85-1570 WMITE - CiTV CIERK
PINK - FINANCE COUACII y/
CAN�,RV - DvriPARTMENT G I TY OF SA I NT PA U L �J�r/�/ D
BLUE - MAVOR File NO.
�
Council Resolution
Presented By �� A
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 PROJECT AND THE PROGRAM
PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C,
AUTHORIZING THE HOUSING AND REDEVELOPMENT AU'fHORI7Y
OR THE MINNEAPOLIS/SAINT PAUL HOUSING FINANCE BOARD
TO ISSUE HOUSING REVENUE BONDS AND AUTHORIZING THE
SUBMISSION OF A FINANCING PROGRAM FOR APPROVAL TO THE
MINNESOTA HOUSING FINANCE AGENCY AND AUTHORIZING THE
PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS
IN CONNECTION WITH THE SAID PROJECT AND PROGRAM
(BRADLEY TERRACE PROJECT)
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;
(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 Clty of
Saint Paul, Minnesota (the "City") the powers conferred by Minnesota Statutes,
Section 462C.01 to 462C.08;
COUNCILMEN Requested b epartment of:
Yeas � Nays
°rB1nr In Favor
Masanz
Nicosia
Scheibel • __ Against BY
Tedesco
�ilson
onnen
Form Appro City Attor y
Adopted by' Council: Date
Certified Yassed by Council Secretary BY
gy.
t#pproved by Mavor. Date Appr y Mayor fo sien to Council
By _ BY
� � � � � � - z - (.���'.S-/v�,�C�
(c) The HRA and the Minneapolis Community Development Agency (the "CDA")
have entered into a Joint Powers Agreement dated December 1, 1984, creating the
Minneapolis/Saint Paul 7oint Housing Board (the "Board"), which is authorized to exercise
on behalf of the Cities of Minneapolis and Saint Paul and the HRA and CDA the powers
conferred by the Act;
(d) The City has received from Bradley Stark (the "Developer") a proposal
that the City undertake a program to finance a Project hereinafter described, through
the issuance of revenue bonds or obligations (in one or more series) (the "Bonds")
pursuant to the Act;
(e) 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 development of housing facilities, a portion of
which is designed for occupancy by persons of low or moderate income; and encourage
the development of blighted or underutilized land and structures within the boundaries
of the City; and the Project will assist the City in achieving these objectives.
(f) The Developer is currently engaged in the business of real estate development.
The Project to be financed by the i3onds is the acquisition, construction and equipping
of a 55,000 square foot (approximately) multi-family rental housing development of
approximately 47 rental units, located on the parcel between Whitall and York, east
of unimproved Bradley Street, in the City of Saint Paul, and consists of the acquisition
of land and the construction of buildings thereon which will result in the provision
of additional rental housing opportunities to persons within the community;
(g) The City has been advised by the Developer that conventional, commercial
financing to pay the capital costs of the Project is available only on a limited basis
and at such high costs of borrowing that the economic feasibility of operating the
Project would be significantly reduced, but the Developer has also advised the City
that with the aid of municipal financing, and resulting low borrowing costs, the Project
is economically more feasible;
(h) A public hearing on the Project and the financing program therefor was held
on November 26, 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 and written comments were accepted and considered;
(i) No public official of the City has either a direct or indirect financial interest
in the Project, nor will any public official either directly or indirectly benefit financially
from the Project;
(j) The Developer has submitted to the HRA a form of Memorandum of Under-
standing executed by the Developer, expressing certain understandings by and between
the HRA and the Developer pertaining to the Project, and the financing therefor;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Saint Paul, Minnesota, as follows:
1. The City hereby gives preliminary approval to the proposal of the Developer
that the City undertake the Project, described above, and the program of financing
therefor, pursuant to Minnesota Statutes, Chapter 462C, consisting of the acquisition,
construction and equipping of multi-family rental housing facilities within the City
purs�ant to the Developer's specifications and to a revenue agreement between the
HRA or Board and the Developer on such terms and conditions with provisions for
' ' • - 3 - �f=���`/�7 E�
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 $2,622,000 to be issued pursuant to the Act to finance the acquisition,
construction and equipping of the Project; and said agreement may also provide for
