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86-1682 WHITE - CITV CLERK PINK - FINANCE COUflCII G4NARV �DEPARTMENT G �TY OF SAINT PAUL File NO. `� � �� Bl_UE - MAVOR ' � cil Resolution �- --� Presented By ' � 3 % Referred To Committee: Date Out of Committee By Date RESOLUTIO RECI NG A PROPOSAL F08 A FINANCING PR.OGRAM FOR MULTI FAMILY RENTAL HOUSING DEVELOPMENT GNING PRELI INARY PPROVAL TO THE PR.OJECTS AND THE PROGRA PURS ANT T MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING HE MI NEAPOLIS/SAINT PAUL HOUSING FINANCE BOAR TO ISSU HOUSI G REVENUE BONDS AND AUTHORIZING THE SUBMISSI N OF F NANCING PROGRAM FOR APPROVAL TO THE INNES TA HOUSING FINANCE AGENCY AND AUTHOftIZING TH PREPA ATION OF NECESSARY DOCUMENTS AND MATER ALS IN CON ECTIO WITH THE SAID PROJECTS AND PROGRAM WHEftEAS, (a) Minnesota Statute , Chapter 462C (the "Act") confers upon cities, or hou ing and redevelopment uthorit es or port authorities authorized by ordinance to exer ise on behalf of a city e pow rs conferred by the Act, the power to issue revenue bonds to finance a rogram for the purposes of planning, administering, making or purchasing loans wi h respe t to one or more multi-family housing developments within the boundari s of th city COUNC[LMEN Requested by Department of: Yeas orew Nays N"°g'e In Favor Rettman Scheibel so�o.� __ Against BY Teaesco Wilson Form Appr y City A orn Adopted by Council: Date Certified Passed by Council Secret ry BY By� A►pproved by Mavor: Date Approv Mayor for Sub iss� to u cil� sy _ _ By � � . � � . '� . , l�� i��a (b) The Housing and Redevelopment Aut ority of the City of Saint Paul, Min esota (the "HRA" ) has been designated, by ord' nance to exercise, on behalf of the City of t. Pa l, Minnesota (the "City" ) the pow rs co ferred by Minnesota Statutes, , Sec ion 4 2C .O1 to 462C .08- (c) the HRA and the Minneapolis Co unity Development Agency have entered , int a Jo nt Powers Agreement dated Dec mber , 1984, as amended, creating the Min eapol s/Saint Paul Housing Finance Board (th "Boa d") , which is authorized to und rtake housing finance programs under the Act and t issue bonds for such program on beh lf of the City or HRA; (d) The City has received from Twin Cit es Ho sing Development Corporation (the ' "De elope ") a proposal that the City und rtake a program to finance the dev lopme ts also described on the Notice of Pub ic He ring attached hereto as Exhibit A ' (th "Dev lopments") through the issuance of rev nue nds or obligations (in one or more ser'es) ( he "Bonds") pursuant to the Act; (e) The City desires to: facilitate the devel pment of rental housing within the co unity encourage the development of aff rdabl housing opportunities for res dents of the City; encourage the dev lopme t of housing facilities, a portion of hich s designed for occupancy by persons of ow or moderate income; and encourage the dev lopme t of blighted or underutilized land , and struc ures within the boundaries of the Cit ; and the Developments will assist the Cit in a hieving these objectives . (f) The Developer is currently engaged in he bu iness of real estate development. The Devel pments to be financed by the Bonds con ist o the acquisition: construction or ren vatio , and equipping, of the mul i-fam' ly rental housing developments . . . � `, . . �_/�� '� des ribed on Exhibit A which will result in the provi ion of decent, safe and sanitary ren al ho sing opportunities to persons wit in th community; (g) The City has been advised by the Dev loper that conventional, commercial fi ncing to pay the capital costs of the Dev lopme ts is available only on a limited ' bas' s and at such high costs o� borrowing tha the conomic feasibility of operating the Devel pments woulci be significantly red ced, ut the Developer has also advised the City hat with the aid of municipal fin ncing and resulting low borrowing costs, the Devel pments are economically more fea ible; (h) A public hearing on the Dev lopme ts and the financing program , the efor as held on December�, 1986, after ' not' ce wa published, all as required by Min esota Statutes, Section 462C .05 , subd. 5 , at hich ublic hearing all those appearing at aid h aring who desired to speak were hea d; (i) No public official of the City has i eit er a irect or indirect financial ', int rest n the Developments nor will any ', pub ic