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85-33 WH17E - CITV CLERK PINY. - F�NANCE GITY OF SAINT PALTL Council �//y /7 CANARV - DEPARTMENT File NO. � �/ � BLUE - MAVOR � ,�� Council Resolution Presented By Referred To Committee: Date Out of Committee By Date RESOLUTION RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT, GIVING PRELIMINARY APPROVAL TO 'THE PROJECTS AND THE PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AU"THORIZING THE HOUSING AND REDEVELOPMENT AU'fHORI'TY TO ISSUE HOUSING REVENUE BONDS AND AUTHORIZING THE SUBMISSION OF FINANCING PROGRAM FOR APPROVAL TO THE MINNESOTA HOUSING FINANCE AGENCY AND AU1'HORIZING THE PREPARAT'ION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WI'TH THE SAID PROJECTS AND PROGRAM WHEREAS, (a) Minnesota Statutes, Chapter 462C (the "Act") confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multi-family housing developments within the boundaries of the city; COUNCILMEN Requested by Department of: Yeas Nays � Fletcher Drew In Favor Masanz Nicosia scne�bei __ Against BY Tedesco Wilson Form A ved by City Attor y Adopted by Council: Date Certified Yassed by Council Secretary BY �v gy, t#pproved by Mavor. Date Approved by Mayor for Submission to Council By By • � ��-33 (b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA" ) has kyeen designated, by ordinance, to exercise, on behalf of the City of St. Paul, Minnesota (the °City" ) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.08; (c) The City has received from several real estate developers, identified more particularly on the Notice of Public Hearing attached hereto as Exhibit A (collectively, _, the "Developers") proposals that the City undertake a program to finance the Developments also described on Exhibit A hereto (the "Developments") thraugh the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; (d) The City desires to: facilitate the development of rental housing within the community; encourage the development of afforda�le housing opportunities for residents of the City; encourage the development of housing facilities, a portion of which is designed for occupancy by persons of low or m�derate income; and encourage the development of blighted or underutilized land and structures within the boundaries of the City,• and the Developments will assist the City in achieving these objectives. (e) Each of the Developers are currently engaged in the business of real estate development. The Developments to be `--, financed by the Bonds consist of the acquisition, construction or renovation, and equipping, of the multi-family rental housing developments described on Exhibit A, which will result in the provision of decent, safe and sanitary rental housing opportunities to persons within the community; (f) The City has been advised by representatives of the Developers that con- ventional, commercial financing to pay the capital costs of the Developments is available only on a limited basis and at such .. � . � � ��-� � high costs of borrowing that the economic feasibility of operating the Developments would be significantly reduced, but the Developers have also advised the City that with the aid of municipal financing, and resulting low borrowing costs, the Developments are economically more feasible; (g) A public hearing on the Developme�ts and the financing program therefor was held on January 8, 1985, after notice was published, all as required by _. Minnesota Statutes, Section 462C .05, subd. 5, at which public hearing all those appearing at said hearing who desired to speak were heard; (h) No public official of the City has either a direct or indirect financial interest in the Developments nor will any public official either directly or indirectly benefit financially from the Developments; ( i) The Developers have submitted to the HRA the forms of Memorandum of Understanding executed by each D�veloper, expressing certain understandings by and between the HRA and each Developer pertaining to the Developments, and the financing therefor. (j) It is proposed, subject to Paragraph 2 of this Resolutior�, that bonds to finance the Developments should be issued by the HRA, jointly with the Minneapolis Community Development Agency (the "MCDA" ) , as � part of an issue to finance the Developments and other multi-family rental housing developments. . NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, as foilows: 1 . The City hereby gives preliminary approval to the proposals of the Developers that the City undertake the Developments, and the �rogram of financing therefor, pursuant to Minnesota Statutes, Chapter 462C, consisting of the acquisition, con�truction or rehabilitation, and equipping, of . l� �.� �3 multi-fami.ly rental housing faci.lities within the City pursuant to the Developers' specifications and to a revenue agreemen� between the HRA and each Developer on such terms and conditions with provisions for revision £rom time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in a total principal amount of approximately $38,680,000 to be issued pursuant to t?:e P.�t �� fi.^.anc� the acquisition and constraction or . rehabilitation, and equipping, of the Developments; and said agreement may also provide for the entire interest of the Developer therein to be mortgaged to the purchasers of the Bonds, a trustee for the holder(s) of the Bonds or an entity or _.. agency which provides credit support for the Bonds*; and the City, acting by and through the HRA, hereby undertakes preliminarily to issue its bonds in accordance with such terms and conditions; 2. The Bonds are anticipated to be issued by the HRA and MCDA, jointly, together with bonds (as part of the same issue) issued to finance other multi-family rental housing developments, and are proposed to be structured to utilize credit enhancement provided by the Federal National Mortgage Association, or if such credit enhancement is not feasible, then at the option of the MCDA and HR,A, the financing may be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the Bonds; provided tnat any such financing structure must be approved by the HRA and Developer. In the alternative, the HRA may issue bonds alon�, or to finance any one or more of the Develapments, if the HRA so determines. 