the entire interest of the Developer therein to be mortgaged to the purchasers of
the Bonds, or a trustee for the holder(s) of the Bonds; and the City, acting by and
through the HRA or Board, hereby undertakes preliminarily to issue its bonds in
accordance with such terms and conditions;
2. At the option of the HRA or Board, 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 consented to by the Developer;
3. On the basis of information available to the City, it appears, and the City
hereby finds, that the Project constitutes a multi-family housing development within
the meaning of subdivision 5 of Section 462C.02 of the Act; that the Project will be
primarily occupied by persons of low or moderate income; availability of the financing
under the Act and the willingness of the City to furnish such financing will be a sub-
stantial inducement to the Developer to undertake the Project, and that the effect
of the Project, if undertaken, will be to encourage the provision of additional 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 Project, and the program to finance the Project 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 HRA or Board, the Developer and the purchasers of the Bonds
as to ultimate details of the financing of the project;
5. Pursuant to Chapter 72, Saint Paul, Minnesota, Administrative 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 to finance
the Project and to take all actions necessary or desirable in connection therewith,
and no further approval or authorization of the City shall be required; provided that
the HRA may, in its discretion, authorize the Board to issue the Bonds and to implement
the program approved hereby, and the City hereby consents thereto;
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, requesting its approval, and other officers,
employees and agents of the City and HRA are hereby authorized to provide MHFA
with preliminary information as it may require;
7. The Developer has agreed and it is hereby determined that any and all costs
incurred by the City, the HRA or the Board in connection with the financing of the
Project, whether or not the Project is carried to completion and whether or not approved
by MHFA, will be paid by the Developer;
8. Briggs and Morgan, Professional Association, acting as bond counsel, and
such investment bankers as may be selected by the HRA or Board are authorized to
assist in the preparation and review of necessary documents relating to the Project
and the financing program therefor, to consult with the City Attorney, Developer
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 such documents
to the HRA or Board for final approval;
WHITE - CITV CLERK
PINK - FINANCE G I TY O F SA I NT PA U L Council
CANARV - DEPARTMENT File NO. ���� ��
BLUE - MAVOR
• M
Council Resolution �
Presented By
Referred To Committee: Date
Out of Committee By Date
- 4 -
9. Nothing in this Resolution or the documents prepared pursuant hereto shall
authorize the expenditure of any municipal funds on the Project other than the revenues
derived from the Project or otherwise granted to the City, the HRA or the Board
for this purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal
or equitable, upon any property or funds of the City, the HRA or the Board except
the revenue and proceeds pledged to the payment thereof, nor shall the City, the
HRA or the Board 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 the Bonds or the interest thereon, or to enforce
payment thereon against any property of the City, the HRA or the Board, except
such property as may be expressly pledged for the security of the Bonds. 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 shall not
constitute a debt of the City or HRA within the meaning of 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 Project, and in order that completion of the Project
will not be unduly delayed when approved, the Developer is hereby authorized to make
such expenditures and advances toward payment of that portion of the costs of the
Project to be financed from the proceeds of the Bonds, as the Developer considers
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, the HRA or the Board.
Adopted by the City Council of the City of Saint Paul, Minnesota this ,;;/ �
day of �'l..f-��.���-�, 1985.
COUfVCILMEN Requested by Department of:
Yeas � Nays
ofe1"' [n Favor �
Masanz
Nicosfa
Scheibel _ Against BY
Tedesco
�ilson
onnen „
Adopted by Council: Date �O� � � 1985 Form Approved by City Attorney
Certified Yass ou cil ret ry BY
By ��J.���
�
l.lppro y Mavor: Date NOV 2 7 h�V� Approv y Mayor for Sub ' si to ouncil
BY BY
pt18tISNED D E C 7 - 1985
PEO - Housinq . DEPARTMENT C����`�� No 3509 .
