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2007_0507_packet
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2007_0507_packet
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Roseville City Council
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Council Agenda/Packets
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NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, <br />Minnesota, as follows: <br />a. Preliminarv Approv�l. The City hereby gives preliminary approval to the <br />Developer's proposal that the City undertake the Project, and the program of financing therefor, <br />pursuant to Minnesota Statutes, Chapter 462G. The Project will be undertaken pursuant to a <br />revenue agreement between the City and Developer. The Bonds would be issued in one series <br />pursuant to the Act to �Iina��ce the acquisition, renovation and equipping of the Project. Said <br />agreement may also provide for the entire interest of the Developer therein to be mortgaged to <br />tlie purchasers of the Bonds. <br />2. Findin�s. On the basis of information provided by the Developer to the City it <br />appears, and the City Council hereby finds, that: (1) tlie Project constitutes a multi-family <br />housing development within the meaning of Subdivision 5 of Section 462C.02 of the Act and <br />will be occupied, in part, by persons of low and moderate income; (2) the availability of <br />financing ��nder the Act and the willingness of the City to �furn�sh such financing will be a <br />substantial inducement to the Developer to �ndertalcE the Project; and (3) the effect of the <br />Projec�, if undertaken, will be to encourage the provision o:� multi-family rental housing <br />opportunities to residents of the City, and to assist in the maintenance in the quality of existing <br />housing within the City. <br />3. Subject to Final Approval. The Project, and the program to finance the Project by <br />t�ie issuance of revenue bonds, are hereby given preliminary, non-binding approval by the City, <br />subject to final approval by the City in its absolute discretion, by the Developer and by the <br />purchasers of the Bonds as to ultimate details of the financing for the Project. <br />4. Costs Paid bv Developer. The Developer has agreed, and it is hereby determined, <br />that any and all costs incurred by the City in connection with the financing for the Project, <br />whether or not the Project is carried to co�aapletion and whether or not the Bonds are issued, will <br />be paid by the Developer. <br />5. Revenue Bonds. Nothing in t��is resolution or in the documents prepared pursuant <br />hereto shall authorize the expenditure of any municipal funds on the Project other than the <br />revenues derived from the Project or otherwise granted to the City for this purpose. The Bonds <br />shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds <br />of the City, except the revenues and proceeds pledged to the payment thereof, and the City shall <br />i�ot be subject to any liability thereon. The holders of the Bonds shall never have the right to <br />compel any exercise of the taxing power of the City to pay the outstanding principal on the <br />Bonds or the interest thereon, or to e��forcc payment thereof against any property of the City. The <br />Bonds shall recite in substance that the Bonds, including interest thereon, are payable solely from <br />the revenue and proceeds pledged to the payment thereof. The Bonds shall not constitute a <br />general or moral obligation of the City or a debt of the City within the meanin� of any <br />constitutional or statutory limitation. <br />6. Prolect Costs and Reimbursements. In anticipation of final approval of the <br />issuance of the �3ot�ds to finance all or a portion of the Project, and in order that completion of <br />the Project will not be unduly delayed when approved, the Developer, at its sole risl� and <br />i V J F� 7� ��i •� <br />
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