3. On the basis of information available to the City it appears, and the City hereby finds, that the Developments constitute multi-family housing developments within the meaning of subdivision 5 of Section 462C.02 and Section 462C.05 of the � Act; that the Developments will be occupied, in part, by persons of low or moderate income; the availability of the financing under the Act and the willingness of the City to furnish such financing will be a substantial inducement to th e Developers to undertake the Developments, and that the e£fect of the Developments, if undertaken, will be to encourage the provision of decent, safe and sanitary rnulti-family rental housing opportunities to residents of the City, to assi�t in the redevelopment of blighted and marginal land and to promote more intensive development and use of land within the City; � � � ��_�� 4. The Developments, and the program to finance the Developments by the issuance of revenue bonds, is hereby given preliminary approval by the City subject to the approval of the financing program by the Minnesota Housing Finance Agency ( "MHFA" ) and subject to final approval by the E3RA, the Developers and the purchasers of the Bonds as to ultimate detail�s of the financinq of the Developments; and the City further approves the issuance o£ the bonds as part of a joint HRA and MCDA issue to finance a joint program for the � Uevelopments and other multi-family rental housing developments or for any one or more of the Develo}�ments only; 5. Pursuant to Chapter 72, Saint Paul, Minnesota, _. Arainistrative Code, the City hereby authorizes and directs The Housing and Redevelopment Authority of the City of- Saint Paul, Minnesota (the "HRA" ) to issue the housing revenue bonds, alone or jointly with the MCDA, to finance the Developments and to take aIl actions necessary or desirable in connection therewith, and no further approval or authorization of the City shall be required; 6 . In accordance with subdivision 5 of Section 462C.05, Minnesota Statutes, the Executive Director of the HRA is hereby authorized and directed to submit the program for financing the project to MHFA or include the Program in the Joint Program authorized by City Council Resolution No. �f-�,,3,�'S adopted v,�� 9 , 1984 and previously submitted to the �4HFA by the HRA and MCDA, jointly, which Joint Program was approved by the MHFA on October 25, 1984, requesting MHFA approval, and ot:�er officers, and employees and agents of the City and HRA are hereby authorized to provide MHFA with preliminary information as it may require; 7. The Developers have agreed and it is hereby determined that any and all costs incurred by the City or HRA in connection with the financing of the Developments, or a pro rata share af such costs for a financing for the Project and � other projects, whether or not the Developments are carried to completion and whether or not approved by MHFA will be paid by � the Developers; 8. Briggs and Morgan, Professional Association, and Holmes & Graven, Chartered, acting as bond counsel, and such ?nvPstm�n� banY•.ers as may be selected b_y the HRA: are authorized to assist in the preparation and r.evie�v of necessary documents relating to the Developments and the financing � . . ��.�3� program therefor, to consult with the City At�orney, Developers and purchasers of the Bonds (or trustee for the purchasers of the Bonds) as to the maturities, interest rates and other terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and submit sucYi documents to the HRA for tinal appraval; 9. Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Developments other than as specified and authorized by separate actions ot the City Council or HRA Board and other than the revenues derived from the Developments or _� otherwise granted to the City or HRA for this purpose. The Bonds shall not consitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City or HRA except the revenue and proceeds pledged to the payment thereof, nor shall the City or HRA be subject to any liability thereon. The holder of the Bonds shall never have the right to compel any exercise of the taxing power of the City or HRA to pay the outstanding principal on tlie Bonds or the interest thereon, or to enforce payment thereon against any property of the City or HRA. The Bonds shall recite in substance that Bonds, including the interest thereon, are payable solely from the revenue and proceeds pledc�ed to the payment thereof. The Bonds shall not constitute a debt of the City or HRA within the meaning o£ any constitutional or statutory limitation. 10. In anticipation of the approval by MHFA and the issuance of the Bonds to finance all or a portion of the Developments, and in order that completion of the Developments will not be unduly delayed when approved, the Developers are hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Develo�ments to be financed from the proceeds of the Bonds, as the Developers consider necessary, including the use of interim, short-term `- financing, subject to reimbursement from the proceeds of the Bonds if any when delivered but otherwise without liability on the part of the City or HRA. 11. F.ach Memorandum of Understanding provides that the HRA understands and agrees that the Developer may form a � partnership oz other entity, which new entity will be the owner of the related Development. The Cit1 �ounci3 hereay ag:�ees that each Developer may assign and transfer all its riqhts, duties and obligations hereunder and under the applicable WHITE - C�TV CLERK PINIF ' = fiNANCE GITY OF SAINT PAUL Council �� CANARV - DEGARTMENT BLUE - MAYOR File NO. � Council Resolution � Presented By "l� `"l�/�-�� Referred To � Committee: Date Out of Committee By Date Memorandum of Understanding to such new entity, and that the HRA shall agree