of icial either directly or indirectly ben fit f nancially from the Developments; ( j) It is proposed, subject to Par graph 2 of this Resolution, that bonds to fin nce t e Developments should be issued by the Board as part of an issue to finance the Dev lopme ts and other multi-family rental hou ing d velopments. NOW THERE ORE, BE IT RESOLVED by the City Council f the Cit of S int P ul, Minnesota, as follows: 1. The C ty hereby gives preliminary approval to the proposa of t e Dev loper that the City undertake the Develop ents, and t e program of financing therefor, pursua t to Minn sota tatut s, Chapter 462C, consisting of the acquisi ion, onstr ction or rehabilitation, and equipping, f I � I . � . • . � ' • • � �1�� multi-family ental ousing facilities within the City pursu nt to the l�evelo er' s ecifications and to a revenue agreement betweenithe B ard ( r HRA) and the Developer for each Development o such terms and conditions with provisions for revisio from time o time as necessary so as to produce income nd re enues sufficient to pay, when due, the princip 1 and int rest n the Bonds in a total principal amount of approximately $ 3 000 000 to be issued pursuant to the Act t finance the a quisi ion and construction or rehabilitation, nd equippi g, of the D velopments; and said agreement may also provide�for t e ent' re interest of the Developer therein to e mortgaged to he pu chasers of the Bonds, a trustee for the holder(s) of he Bo ds or an entity or agency which provides credit $uppor for he Bonds; and the City, acting by and throughlthe B ard ( r HRA) , hereby undertakes preliminarily o issue its bon s in ccordance with such terms and conditions 2. The B nds are anticipated to be issued by the Board, �.ogeth r wit bonds (as part of the same issue) issue to fina�ice ot er mu ti-family rental housing developments . n the alternati e, th HRA may issue bonds alone, or to financ any one or mo e of he Developments, if the HRA so determine . The fin�ncing may b structured so as to take advantage of whateve� mean are vailable and are permitted by law to enhance the s curit for, or marketability of, the Bonds; provide� that any s ch financing structure must be approved y the Boa d (or HRA) nd Developer. 3 . On th basis of information available to the C' ty it appe rs, a d the City hereby finds, that the Developments constit te mu ti-f ily housing developments within the mean'ng of subd visio 5 of Section 462C.02 and Section 462C.05 of t e Act; that the Devel pments will be occupied, in part, by persons of 1 or m derate incame; the availability of the financi�g und r the Act and the willingness of the City to furnish such inanc ng will be a substantial inducement to t e Developers to under ake the Developments, and that the effec of the �evelo ents if undertaken, will be to encourage th provisi n of ecent safe and sanitary multi-family rental housing oppor uniti s to residents of the City, to assist i the redevelop ent o blighted and marginal land and to prom te more in�ensiv deve opment and use of land within the City; 4. The D velopments, and the program to finance e Develop�nents y the issuance of revenue bonds, is hereby gi n prelimi}�ary a prova by the City subject to the approval of the financi�hg pro ram b the Minnesota Housing Finance Agency I .� �• . , ' • +' . . . _.�t�� ( "MHFA" and ubjec to final approval by the Board (or HRA , the Dev loper and he �purchasers of the Bonds as to ultima e details of th fina cing of the Developments; and the City further appro es th issuance of the bonds by the Board (or HRA) as part f an ssue to finance the Developments and ot er multi-f mily ental housing developments or for any one or ore of the evelo ments only; I 5 . The C ty hereby authorizes and directs the Bo rd to issu� the ousin revenue bonds to finance the Developme ts and to take a 1 act ons necessary or desirable in connectio therewith, an no f rther approval or authorization of the ity shall be requ red; 6 . In ac ordance with subdivision 5 of Section 462C.05, Minn sota tatutes, the Board is hereby authorized and directed to s bmit he program for financing the Developmen s to MFiFA or in lude he financing program for the Developmen s in a joint pr gram ith other similar developments; request ng NffiFA approval and tr,er officers, and employees and agents of the Cit and oard re