86-089 - 11-18 Public Hearing on Housing Bond Program Resolution 86-89 Nove�ber 18, 1986
Member Tho�pson introduced the following resolution and moved its adoption:
RESOLUTIOPd ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A
PROPOSED HOUSING BOND PROGRAP� PURSUAPdT TO MINNESOTA STATUTES,
CHAPTER 462C, AUTHORIZIPJG PUBLICATION OF NOTICE THEREFOR AND
AUTHORIZING SUBP�IISSION THEREOF TO THE ��1ETROPOLITAN COUNCIL
WHEREAS, �linnesota Statutes, Chapter 462C, authorizes a city to plan,
administer and make or purchase a loan or loans to finance one or r�ore multifamily
housing developments or the rehabilitation of multifamily housing developments
after adoption of a housing plan; and
WHEREAS, the housing plan r�ust be considered at a public hearing held after
notice published at least 30 days prior to the date of said hearing after which
the housing plan may be adopted by resolution of the gove rning body of the city
with or without amendment; and
WHEREAS, the City of Golden Valley (the "City") on October 1, 1985 held a
public hearing on the City's Housing Plan (the "Plan") after at least thirty
(30) days' published notice and by the passage of a resolution (the "Plan
Resolution") adopted the Plan; and
WHEREAS, the Plan provides for programs for the issuance of bonds to finance
r�ultifamily housing developments which are affordable to persons and families of
low and moderate incor�e and are consistent with the goals, conditions and
requirements of the Plan; and
�dHEREAS, a program for the issuance of bonds to finance a multifamily housing
development must be considered at a public hearing after notice published at
least 15 days prior to the date of said hearing after which the program may be
adopted by resolution of the gove rning body of the City with or without amendment
and must be subr�itted to the Metropolitan Council on or before the date the
notice of public hearing is published; and
�JHEREAS, there as been presented to this City Council (the "City Council ")
a proposal for the acquisition of land and construction of a multifamily rental
apartment project with up to 125 units (the "Project") .
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The City Council of the City of Golden Valley will conduct a public
hearing on the proposed housing program for the Project on Decer�ber 16, 1986
at 7:30 p.m.
2. The City P�lanage r 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 fifteen
(15) days prior to the date established for the public hearing by the preceding
paragraph of this resolution.
3. The City P�anage r is hereby authorized to submit the housing bond program
relating to the Project, to the Pletropolitan Council on or before the date the
notice of public hearing is published.
Resolution 86-89 - Continued PJovember 18, 1986
' � , ,�
P1 ry . erson, �layor
ATTEST:
'��1 `` �` Q(1,�
�(��`X.
J Na ly, Depu City Clerk
The motion for the adoption of the foregoing resolution was seconded by P�ember
Stockman and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Bakken, Johnson, Stockman and Thompson; and the following
voted against the same: none, whereupon said resolution was declared duly
passed and adopted, signed by the �layor and her signature attested by the Deputy
City Clerk.
Resolution 86-89 - Continued PJovember 18, 1986
EXHIBIT A
NOTICE OF PUBLIC HEARING ON A HOUSING PROGRAM
UNDER MIPJNESOTA STATUTES, CHAPTER 462C, AS A�1EfdDED,
TO FINANCE A �1ULTIFAP4ILY HOUSING DEVELOPMENT
THE CI TY OF GOLDE�d VALLEY, f�lI NNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of Golden Valley,
Minnesota (the "City") will meet on December 16, 1986 at 7:30 p.m. at the City
Council Chambers, 7800 Golden Valley Road, Golden Valley, t�linnesota, for the
purpose of conducting a public hearing on the adoption of a housing bond program
by the City, prepared in compliance with Plinnesota Statues, Chapter 462C. The
program provides for the issuance by or on behalf of the City of revenue bonds
to finance the cost of a multifamily rental housing development consisting of the
acquisition of land and construction of a rental apartment develoment vrith up to
125 units (the "Project"). The Developer of the Project will be Bradley D.
Stark and Associates. The proposed Project will consist of the acqusition of
land, the construction on such land of a building or buildings and facilities
functionally related and subordinate thereto and the installation of equipment
in connection therewith for use as a residential rental apartment facility. The
site of the proposed Project is the P�ortheast corner of Duluth Street and
Douglas Drive in the City. The size of the bond issue proposed for the Project
is presenty estimated not to exceed $4,400,000. The bonds shall be limited
obligations and the bonds and interest thereon shall be payable soley fror� the
revenues pledged to the payment thereof, except that such bonds may be secured
by a mortgage and other encumbrance on the Project. No holder of any such bonds
by a shal 1 ever have the ri ght to compel any exerci se of the taxi ng power of the
City to pay the bonds, or the interest thereon, nor to enforce payment against
any property of the City except the Project.
All person interested may appear and be heard at the time and place set
forth above.
November 27, 1986 BY ORDER OF THE CITY COUNCIL
OF THE CITY OF GOLDEN VALLEY
By /s/William S. Joynes
City ��anager