to such assignment or transfer; provided that the HRA's agreement and that of the City Council expressed herein extends only to a new entity in which the applicable Developer or its principals are general partners or principals. Each Developer has stated in the Memorandum of Understanding that it understands and agrees that the Memorandum of Understanding shall be null and void from and after the date of transfer or conveyance if the Developer transfers or conveys the related Development, or the Developer's right to develop the related Development, to an entity in which the Developer or its principals are not general partners or principals. COUNCILMEIV Requested by D artment of: Yeas Nays pr-F�ft�r SC�N�AI Masanz [n Favor Nicosia scheibe� __ Against BY " Tedesco Wilson Adopted by Council: Date JAN a - 1985 Form Approved by City Attorney Certified Ya s d y ouncil S ta BY gy - t�p d by Ylavor: • JAN 15 1985 Appro ayor for Submi on ouncil B By PUBLISHED �A N 19 1985 � �(J � ' PART�tENT ��-�� N �'✓'� ONTACT ' 1 HONE 8 DATE 1 �� ✓ ' (Routing and Explanation Sheet) Assign Number for Routing Order (Clip All locatfons for Mayoral Signature): Department Di rector . _ y Attorney ,. _�,,.�, Di rector of Management/Ma�yor RECE�WE� Finance and Management Services Director ��C 2 8 'I� � City Clerk sudyet ui r�ector CITY ATTORNEY � ,� Jv� se�✓ _��.�.�►�✓ s1�.�o .�t�t�rZ What Wi11 be Achieved by Taking Actian on the Attached Materials? (Purpose/Rationale): � s. ,7.Ytg � ff�a c•�cs.0 C'• - ��..�.s. / r.csa,/.�1.�.J / � �/�- - ;.�c, cc, _ Q,,i� w./ /�.c. /�CSt�t� /� �r G��..�c�.� � � I'�.3t � � . /v�� 9�✓. � �o•�.c/. �.,,.:z•�� J''/''~'va-� �► .,t. � a�t /S �, s�r4.�et•� 7� �. /G�r,�� I�i�✓s•�� %��D�' �� ,j � p�ir �,p-�r �ae,f �s.�.r/ /�rd�k�, ��'Q�.r..�. , Finan�ial , Budge�ry and Personnel Impacts Anticipated:/ / /V�x!'' �/I �c5�3 0'� i�5�/.c �.v• //l� RECEIVED ��•� �'1�/'��7��' D�✓.�/a�.�s . DEC 2 81984 �unding Source a�F d Activity Number CKarged or Credited: �� 6� f MAYOR'S QFFiCE 3 5 Attachments (List and Nwnber all Attachments�: / ,�sa/��-- , Z. /✓�� c� ��6/,�. �ar�,- � DEPARTMENT REVIEW CItY ATTORNEY REVIEW 1/Yes No Council Resolution Required? ' Resolution Required? � Yes " No Yes � Insurance Required? Insurance Sufficient? � Yes No Yes �/No Insurance Attached? Revision of October, 1982 (Spe RPVPI"SP S1fIP for 'Instructions) � � . �� (.�O'tL;li � . NOTICE OF PUBLIC HEARII�G ON PROPOSAL FOR A PROGRAb1 .TO FINANCE . t�JLTI-FAMILY RENTAL HOUSING DEVELOPMENTS T� Y'/1lVl�t L l� �t1�� Vi��.�L ll� , t�otice is hereby given that the City Council of the �ity o F Saint Paul, Minnesota will meet in the City Council Chambers at the City Hall in the City of Saint Paul, Minnesota _ �t 10 o' clock a .m. on January 8, 1985, to consider the proposal of the Developers named below tYiat the City undertake a program to finance the developments located in the City of St • �a dereMinnesota Statutesa�Chapter 462C, tby heyissuancenof plan un revenue obligations. WHITALL PLACE DEVELOPMEIIT The Whitall Place Development consists� of the , construction and equipping of a multi-family rental housing development of approximately 37 ,772 square feet comprising approximately , �0 rental housing dwelling units located at th e northeast corner of the intersection of Whitall Street and B�radley Street in the City of Saint Paul, Minnesota. The Developer of . the Whitall �Place Development will be E. E. � "pete" Parranto Co. , Inc. �r an entity in � which that corporation or its principals will be the general partners or principals. The estimated principal amount of bonds or other obligations to be issued to finance the • � Wrhitall Place Development is $1,700,000. The �— Whitall Place Development is located in the . New Housing and Blighted Lands Scattered .Site Tax Increment District, which is a state "target area" . THE MILTON BUILDING DEVELOPMENT� The Milton Building Development consists of the acquisition, rehabilitation and equipping � of a multi-family rental housing development of 60,000 square feet containing approxi- mately 45 rental units located at 250 East . . ' li► � OS-� Fifth Street, in the City of St. Paul, Minnesota. The Milton Building Developrnent will be owned and operated by Historic Landr.►arks for Living, or by a partriership to be formed in which Historic Landmarks for Living will be a general partner or ' princinal. The estimated princi�al amount of bonds or other� obligations to be issued to finance the Milton Building Development will be approximately $4,490,000. The Milton Building Development is located in the Lower- town Area of Chronic Economic Distress, a ' federal and state "target area." " THE ATR BUILDING DEVELOPMENT . - The ATR Building Development consists of the acquisition, rehabilitation and equipping of a multi-family rental housing developrnent of approximately 150,000 square feet comprising approximately 140 rental housing dwelling units located at the intersection of Fourth Street and Broadway in the City of Saint • Paul, Minnesota. T'ne developer of the ATR Building Development will be Historic Landmar3cs for Living or an entity in which Historic Landmarks for Living or its principals will be general. partners. or � principals. The estimated principal amount of bonds or other obligations to be issued to fi�nance the ATR Building Development will be . . ap�roximately $10,770,000. The ATR Building Development is located in the Lowertown Area of Chronic Economic Distress, which is a Federal and state "target area." . 1 � HAZEL PLACE APARTMENTS DEVELOPMENT The Hazel Place Apartments Development consists of the construction and equipping of a multi-family rental housing development of approximately 114,400_�- sguare feet comprising approximately 114 rental housing dwelling units located at the southwest corner of the intersection of East Seventh Street and Hazel . Street in the City of Saint Paul, Minnesota. The developer of the Hazel Place Apartments < . �� s-.