86-1683 WHITE - C�TV CLERK
PINK r FINANCE
G�ANARV - DEPARTMENT G TY OF SA I NT PALTL COIlIICI / ' ��
BLUE - MAVOR File NO. � F
� � C uncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
4. In a cordance with Subdivision 5 of Section
462C .05, Mi nesota Statutes, the Executive Director of the HRA
is hereby a thoriz d and directed to submit the Program
Amendment t MHFA, requesting that it not reject the Progr
Amendment, nd oth r officers, employees and agents of the City
and HRA are hereby authorized to provide MHFA with such
information as it ay require .
5. The eveloper has agreed, and it is hereby
determined, that a y and all costs incurred by the City or HRA
in connecti n with the Program Amendment and Interest Rate
Adjustment, whethe or not such are carried to completion nd
whether or t the Program Amendment is rejected by MHFA, ill
be paid by e Dev loper.
6 . Brig s and Morgan, Professional Association,
acting as b d cou sel, are authorized to assist in the
preparation and re iew of necessary documents relating to t e
Interest Ra Adju tment and Program Amendment, to consult ith
the City At rney, Developer and holder of Revenue Bond No. R-1
as to the d ails f the Interest Rate Adjustment and Prog m
Amendment a as t the covenants and other provisions of t e
necessary d ument and to submit such documents to the H for
final appro al and execution.
COUNC[LMEN Requested b partment of:
Yeas orew Nays �
Nicosia [n Favor
Rettman �
Scheibel
�,,,,e„ _ Against BY
�.
wi�son
DEC 2 3 1986 Form Appr City A tor
Adopted by Council: Date S
yL�/
Certified Na_s y ouncil S t BY �
sy�
Appro Mavor: Date I��-P,�$� '4PProved Mayor ' sion to Cou cil
�
BY QllBll NED ���i - 3�7-- B -
, �� ����
• ' ' � EPAR �11ENT
ONTA T
HONE ���� �
oZ—o�a- DATE '
(Routing and Explanation Shee )
Assi Number fo Routi Orde Cli All Locations for oral Si ature :
� ✓ Department Di rec r . .
a ✓ City Atto y
� � Director o Mana ment/ or
� Finance an Mana t S rvices Oirector
� City Clerk
Budget Di ctor .
�
�ihat Will be Ach eved b Takin Action on the Attached Materials? Pu se tionale :
� e j�{J� p-1,���y�.� �v
� �. �.� � �3%�� � �
�,tc, - �ho-t--{� ��-e.�.a�._ `��h��=,,��-� w��..�,�,t-
���C7 __`� .
Financial Bud an Perso nel I acts Antici ated:
Fundin Source a d Fund Activi ' Number Cha d or Credited:
�
Attachments lis and N r a �l Attachments :
�� �
DEPARTMENT REVIE CITY ATTORNEY REVIEMI
� Yes No Counc 1 Reso ution Required? Resolution Required? 1� Y s No
Yes � No Insur nce Re uired? Insu�ance Sufficient? o
o Insur nce At 'ached?
, �
Revision of October, 1982
�SPP RPVPP'CP SidP for �Instr tions)
� . � � � ;�- i��-�
�y�--,-�---:�-,--��--;� .;.�
S�:�
,:�a ,F'�..
1'O��V '�I'1ef ��
�;
I ,
� i �K
�ii�►,,M°°rr. w; F �r �x '
.,
�
; ,'-;
��,� ��?, �
�,
'.tt
� �a � #�
�w�t�.' ��p g.
I�"!►
� ;
� �'
i
s'
I �ti
�'��!M�t �, !+��,
I y;�i�ytn�� . ,'
In 'l1W coNSlsTS oi se
'1lYA�63 ; fod�{�,'.',4
� ��p ��
�� 1
� � .���q��iNN���' ��
;t,
?t�M 0D�r q��t!1t��� �
'tly Mv��M� bY
1.,?!IM'�IA�IN.l�OM�11�•�� .,
,vnNs 11M1' Mfla',
� �;M �ffeetW lgnd is
i �'�� .
� �
�' "1�1Q
<�
' � �� - .
! '�k s dM�4 q�(M�/M.�
�il c►iMit or tixtey pelw- '
ot qN�If�t of NR�t,YY1��.��.
psyaWe trom wm�to W Mid
bY M!DwMuP�'�Or BIi Ibl!�,
ee..�'���wn"�A ,
�.,-, � 'i
�' e„ �:
Fur �
,� � '��' ��� .
n ati�y�eoni...t,'`-i
„ s
A:fd � t !YN s
t. � Vitkl
�I�� +� �
1M C(fy���w�the CI
I���b MNri�n_ I y
e�wvs
` IWr�tNn�t^1s 11 bi�
;ean�Mnd H sabmt»w at 1M
ot ,`:�
i
�,��a;�, � � ��.
CI �q.OF T1iE -
j U?Y OF`�PAWT
I Ey"'�� dsoR � '.,
Ns GMt i�'
�blsVr��r Ne:_'J��+;�
I
, .
