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85-347 WHITE - C�TV CLERK PINK - FINANCE G I TY OF SA I NT PALT L Council � �y� CdNqRV �DEPARTMENT ¢ BLUE - MAVOR � /1 , File N ;,� �'o c�l Resolution Presented By Referr o Committee: Date Out of Committee By Date RESOLUTION APPROVING THE PARTICIPATION BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL IN A JOINT PROGRAM FOR FINANCING RENTAL HOUSING AND GIVING APPROVAL TO EXECUTION BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF A JOINT POWERS AGREEMENT IN CONNECTION THEREWITH, APPROVING, AFFIRMING AND AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORITY TO ACT AS THE ISSUER OF BONDS TO FINANCE THE JOINT PROGRAM AND APPROVING SUBMISSION BY THE HRA OF A JOINT APPLICATION FOR THE JOINT PROGRAM TO THE MINNE50TA HOUSING FINANCE AGENCY WHEREAS: (A) The City Council of the City of Saint Paul, Minnesota (the "City Council") , by resolutions No. 84-1252 and No. 85-60, adopted on September 18, 1984 and January 15, 1985 respectively, has approved a multi-family rental housing development, known as the "Brutger Project" and the financing thereof pursuant to Minnesota Statutes, Chapter 462C; (B) The City Council, by resolution No. 84-1620 adopted on December 4, 1984, has approved a multi-family rental housing COUNCILMEN Requested by Department of: Yeas Nays Ff424l�� � Drew [n Favor Masanz Nicosia scheibe� __ Against BY Tedesco Wilson Sonnen Form A ved by City Attorney Adopted by Council: Date ,� Certified Passed by Council Secretary BY By- t�pproved by Ylavor: Date Approved by Mayor for Submission to Council By By � � C'.��,�- .�y� developanent, known as the "Cathedral Hill Project" and the financing thereof pursuant to Minnesota Statutes, Chapter 462C; (C) It is now proposed that the Brutger Project and Cathedral Hill Project should be financed, together with certain other multi-family rental housing projects located in various municipalities in the State of Minnesota, pursuant to a single issue of revenue bonds or obligations; (D) It is anticipated that such revenue bonds or obligations will be structured as a "loan-to-lender" transaction with Midland Financial Savings and Loan Association of Des Moines, Iowa acting as the "lender" , and that the bonds will be underwritten by Piper, Jaffray & Hopwood Incorporated; (E) It is further proposed that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA" ) should issue the revenue bonds or obligations, acting on behalf of itself, as directed by the City Council, with respect to the Brutger Project and Cathedral Hill Project, both located within the city limits of the City of Saint Paul (the "City") , and on behalf of such other municipalities, as may approve the financing of multi-family rental housing projects located therein for financing pursuant to a joint program and as may request the HRA to so act as issuer of the revenue bonds or obligations; ' �'�r��-;31�'� (F) The HRA, by Resolution adopted on March _, 1985 (a copy of which is attached as Exhibit A hereto) , has approved the joint program for financing rental housing, given preliminary approval to a Joint Powers Agreement and form of Regulatory Agreement to be executed in connection with the joint program, authorizing the HRA to act as issuer of the Bonds to finance the joint program and reguesting the City Council of the City of Saint Paul to approve and affirm the HRA as the issuer of the Bonds and authorizing submission of a joint application for the joint program to the Minnesota Housing Finance Agency, all as more fully provided for in such HRA resolution; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, as follows: 1. The City hereby approves the financing of the Brutger Project and the Cathedral Hill Project, together with certain other multi-family rental housing developments located in various municipalitiss in the State of Minnesota, by the issuance of a single issue of revenue bonds or obligations to be issued by the HRA on behalf of itself and all of such other municipalities participating in the joint program and which have requested the HRA to act as single issuer of the revenue bonds or obligations. 2. The City Council hereby approves the HRA' s designation as single issuer of the revenue bonds or obligations to finance � ��-�y� the joint program and affirms the HRA' s intent to proceed as a single issuer of such revenue bonds or obligations and the HRA is hereby authorized to undertake and perform all actions necessary to carry out its role as issuer of the revenue bonds � or obligations. 