89-1940 WMITE - CITV CLERK COUf1C1I �_ �9��
PINK � F�NANCE GITY OF' SAINT PAUL �
CANARV -GEPARTMENT
BLUE -MAYOR File NO. /
•
� � �ndnce Ordinance N�. � ��
r �
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Presented By
Referre Committee: Date
Out of Committee By Date
An rdinance
Creat ' ng a rehabilitation loan
progr m for small and medium sized
comme cial buildings
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF SAINT PAUL:
Se tion l .
Sec. 75.01. Purpose. he Council finds that within the
City of Saint Paul there i a need for a city program for
rehabilitation of small and edium sized commercial buildings
which are physically deterio ating and in need of rehabilitation
particularly those located n areas which are not eligible for
Federally funded communi y block grant (CDBG) commPrcial
rehabilitation loans; that t e provision of affordable loans to
effect the rehabilitation o small and median sized commercial
buildings will preserve and nhance the City's tax base and will
assist in the implementation of the Saint Paul Comprehensive Plan
thereby protecting the he lth and safety and promoting the
general welfare of the commu ity and its residents.
S ction 2.
Sec. 75.�l2. Findin�s. The Council further finds and
determines:
COUNCIL MEMBERS
Yeas Nays Requested by Department of:
Dimond
�� In Fav r
Goswitz
Rettman
Scheibel Against BY
Sonnen
Wilson
Form Approve City Atto ney
Adopted by Council: Date
Certified Passed by Council Secretary BY G '
By
Approved by Mayor: Date Approve y Mayor for Submission to Council
By BY
; , . � � ���', /�'�D
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(a) That the City f Saint Paul has carried out a
com mercial reha ilitation loan program within CDBG
eligible commer ial areas since initiation of the
Federally funde Program in 1975 ;
(b) That many neigh orhood com mercial areas as well as
the downtown co mercial district, are not eligible
for CDBG assis ance and that within these areas
there are sma 1 and medium sized com mercial
buildings whi h are physically deteriorating,
underused, econ mically inefficient and in need of
rehabilitation in order to meet applicable
building codes ;
(c) That some ow ers of small and medium sized
com mercial b ildings are unable to obtain "
rehabilitatio loans because such loans are not
available on t rms which such owners can afford ,
or , are not a ailable to them on any terms from
time to time because of restrictions in the
private lendin market ;
(d ) That in car ying out the CDBG com mercial
rehabilitatio loan program , the City of Saint
Paul has lear ed that public participation with
private lender in com mereial rehabilitation loans
enhances such enders willingness to make loans to
owners of or enants in small and medium sized
com mereial b ildings and by reducing interest
charged on th public share of such loans makes
the combined oan affordable to such owners.
(e) That the pr vision of publically assisted
commercial r habilitation loans throughout the
entire City u der authority of Minnesota Statutes
Section 469. $4 as well as the CDBG program is
essential to he physical rehabilitation of small
and medium sized buildings within , and the
2
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/77��
economic revit lization of the City's neighborhood
and downtown c mmercial areas on a comprehensive
basis , in acc rdance with the objectives and
policies of th Economic Development Strategy of
the Saint Pa 1 Comprehensive Plan thereby
stabilizing an increasing the municipal tax base
and contributi g to the health, safety and general
welfare as wel as the preservation of the quality
of life of th residents of the City of Saint
Paul .
Section 3 .
Sec. 75.03. Definitions The following words and phrases
when used in this c�iap�er s 1 have the meanings respectfully
ascribed to them in this sect on :
(1 ) Aeceptable se urity shall mean a chattel or real
property mor�gage n� t"Fie property being rehabilitated
and/or other area or personal property , personal
guarantee or ot er security acceptable to the
participating lende and the program administrator .
(2) Participating ender shall mean a bank or other
lending i stitution authorized to make commercial loans
under applicable federal or state law which is
participating in pr gram loans on a one to one matching
basis .
(3) Program re ul tions shall be those regulations as
are se��ort in the document entitled "City Wide
Commercial Area R habilitation Program Guidelines",
dated September 19 9 adopted by resolution of the City
Council of even da e with the date of final adoption of
this ordinance, an any amendments or revisions thereto
as may from time t time be adopted by the City Council
by resolution.
