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<br />THE CITY OF NEW BRIGHTON, MINNESOTA <br /> <br />RESOLUTION NO. 95-008 <br /> <br />ADOPTING AN AMENDED HOUSING PROGRAM FOR THE ISSUANCE OF <br />RENT AL HOUSING REVENUE BONDS <br /> <br />WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota <br />Statutes, Chapter 462C (the "Act"), cities are authorized to adopt a housing plan <br />and carry out programs for the financing of multifamily housing which is affordable <br />to persons of low and moderate income; and <br /> <br />WHEREAS, the City of New Brighton, Minnesota (the "City") has heretofore <br />adopted a Housing Plan, after a public hearing held thereon for which notice was <br />published as required by the Act; and <br /> <br />WHEREAS, the City has heretofore adopted a Housing Program, after a public <br />hearing held thereon for which notice was published as required by the Act, <br />providing for the issuance of revenue bonds to finance the acquisition and <br />rehabilitation of a 364-unit qualified residential rental project known as Polynesian <br />Village Apartments (the "Project") to be located at 1201 - 1497 10th S1. N. W. in the <br />City and owned by Polynesian Villate 1994 Limited Partnership, a limited partnership <br />formed under the laws of the State of Minnesota; and <br /> <br />WHEREAS, the City desires to amend the Program to provide for the issuance <br />of additional revenue bonds to finance the Project; and <br /> <br />WHEREAS, the City has on this date conducted a public hearing on the <br />amended housing program in the form attached hereto as Exhibit A (the "Amended <br />Program") , following publication of notice and submission to the metropolitan council <br />all in conformance with the requirements of the Act. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF NEW BRIGHTON, MINNESOTA: <br /> <br />1. That the Amended Program is hereby in all respects adopted. <br /> <br />2. That the staff of the City is hereby authorized to do all other things and <br />take all other actions as may be necessary or appropriate to carry out the Amended <br />Program in accordance with the Act and any other applicable laws and regulations. <br /> <br />3. That the issuance of housing revenue bonds by the City pursuant to the <br />Amended Program is subject to a final determination by the City that such issuance <br />is in the best interest of the City and this Resolutio all not be dee d to obligate <br />the City to issue such bonds. <br /> <br />Adopted this 24 day of <br />January , 1995. <br /> <br /> <br />~ <br />~orN <br /> <br />Sl'IGS2433 <br />l'IE136-123 <br />