88-39
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CITY OF CHANHASSEN, MINNESOTA
RESOLUTION NO. 88-39
RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC
HEARING ON A PROPOSED HOUSING PLAN AND PROGRAM
PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C;
AUTHORIZING PUBLICATION OF NOTICE THEREFOR, AND
GIVING PRELIMINARY APPROVAL TO A PROPOSAL FOR A
PROJECT TO BE FINANCED THEREUNDER
WHEREAS, Minnesota Statutes, Chapter 462C (the "Act"), authorizes a city
to plan, administer and make or purchase a loan or loans to finance one or more
multifamily housing developments or the rehabilitation of multifamily housing
developments after adoption of a housing plan; and
WHEREAS, the housing plan must be considered at a public hearing held
after notice published at least thirty (30) days prior to the date of said hearing
after which the housing plan may be adopted by resolution of the governing body of
the city with or without amendment; and
WHEREAS, the Act requires that any such housing plan shall be submitted to
the metropolitan council for its review and comment; and
WHEREAS, the program for the issuance of bonds to finance a multifamily
housing development must be considered at a public hearing after notice published
at least fifteen (15) days prior to the date of said hearing after which the program
may be adopted by resolution of the governing body of the city with or without
amendment; and
WHEREAS, the City of Chanhassen (the "City") has received a proposal from
Heritage Square Investors Limited Partnership, a Minnesota limited partnership
(the "Developer") that the City adopt a program to issue its multifamily housing
revenue bonds in an amount presently estimated not to exceed $3,000,000 (the
"Bonds") to finance the acquisition of land and construction of an approximately 60
unit multifamily rental housing development (the "Project") to be located at the
Southwest corner of the intersection of Great Plains Boulevard and ChanView
Street;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CHANHASSEN, MINNESOTA, THAT:
1. The City Council of the City of Chanhassen (the "City") will conduct
a public hearing on the proposed housing plan on June 13, 1988 at 7:30 p.m.
2. The City Manager of the City is hereby authorized to cause a public
notice, substantially in the form of the notice attached hereto as Exhibit A, to be
published once in a newspaper of general circulation in the City at least thirty (30)
days prior to the date established for the public hearing by the preceding paragraph
of this resolution.
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3. The City Manager of the City is hereby authorized to proceed, in
cooperation with the law firm of LeFevere, Lefler, Kennedy, O'Brien & Drawz with
the preparation of the housing plan and program relating to the Project, for
presentation to this City Council at the public hearing herein authorized.
4. That the City Council of the City hereby preliminarily approves the
proposal of the Developer for the financing of the Project through the issuance of
the Bonds, subject to the final approval of the terms of the Bonds and the related
documents among the City, the Developer and the initial purchaser of the Bonds, to
the compliance with all requirements under the Act, and to the receipt by the City
of an allocation of authority to issue the Bonds pursuant to Minnesota Statutes,
Chapter 474A. Notwithstanding the foregoing, the preliminary approval granted
hereby shall not obligate or commit the City to issue the Bonds, and the City
reserves the right at its discretion to withdraw or refrain from participating in the
financing of the Project at any time.
5. All fees and expenses incurred by the City in connection with the
preparation of the housing plan and program for the issuance of the Bonds shall in
any event be paid or reimbursed by the Developer"J /
ADOPTED: April 25 .1J~ I j~
ATTEST. Q , ~fat " I L
A2. ~ V Mayor
City M ger
YES
Hamilton
Horn
Johnson
Boyt
Geving
NO
ABSENT
None
None
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