(4) Small and med um sized commercial buildin s. A
comm'er�a1Tui i g loca�'ed��n'�TZe�ty o ain Paul
in a business di trict , industrial district , river
3
.� . : . � � � � ��� � ����
� /7�aa
corridor commercial district or river corridor
industrial district under Chapter 60, which in the case
of a small sized b ilding shall be 60,000 square feet
or less , in the ca e of a medium sized building shall
be 200 ,000 square feet or less and in the case of
leased space shall e 50,000 square feet or less with a
minimum lease term f one year .
Se tion 4 .
Sec. 75.04. (a) Loan P o ram. Pursuant to the authority
of Minnesota Statutes , c ion 469 .184 , there is hereby
established a comprehensive commercial rehabilitation loan
program having city wide app ication to provide secured loans to
owners of small and medium ized commercial buildings located
within the City of Saint Pau for the purpose of rehabilitation
of such buildings. In makin program loans the following factors
are to be considered :
(1 ) The availabi ity and affordability of private
mortgage credit ;
(2) The availability and affordability of other
governmental rograms ;
( 3) Whether the b ilding is required, pursuant to any
court order, tatute or ordinance, to be repaired,
improved or r habilitated ; and
( 4) Whether the p oposed improvements will result in
conformance ith building and zoning codes and
improvement of the aesthetic quality , and
economie vi bility and funetion of existing
commercial ar as.
(b) Pro�ram Limitat ' ons . The loan program shall be
opera�e� wi�Fiin`th ��o�'�'J.owing statutory limitations :
4
.: , . . - - �-,���
. �.r�o,�
(1 ) the terms and onditions of all loans made under
the program sh 11 be fixed so that the sum of all
repayments of rincipal and interest on them, not
then delinqu nt , and all fees and charges
collected , t gether with other sums to be
contributed by the city, shall, over the duration
of the progra , be estimated to be equal to or
greater than t e sum of all estimated costs of the
program , as determined by the program
administrator nd approved by the governing body
of the city , including administrative costs ,
mortgage fore losure costs , and principal and
interest paym nts on bonds issued to finanee the
program to the extent not paid from bond proceeds ;
(2) no loan shall be made for a period exeeeding 20
years;
( 3) no loan shall exceed 80 percent of the estimated
market value f the property to be rehabilitated
upon completi n of the rehabilitation , less the
principal bala ce of any prior mortgage existing
on the propert at the time the loan is made ; and
( 4) no loan shall be made in excess of $200 ,000 for
the rehabili ation of any particular small or
medium sized c mmercial building.
The program regula ions provided for in subsection (c)
hereof may apply stricter or additional program
limitations to ope ation and administration of the loan
program.
(c ) Pro�ram Re�ulatio s. The Housing and Redevelopment
Authority of the ity of Saint Paul , Minnesota (HRA)
has prepared , a proved and submitted for Council
consideration and adoption by resolution, program
regulations as d fined in Section 75.03( 3) hereof,
contemporaneously ith the adoption of this ordinance.
5
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/7�c��
(d ) Grant �rohibition. he loan program authorized by this
eT�ap�er s a no b deemed to include the making of
grants .
Sec ion 5 .
Sec . 75 .05.
(a) HRA as A�ent Admini tration. The HRA is authorized to
exercise all of t e powers conferred by Minnesota
Statutes, Section 4 9.184 upon the City. The HRA shall
administer the loan program established by this chapter
in aceordance with said section 469.184 , this chapter
and the program reg lations as the same are adopted or
amended from time t time by the Council.
(b) Coordination with ther PrTo�rams. HRA shall to the
'ex e�n 'p'erm tte�by imi�a'tions of such programs and to
the extent feasib e, coordinate the loan program
created by this cha ter with other city, state, federal
and other rehabili ation programs to the end that all
such programs sh 11 constitute a comprehensive
com mercial rehabil ' tation loan program in the City of
Saint Paul .
Se tion 6 .
Sec . 75 .05 .
(a ) Loan Pro ram fin n�c�i�n��� The loan program may be
�'inance�r`om t e rban I5-evelopment Action Grant (UDAG)
Revolving loan fu ds , the HRA development fund , City
revenue bonds ,or s ch other funds as may from time to
time be appropriat d for such purpose.
(b) Revenue bond fi ancin� In order to assist in
�`inancing `�Fie`loan pr`og`ram created by this chapterr, the
City or HRA may i sue revenue bonds in aecordance with
6
WHITE - CItV CLERK .
PINK - FINANCE GITY O SAINT PAUL Council �� �•�,�,��
CAHARV �RD'�PARTMENT
BIUE -MAVOR File NO.
