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HomeMy WebLinkAbout15-173 Multifamily Housing Development Project RESOLUTION 15-173 A RESOLUTION AMENDING RESOLUTION ON PROPOSAL FOR A MULTIFAMILY HOUSING DEVELOPMENT PROJECT (PRIOR LAKE SENIOR APARTMENTS PROJECT) Motion By: Morton Second By: Thompson WHEREAS, The City Council of the City of Prior Lake, Minnesota(the"City")adopted the following resolution on May 11, 2015: "Resolution Reciting A Proposal For A Multifamily Housing Development Project, Approving A Housing Program And Indicating Preliminary Intent To Assist In The Financing Of The Project Pursuant To Minnesota Statutes, Chapter 462C (Prior Lake Senior Apartments Project)" (the"Original Resolution"); and WHEREAS, Whereas Clause (c) of the Original Resolution reads as follows: "The City has received a proposal from Prior Lake Leased Housing Associates I, LLLP,a Minnesota limited liability limited partnership (the "Borrower"), that the City assist in financing a Project hereinafter described, through the issuance of revenue bonds or a single note, in the principal amount not to exceed $21,000,000(the"Note") pursuant to the Act and in accordance with a housing finance program prepared with respect to the Project;'; and WHEREAS, Whereas Clause (e)of the Original Resolution reads as follows: "The Project to be financed by the Note is the acquisition,construction and equipping of an approximately 170-unit independent multifamily senior housing development, to be located at 5119 Gateway Street SE in the City (the "Project"). The Project will be owned and operated by the Borrower,"; and WHEREAS, Paragraph 1 of the Original Resolution reads as follows: "The Council hereby approves the housing program and gives preliminary approval to the Project and the financing thereof, pursuant to the Act and to issue the Note in the principal amount not to exceed $21,000,000. The issuance of the Note by the City is subject to, among other things, final approval by this Council, the Borrower and the purchaser of the Note as to the ultimate details of the financing of the Project.'; and WHEREAS, Due to increased construction costs of the Project as bids became available, the type of mortgage financing available to the Borrower and refining the number of units within the Project, the Borrower has requested that approval for the principal amount of the Note be increased from $21,000,000 to$28,000,000 and that the Project description for the number of units to be revised from 170 units to 168 units; and WHEREAS, An Amended Notice of Public Hearing was duly published in the official newspaper of the City not less than 15 days in advance of said public hearing, and the City on this date held a public hearing at which all persons who desired to present their views on said proposals, either orally or in writing, were afforded an opportunity to do so; and WHEREAS, No public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows: 1. The Council hereby amends and restates the following clauses and paragraphs of the Original Resolution as follows: (a) Whereas Clause (c) shall be amended to read as follows: "The City has received a proposal from Prior Lake Leased Housing Associates I, LLLP, a Minnesota limited liability limited partnership (the "Borrower"), that the City assist in financing a Project hereinafter described, through the issuance of revenue bonds or a single note, in the principal amount not to exceed $28,000,000 (the"Note") pursuant to the Act and in accordance with a housing finance program prepared with respect to the Project;" (b) Whereas Clause (e) shall be amended to read as follows: "The Project to be financed by the Note is the acquisition, construction and equipping of an approximately 168-unit independent multifamily senior housing development, to be located at 5119 Gateway Street SE in the City (the"Project"). The Project will be owned and operated by the Borrower;" (c) Paragraph 1 shall be amended to read as follows: "The Council approves the amended housing program available to the Council and gives preliminary approval to the Project and the financing thereof, pursuant to the Act and to issue the Note in the principal amount not to exceed $28,000,000. The issuance of the Note by the City is subject to, among other things, final approval by this Council, the Borrower and the purchaser of the Note as to the ultimate details of the financing of the Project." 2. Except as herein amended, all terms and provisions of the Original Resolution shall remain in full force and effect. PASSED AND ADOPTED THIS 26th DAY OF OCTOBER, 2015. VOTE Hedberg Keeney McGuire Morton Thompson Aye El El El Nay 0 0 0 0 0 Absent ❑ ❑ ❑ ❑ ❑ Abstain ❑ 0 0 0 0 Frank Bo arr anager