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<br />RESOLUTION NO. RR-::Ul. <br /> <br />~I'I-.....,~ <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION RECITING A PROPOSAL FOR A <br />FINANCING PROGRAM FOR A MULTIFAMILY RENTAL <br />HOUSING DEVELOPMENT, GIVING PRELIMINARY <br />APPROVAL TO THE PROJECT AND THE PROGRAM <br />PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, <br />PRELIMINARILY AUTHORIZING THE ISSUANCE OF HOUSING <br />REVENUE BONDS, AUTHORIZING THE SUBMISSION OF THE <br />FINANCING PROGRAM FOR APPROVAL TO THE <br />MINNESOTA HOUSING FINANCE AGENCY, AUTHORIZING <br />SUBMISSION OF AN APPLICATION TO THE STATE <br />FOR BOND ALLOCATION AUTHORITY, AND <br />AUTHORIZING THE PREPARATION OF NECESSARY <br />DOCUMENTS AND MATERIALS IN CONNECTION <br />WITH THE SAID PROJECT AND PROGRAM <br /> <br />(GOLDEN POND LIMITED PARTNERSHIP ELDERLY RENTAL HOUSING PROJECT) <br /> <br />WHEREAS, <br /> <br />(e) Minnesota Statutes, Chapter 462C (the <br />"Act) confers upon cities, or housing and <br />redevelopment authorities or port authorities <br />authorized by ordinance to exercise on behalf of <br />a city the powers conferred by the Act, the power <br />to issue revenue bonds to finance a program for <br />the purposes of planning, administering, making <br />or purchasing loans with respect to one or more <br />multifamily housing developments within the <br />boundaries of the city; <br /> <br />(b) The City has received from Golden <br />Pond, a Minnesota limited partnership, the <br />general partner of which is Graystar Enterprises, <br />Ltd., a Minnesota corporation (the "Developer"), <br />a proposal that the City undertake a program to <br />finance a Project hereinafter described, through <br />the issuance of revenue bonds or obligations (in <br />one or more series) (the "Bonds") pursuant to the <br />Act; <br /> <br />(C) The City desires to: facilitate the <br />development of rental housing within the <br />community; encourage the development of <br />affordable housing opportunities for residents of <br />the City; encourage the development of housing <br />facilities designed for occupancy by persons of <br />