3. The form of the Joint Powers Agreement attached hereto as Exhibit B is hereby approved. The Chairman, Secretary, Executive Director and Director, Department of Finance and Management Services of the HRA and such other officers or employees of the City or HRA as may be appropriate are hereby authorized and directed to execute the Joint Powers Agreement upon execution thereof by such other municipalities or other political subdivisions as may also approve the financing of multi-family rental housing developments located in each of them for financing under the joint program. This Council hereby authorizes and directs the Chairman, Secretary, Executive Director and Director, Department of Finance and Management Services of the HRA and other appropriate officers and employees of the HRA or City to execute the Joint Powers Agreement with such variations, alterations, modifications or other changes as may be required to effectuate the purposes of this resolution and are not, in the opinion of the City Attorney, materially adverse to the interests of this City or the HRA. ' �� � � C,����_-�� � 4. The City Council hereby approves submission by the HRA to the Minnesota Housing Finance Agency of a combined, joint application form as may be appropriate to secure the approval of the Minnesota Housing Finance Agency to the joint program and the financing of all of the multi-fahiily rental housing developments to be included therein. 5. The Chairman, Secretary, Executive Director and Director, Department of Finance and Management Services of the HRA and other appropriate officers or employees of the HRA are hereby authorized and directed to execute all documents pertaining to the role of the HRA as issuer of the Bonds, including the Indenture, the Lender Loan Agreement, the Regulatory Agreements pertaining to the Brutger Project and the Cathedral Hill Project and, in its capacity as Issuer of the revenue bonds or obligations, the Regulatory Agreements pertaining to the projects to be located in municipalities other than the City and all other Closing Documents as may be necessary to canplete the financing. Such aforementioned documents in connection with issuance of the revenue bonds or obligations shall be subject to the approval of the City Attorney, and shall contain such terms and conditions as may be required to ( i) implement the HRA' s policies with respect to rental housing located in the City, with respect to the payment of fees, expenses and other charges associated with revenue M�M17E - CITV CLERK PINK �FINANCE GITY OF SAINT PAUL Council �J /� C.iNC.RY DEPARTMENT File NO• �;� ✓�/ BLUE - MAVOR � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date bond financing, and with respect to any other matters which would normally be included in agreements between the HRA and the developer of a project located in the City financed by revenue bonds and (ii) implement the HRA' s role as issuer of the revenue bonds or obligations for the other municipalities or political subdivisions participating in the joint program. The approvals and authorizations contained in this resolution are hereby made expressly subject to the execution of all such documents and agreements containing such terms and conditions as may be acceptable to the aforementioned officers of the HRA and the City Attorney. COUNCILMEN Requested by Department of: Yeas *�r�e� y� � � .��' o►aw In Favor Masanz Nicosia scheibe� __ Against BY Tedesco Wilson ��``�y��r<; � o; 19�P�. Form Appr ed by City Attorney Adopted by Council: Date `��`L��I Certified P• ••ed by Council Secretar , BY '�'`'"'� By / � ` � ' t�pp by lqavor: Dat �- � � � �A� Approved by Mayoc for Submission to Council By By p�.�sM�� MAR 2 3 1985 ����5-3�7 PED �EPARThiENT Gloria Bostrom rpNTACT 7494 Ext. 258 PHONE 3/8/85 DATE ���� �� ' (Routing ar�d Explanation Sheet) Assi9n Number for Routing Order (Clip All Locations for Mayoral Si9nature)• � Qepartment Di rector . . 3 City Attorney Director of Management/Mayor Finance and Management Services Director 5 City C]erk Budget Director _ 1 Ken Johnson 4 Councilman Wilson i�hat Will be Achieved by Takinq Action on the Attached Materials? (Purpose/Rationale): — , Approval of Multi-City Multi-Rental Housing Program being used to finance the Cathedral Nill Project (Developer John McQuillan) and the Suncliffe Project (Brutger Co.) ; includes approval of Joint Powers Agreement, MHFA Program Sub- mission, and HRA Board as "lead issuer" of bond program. On e��Coun�i( a �,�(a -�.,, Ma�✓'�, ! Z . � Financial , Bud9etary and Personnel Impacts Mticipated: Staff time will be reimbursed by developers. Funding Source and Fund Activity Nu�er Charged or Credit�d: Project Code No. 33489 Attachments (List and Nun�er all Attaci�aents�: 1 . Resolution pEPARTMENT REVIEW CITY ATTORNEY REYIEW X Yes No Council Resolution Required? Resolution Required? Yes No Yes X No Insurance Required? Insurance Sufficient? Yes No Yes X No Insurance Attached? Revision of Qctober, 1982 �SPP RPVPI"CP SidP for �Instructions) . . , . � . . Ci�--�J_��� � 501CC RESOLUTION APPROVING A JOINT PROGRAM FOR FINANCING RENTAi, HOUSING AND