•
Or inccnce Ordinance N 0. /�t��'o�
Presented By
Referred To Committee: Date
Out of Committee By Date
the provisions of innesota Statutes Section 469.184
Subdivision 8 and ecured in the manner provided in
Submissions 10 a d 11 of said Section 469.184 .
Proceeds of any s ch bond issue may be applied in
accordance with the provision of Subdivision 9 of said
Section 469.184.
S ction 7 .
The ordinance shall take effect and be in force thirty (30)
days following its enactment, approval and publication.
COUNCIL MEMBERS
Yeas Nays Requested by Department of:
Dimond
-�, In Favo
�-6eswiE�
Rettman
s�be�bei � Against BY
Sonnen
�'t7lzew
�E� � � �9�9 Form Appr y City A tor
Adopted by Council: Date ']
Certified Pa s ouncil re ry BY �
By
Approved by ayor. a e`� 2 2 1 Appro by Mayor for Submission to Council
BY __ �' ___ By
p�� D E C � C� 198�.
_ ^ - ��'J-/cl�o :
DEPARTMENT/OFFICE/COUNpL � DATE INITIATE �, ��
Planning & Economic Development GREEN SH �� No. ��. � ,'
CONTACT PERSON 3 PHONE �N � E INiT1AUD7CTE
p(.� (Cr.y�� (��Qr�gy� �DEPAflTMENT DIRECTOR , �CITY COUNCIL
Ma.rshall Turner (228-3302) 2��3�� ��� CITY ATfORNEY / �CITY CLERK
NUMBER FO �
MUST BE ON COUNCIL AGENDA BY(DAT� ROUTINO �BUDOET DIRECTOR y r �FIN.8 M(iT.SERVICES DIR.
ORDER �MAYOR(OR ASSISTAN� {�.� , �-- 0 DeP.��fZ
TOTAL�OF SIGNATURE PAGES (CLIP ALL CATIONS FOR SIGNATUR�
ACTION HEQUESTED:
Amend the guidelines of the a) existing Ne ghborhood Commercial Rehabilitation Loan Program
and b) approve the ordinance establishing he program and authorizing the HRA to act as
agent and administer the program, and c) a prove the guidelines for the Citywide Commercial
Area Rehabilitation Pro ram.
RECOMMENDATIONS:Approve(A)a Reject(R) COUNCIL C MMITTEE/RESEARCH REPORT OPTIONAL
ANALYST PHONE NO.
_PLANNING COMMISSION —CIVIL SERVICE COMMISSION
_c�B coti+Mm�E A HRA
�sT� - COMMENTS:
_DISTRICT COURT _
SUPPORTS WHICH COUNCIL OBJECTIVE?
Nei hborhood & Economic Develo men
INITIATINO PROBLEM,13SUE,OPPORTUNITY(Who.What,When,Where,Why):
It is becoming increasingly, difficult to finance projects on many of the older commercial
strips because of the existing $30,000 ma imum in City funds. The guidelines change
increases the maximum in City Funds to $1 0,000. The ordinance is required by the State
Legislation for 1) establishing the progr m and 2) authorizing HRA to act as agent. The
Citywide Rehabilitation Program (now CDBG is being established because CDBG-HUD requirements
are getting much more restrictive. The N n-CDBG program will allow the City to do Rehab
Loans on a Citywide basis.
ADVANTACaES IF APPROVED:
l
1) 27 CDBG Neighborhood Commercial Reha ilitation Loan Program�will b�e able to provide
more complete financing for the more ostly Rehab projects.
2) 4� Non-CDBG Citywide Commercial Are Rehabilitation Program will be establishing and
implemented. The City will be able t do more Rehab Loans, including those that have
been determined to be ineligible und CDBG requirements.
DISADVANTAGES IF APPROVED:
NONE
RECEn►F�
�181989
LERK
DISADVANTAGES IF NOT APPROVED:
The City will not be able to provide Reh b Assistance to many potential projects. As the
HUD-CDBG eligibility requirements become more restrictive and as the actual method of
determining eligibility becomes increasi gly burdensome, fewer and fewer projects are
eligible for rehabilitation. COtJ11Ct� ReS23CCI1 C@tlt@C.