hereby authorized to provide NIFiFA wi h prelimi ary i forma ion as it may require; 7 . The D veloper has agreed and it is hereby determi ed th t any and all costs incurred by the City, HRA or Board i conn ction with the financing of the Developments, or a pro r ta sh re of such costs for a financing for the Deve op- ments a d oth r dev lopments, whether or not the Developmen s are car ied t comp etion and whether or not approved by MH A will be 'paid the Developer; 8 . Brigg and Morgan, Professional Association, nd Holmes & Grav n, Ch rtered, acting as bond counsel, and suc investment ba kers s may be selected by the Board, are authorized to assis in the preparation and review of neces ary documents rel ting o the Developments and the financing program there or, t consult with counsel to the Board, ' � Developer and purch sers of the Bonds (or trustee for the p r- . chasers of th Bond ) as to the maturities, interest rates nd other terms a d pro isions of the Bonds and as to the coven nts and oth r pro ision of the necessary documents and submit uch documen s to he Bo rd for final approval; 9 . Nothi g in this Resolution or the documents prepare purs ant h reto shall authorize the expenditure of any • . municip 1 fun s on he Developments other than as specified and authori ed by separ te actions of the City Council or HRA B ard i I � � N�HITE - CITV CLERK ��. PINK - FINANGE G I TY O F SA I NT PA U L Council CAKARV! DEPARTMENT BLUE - MAVOR File NO• � - � C uncil Resolution Presented By Referred To Committee: Date Ou� of Committ e By Date and other than the venues derived from the Developments or otherwise granted to the City r HRA for this urpose. The Bonds shall not constitute a charge, lien or encumbr nce, le al or eq itable, upon any property or funds of the City or HR except the evenue nd pro eds pledged to the payment thereof, nor shall the Ci or H8A be subject any li bility thereon. The holder of the bonds shall never ha e the right to compel ny exe cise of the taxing power of the City or HRA to pay the outstan ing pri ipal on the Bonds or the interest thereon, or to enforce paym nt thereon aga nst any propert of the City or HRA. The Bonds shall recite in substa ce that Bonds, includin the in rest thereon, are payable solely from the revenue an proceeds pl dged to the pay ent thereof. The Bonds shall not constitute a debt of the City r HRA ithin t e meaning of any constitutional or statutory limitatio . 10. antici ation o the approval by MHFA and the issuance of the Bonds to finance a 1 or a p rtion o the Developments, and in order that completion of the Develop ents ill not b unduly delayed when approved, the Developer is here y authorized o make uch ex enditures and advances toward payment of that portio of the costs of the evelop ents to be financed from the proceeds of the Bonds, as the Developer co siders ecessary, including the use of interim, short-term fin cing, subject to r imburs ment fr m the proceeds of the Bonds if and when delivered bu otherwise w thout bility the part of the City or HRA. 11. The Dev loper ay form one or more partnerships or other entities, and each ne entit will be he owner of a related Development. The City Counci hereby agre s that he Dev oper may assign and transfer all its rights, duties and obligations ereund r to suc new entity, provided that the agreement of the City Council expressed h rein ex ends only to a new entity in which the Developer is a general pa tner o princip L � COUNCILMEN Requested b Department of: Yeas preW Nays x�r�� N"°S'a [n Favor Rettman / Scheibel v� Sonnen � _ Agel[1St BY "¢dese� Wilson � Adopted by Council: Date � �6 Form Appro City�rn Certified Pass ncil Se ry By a B}� Approve Mavor. Da � O 'G' 2 � '�86 Approv Mayor for Submi ion Co cil BY — BY p BLISHED J a N - 3 �98� PED - Housin ' � - D�PAF�TMENT �� _ 05388 � Nan� West CONTACT 5 PHONE Oecember 3 1986- DATE e�i� � � SIGN NUMBER FAR RO ING 0 DER Cl All Locations for �$i na�ure : �partment Direct r ; 4 Director of Management Mayor Finance and Mana ment ervice �Director � City Clerk � Budget Director � 1 De ut Oirector - Hous n 'ty Attorney � AT WILL BE ACHI�1lED BY TA ING AC ON ON THE ATTRCHED MATERIALS? (Purpose/ - Rationale) : By signing attac ed Cit Counc resolution, you will be preparinq �'or Council consideration a esolut on qiv g preliminary approval to three