�� Development will be Hazel Place Apartments or an entity in which Hazel Place Apartments is a general partner or principal. The estimated principal amount of bonc�s or other obligations to be issued to finance the Hazel P1ace Apartments Development will be approximately $5,000,000. The Hazel Place AparLments Deveiopment is located in the New Housing and Blighted Land Scattered Site Tax Increment District which is a State "target area." HIGHLAND VILLAGE HOUSING DEVELOPMENT The Highland Village Housing Development � consists of the acquisition, rehabilitation and equipping of a multi-family rental housing development of approximately 237. ,633 square feet comprising approximately 258 rental housing dwelling units located �at 845 South� Cl evel and-Avenu�: St. � Paul, Minnesota. � The developers of the Highland Village ' Housing Development are Henry Hyatt, Sheldon Baskin and Daniel Epstein or an entity in which those individuals will be general partners or principals. The estimated principal amount of bonds or other obligations to be issued to finance the Highland Village Housing Development is $11,600,000. The Highland Village Housing Development is not located in a Federal or state "target area." • � THE VIRGINIA APARTMENTS DEVELOPMENT � � The Virginia Apartments Development consists of the acquisition, rehabilitation and equipping of a multi-family rental'housing development of approximately 23,600 square feet comprising approximately 12 rental housing dwelling units located at 203-207 Virginia Street in the City o� Saint Paul, Minnesota. The developer of the Virginia Apartments Development will be Minnesota � Building Properties, Inc. or an entity in . which Minnesota Building Properties, Inc. or its principals are general partners or princi- pals. The estimated principal amount of � �-��.�---.� bonds or other obligations to be issued to finance the Virginia Apartmeni:s Development will be approximately $500,000. The Virginia Apartments Development is located in the Cathedral Hill/Sumrnit-University Redevelop- ment Area, a State "target area" . • THE SJ""„*"Im °LACF DEVELOPMENT Tne Summit Place Development consists of the construction and equipping of a multiple � building multifamily rental housing developmEnt of approximately 48,100 square . - feet comprised of approximately 41 rental housing dwelling units located at the ' - following addresses in the City of Saint Paul: Selby Avenue between Summit and Nina� ( 30units) ; West Side of Nina between Selby �and haure}- _'_-- (4 units) ; . � Southwest corner of Selby and Farrington (7 units) . . The �developer of the Summit Place Development will be Engstrom Carley Partners, or an entity in which Engs�trom .Carley Partners or its pri:ncipals are general partners or � principals. The estimated principal amount of bonds or other obligations to be issued to finance the Summit Place Development is . approximately $2,120,000. The Summa.t Place Development, is located in the �athedral Hill/Summit-University Redevelopment Area, which is a "target area" under state law. ` THE DAYTON PLACE APARTMENTS . DEVELOPMENT . The Dayton Place Apartments Development consists oi the construction and equipping of a multi-family rental housing development of approximately 40,000 square feet comprising approximately 36 rental housing dwelling units located at 627, 629, 631, 633 � and 635 Dayton Avenue in St. Paul, Minnesota. The developer of the Dayton Place Apartments Development will be Dayton-Dale Associates, Inc. or an entity in wha.ch Dayton-Dale Associates, Inc. or its principals � . � . . � ��:�� will be the general partners or principals . The estimated principal amount of bonds or other obligations to be issued to finance the Dayton-Dale Apartments Development is $2,500,000. The Dayton-Dale Apartments Development is located in. the New Hou�ing and Blighted Lands Redevelopment Scattered Site Tax Increment District. As required by Federal law, not less than 20°s of the units in each of the Developments described above will be occupied by persons of low income, a category presently defined under Federal law to mean persons or families whose income is 80% or less of the median income for the St. paul area as determined by the United States Department of Housing and Urban Dsvelompent; provided that the applicable percentage for Devzlopments located in a "target area" as de€ined by Federal law, is 15� . Some of the Developments may contain non-housing components, but "substantially all" (90� ) of the portion of each Development financed by bonds or obligations issued under Minnesota Statutes, Chapter 462C wil.l consist of housing and functionally related and subordinate facilities. ' The estimated principal amount of bonds or other obli- gations to be issued to finance the Developments will be $38 ,6$0,000. It is anticipated that the Developments described above, together with certain other rental housing developments, � . will be financed by bonds to be issued, jointly, by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") and the Minneapolis Community Development Agency, provided that such bonds may be issued by the HRA alone, or for any one or more of the Deve2opments, if the HRA � so determines. Said bonds or other obligations, as and when issued, -- will not constitute a charge, lien or encumbrance upon any property of the City of Saint Paul, or the HRA except the Developments and the revenues to be derived 'from the Developments. Such bonds or obligations will not be a charge against the City' s or HRA' s general credit or taxing powers but are payable from sums to be paid by the owner of the Developmsnt pursuant to revenue agreements. Further information concerning the Developments, and � the financing programs therefor, may be obtained from the Housing Division, Department of Planning and Economic Development, City Hall Annex - 12th floor, 25 West 4th Street, St. Paul, Minnesota 55102 (telephone 292-1577) . � . - �� .�� At the time and place fixed for the public hearing, the City Council of the City of Saint Paul, Minnesota will given all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Dated this 21st day of December, 1984. ' (BY ORDER OF THF, CITY COUI�ICIL OF THE CITY OF SAINT PAUL, MINNESOTA} _. By s/ ALBERT OLSON " City Clerk � . ,_ � .