0 CT 16 i989
TOTAL AMOUNT OF TRANSACTION S COST/REVENUE BUD(iETED(CIRCLE ONE) YES NO
FUNDING SOURCE ACTIVITY NUMBER
FlNANCIAL INFOHMATION:(EXPLAIN)
� - - Members: � �`� ���
-"'����� � Bili Wilson, chair ���C��
," �-- �'
' ` ' GITY O SAINT PAUL � Tom Dimond
� "� ,,s,���9�n Kiki Sonnen
.�•ul 13 11 ' : . .
OFFICE O TFIE CITY COIINCIL
� D e: November 22, 989
WILLIAM L. WILSON � COCn ittee Report MARK VOERDING
Councilman Legislacive Aide
To: Saint Paul City Counci
From : Housing and Econ mic Development Committee .
Bill Wilson, Chair
1. Approval of Minutes
COMMITTEE RECOMMENDED APPRO AL of the OCTOBER 25, 1989, minutes.
2. Appeal of David and Josephi e Berg to a decision of the Heritage
Preservation Commission whi h denied the issuance of a permit to
demolish the structure loca ed at 270 West 7th Street
COMMITTEE RECOMMENDED A LA VER TO DECEMBER 27.
3. Resolution authorizing PED o finalize terms of Skyway Agreement with
the U,S. Postal Service to onstruction and operation of skyway bridge
connecting the Block L/Min sota Telecenter complex and downtown �
Post Office (C.F. 89-1914)
COMMITTEE RECOMMENDED APPRO AL, WITH AMENDMENT.
4. Resolution approving Citiwi e Commercial Area Rehabilitation Program
Guidelines (C.F. 89-1930)
COMMITTEE RECOMMENDED APPRO AL, WITH AMENDMENT.
5. Resolution approving Neighb rhood Commercial Rehabilitation Loan Program
Guidelines for the HRA (C. . 89-1931)
COMMITTEE RECOMMENDED AYPR �A , WITH AMENDMENT.
�
6. Ordinance establishing the od 6e�e�s-ia1 Rehabilitation Loan ,
Program and authorizing the HRA to act as agent and administer the
Program (C.F. 89-1940)
COMMITTEE RECOMMENDED APPR AL, WITH AMENDMENT.
7. Resolution establishing the Downtown Development Study Commission
(C.F. 89-1997)
COMMITTEE RECOMMENDED A LA VER TO DECEMBER 13.
CITY HALL SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 612/298-4646
5�46
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WHITE - CITV LERK COU11C11 ` /��
PINK - FINAN�E �
BIUERr- MAVORt.MENT GITY O�' SAINT •PAUL �
File N 0. �
.
in�nce (l �� rdinance N 0.
Presented By ��
�erre ^ � Committee: Date P °2� �
Out of Committee By Date
An 0 dinance
Creati g a rehabilitation loan
progra for small and medium sized
commer ial buildings
BE IT ORDAINED BY THE COUNCIL F THE CITY OF SAINT PAUL:
`
Sec ion 1 .
Sec. 75.01. Purpose. T e Council finds that within the
City of Saint Paul there is a need for a city program for
rehabilitation of small and edian sized commercial buildings
which are physically deterior ting and in need of rehabilitation
particularly those located i areas which are not eligible for
Federally funded communit block grant (CDBG) commercial
rehabilitation loans; that th provision of affordable loans to
effect the rehabilitation of small ahd median sized comm ercial
buildings will preserve and e hance the City's tax base and will
assist in the implementation o the Sairit Paul Comprehensive Plan
thereby protecting the heal h and satety and promoting the
general welfare of the communi y and its residents.
Sec ion 2.
Sec . 75 . �l2. Findin�s. The Council 'further finds and
determines: �
COUNCIL MEMBERS `
Yeas Nays Requested by Department of:
vimone PLANNING AND EC ,AIOMIC DEVELO MENT
�� In Favor
co��
�tt�
s�be;nei Against BY
Sonnen
Wilson
Form Approved by Cit Att ney
Adopted by Council: Date 1
Ceatified Passed by Council Secretary . BY �
By
Approved by Mayor: Date Appro by Mayor for Subm' ion o Cou
By
_.;� �,.. � : s i
WHITE � FMANCE K . .. ::� ♦.+ � . � ���`- �� .',.
PINK • �y ' COqllCll �j�'r� /�� /+
CANARV-DEPARTMENT � GITY aF'� S;AINT ���►iTL • ft j /�����C� �
ewe- -Mwroa Flle N�.
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ll Zndn�e ;y inance N O.
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ra �f� . � �• `
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Presented By ;.��-�01 ,<r,; -;.f.c-' �'�-�-: '
'ti .
