90-312 �• IG �, L� � ^ Council File � 9� -��'Z
1� L�C�1��TT'
Green sheet # c�`�q3
RESOLUTION ,__,
CITY OF T PAUL, MINNESOTA I 7`
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Preaented By
Referred Committee: Date
j�1H REAS , as part of its City Wide Rehabilitation Deferred
Loan Pro ,ram, the City of St . Paul did make two loans to nuinzola
Burch to aling $13 , 100 with respect to property located at 653
Marshall Avenue, St . Paul , r?innesota; and
[JH REAS , prior to the loans referenced above, their existed
a mortga e on th.e property in favor of Schumacher T'Iortgage, Co . ,
and
WH REAS , Schumacher foreclosed the property because Quinzola
Burch defaulted on said mortgage; and
REAS , the City of St. Paul , as a junior creditor desires
to exercise its redemption rights so as to protect its interest
in the roperty; and .
EREAS , in order to protect this interest, the City of
St. Pau must immediately fi�e its Tdotice of Intention to Redeem
and the must pay off the senior creditor all �aithin the specific
time pe iod set forth by statute .
N W THEREFORE BE IT RESOLVED that the proper City officials
are her bv authorized and directed to execute those documents and
do thos thinas required to redeem and protect the City of St .
Pauk'sin �rest in the subject proPerty.
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e s Navs ,�sent Requested by Department of:
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Adopted by Coun il: Date MAR 8 1990 Form Approved by City Attorney
Adoption Certif'ed by Council Secretary
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By' Approved by Mayor for Submission to
Approved by May r: Date 3�g/9� � $ ��ouncil
By: �/��� ��,,�.... BY� __ � �2 , ,
a'�- d! qo
�lt�tlSNE� ���'r;T( 1 9� I�Jo.
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�ARTMENT/�FFII�/COUNCIL DA INITIA D
.� a GREEN SHEET No. 3 3�
ACT PE E ❑t DEPARTMENT DIRECTOR �CITY OOUNCIL �
�� O� NUMlEA FOR ❑CtTY AITORNEY �CITY CLERK
ST COUNqL AOENDA BY( AT� ROU71N0 �BUDfiET DIRECTOR �FlN.6 MOT.SERVICES DIR.
,R,�f/ �� �MAYOR(OR AS8ISTAM] �
TOTAL#►OF SIGNATURE P GES (CLIP ALL LOCATIONS FOR SIGNATURE)
ACTION REGUEBTED:
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F�OOMMENDATIONS:MP��W a► (R) COUNCIL COMMnrTEE/RESEARGI REPORT OPTIONAL
_PLANNIN(i COMMI8810N GVIL SERVICE COMMIS810N �� P�E��
_CIB OOIAMITTEE
COMMENTS:
_STAFF
_D18TRICT COURT
8UPPORTS WHICH COUNdL OBJE 7
INITIATINO PROBLEM,ISSUE. PO NITY(Who.Wha4 Whs .Wh�ro,Wh�:� � ,J �
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ADVANTAOES iF APPROVED:
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DISADVANTAQE8 IF APPROVED:
DISADVANTAQES IF NOT APPF�VED:
RECFni�n
�221�0 �uuncu Kesearcn c;enter
CI�'Y Ct�ERtc FEB 2 21990
TOTAL AMOUNT OF TRANSACTI N S COST/REVENUE BUDQETED(CIRCLE ON� YE8 NO
FUNDINO SOURCE ACTIVITY NUMBER
FlNANdAL INFORMATION:(EXPLAIN)