� (.� �.�-�� ::�� CITY OF SAINT PAUL INTERDEPARTMENTAL MEMORANDUM DATE: DECEMBER 21, 1984 x�'��A �i�' t�l T0: AL OLSON, CITY CLERK ��y � R � �� FROM: SHERI PEN�ERTON DEPT. OF PED �' �`;�r�� F,r� .� � � �,.:_':'�� J� SUBJECT: CITY COUNCIL PUBLIC HEARING FOR JANUARY 8, 1985 Attached is a copy of the Public Hearing Notice, which was published in the St. Paul Legal Ledger on Saturday, December 22, 1984 and the St. Paul Pioneer Press and Dispatch on Sunday, December 23, 1984. Please place this Public Hearing on the City Council Agenda for Tuesday, January 8, 1985. A City Council Resolution will be forwarded to you by the City Attorney's Office, prior to the City Council Meeting. Thank you. SAP:rmf cc: Becky Hartman, Nancy West Attachment bcc: Chron, Paper Legal Bond File . , . . . . , 1�� -,�� 594B"r3 I�TOTICE OF PUBLIC HEARSI�IG ON PROPOSAL FOR A PROGRAbI TO FINANCE MULTI-FAMILY RENTAL HOUSING DEVELOPMENTS T� w:z�,�� ::►ay co::�ern: , . Notice is hereby given that tre City Council of the City of Saint Paul, Minnesota will meet in the City Council Chambers at the City Hall in the City of Saint Paul, Minnesota at 10 o' clock a..m. on January 8, 1985, to consider the -� �roposal of the Developers named below that the City undertake a program to finance the developments located in the City of St . Paul hereinafter described, pursuant to the City' s housing plan under Minnesota Statutes, C'hapter 462C, by the issuance of revenue obligations. WHITALL PLACE DEVELOPMENT The Whitall P1ace Deve�opment consists of the . construction and equipping of a multi-family rental housing development of approximately 37 ,772 square feet comprising approximately �0 rental housing dwelling units located at the northeast corner of the intersection of Whitall Street and Bradley Street in the City of Saint Paul, Minnes.ota. The Developer of the Whitall �Place Development will be E. E. "Pete° Parranto Co. , Inc. or an entity in which that corporation or its principals will be the general partners or principals. The estimated principal amount of bonds or other obligations to be issued to finance the • Whitall Place Development is $1,700,000. The � Whitall Place Development is located in the • New Housing and Blighted Lands Scattered .Site Tax Increment District, which is a state "target area" . THE MILTON BUILDING DEVELOPMEI�IT The I�ilton Building Development consists of the acquisition, rehabilitation and equipping of a multi-family rental housing development of 60,000 square feet containing approxi- mately 45 rental units located at 250 East � - �. , . � . ��-3� Fifth Street, in the City of St. Paul, Minnesota. The Milton Building Development w'ill be owned and operated by Historic Landmarks for Living, or by a partnership to be formed in which Historic Landmarks for Livinq will be a general partner or principal. The estimated princigal amount of bonds or other obligations to be issued to finance the Milton Building Development will be approximately $4,490,000. The Milton Building Development is located in the Lower- town Area of Chronic Economic Distress, a federal and state "target area." "' THE ATR BUILDING DEVELOPMENT The ATR Building Development consists of the acquisition, rehabilitation and equipping of a multi-family rental housing development of approximately 150,000 square feet comprising approximately 140 rental housing dwelling units located at the intersection of Fourth Street and Broadway in the City of Saint Paul, Minnesota. The developer of the ATR Building Development will be Historic Landmarks for Living or an entity in which Historic Landmarks for Living or its principals will be general. partners or principals. The estimatec� principal amount of bonds or ather obligations to be issued to f inance. the ATR Building Development will be approximately $10,770,000. The ATR Building Development is located in the Lowertown Area of Chronic Economic Distress, which is a Federal and state "target area.° HAZEL PLACE APARTMENTS DEVELOPMENT The Hazel Place Apartments Develo�xnent consists of the construction and equipping of a multi-family rental housing development of approximately 114,400�-•- square feet comprising approximately 114 rental housing dwelling units located at the southwest corner of the intersection of East Seventh Street and Hazel Street in the City of Saint Paul, Minnesota. The developer of the Hazel Place Apartments . � - � ��--3� Development will be Hazel Place Apartments or an entity in which Hazel Place Apartments is a general partner or principal. The estimated principal amount of boncts or other obligations to be issued to finance the Hazel P1ace Apartments Development will be approximately $5,000,000. The Hazel Place Apar�unents Development is located in the New • Housing and Blighted Land Scattered Site Tax Increment District which is a State "target area." HIGHLAI�TD VILLAGE HOUSING < DEVELOPMENT The High land Village Ho�sing Development consists of the acquisition, rehabilitation and equipping of a multi-family rental housing development of approximately 231,633 sguare feet comprising approximately 258 rental housing dwelling units located at 845 South C1�vel and-avenu� St. � Pau1, Minnesota. The developers of the Highland Village Housing Development are Henry Hyatt, Sheldon Baskin and Daniel Epstein or an entity in which those individuals will be general partners or principals. The estimated principal amount of bonds or other obligations to be issued to finance the Highland Village Housing Development is $1.1,600,000. The Highland Village Housing � Development is not located in a Federal or state "target area." THE VIRGINIA APARTMENTS DEVELOPMENT � The Virginia Apartments Development consists of the acquisition, rehabilitatian and equipping o£ a multi-family rental housing development of approximately 23,600 square feet comprising approximately 12 rental housing dwelling