. .
. - � .-���
561K
NO I�P. OF PU?i,:C HE�RING ON
'� PROP S:,L F�R R�D'_'CING INTEREST
II R. �'� ON OJT�T�NDING SONDS
' AND O�IFYING ;, i:OUSING PROGRAM
To whom it may conce n:
�
' Noti e is ereby given that the City Council of t e
City of Saint aul, innesota ( the "City" ) , will meet in th
City Council C amber on the third floor of the City Hall , 'n
Saint Paul, Mi nesot , at 10: 00 0 ' clock A.M. on Tuesday,
December '23, 1 86 , t consider the proposal of Ted Glasrud
Associates, In . , a innesota corporation ( the "Developer" ) 1
that (1 ) The H using and Redevelopment Authority of the Cit of
Saint Paul, Mi nesot (the "HRA" ) , undertake a reduction of the
interest rate f the hRA ' s Reven;�e Bond No. R-1 of its
Multifamily Ho sing evelopment Revenue Bonds (City Walk
Project) ( the ' Bond" , dated as of December 30 , 1980 , and
outstanding in the a ount of $7 ,041 ,210 , or Exchanged Reven e
3onds he�'eafte gene ated therefrom, or both, and (2 ) modif
its exis ing h using program relating to the Bonds to permi a
portion f the loans remaining �to be made under the program to
be made ithou rega c to the �wenty percent ( 20� )
affordability est c rrently required ny said program.
� The evelo ment
The evelo ment as originally financed by the
HRA n 198 consists o: an 188 ,000 square
foot (appr ximately) multi-family condominium
hous ng de elopment of approximately 236
unit loca ed at 66 East Ninth Street an a
•• land parce between Cedar Avenue and
?4inn sota Lreet in the City. The Develop-
�� ment is ow ed and operated by the Develo�er
exce t to he ex:ent condominium units
' the: in ha e been so'_d .
� The ffect d 8ond is not a charge , lien or encum-
brance u on an prop rty of the City or HRA, exceot the
. Developm nt an the e•�enues t� be derived fro�n the Develop ent
pursuant to th exis ing Loan �c :ecnent , as it will be amen ed.
Such 3on is n t a c a:ge agains � the general credit or tax ng
powers o the ity o yRA , but is payable from sums to be p id
ny the D velop r or li�ible Eor:o•.:ers assuming its obligat ons
pursuant , to th Loan h�ree�ent.
. , " . .. . 4 _� `/G� :
A dra t cop of the proposal will be available for
public inspecti n fro 8 :00 A.M. to 4 : 30 P.M. , N,onday through
r^riday, at the ffice of the HRA on the twelfth (12th) floor
oi the City Hal Anne , 25 West Fourth Street, in the City,
. . beginning on or about December 3 , 1986 . Further inFornation
�. concerr�ing the evelo ment, the proposed interest rate .
reduction relat ng to the Bond, and the modification of the �
program ' s affor abili y test may be obtained from the HRA' s
Project �lanager for t e Development, Ms. Vicki t�Iurray.
At th time and place fixed for the public hearing,
the City Counci of t e City will give all persons who appea
at the hearing n opp rtunity to express their vieWS with
respect to the ropos 1. Written comments will be considere
if submitted at the H A' s offices to the attention of Ms. Vi ki
� Murray, the Pro ect M nager, on or before the 3ate of the
hearing.
Dated this rd day of December, 1986 .
(ON BEHALF OF THE CITY COUNCIL O
THE CITY OF SAINT PAUL ,
MINNESOTA)
By /s/ A1 bert O1 son
. Its City Clerk
='���.. � � � �� 11��3
�� �ITY �� T .
• =�r • '1 • CITY OF S INT PAUL
° L��a� DEPARTMENT OF PLANNING AND ECONOMIC DE ELOPMENT
�� iiii�i ti iii �'
��` r t A�e DIVISIO OF HOUSING
�;z, � 1010 Universiry Avenue,Saint Pa I,Minnesota,55104
�...
GEORGE UTIMER
M^YOR
December 3, 1986
St. Paul Dispatch and Pi neer Press
345 Cedar Street
St. Paul , Minneso a 551 1
Attention: Rosem ry Fra k
Re: LE AL NOT CES
NO ICES 0 PUBLIC HEARING
Dear Ms. Frank:
Attached are two otices of Public Hearing, one on a Program to Finance
Multi-Family Rent 1 Hous ng Developments and the other on a Proposal fo
Reducing Interest Rate o Outstanding Bonds and Modifying a Housing
Program.
Please publish th s Noti e in the St. Paul Dispatch and Pioneer Press
. Friday, December , 1986 �
If you have any q estion , please do not hesitate to contact me at
228-3359.
Sincerely,
. • Q• �"�J
x��?��t�-�
Sheryl A. Pembert n
Real Estate Admin strato
SAP:1 k
Enclosure �