. -
Nan�y West CONTACT
7494 X277 PHONE ���� �
11/19/85 DATE �
AS GN NUMBER FOR ROUTING ORDER Cli All Locations for Si nature :
Department Director �Director of Management/Mayor �
Finance and Management Services Director 6 C�ty Clerk
Budget Director 1 Dep. Oirector - Housing
�City Attorney � .Cn.uwca.lr�a�Ju�o Masan=
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
By signinq attached resolution, you will be preparing for City Council
consideration a resolution qiving preliminary approval to the Bradley
Terrace Project, a 47-unit rental housing proposal in District 5.
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATEQ: �'�C�
���
Costs of bond issuance paid by developer ����r ��
�,�y��, F� �,v�
so�.����
FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED`OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transaction: $2,522,000 quired if under
$10,00Q)
Funding Source: Housinq Revenue Bonds (to be issued)
Activity Number: PEO Project #33516
ATTACHMENTS (List and Number All Attachments) :
1 . HRA Resolution giving preliminary approval
2 City Council Resolution
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
Yes No Council Resolution Required? Resolution Required? �Yes No
Yes �No Insurance Required? Insurance Sufficient? �Yes No
Yes No Insurance Attached:
(SEE REVERSE SIDE FOR INSTRUCTIONS)
Revised 12/84
' � • _ . -
. - C�,�- �.�—�.��d
� � - RESOLUTION NO. 85-:116-
RESOL UTION GALLIN G FOR A PUBLIC HEARIN G
ON A PROPOSAL FOR A PROGRAM FOR A
. MULTI-FAMILY HOUSING DEVELOPMENT
IN DISTRICT S
(BRADLEY TERRACE)
WHEREAS, Minnesota Statutes, Chapter 462C (the "A►ct") gives citi�s, or housing
and redev�iopm�nt authorities or port authorities, authorized by ordinance to exercise
.on behalf of a city, the powers conferred by tht Act, the power ta issue revenue bonds
for the purpose cf planning, administering, making or purchasing loans to finance .
one or more multi-family housing developments within ihe boundaries of the city;
WHEREAS, the Housing and R�development Authority of the City of Saint Paul,
Minnesota (the "HRA") has been designated, by ordinance, to exercis� on behalf of
the City of Saint Paul, Minnesota (the "City") the powers conferred by Minnesota
� Statutes, Section 462C.OI to 462C.08;
WHEREAS, the City has received from Bradley Stark (the "Develop�r") a proposal �
that the City undertake a program to finance a multi-family housing developm�nt
� at Whital! and Bradley (the "Project") by th� issuance of revenue bonds or obligations
pursuant to the Act (the "Bonds"?;
WHEREAS, the City desires to facilitate the development of renta! housing � .
_ within the community, and specifically within District S;
WHEREAS, before proceeding with consideration of the request of the Developer,
it is necessary for the HRA to request the holding of a public hearing 5y the City Council
. pursuant to the Act, and to authorize continuing negotiations with the Developer
on the housing finance program (the "Program").
. � NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority
� � of the City of Saint Paul, Minnesota, as follows:
� 1. . A public hearing by the City Council to consider the proposal of the
DeveloQer wiil be held at.the time and.place set forth in a Notice of
Hearing to be published by the Clerk of the City.
. � 2. Staff is directed to continue negotiations with the Developer and Bond
Counsel for the Program.
3. The Executive Director is authoriied to execute a Memorandum of '
Understanding with the Dev�loper.
0
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. . The City..C�nc�l' today 'adopted�-two'�resolutions.- �85-1570. and-85-1571,- —
approving mu].ti=fami.l.y�:renta�� housing.developments for Bradley Terrace - .� - - . `
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NOTICE OF PUBLIC HEARING
BY 7'HE�ITY COUNCIL
OF THE CITY OF SAINT PAUL
ON PROPOSAL FOR A PROGRAM TO FINANCE A
MULTI-FAMILY RENTAL HOUSING DEVELOPMENT
(BRADLEY TERRACE)
.
