95-49 CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: A_=ri124. 1995 RESOLUTION NO: l~5-49
MOTION BY: Mason
SECONDED BY:
Dockendorf
A RESOLUTION APPROVING THE ISSUANCE BY THE CARVER COUNTY
HOUSING AND REDEVELOPMENT AUTHORITY OF ITS GOVERNMENTAL
HOUSING DEVELOPMENT BONDS (CITY OF CHANHASSEN GENERAL
OBLIGATION), SERIES 1995A IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $4,131,542 FULL FAITH AND CREDIT OF THE CITY OF CHANHASSEN
WHEREAS, pursuant to Minnesota Statutes, Section 469.017, the Carver County
Housing and Redevelopment Authority (the "Authority") is authorized to undertake housing
development projects and to acquire and construct multifamily rental housing for the
purposes of providing housing for Iow and moderate income persons and families; and
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Chanhassen (the "City HRA") proposes to enter into a joint powers agreement with the
Authority for the purpose of providing for the development of a 70 unit multifamily rental
housing development project to be occupied by Iow and moderate income seniors; and
WHEREAS, pursuant to such joint powers agreement the Authority will issue its
housing revenue bonds to finance the Project; and
WHEREAS, pursuant to Minnesota Statutes, Section 469.034, Subd. 2, and the
joint powers agreement, the Authority is authorized to issue bonds backed by the full faith
and credit of the City to finance a housing development project following (a) a
determination by the Authority that pledged revenues will equal or exceed 110% of the
principal and interest due on such bonds for each year, and (b) approval by the City of
the principal amount of the Bonds following a public hearing; and
WHEREAS, the Authority has determined that it is in the best interest of the public
health, safety and welfare that it issue its Governmental Housing Development Bonds
(City of Chanhassen General Obligation), Series 1995 (the "Bonds") in an aggregate
principal amount not exceeding $4,131,542 to finance the acquisition and construction of
the Project;
WHEREAS, the Project constitutes a "qualified housing development project",
which is defined under Minnesota Statutes, Section 469.034, Subd. 2, as a housing
development project providing housing either for the elderly or for individuals and families
with incomes not greater than 80% of the median income for the standard metropolitan
statistical area in which the project is located, with certain limited exceptions defined in
Minnesota Statutes, Section 469.034, subd. 2 (e); and
WHEREAS, on the date hereof, the City has conducted a public hearing following
publication of notice pursuant to Minnesota Statutes, Section 469.034, subd. 2,
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Chanhassen, Minnesota as follows:
.
That the City hereby approves the issuance by the Authority of up to
$4,131,542 aggregate principal amount of the Bonds, to which the furl faith
and credit of the City will be pledged.
.
That such approval is subject to final determination, by the Authority to be
made in the Authority's resolution approving the sale of the Bonds that the
projected revenues pledged to the payment of the Bonds will equal or
exceed 110% of the principal and interest due on the Bonds for each year
of their term.
3. That the City hereby approves the use of the proceeds of the Bonds to
acquire and construct the Project.
Passed and adopted by the Chanhassen City Council this 24th day of April, 1995.
ATTEST:
Don Ashworth, Gi~ Clerk/Manager
Donald J. ~rn~l,~ayor t
YES NO ABSTAINED
Chmiel
Dockendorf
Mason
Berquist Senn