projects seeki g tax-exempt finan ing un er the inneapolis/Saint Paul Rental Housing Oevelopme t Program, a joint effort b the t o Citi and the Family Housing Fund to produce large edrnom townhouse units or fam lies w h children. COST BENEFIT BUDGETA Y AND ERSONN L IMPACTS ANTICIPATED:: RE�E D Benefit is the p ducti n of 3 BR units for low-incame families. �E C 5 , � � �� MAYOR'S 0 ICE ; o y"_\�51 � �$ � F NANCING SOURCE AND UDGET CTIVIT NU(�ER CHARGED OR CREDITED: (Mayor's signa- ture not re- Total Amount of "Tr nsacti n: $ 000,000.00 quired if under � �10,000) Funding Source: ax=ex mpt re nue bonds Activity Number: PEII Pr ject # 615 • ATTACHMENTS List and Numbe All At achments : 1 . City Council Resolu ion 2. Public tieara g :Noti e - 3. HRA Resoluti n Appr ving J nt Rental Program DEPARTMENT REVIEW CITY ATTORNEY REVIEW x Yes No Council Resolu ion Re ired? - ' Resolution Required? � s No Y�s x No Insuran e Requ red? Insurance Sufficient? ` s No Yes No Insuran e Atta hed: A � (SE •REVER SIDE FOR INSTRUCTIONS) Revised 12/84 � - . • . � ', � . 54�L (i�`- Y ` �� . NO ICE Oc PUBLIC HEARING ON PROP SAL FOR A PROGRAM T7 FINA��E - MU TI-FA. ILY RF.t�TAL HOUSING DEVELO?yENTS To whom it ma conc rn: Not ce is hereby given that the Citv Council of he City of Saint Paul , Minnesota will meet in the iity Counci Chambers at t e Cit Eiall in the City of Saint Paul , Minne ota at10:00 o' cl ck p. . on December23 , 198b, to consider th proposal of t e Dev lopers named below that t'.:e City under ake a program to inanc the developments located in the City f St. Paul here nafte described, pursuant to t::e City' s hou ing plar. under Mi nesot Statutes, Chapter 462C, �y the issuan e of revenue oblig tions INCOLN TOWNHOMES The Linco n Townhomes development consists of the const uction and equipping of a � mul i-fam ly rental housing develop�ent of app oxima ely 18 ren.tal housing dwelling uni s loc ted at the northeast corn2r of the • int rsect on of Tedesco Street and 3urr Str et in the City of Saint Paul , Minnesota. The Devel per of the Lincoln Townho�es dev lopme t will be the Twin Cities �iousing Dev lopme t CorQoration or an entit�� in which tha corp ration will be the genera_ partner � or prin ipal. The estimated principal amo nt of bonds or other obligations to be iss ed to finance the Lincoln Townh�mes dev lopme t is � 1 ,148,900 � . CARR LL AVENUE TOWNHOMES . The Carro 1 Avenue Tow^home� develo�^�ent con ists f the construction and ea:�ipping of a m lti-f mily rental housing devel��ment of app oxima ely ll rental housing dwe '_�ing uni s loc ted at the intersection o= Milton • . Str et an Carroll Avenue in the Ci:y of Sai t Pau , Minnesota . The develop2r of the Car oll A enue ;ownhomes developmen_ will be � ' � � . - � � . �. _. �-/�O�'�- . Twin Citie Housing Development Corporation or a enti _y �in whicz that corporation will be s gener 1 partnar or principal. The esti ated rincipal amount of bonds or other obli ation to b� issued to finance the � Carr 11 Av nue Townhomes development will be _ � appr ximat ly $ 702,200 C NCORD/WINIFRED The oncor /Winifred Development consists of the onstr ction and equipping of a mul -fami y rental housing development of appr ximat ly 18 rental housing dwelling uni loca ed on �linifred Street, east of the inte secti n of Robert Street and Concord Stre t in he City of Saint Paul, Minnesota. ' The evelo er of the Concord/Winifred develop- ment will e Twin Cities Housing Development Corp ratio or an entity in which that cor rati is a general partner or pri ipal. The estimated principal amount of bon or her obligations to be issued to fina ce th Concord/Winifred development will be prox ' ately $ 1�148,900 As r quire by Federal law, not less than 20� or 0$ • of the units ' eac of the developments described above wi 1 be occupied b pers s of low income, a category presently defined under eder 1 law to mean persons or families whose income is eit r 50� or 60$ or less of the median income fo the St. Paul ea as determined by the United States Depar ent of Housing an Urba Develompent. Som of t e developments may contain non-housing components, b "su stantially aIl" (95$) of the portion of each developm nt fi anced by bonds or obligations issued un er � . Minnesota Sta tes, apter 462C will consist of housing an , functionally elate and subordinate facilities. . The stim ed principal amount of bonds or other bli- gations to be issue to finance the developments will be $ 3,000,000 . he de elopments described above, together wi h certain other renta housing developments , will be financed by bonds issued the inneapolis/Saint Paul Housing Finance ` • . . � ', // �'.