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HomeMy WebLinkAboutResolution No. 2014-065 Preliminary Approval Yorktown Continental LP, Series 2014 CERTIFICATION OF MINUTES RELATING TO TO THE ISSUANCE OF HOUSING REVENUE BONDS PURSUANT TO MINNESOTA STATUTES, CHAPTERS 462A AND 462C ON BEHALF OF YORKTOWN CONTINENTAL,LP Issuer: City of Edina, Minnesota Governing Body: City Council Kind, date,time and place of meeting: A regular meeting held on June 17, 2014, at 7:00 o'clock P.M., at the City Hall. Councilmembers present: Bennett, Brindle, Sprague, Swenson, and Mayor Hovland Councilmembers absent: None Documents Attached: Minutes of said meeting (pages): 1 through 2 RESOLUTION NO. 2014-65 RESOLUTION GIVING PRELIMINARY APPROVAL OF MULTIFAMILY HOUSING REVENUE BONDS (YORKTOWN • CONTINENTAL, LP PROJECT), SERIES 2014 I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certifying that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this-n 1W day of 2014. Debra Mangen, CityCIRV • Councilmember Swenson then introduced the following resolution and moved its adoption: RESOLUTION NO. 2014-65 RESOLUTION GIVING PRELIMINARY APPROVAL OF MULTIFAMILY HOUSING REVENUE BONDS (YORKTOWN CONTINENTAL, LP PROJECT), SERIES 2014 BE IT RESOLVED by the City Council of the City of Edina, Minnesota(the "City"), as follows: Section 1. Recitals. The City has by resolution adopted May 20, 2014, given preliminary approval to the issuance of its Multifamily Housing Revenue Bonds (Yorktown Continental, LP Project), Series 2014 in a principal amount not to exceed $26,500,000 (the "Bonds") for the purpose of making a loan to Yorktown Continental, LP, a Minnesota limited partnership (the "Borrower")to finance a portion of the costs of the acquisition, rehabilitation and equipping of a 264-unit low-income housing development (the "Project") located at 7151 York Avenue South in the City. The City is authorized by Minnesota Statutes, Chapter 462C (the "Act"), to issue the Bonds to finance • multifamily housing projects such as the Project. Minnesota Statutes, Section 462C.07 provides that programs for such multifamily housing projects may be financed with revenue bonds issued by the City, following adoption of a housing program, after a public hearing, and other proceedings conducted in accordance with the requirements of the Act. A copy of the Housing Program prepared with respect to the Project and its financing(the "Housing Program") has been presented to this Council and is ordered placed on file with the City Clerk. The Housing Program has been submitted to the Metropolitan Council for review and comment as required by the Act. 1.2. At a public hearing, duly noticed and held on the date hereof, in accordance with Minnesota Statutes, Section 462C.05, subdivision 5 and Section 147(f) of the Internal Revenue Code of 1986, as amended, on the proposal to issue the Bonds and approve the Housing Program, all parties who appeared at the hearing were given an opportunity to express their views with respect to such proposal and interested persons were given the opportunity to submit written comments to the City Manager before the date of the hearing. Section 2. Preliminary Approval of Bond Financing. On the basis of the information given the City to date, the views submitted at the public hearing and the written comments (if any) submitted to the City on the Housing Program and issuance of the Bonds, the Housing Program is hereby adopted and preliminary approval is hereby given to the issuance of the Bonds, in an amount not to exceed $26,500,000, to provide financing for the Project. The • -1- r • adoption of this resolution shall not be deemed, however, to establish a legal obligation on the part of the City or its Council to issue or to cause the issuance of the Bonds. All details of the Bonds and the provisions for payment thereof shall be subject to final approval of this Council prior to their issuance. The Bonds, if issued, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except the revenues to be received from the operation of the Project and owner thereof specifically pledged to the payment thereof, and each Bond, when, as and if issued, shall recite in substance that the Bond, including interest thereon, is payable solely from said revenues and funds specifically pledged to the payment thereof, and shall not constitute a debt or pecuniary liability of the City within the meaning of any constitutional or statutory limitation. Adopted this 17th day of June, 2014. Mayor Attest: City Clerk • The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Bennett and upon vote being taken thereon, the following voted in favor thereof. Bennett, Brindle, Sprague, Swenson, and Mayor Hovland and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. . -2-