units located at 203-207 Virginia Street in the City o� Saint Paul, Minnesota. The developer of the Virginia Apartments Development will be Minnesota � Building Properties, Inc. or an entity in which Minnesota Building Properties, Inc. or its principals are general partners or princi- pals. The estimated principal amount of , . _ � ��-_�3 bonds or other obligations to be issued to finance the Virginia Apartments Development will be approximately $500,000. The Virginia Apartments Development is located in the Cathedral Hill/Summit-University Redevelop- ment Area, a State "target area" . THE SUMMIm PLACE , DEVELOPMENT The Summit Place Development consists of the construction and equipping of a multiple . building multi£amily rental housing development of approximately 48,100 square - feet comprised of approximately 41 rental housing dwelling units located at the following addresses in the City of Saint Paul: Selby Avenue between Summit and Nina ( 30units) ; West Side of Nina between Selby and haute}- : ,-w (4 units) ; Southwest corner of Se1by and Farrington (7 units) . The �developer of the Summit P1ace Development will be Engstrom Carley Partners, or an entity in which Engs�trom Carley Partners or its principals are general partners or principals. The estimated princinal amount of bonds or other obligations to be issued to finance the Summit P1ace Development is approximately $2,120,000. The Summit Place Development, is located in the Cathedral Hill/Summit-University Redevelopment Area, wYiich is a "target area" under state law. � THE DAYTON PLACE APARTMENTS DEVELOPMENT The Dayton Place Apartments Development consists of the construction and equipping of a multi-family rental housing development of approximately 40,000 square feet comprising approximately 36 rental housing dwelling units located at 627, 629, 631, 633 and 635 Dayton Avenue in St. Paul, Minnesota. The developer of the Dayton Place Apartments Development will be Dayton-Dale Associates, Inc. or an entity in wha.ch Dayton-Dale Associates, Inc. or its principals � ° • . _3� " ' ��'.� will be the general partners or principals. The estimated principal amount af bonds or other obligations to be issued to finance the Dayton-Dale Apartments. Development is $2,500,000. The Dayton-Dale Apartments Development is located in the New Housing and Blighted Lands Redevelopment Scattered Site Tax Increment District. As required by Federal law, not less than 20� of the units in each of the Developments described above will be occupied by persons of low income, a category presently defined under Federal law to mean persons or families whose income is , 80% or less of the median income for the St. paul area as - determined by the United States Department of Housing and Urban Develompent; provided that the applicable percentage for Developments located in a "target area" as defined by Federal law, is 15� . Some of the Developments may contain non-housing components, but "substantially all" (90� ) of the portion of each Development financed by bonds or obligations issued under Minnesota Statutes, Chapter 462C wil.l consist of housing and functionally related and subordinate facilities. The estimated principal amount of bonds or other obli- gations to be issued to finance the Developments will be $38,6�0,000. It is anticipated that the Developments described above, together with certain other rental housing developments, will be financed by bonds to be issued, jointly, by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") and the Minneapolis Community Development Agency, provided that such bonds may be issued by the HRA alone, or for any one or more of the Developments, if the HRA so determines. Said bonds or other obligations, as and when issued, � will not constitute a charge, lien or encumbrance upon any property of the City of Saint Paul, or the HRA except the Developments and the revenues to be derived from the Developments. Such bonds or obligations will not be a charge against the City' s or HRA`s general credit or taxing powers but are payable from sums to be paid by the owner of the Development pursuant to revenue agreements. Further information concerning the Developments, and � the financing programs therefor, may be obtained from the Housing Division, Department of Planning and Economic Development, City Hall Annex - 12th floor, 25 West 4th Street, St. Paul, Minnesota 55102 (telephone 292-1577) . . . . . � . . . � . �.��3� At the time and place fixed for tre public hearing, th e City Council o�f the City of Saint Paul, Minnesota will given all persons who appear at the hearing an opportunity to. express their views with respect to the proposal. Dated this 21st day of December, 1984. (BY ORDER OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL, MINNESOTA) _. By s/ ALBERT OLSON City Clerk � WHITE - CiTY CIEpK � � PINK FINANCE TF1� + COUI�CIl �/"� C4Nqpy _ DEP4qTMENT GITY OF SAI � T 1 1lUL File NO. `!� �� - B�UE -MnrOR . . Council Resolution Presented By Referred To Committee: Date Out of Committee By Date � RESOLUTION RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT, GIVING PRELIMINARY APPROVAL TO THE PROJECTS AND THE PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORI?Y TO ISSUE HOUSING REVENUE BONDS AND AUTHORIZING THE SUBMISSION OF FINANCING PROGRAM FOR APPROVAL TO THE MINNESOTA HOUSING FINANCE AGENCY AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH THE SAID PROJECTS AND PROGRAM WHEREAS, (a) Minnesota Statutes, Chapter 462C (the "Act") confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise on behalf of a city the powers conferred by the Act, the power to issue revenue bonds to finance a program fa the purposes of planning, administering, making or purchasing loans with respect to one or more multi-family housing developments within the boundaries of the city; COUNCILMEN Requested by Department of: Yeas Nays Ffetcher °feN1 [n Favor Masanz NiCOSfa scnetbe� Against BY Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY B� Approved by� :�lavor: Date Approved