� . '6(D Board ( the "B ard" ) and the 3oard is hereby delegated the power and aut ority to issue bonds to finance the develo�m nts without furth r act on of the City; provided however, that the • developments ay be financed by bonds issued by the Housin and � Redevelopment Autho ity of the City of Saint Paul , Minneso a � ( the "HRA" ) , ither alone or jointly with another public b dy, if the HRA so deter ines. � Sai bond or other obligations , as and when iss ed , will not cons itute a charge , lien or encumbrance upon any property of t e Cit of Saint Paul, or the HRA except the developments nd th revenues to be derived from the developments. Such bonds or obligations will not be a cha ge against the C ty' s r HRA' s general credit or taxing power but are payable f om su s to be paid by the owner of each . development p rsuan to revenue agreements. Fur her i formation concerning the develop�ents, and the financing progr ms therefor, may be obtained from the Housing Divis on, D partment of Planning and Economic Development, ity H 11 Annex - 12th floor . 25 West 4th Str et, St. Paul , Min esota 55102 ( telephone 228-32�� ) • At he ti e and place fixed for the public heari g, the City Coun il of the City of Saint Paul, i4innesota will given all per ons w o appear at the hearing an opportunity to � express their views with respect to the proposal. �at d thi 3rd day of December, 1986 . (BY ORDER OF THE CITY COUNCIL F TEiE CITY OF SAINT PAUL , MZNNESOTA) BY A1 rt Ol son • �:.�..r C erk . � - � RESOLU'I'ION NO. 86-09/24- � - . � � � �/�� , RE OLUTI N GIVING PRELIMINAftY APPROVAL TO A C PR POSA FOK A JOINT FINANCING PROGRAM FOft MULTIFA ILY RE TAL HOUSING DEVELOPMENTS, CALLING FOR A ' PUB IC HE RING ON THE FINANCING PROGRAM, AND � AUTHORIZING HE MI NEAPOLIS/SAINT PAUL HOUSING FINANCE BOA D TO � ISSUE H USIN REVENUE BONDS TO FINANCE THE PftOGRAM WHEftEAS, inneso Statutes, Chapter 462C (the "Act") gives cities, or housing and redevelopme t autho ities, on behalf of the cities, the powers conferred by the Act, the power to issue r enue bonds for the purpose of planning, administeri , making or purcha ing loa s to finance one or more multifamily housing develop ents within the bounda ies of e cities; and WHEftEAS, he Hou ing and Redevelopment Authority of the City of Sai t Paul, - . Minnesota (the " ftA"), a d the hsinneapolis Community Development Agency the "MCDA") have su cessfu y undertaken cooperative housing finance programs er the last six years and WHEREAS, the Cit of Saint Paul desires to facilitate the development f rental housing within th comm nity; and � WHEREAS, the HR Board of Commissioners and the Saint Paul City Co ncil, by Resolution No 84-9/1 -4 dated September 12, 1984, and ftesolution No. 84 1333 dated October 2, 984, r spectively, approved the Joint Powers Agreement, d ted . December 1, 198 , creati g the Minneapolis/Saint Paul Housing Finance Board WHEftEAS, by com arable resolutions, the MCDA Board and the Minnea olis City Council app oved th same Joint Powers Agreement in 1984 creating the � Minneapolis/Sain Paul H using Finance Board; � WHEBEAS, staff fr m the Saint Paul HRA and the MCDA are undertaki g the strveturing o a spec fic financing program to finance a number of multiia ily housing develop ents (th "Multifamily Housing Finance Program"); and WHER.EAS, before roceeding with consideration of the AZultifamily Ho sing Finance Program it is n cessary for the HRA to request the holding of a publ c hearing by the City Coun il purs ant to the Act, and to authorize continuing negotiati ns; WHEREAS it is pr posed that the Minneapolis/Saint Paul Housing Finan e Board issue ren 1 housin revenue bonds to finance the Multifamily Housing inance Program; NOW, THEREFO E, BE T RESOLVED by the Board of Commissioners of the ousing and Redevelopm nt Aut ority of the City of Saint Paul, Minnesota, as follow 1. A pu lic hea ing by the City Council to consider the Multifamily ousing Fina ce Prog am will be held at the time and place set forth in a otice of H aring t be published by the Clerk of the City. � 2. Staf is auth rized to continue negotiations in structuring the hou ing prog am. � 3. The inneap lis/Saint Paul Housing Finance Board is designated t issue ren 1 housin revenue bonds, in one or more series, on behalf of e HI�A for the urpose f financing the Multifamily Housing Finance Progra , subject to n nreject' n of the program by the Minnesota Housing Finance Agency. . . . . �, � �-�� . 