GIVING PRELIMINARY APPROVAL TO A JOINT POWERS AGREEMENT IN CONNECTION THEREWITH WHEREAS: (A) T'he City Council of the City of . Minnesota, by a resolution adopted on , 1984, has. approved a multi-family rental housing develo�xnent, known as the " Project" and the financing thereof pursuant to Minnesota Statutes, Chapter 462C; (B) It is now proposed that the Project should be financed, together with certain other multi-family rental housing projects located in �various municipalities in the State of Minnesota, pursuant to a single issue of revenue bonds or obligations; (C) It is anticipated that such revenue bonds or obligations will be structured as a "loan-to-lender" � transaction with Midland Financial Savings and Loan Association of Des Moines, Iowa acting as the "lender" , and that .the bonds will be underwritten by Piper, Jaffzay & Hopwood Incorporated; � (D) It is further proposed that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "St Paul HRA") should issue the revenue bonds or obligations, acting on behalf of itself with respect to certain projects located within the city limits of the City of Saint Paul, and on behalf of such other municipalities, including this City, as may approve the financing of multi-family rental, housing projects located. therei•n for financing pursuant to a joint program; (E) It appears that such an issue of bonds or abligations to finance a joint financing program will result in substantial financial benefits to the developers of the multi-family rental . housing developanents and will :accordingly assist the economi.c � � � � viability of such develo�xnents and� wi.11 result in lower rental. . ' � � � �iousing costs to the residents of s�ch d�velopments; . (F) There has been submitted to this City Council a forn� of Joint Powers Agreement providing €or a joint� housing program and for the issuance of bonds or obligations to finance such joint housing program; , . . � - ��'�'�`� .��7 NOW THEREFORE, BE IT RESOLVED by the City Council of the • City of , Minnesota, as follows: 1. 'I'he City hereby approves the financing of the Project, together with certain other multi-family rental housing developanents located in various municipalities in the State of Minnesota, by the issuance of a single issue of revenue bonds or obligations to be issued by the St. Paul HRA on behalf of itself and all of such other municipal,ities. 2. The form of the Joint Powers Agreement submit.ted to this City Council is hereby approved. The Mayor and such other officers or employees of the City as may be appropriate are - hereby authorized and directed to execute the Joint Powers Agree.raent upon execution thereof by such other municipalities or other political subdivisions as may also approve the financing of multi-family rental housing developments located in each of them for financing under the joint program. This City Council hereby authorizes and directs the Mayor and other appropriate officers and employees of the City to execute the . Joint Powers Agreement with such variations, alterations, modifications or other changes as may be required to effectuate the purposes of this resolution and are not, in the opinion of the City Attorney, materially adverse to the interests of this City. 3. The financing program for the � Project, together with the financing programs for the other multi-family rental housing developments to be financed under the joint program, is hereby authorized to be subr+Ritt. ' to the Minnesota Housing Finance Agency in co�nbined form anci :-s may be appropriate to secure the approval of the Minnesota Housing Finance Agency to the joint program and the financing of all of the multi-family rental housing develo�xaents to be included therein. 4. The Mayor and other appropriate officers or employees � of the City are further authorized and directed to •execute a Regulatory Agreement by and among the developer of the Project, the City, the Trustee for the revenue bonds or obligations issued to finance the joint �� � program,- and such vther parties �as may be apprapriate. ' Such � � Regulatory Agreement �shall be subject to the approval of the ' City' Attorney, and shall contain such terins and conditions a`s ' may be required to implement this City' s policies with respect to rental housing, with respect to the payment of fees, . . - : •. � � _ � � �i���-�yJ expenses and other charges associated wi.th revenue bond financing, and with respect to any other matters which would normally be included in ag reements between the City and the developer of a project financed by revenue bonds. The appravals and authorizations contained in this resolution are hereby made expressly subject to the execution of such Regulatory Agreement containing such terms �::id conditions as may be acceptable to the tdayor and City Attorney. � . . . . ,