by Mayor for Submission to Council �. � . _ C� �g"�� . � (b) The Housing and Redevelopment Authority of the City of Saint Paul, � _ Minnesota (the "HRA" ) has been designated, by . ordinance, to exercise, on behalf of the City of St. Paul, Minnesota (the "City" ) the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.08; (c) The City has received from several real estate developers, identified more particularly on the Notice of Public Hearing attached hereto as Exhibit A (collectively, _, tYie "Developers") proposals that the City undertake a program to finance the Developments also described on Exhibit A hereto (the "Developments") through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; (d) The City desires to: facilitate the development of rental housing within the community; encourage the development of affordable housing opportunities for residents of the City; encourage the developinent of housing facilities, a portion of which is designed for occupancy by persons o£ low or moderate income; and encourage the development of blighted or underutilized land and structures within the boundaries of the City• and the Developments will assist the City in achieving these objectives. (e) Each of the Developers are ' currently engaged in the business of real estate development. The Developments to be - .� financed by the Bonds consist of the acquisition, construction or renovation, and equipping, of the multi-family rental housing developments described on Exhibit A, which � will result in the provision of decent, safe and sanitary rental housing opportunities to persons within the community, (f� The City has been advised by � representatives of the Developers that con- ventional, commercial financing to pay the capital costs of the Developments is available only on a limited basis and at such . . : � . _ . _ � .. �� C'��s�� hig2-i costs of borrowing that the economic � feasibility of operating the Developments . would be significantly reduced, but the Developers have also advised the City that with the aid of municipal financing, and resulting low borrowing costs, the Developments are economically more feasible; (g) A public hearing on the Developments and the financing program therefor was held on January 8, 1985, after notice was published, all as required by _. Minnesota Statutes, Section 462C .05, subd. 5, at which public hearing all those appearing at said hearing who desired to speak were heard; (h) No public official of the City has either a direct or indirect financial interest in the Developments nor will any public official either directly or indirectly benefit financially from the Developments, ( i) The Developers have submitted to the HRA the forms of Memorandum of � Understanding executed by each Developer, expressing certain understandings by and between the HRA and each Developer pertaining to the Developments, and the financing therefor. ' ( j) It is proposed, subject to Paragraph 2 of this Resolution, that bonds to finance the Developments should be issued by . the HRA, jointly with the Minneapolis Community Development Agency (the "MCDA" ) , as '�" part of an issue to finance the Developments and other multi-family rental housing developments. . NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Pau1, Minnesota, as follows: 1. The City hereby gives preliminary approval to the proposals of the Developers that the City undertake the Developments, and the program of financing therefor, pursuant to Minnesota Statutes, Chapter 462C, consisting of the acquisition, construction or rehabilitation, and equipping, of � . � � ��-� • nulti-fa.�nily rental housing facilities within the City pursuant to the Developers' specifications and to a revenue agreement between the HRA and each Developer on such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in a total principal amount of approximately $38,680,000 to be issued pursuant to *_hQ Ac± t� fir.�nc� the aequisi�ion and construction or , rehabilitation, and equipping, of the Developments; and said agreement may also provide for the entire interest of the Developer therein to be mortgaged to the purchasers of the Bonds, a trustee for the holder(s) of the Bonds or an entity or agency which provides credit support for the Bondss; and the � City, acting by and through the HRA, hereby undertakes preliminarily to issue its bonds in accordance with such terms and conditions; 2. The Bonds are anticipated to be issued by the HRA and MCDA, jointly, together with bonds (as part of the same �ssue) issued to finance other multi-family rental housing developments, and are proposed to be structured to utilize credit enhancement provided by the Federal National Mortgage Association, or if such credit enhancement is nat feasible, then at the option of the MCDA and HRA, the financing may be structured so as to take advantage of whatever means are available and are permitted by law to enhance the security for, or marketability of, the Bonds; provided that any such financing structure must be approved by the HRA and Developer. In the alternative, the HRA may issue bonds alone, or to finance any one or more of the Developments, if the HRA so determines. 3. On the basis of information available to the Gity it appears, and the City hereby finds, that the Developments constitute multi-family housing developments within the meaning of subdivision 5 of Section 462C.02 and Section 462C.05 of the � Act; that the Developments will be occupied, in part, by persons of low or moderate income; the availability of the financing under the Act and the willingness of the City to furnish sucYi financing will be a substantial inducement to the � Developers to undertake the Developments, and that the e£fect of the Developments, if undertaken, will be to encourage the provision of decent, safe and sanitary multi-family rental housing opportunities to residents of the City, to assist in the redevelopment of blighted and marginal land and to promote more intensive development and use of land within the City; . . . , ��_�� . 