54�L NO ICE OF' PUBLIC HEARING ON � . PROP SAL FOR A PROGRAM T7 FINA\�E • � MU TI-FA ILY REtJTAL HOUSING DEVELO?`lENTS To whom it ma conc rn: Not ce is hereby given that the Citv Council of the City of Saint Paul , Minnesota will meet in the City Council Chambers at t e Cit Hall in the City of Saint Paul , Minnes ta at10:00 o' cl ck p. . on December23 , 1986 , to consider the proposal of t e Dev lopers named below that t::e City under ake a program to inanc the developments located in the City f St. Paul here nafte described, pursuant to t:^.e City' s hou ing � plan under Mi nesot Statutes, Chapter 462C, by the issuan e of revenue oblig tions ' INCOLN TOWNHOMES The Linco n Townhomes development cansists of the const uction and equipping of a mul i-fam ly rental housing develop�ent of app oxima ely 18 rental housing dwelling uni s loc ted at the northeast corn2r of the • int rsect on of Tedesco Street and 3urr Str et in the City of Saint Paul , Minnesota. The Devel per of the Lincoln Townho�es dev lopme t will be the Twin Cities :iousing Dev lopme t CorQoration or an entit�� in which tha corp ration will be the genera: partner or prin ipal. The estimated principal amo nt of bonds or other obligation� to be iss ed to finance the Lincoln TowRh�;nes dev lopme t is $ 1 ,148,900 � CARR LL AVENUE TOWNHOMES The Carro 1 Avenue To:,�-:hom�� devela�^�ent con ists f the construction and ea::ipping of a m lti-f mily rental housing devel��ment of app oxima ely 11 rental housing dwe '_ling uni s loc ted at the intersection o_ Milton Str et an Carroll Avenue in the Ci�y of Sai t Pau , Minnesota . The developer of the Car oll A enue Townhomes developmen� will be �, �. /�� Twi Citi s Housing Development Corporation or a enti±y :in whicz that corporation will be gene 1 partner or principal . The est � ated rincipal amount of bonds or other ' obl ' atio s to be issued to finance the Car 11 A enue Townhomes development will be app xima ely $ 702,200 NCORD/WZNIFRED The Conco d/Winifred Development consists of �, the const uction and equipping of a ' mul i-fam' ly rental housing development oE app xima ely 18 rental housing dwelling uni s loc ted on Winifred Street, east of the int rsect ' on of Robert Street and Concord Str et in the City of Saint Paul, Minnesota. TY►e devel er of the Concord/Winifred develop- men will be Twin Cities Housing Development Cor rati n or an entity in which that cor orati n is a general partner or pri cipal. The estimated principal �unount of bon s or ther obligati.ons to be issued to �, fin nce t e Concord/Winifred development will be pprox' ately $�148,900 As equir d by Federal law, not less than 20� or 0$ of the u its 'n eac of the developments described above wi 1 be occup' ed b pers ns of low income, a category presently defined nder Feder 1 law to mean persons or families whose income i eit er 50 or 60� or less of the median income fo the St. aul rea a determined by the United States Depar ent of Housing an Urba Develompent. Som of t e developments may contain non-housing components, b t "su stantially all" (95$ ) of the portion of each developm nt fi anced by bonds or obligations issued un er �• Minnesota Sta utes, C'hapter 462C will consist of housing an „ functionally elate and subordinate facilities. .. The estim ted principal amount of bonds or other bli- gations to be issue to finance the developments will be $ 3 000 0 0 • The d velopments described above, together wi h cert�ther renta housing developments , will be financed by bonds issued y the Minneapolis/Saint Paul Housing Finance I . . . � � J- �-�-�� : Board ( the "B ard" ) and the 3oard is her2by delegated the power a d aut ority to issue bonds to finance the develo�me ts without furth r act on of the City; provided however, that he develop ents ay be financed by bonds issued by the Housing and Redevel pment Autho ity of the City of Saint Paul , Minnesot �. � ( the "H A" ) , ither alone or jointly with