88-58
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CITY OF CHANHASSEN, MINNESOTA
RESOLUTION NO. 88-58
ADOPTING A HOUSING PLAN INCLUDING A PROGRAM FOR
THE ISSUANCE OF MULTIFAMILY HOUSING DEVELOPMENT
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 Chanhassen (the "City") is
authorized to adopt a housing plan and carry out programs ,for the financing of
multifamily housing; and
WHEREAS, the Act requires adoption of the housing plan of the City (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 (30) 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 (15) days in advance of the hearing; and
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WHEREAS, the Housing Plan includes a program (the "Program") for the
issuance of multifamily housing revenue bonds in an amount presently estimated
not to exceed $3,000,000 to finance the acquisition of land and construction of an
approximately 60-unit multifamily rental housing development (the "Project") to be
owned and operated by Heritage Square Investors Limited Partnership, a Minnesota
limited partnership (the "Developer"); and
WHEREAS, the City Council of the City, by Resolution dated April 25, 1988
established June 13, 1988 as the date for the public hearing on the Housing Plan
and Program, and authorized the publication of notice for said public hearing in the
official newspaper of the City; and
WHEREAS, on May 5, 1988, a Public Hearing Notice in the form required by
the Act was published in the Chanhassen Villager, stating that the City Council of
the City would meet on June 13, 1988 to discuss the adoption of the Housing Plan
and Program by the City; and
WHEREAS, the Housing Plan and Program are now on file with the City
Manager, the contents of which are hereby incorporated into this resolution by
reference; and
WHEREAS, the City has on this date conducted a public hearing on the
Housing Plan and Program, after publication of notice as required by the Act; and
WHEREAS, the Act further requires submission of the Program to the
Metropolitan Council for its approval; and
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WHEREAS, the City has received the comments of the Metropolitan
Council, which comments were favorable; and
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WHEREAS, the Act further requires submission of the Program to the
Minnesota Housing Finance Agency (the "MHF A") for its review and approval prior
to the issuance by the City of its revenue bonds thereunder; and
WHEREAS, Minnesota Statutes Chapter 474A further requires that the City
must obtain an allocation of bonding authority from the Minnesota Department of
Trade and Economic Development prior to the issuance of its revenue Bonds under
the Program;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Chanhassen, Minnesota:
1. That the Housing Plan of the City, including the Program, is hereby
in all respects adopted, and the issuance by the City of its multifamily housing
revenue bonds in accordance with the Program is hereby preliminarily approved.
2. That the City Manager is hereby authorized to submit the Housing
Plan and 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.
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3. That the City Manager is hereby authorized to submit, in cooperation
with the Developer, to the Minnesota Department of Trade and Economic
Development an Application for Allocation of Bonding Authority for Tax-Exempt
Financing Under Federal Law in accordance with the requirements of Minnesota
Statutes, Chapter 474A; provided that all costs and expenses in connection with the
preparation and submission of such application shall be paid or reimbursed by the
Developer. I I
ADOPTED: June 13. ~
ATTEST: J/) .. _
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City Manager
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CERTIFICATION OF MINUTES
ADOPTING A HOUSING PLAN INCLUDING A PROGRAM FOR
THE ISSUANCE OF MULTIFAMILY HOUSING DEVELOPMENT
REVENUE BONDS AND AUTHORIZING SUBMISSION OF SAME
TO THE MINNESOTA HOUSING FINANCE AGENCY
Municipality:
City of Chanhassen, Minnesota
Governing body:
City Council
Meeting:
A meeting of the City Council of the City of Chanhassen,
Minnesota held on the 13 th day of June ,
1988 at 7: 30 p.m. at 690 Coulter Drive, Chanhassen,
Minnesota.
Members
present:
Mayor Hamilton, Councilmen Horn, Geving, Johnson
and Boyt
Members
absent:
None
Documents:
A copy of a resolution adopted by the City Council of the City
of Chanhassen at said meeting.
Certification:
I, Don Ashworth
hereby certify the following:
, City Manager of the City of Chanhassen, do
Attached hereto is a true and correct copy of a resolution on file and of
record in the offices of the City of Chanhassen, which resolution was adopted by
the City Council at the meeting referred to above. Said meeting was a regular
meeting of the City Council, was open to the public, and was held at the time and
place at which meetings of the City Council are regularly held. Member
Hamil ton . moved the adoption of the attached resolution. The motion for
adoption of the attached resolution was seconded by Member Geving . A
vote being taken on the motion, the following voted in favor of the resolution:
Mayor Hamilton, Councilmen Geving, Horn, Johnson and Boyt
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None
Whereupon said resolution was declared duly passed and adopted. The attached
resolution is in full force and effect and no action has been taken by the City
Council of the City of Chanhassen which would in any way alter or amend the
attached resolution.
Witness my hand officially as the City Manager of the City of Chanhassen,
Minnesota, this 30thday of June ., 1988.
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