�ferred 'Td:r �l ^��� �`/ Committee: Date � �-�' � ''
;
Out of Committee By Date
l�n O d i aa n�+�
Crerslti g � rehabfiitatfo� ioee
ptog� for ssall and �edi� sised
c��er i�� bnildiaqs �
88 IT ORD7IIM=O B? TNS CQt�CT� !H� CIST � 311IlIT Fl1OL�
Sa►e iQ� 1.
Sec. TS.�`l. _i�_n_rp�os_�, T e Caa�teaf 2 f iAds that wi�h i�a tbe
City ef Saint pan��e is a oead f�r s �fty. ptogram tos
re�sDiiitalion of s�a�Il an� fae sise4 ecea��r�isl boildleg�
' MAf�tt' a��te �h�si�aily tletesiq=a 1s�q ae8 !n �e�t ot rehsbilitatia� :� �
� p�rtic�ia�i� tbose 3ocat�d !a ar�as v�i+�� are �ot f�iqib2e for
Faderalig tnaded comwnQi!EY block gra�t �CnH�� com��scial
. r�babilita��on 2oansf tbat t pto�isiot� of atfo=dsDl� Ioaas to
. ettect th� rehabiiitmtic+n o� o�all s�a�# e�e�!#a� si�d caae��ercial
boildi�s �rill pz�ser�e and ,�s ��ca tMe Ci�y'e t�x ba�se •od Mii3
` �ssist ia �A� fmpia�aotatio�l o ttse 8a�nt. Pan3 Cc�p�et�eesf�►e �ia��
tQ�rwbp protecting tb� he*l h a� �atetp a�d pra�oti�g ths
qenesal �relfa�e of tDe cs�nb! y and iEs rdsidents.
�i� it�n Z.
S�c. 75.82. Finc�ing�i« The Conncil fart�es ffA��s �a�d _�...,.a. _
da�c�s�ain�s: '` �'' ;
�y
� -,
CDUNCIL. MEMBE�S °
Yeas `Nays Requested by Department of:
Dimond
��� �_ In Favor
p��1�.... �
ACLWWI � 3 . �:,. _�• ,�.,,,��r .
��;�� Against BY
sonnen
Wilson . .
Adopted by Council: Date � Form Approved by City Attorney
Certified Passed by Council Secretary By .
By
Approved by Mayor: Date Approved by Mayor for Submission to Conncil
� _
_,,...._.. . .
By -- ' ' �►- - - ,.�_
� . � . ��_���d
(a) That the City of Saint Paul has carried out a
commercial reh bilitation loan program within CDBG
eligible comm rcial areas since initiation of the
Federally fund d Program in 1975;
(b) That many neig borhood commercial areas as well as
the downtown c mmercial district, are not eligible
for CDBG assi tance and that within these areas
there are sm 11 and m edium sized commercial
buildings which are physically deteriorating ,
underused, eco omically inefficient and in need of
rehabilitati n in order to meet applicable
building codes
(c) That some ow ers of small and medium sized
com mercial uildings are unable to obtain
rehabilitatio loans because such loans are not
available on terms which such owners can afford,
or , are not a ailable to them on any terms from
time to time because of restrictions in the
private lendin market;
(d) That the pr vision of publically assisted
com mercial re abilitation loans throughout the
entire City un er authority of Minnesota Statutes
Section 469.1 4 as well as the CDBG program is
essential to t e physical rehabilitation of small
and medium sized buildings within, and the
economic revit lization of the City's neighborhood
and downtown ommercial areas on a comprehensive
basis , in ac ordance with the objectives and
policies of th Economic Development Strategy of
the Saint P ul Comprehensive Plan thereby
stabilizing an increasing the municipal tax base
and contributi g to the health, safety and general
welfare as wel as the preservation of the quality
of life of th residents of the City of Saint
Paul .
2
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Sec ion 3.
Sec. 75.03. (a) Loan Pr gram. Pursuant to the authority
of Minnesota Statutes , Se tion 469 . 184 , there is hereby
established a comprehensive commercial rehabilitation loan
program having city wide appl 'cation to provide secured loans to
owners of small and medium s zed commercial buildings located
within the City of Saint Paul for the purpose of rehabilitation
of such buildings. In making rogram loans the following factors
are to be considered :
(1) The availabil ' ty and affordability of private
mortgage credit;
(2) The availability and affordability of other
governmental pr grams;
(3) Whether the bu lding is required, pursuant to any
court order, s atute or ordinance, to be repaired,
improved or re abilitated; and
(4) Whether the pr posed improvements will result in
conformance w th building and zoning codes and
im provements of the aesthetic quality, and
economic via ility and function of existing
commercial are s.