another public bo y, if the RA so deter ines. . Sai bond or other obligations , as and when issu d , will not cons itute a charge , lien or encumbrance upon any property of t e Cit of Saint Paul, or the HRA except the developments nd th revenues to be derived from the developments. Such bonds or obligations will not be a char e against the C ty' s r HRA' s general credit or taxing powers but are payable f om su s to be paid by the owner of each . development p rsuan to revenue agreements . Fur her i formation concerning the developr�ents, and the financing progr ms therefor, may be obtained from the Housing �IDivis on, D partment of Planning and Economic Develop ent, ity H 11 Annex - 12th floor . 25 West 4th Str et, St. Pau , Min esota 55102 (telephone 228-32Q�� ) - At he ti e and place fixed for the public heari g , the Cit Coun il of the City of Saint Paul, �4innesota will given a 1 per ons w o appear at the hearing an opportunity to � express their views with respect to the proposal. � �at d thi 3rd day of December, 1986. (BY ORDER OF THE CITY COUNCIL F THE CITY OF SAINT PAUL, MINNESOTA) ' BY A1 rt Olson �i �,�,.Y Clerk ��I �... • -��a plTT 0''. . � . ��` •�'° � � CITY OF S INT PAUL ' • =r� �° �-�--- �� DEPARTMENT OF PLANNING AND ECONOMIC DE ELOPMENT �` �«��E'�� DIVI510 OF HOUSING ,��o �� 1010 University Avenue,Saint Pa ,Minnesota,55104 �t••. ,�� . GEORGE UTIMER MAYOR December 3, 1986 St. Paul Legal Led er Publication Office 640 Minnesota Buil ing St, i�au] , Minnesot 5510 Re: LEG L NOTI ES NOTICES OF PUBLIC HEARING Gentlemen: Attached ar two N tices f Public Hearing; one on a Program io finance . Multi-Famil Renta Housi g Dev�lopments and the other on a Proposal for Reducing In zrest ate on Outstanding Bonds andi Modifying a Housing Program. ; Please publish thi Notic in the St. Paul Legal Ledger for Friday, December 5, 1986. If you have any qu stions, please do not hesitate to contact me at 228-3358. Sincerely, � �� ',. � Sheryl A. P mberto Real Estate Admini trator SAP:1 k Enclosure � ; � � / i ` ' ��'� `. �„,.,�,, r � r Y� p��...��3..°°1 s�- Y�A 1 .'�ii�� p .#s4+ws ) ...��„F M. �{"�" � d �.., ��. .r r.�,�'�C k ,JQ � b .rv�j+��i��i,�� V yxd� +�1 ��r,� ,�N1 �i, 1+��. d.t �i�� ,.�.y�-- �v., ..�R�.-� r. �$34�e�: . �r � �f ,�! - �t1r,A j.,4; Pi ♦... a .. � MLF,�,:a�^P:' � e °'�o q a" �� '��t�..i'� �t�rr ,� . 1��: R-.�r2 i p''.�� 6:,.�a/ �pe, a�.Tl'. .�,..Y �,y.,..��,.r :°� `'(� �Y��,Y�. � '4,. �� 6%�w .�iy�). .< r r. ti � '�"e:�",x ��'� 'k�' � � J�, ;;, ^v � ,,,� ; �� : �,2 4 G ��M ^-t�kar ^�d ' S ��+R W 1 ak-,5fyy� ',}ry. �. ��( 5f �Mq•� "� �.,.1 ♦ •i�1Y':; ,'�-r4i��i� ! `�A i +��`. (' �� - K� y� �f. sy a }{�y¢?, �ii:�_ . !�.."�, t' , ..p; , , �� '�� t�s� n1 JT'� '+� ,'� ^Y+o ►pr��N%e�.. ' ... � ��rrm..r" ex,s �~~ ',�'; •• , w'�"+' � 'f•ra4� ' � ��y.+a�.n.0. 3. �w� �s'An�,.M� 4 ;.'t"I �M. L-s4 . .,� ..,�,� . �a� Mµt��, �.:e 4 y�„ �� .�'X��vM%•� x��n . . � �♦'.�.r� �, � Y� �..�J �q9�'5M-ai., fi^:n M��^!�T T .Y'��. 'yV ^� 1"�R'�Me'M^S yJ�� `* °h� f' V , H y � « r� ; wl:' �a ,�.-.i. :r .�� ::� �f ffi« J.l ;�, N4.. ,`�.. ` K�J`!^'V:1uNtl.�.. s..y. �'�T� L Ytq'-.:. � ^r� . ...� ,-i�M� .k } �, + K. � � ,y�' +�'r�N��;, Y� � � w�. �a �,�a �.w »+r °� � r Y ��i,..�,..� �,.,��+w�x r+1 'il� ^�1.A�.. � .� � K '�"h�'��'6 , � � ,�.�: � .s, �,��,,�s . x�� «a,<,�:'�..�,;_. � ��M ,t�: �. r�� '',; �`� .��.,- WHITE - CITV CIERK � � P�1NK � FINANCE V COUI�CIl ` /� CANARV - DEPARTMENT �I 1 OF SA I NT PAiT L File NO. ^�`✓v� BLUE - MAVpR � � �ncil Resolution Presented By Referred To Committee: Date Out of Committ e By Date RES LUTION RECITING A PROPOSAL FOR AN MENDM NT TO AN EXISTING FINANCING PROGRAM FOR A MULTIFAMILY CONDOMINIU M OUSIN DEVELOPMENT, APPROVING THE PROGRAM A�ENDME T PU UANT TO MINNESOTA STATUTES, CHAPTER 462C I A D AUTHORIZING THE SUBMISSION OF ' THE PROGRAM AMENDMENT TO THE , MIN ESOTA HOUSING FINANCE AGENCY AND THE PREPARATION OF NECESSARY DOC MENTS AND MATERIALS IN CONNECTION ' WITH SAID PROGRAM AMENDMENT, , AND A PROVING AN INTEREST RATE ADJUSTMENT WITH SPECT TO CERTAIN OUTSTANDING BONDS (CITY WALK PROJECT) HEREA , ( ) Minnesota Statutes , Chapter 462C the " ct) , confers upon cities, or housing nd re evelopment authorities or port uthor ties authorized by ordinance to xerci e on behalf of a city the powers onfer ed by the Act, the power to issue evenu bonds to finance a program for the