousIng FInance Agency (the "r-tiFA") 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 for the Project Is hereby In al I respects
adopted.
2. That the ExecutIve Director of the County Authority Is hereby
authorized to submit the Program to the MHFA, and to do al I other things
-
~
r
('
r
1Iit....
o.
. . .
000245
and take al I other actions as may be necessary
the program In accordance with the Act and any
regulations.
or appropriate to carry out
other applicable laws and
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
approval.
housIng revenue bonds pursuant
Is hereby gIven prelIminary
Adopted: December 2. 1986
Published: December 12, 1986
Attest:
h,
J.~~
City Clerk
,........
.,o;a;;".
:i: ~._