(b) Program Limitati ns. The loan program shall be
operated within the following statutory limitations:
(1) the terms and conditions of all loans made under
the program sh 11 be fixed so that the sum of all
repayments of rincipal and interest on them, not
then delinquent , and all fees and charges
collected , ogether with other sums to be
contributed by the city, shall, over the duration
3
_ ,�. . ��� �19��
of the progra , be estimated to be equal to or
greater than t e sum of all estimated costs of the
program , as determined by the program
administrator nd approved by the governing body
of the city, including administrative costs ,
mortgage fore losure costs, and principal and
interest payme ts on bonds issued to finance the
program to the xtent not paid from bond proceeds;
(2) no loan shall e made for a period exceeding 2�!
years;
(3) no loan shall xceed 80 percent of the estimated
market value o the property to be rehabilitated
upon com pleti n of the rehabilitation, less the
principal bala ce of any prior mortgage existing
on the propert at the time the loan is made; and
(4) no loan shall e made in excess of $200, �10� for
the rehabilit tion of any particular small or
medium sized c mercial building.
The program regulat ons provided for in subsection (c)
hereof may apply stricter or additional program
limitations to oper tion and administration of the loan
program.
(c) Program Regulation . The Housing and Redevelopment
Authority of the Ci y of Saint Paul, Minnesota (HRA) is
authorized and di ected to prepare and submit for
Council considera ion and adoption by resolution,
program regulati ns which shall contain ( i) a
definition of "sm 11 and median sized commercial
buildings", ( ii) 1 an eligibility and loan priority
criteria , ( iii) oan amount limitations , ( iv)
acceptable loan ecurity criteria , and (v) such
additional provisio s as may be necessary or desireable
to the operation of the loan program authorized by this
chapter. The progr m regulations shall be considered
by the Council af er public hearing and shall be
4
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adopted by resoluti n; provided that, in the event the
City or HRA issues revenue bonds to finance the loan
program , then th program regulations shall be
incorporated into o dinance form as security for bond
holders.
(d) Grant prohibition. The loan program authorized by this
chapter shall not e deemed to include the making of
grants.
Se tion 4.
Sec. 75. P14.
(a) HRA as Agent Admin� stration. The HRA is authorized to
exercise on behal of the City all of the powers
conferred by Minne ota Statutes, Section 469.184 upon
the City. The HRA shall administer the loan program
established by thi chapter in accordance with said
section 469. 184 , this chapter and the program
regulations as the sam e are adopted or amended from
time to time by the Council.
(b) Coordination with other Pro rams. HRA shall to the
extent permitted by limitatio s of such programs and to
the extent feasib e, coordinate the loan program
created by this cha ter with other city, state, federal
and other rehabil i ation programs to the end that all
such programs sh 11 constitute a com prehensive
commercial rehabil ' tation loan program in the City of
Saint Paul .
5
WHITE - CITV CLERK �
PINK - FINANCE CITY OF .�SA NT PAUL Council /
CANARV -DEPARTMENT �j File NO. �� ` • �
BLUE -MAVOR
Or indnce Ordinance N0.
Presented By
Referred To Committee: Date
Out of Committee By Date
Sec ion 5.
Sec. 75. 05.
(a) Loan Program fina cin . The loan program may be
financed from the U ban Development Action Grant (UDAG)
Revolving loan fun s, the HRA development fund, City
revenue bonds ,or su h other funds as may from time to
time be appropriate for such purpose.
(b) Revenue bond fin ncin� In order to assist in
f ni ancing the�loan� ogram created by this chapter, the
City may issue rev nue bonds in accordance with the
provisions of Mi nesota Statutes Section 469.184
Subdivision 8 and ecured in the manner provided in
Submissions 1P1 a d 11 of said Section 469. 184 .
Proceeds of any s ch bond issue may be applied in
accordance with the provision of Subdivision 9 of said
Section 469.184.
S ction 6
The ordinance shall take effect and be in force thirty (3�J)
days following its enactment, approval and publication.
COUNCIL MEMBERS
Yeas Nays Requested by Department of:
vimona PLANNING AND EC NOMIC DEVELOPMENT
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Presented By '
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Referred To Committee: Date
' Out of Committee By Date
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