4. The Developments, and the program to finance the Developments by the issuance of revenue bonds, is hereby �given preliminary approval by the City subject to the a�proval of the financing program by the Minnesota Housing Finance Agency ( "tdHFA" ) and subject to final approval by the HRA, the Developers and the purchasers of the Bonds as to ultimate details of the financing of the Developments; and the City further approves the issuance of the bonds as part of a joint HRA and MCDA issue to finance a joint program for the � Developments and other multi-family rental housing developments or for any one or more of the Develo�ments only; � 5.. Pursuant to Chapter 72, Saint Paul, Minnesota, _. Aministrative Code, the City hereby authorizes and directs The Housing and Redevelopment Authority of the City of• Saint Paul, ?�Iinnesota (the "HR.A" ) to issue the housing revenue bonds, alone or jointly with the MCDA, to finance the Developments and to take all actions necessary or desirable in connection therewith, and no further approval or authorization of the City shall be required; 6 . In accordance with subdivision 5 of Section 462C.05, Minnesota Statutes, the Executive Director of the HRA is hereby authorized and directed to submit the program for financing the project to MHFA or include the Program in the Joint Program authorized by City Council Resolution No. �¢-�3�"S adopted ()C vL�tr 9 . 1984 and previously submitted to the MHFA by the HRA and MCDA, jointly, which Joint Program was approved by the MHFA on October 25, 1984, requesting MHFA approval, and other officers, and employees and agents of the City and HRA are hereby authorized to provide MHFA with preliminary information as it may require; 7. The Developers have agreed and it is hereby • determined that any and all costs incurred by the City or HRA in connection with the financing of the Developments, or a pro rata share of such costs for a financing for the Project and � other projects, whether or not the Developments are carried to completion and whether or not approved by MHFA will be paid by � the Developers; 8. Briggs .�and Morgan, Professional Association, and Holmes & Graven, Chartered, acting as bond counsel, and such investment bankers as may be selected by the HRA, are authorized to assist in the preparation and r.eview of necessary documents relating to the Developments and the financing ' � _ ��lJ�' -�� • program therefor, to consult with the City Attorney, Developers and purchasers of the Bonds (or trustee for the purchasers of the Bonds) as to the maturities, interest rates and otrer terms and provisions of the Bonds and as to the covenants and other provisions of the necessary documents and submit such documents to the HRA for final approval; 9. Nothing in this Resolution or the. documents : prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Developments other than as specified and authorized by separate actions of the City Council or HRA Board and other than the revenues derived from the Developments or _, otherwise granted to the City or HRA for this purpose. The Bonds shall not consitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City or HRA except the revenue and proceeds pledged to the payment thereof, nor shall the City or HRA be subject to any liability thereon. T'he holder of the Bonds shall never have the right to compel any exercise of the taxing power of the City or HRA to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereon against any property of the City or HRA. The Bonds shall recite in substance that Bonds, including the interest thereon, are payable solely from the revenue and proceeds pledged to the payment thereof. The Bonds sY►all not constitute a debt of the City or HRA within the meaning of any constitutional or statutory limitation. 10. In anticipation of the approva2 by MHFA and the issuance of the Bonds to finance all or a portion of the Developments, and in order that completion of the Developments will not be unduly delayed when approved, the Developers are hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Developments to be financed from the proceeds of the Bonds, as the Developers consider necessary, including the use of interim, short-term � financing, subject to reimbursement from the proceeds of the Bonds if any when delivered but otherwise without liability on the part of the City or HRA. 11 . Each Memorandum of Understanding provides that � the HRA understands and agrees that the Developer may form a � partnership or other entity, which new entity will be the owner of the related Development. The City Council hereby agrees that each Developer may assign and transfer all its rights, - duties and obligations hereunder and under the applicab2e �'9HIT� — CiTV CLEFK • PINK — FIryANCE COUIICI� � / C4N4RV — DEPARTMENT GITY OF SAINT PAUL File NO. . CL✓ '� 9LUE — MqYOF � � c Council �Zesolution � Presented By Referred To Committee: Date Out of Committee By Date Memorandum of Understanding to such new entity, and that the HRA shall agree to such assignment or transfer; provided that the HRA's agreement and that of the City Council expressed herein extends only to a new entity in which the applicable � Developer or its principals are general partners or principals. Each Developer has stated in the Memaapdum of Understanding that it understands and agrees that the Memorandum of Understanding shall be null and void from and after the date of transfer or conveyance if the Developer transfers or conveys the related Development, or the Developer's right to develop the related Development, to an entity in which the Developer or its principals are not general partners or principals. COUNC[LMEN � Requested by Department of: Yeas Nays Fletcher °`ew In Favor Masanz Nicosia • scneibei __ Against BY Tedesco Wilson • Focm Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY B�: - �ppro�ed b� 11.,�or: Date _ Approved by Mayor for Sub:nission to Council (3 � R,� q.� �� £ \ ��' �c. 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