urpos s of planning, administering, making r pur hasing loans with respect to one or ore m lti-family housing developments within he bo ndaries of the city; COUNC[LMEN Requested by Department of: Yeas p�eW Nays Nicosia [n Favor Rettman Scheibel Sonnen __ Agallist BY Tedesw Wilson Adopted by Council: Date Form Approved by City At orn Certified Passed by Council Secret ry BY � gy. Approved by Mavor. Date Approved � Mayor Submi 'on to Cou cil By _ _ sY �' � � • � . � �-/�i� ' (b) The Housing and Redevelo pment Au horit of the City of Saint Paul, Mi nesot (the "HRA" ) , has been designated, b ordin nce, to exercise, on behalf of the City of aint Paul, Minnesota (the "City" ) , th powe s conferred by Minnesota Statutes, Sections 462C.01 to 462C.08 ; ', (c) The City has received from Ted �, G1 srud ssociates , Inc. (the "Developer" ) , a ' p posal that the City undertake to amend an e isting program financing the City Walk P ject (which is a multifamily condominium d elopm nt of approi�cmately 188 ,000 square f t and approximately 236 units, located at 6 East inth Street) to permit $3,000 ,000 of $7,041 ,2 0 potential remaining condominium p rchase loans to be made without regard to t twen y percent ( 20�) affordability test c rrentl applicable to said program (the " ogram Amendment" ) ; I (d) The Developer has also proposed t at the interest rate on Exchanged Revenue B nds he eafter generated from Revenue Bond N . R-1 ( "Revenue Bond No. R-1" ) of the HRA's M ltifa ily Housing Development Revenue Bonds ( ity Wa k Project) , dated as of December 30, 1 80 , be reduced by providing for interest t ereon t a Conversion Rate not to exceed ' t e less r of 9 .75$ and the Adjusted Veterans A inist ation Rate, which rate is to be the 1 sser of ( i) the thirty ( 30 ) year mortgage . r te of he Veterans Administration, an a ency of the United States, less three q arters of one percent (0 .75$) (calculated o the p incipal of the Exchanged Revenue B nd) , p evailing at the time of application b an Eligible Borrower for financing u ilizin an Exchanged Revenue Bond, but only i such pplication occurred no more than one h ndred wenty (120) days before the exchange � o the E changed Revenue Bond for such a plica , and (b) the thirty (30) year m rtgage rate of the Veterans Administration, a agenc of the United States, less three , . � � . � � ��-��.� quar ers o one percent (0 .75$ ) (calculated on t e pri cipal amount of the Exchanged Reve ue Bo d) , prevailing at the time of the exch nge o the Exchanged Revenue Bond (the "Int rest ate Adjustment" ) ; (e) public hearing on the Program Amen ment nd Interest Rate Adjustment was " held on De ember 23, 1986, after notice was publ ' shed, all as required by Minnesota Stat tes, ection 462C .05, Subdivision 5, at whic publ 'c hearing all those appearing at said heari g who desired to speak were heard and ritte comments were accepted and cons 'dered and ( f) o public official of the City has eith r a d rect or indirect financial inte est i the City Walk Project nor will any ublic official either directly or indi ectly benefit financially from the City Walk Proje t: NOW HEREF RE , BE IT RESOLVED by the City Council o the City of Sa' nt Pa 1, Minnesota, as follows: l . he Ci y hereby approves the proposal of the Developer that the H undertake the Interest Rate Adjustment described abov ; and the City, acting by and through the HRA, hereby underta es to make the Interest Rate Adjustment, subje t to final appro al by the HRA, the Developer and the holder of Revenue Bond N . R-1 as to ultimate details of the Interest Rate Adjustmen as i corporated in doc'uments amending the existing docum nts f r the City Walk Project. 2. he Pr gram Amendment is hereby preliminarily approved by th City subject to the non-rejection of the Program 1Amendm nt by the Minnesota Housing Finance Agency ( "MHFA" ) and s bject to final approval by the HRA and the Developer as t ulti ate details of the Program Amendment as incorporated i docu ents amending the existing documents for the City Walk rojec . 3 . ursua t to Chapter 72 , Saint Paul, Minnesota, Aministrative ode, he City hereby authorizes and directs th HRA to take al acti ns necessary or desirable in connection with the Inter st Ra e Adjustment and Program Amendment, and o further approv 1 or uthorization of the City shall be required.