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286b <br />EDINA HOUSING AND REDEVELOPMENT AUTHORITY <br />EDINA CITY COUNCIL <br />MINUTES. OF JOINT MEETING <br />NOVEMBER 17, 1986 <br />Answering rollcall were Commissioners Bredesen, Kelly, Richards, Turner and <br />Courtney. <br />MINUTES of the H.R.A. Meeting of November 3, 1986, were approved as submitted <br />by motion of Commissioner Kelly, seconded by Commissioner Bredesen. <br />Ayes: Bredesen, Kelly, Richards, Turner, Courtney <br />Motion carried. <br />JOINT HRA/COUNCIL MEETING CONVENED. Mr. Hughes proposed that a joint meeting <br />of the HRA and Council be convened to consider concurrently the Grandview <br />Biltmore Project and that action be taken by the HRA and Council individually <br />as required. Mayor Courtney Courtney thereupon convened the joint meeting. <br />AMENDMENT OF REDEVELOPPENT CONTRACT FOR GRANDVIEW BILTMORE PROJECT APPROVED; <br />SALE AND ISSUANCE OF MIJLTIFAMILY MORTGAGE REVENUE BONDS AUTHORIZED. Manager <br />Rosland advised that the proposed regulatory agreement for the Vernon Terrace <br />Project will not be required because of a change in the financing arrangements. <br />Frank Dunbar, developer, reported that they are prepared to market the bon'ds <br />for the 152 residential unit multifamily housing project. <br />meeting with the building inspection department and contemplate drawing down <br />the building permit on November 26, with construction to begin December 1. <br />A one-year construction period for the project is contemplated, with built-in <br />incentives for earlier occupancy. <br />there is a strong market appeal for the location and the product. <br />Kelly asked about the public improvements. <br />the redevelopment contract provides that the HRA will recommend and use its <br />best efforts to cause the City to hold a hearing and order the improvements <br />for the construction of the signal lights and sidewalks and such other improve- <br />ments as it deemed appropriate. The City would make its decision on the publid <br />improvements independently of the development contract. <br />heard, Commissioner Bredesen introduced the following resolution and moved adoption: <br />RESOLUTION APPROVING AMENDMENT <br />TO CONTRACT FOR PRIVATE REDEVELOPMENT <br />BE' IT RESOLVED By the Housing and Redevelopment Authority of Edina, Minnesota, <br />that the Amendment to Contract for Private Redevelopment between the HRA and <br />Grandview Development Company as presented at the Edina Housing and Redevelopment <br />Authority meeting of November 17, 1986, be and is hereby approved; <br />BE IT FURTHER RESOLVED that the Vice Chairman and Secretary of the Housing and <br />Redevelopment Authority of Edina, Minnesota be directed and authorized to <br />execute the Amendment. <br />Motion for adoption of the resolution was seconded by Commissioner Richards. <br />They have been <br />Mr. Dunbar explained that they still feel <br />Attorney Erickson clarified that <br />Commissioner <br />No further comment being <br />Rollcall : <br />Ayes: Bredesen, Kelly, Richards, Turner, Courtney <br />Resolution adopted. <br />Member Richards introduced the following resolution after the reading thereof <br />had been dispensed with by unanimous consent and moved its adoption: <br />RESOLUTION AUTHORIZING THE SALE AND ISSUANCE OF <br />MULTIFAMILY MORTGAGE REVENUE BONDS (VERNON TERRACE PROJECT), <br />OF THE CITY, FOR THE PURPOSE OF REFUNDING OUTSTANDING BONDS <br />OF THE CITY, AND AUTHORIZING THE EXECUTION OF NECESSARY <br />DOCUMENTS <br />BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the City), <br />as follows: <br />Section 1. Authorization and Recitals. <br />1.01. General Authority. By the provisions of' Minnesota Statutes , Chapter 4626, <br />as amended (the "Act"), the City is authorized to plan, admLnister, issue and <br />sell revenue bonds or obligations and to make or purchase loans to finance one <br />or more multifamily housing developments within its corporate limits, which <br />revenue bonds or obligations shall be payable solely from the revenues of the <br />development. <br />Plan"), by a resolution adopted on April 19 and May 17, 1982, after a public <br />hearing was held thereon. <br />by the Metropolitan Council pursuant to Minnesota Statutes, Section 462C.01 and <br />462C.04, Subdivision 1. <br />under the Housing Plan (the "Program"), by a resolution adopted on November 4, 1985. <br />The program provides for the financing of a project under the Act consisting of <br />the acquisition, construction and equipping by Grandview Development Company <br />Limited Partnership (the Borrower) a Minnesota limited partnership, of an <br />approximately 152 residential unit multifamily housing project intended primarily <br />for the elderly and related facilities. to be located in the City (the "Project"). <br />The Program has been reviewed and approved by the Minnesota Housing Finance <br />Agency, as required by Minnesota Statutes, Section 462C.04, Subdivision 2. <br />This Council has approved a Housing Plan for the City (the "Housing <br />The Housing Plan has been reviewed and commented on <br />This Council has approved a multifamily housing program