To Whom It May Concern: .
Notice is hereby given that the 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 10:00 o'clock a.m, on November 26, 1985, to consider the proposal of
Bradley Stark (the "Developer") that the Ci ry undertake a program to finance the
development located in the City of Saint Paul, hereinafter described, pursuant to
the City's housing plan under Minnesota Statutes, Chapter 462C, by the issuance of
revenue obligations.
THE DEVELOPMENT
The Development consists of the acquisition, construction and equipping
. of a multi-family rental housing development of approximately 55,000
square feet containing approximately 47 rental units located at the parcel
between Whitall and York, east of unimproved Bradley Street. Not less
than 20% of the units in the Development 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 ihe Saint Paul area as determined by the United States Department
of Housing and Urban Development. The Development will be owned and
. operated by the Developer, or a partnership or other entity to be formed
� in which the Developer will be a general partner or principal. Non-housing
components may be included within the Development, but substantially
all (90%) of the Development will consist of rental housing and functionally
related facilities.
� The estimated principal amount of bohds or other obligations to.be issued to
finance the Development will be $2,622,000.
Said bonds or other obligations, as and when issued, will not constitute a charge,
lien or encumbrance upon any property of the City of Saint Paul, or except the Development
and the revenues to be derived from the Development. Such bonds or obligations
will not be a charge against the City's or HRA's general credit or taxing powers, but
� are payable from sums to be paid by the owner of the Development pursuant to revenue
agreements.
Further information concerning ihe Development, and the financing programs
therefor, may be obtained from the Housing Division, Department of Planning and
Economic Development, City Hall Annex - 12th Floor, 25 West Fourth Street, Saint Paul,
Minnesota 55102 (telephone 292-1577).
. " _
, �
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At the time and place fixed for the public hearing, the City Council of the City
of Saint Paul, Minnesota will give all persons who appear at the hearing an opportunity
to express their views with respect to the proposal.
,
Dated this 7th day of November , 1985
(BY ORDER OF THE CITY COUNCIL OF .
THE CITY OF SAINT PAUL, MINNESOTA}
By /s/ Albert Olson
City Clerk
� ���- �'.S`�I-5Y7�a
" NOTiCE OF PUBLt�H�� " ° ,
� Blt T�E,CITY CO�t�T.
OF T�$,�TY OF Slt�FAUL i�. ^ ".
ON PRUPOS L FQ8 A�RU FINA�IC�.�! _.
';` � ,. ffiIIL7'�-FA����AL�OIIS P�SNT.
� _ ( L��Y�.TERRA��. ::.>.� . : _ ._
To who�it'aiaq concem: ; .•
i�aM� is heteby gi�;en ttist"the City► Couaci�;oi the City�ot Saint Psui,
Mfi�neabta;r�vill meet in�he City Coun�il��rs�t the Gfty Hall in„�e Cit�y o� :s
Saint Paul,i�[innesota at�E�:�d' I : .on Nov 2D` 1 to co��he
a��dL�r. ` _ _ un e.a pso�'am `
F �o�ll� #t'rt le�dfl�i�.,� � �► �t 8�iat P�k� ' �
�.���"'s���4�.�� , - -
116�C,y►���4�+�'!MK � . .
j_..r ti< -:! i 1 ?�:..,V&R �
•t i ,"t:.z ' .,t+'3 � t1S+9�9tj�'�r ������Hf�'��..+-,'�,s���'�'�r#aR,
�����R,, �
.
.:_°ra� ����t��[�r
bet�v�en Whi�l���Yor�o�t of unim� ;
square feet containing approxtmately 47 rental units located at the p�FeI
-- ro�tl_8�►aIe�*Sfseet.;�tot,is�s
� � thai��t196 oi tdi+e units in the De.welopme�vv��to oQCUpied by.persons oi
lo�e'i�come: a eateBorY,��'�Y d�fi�ed w�er �'�al 1W�.�v:,:to.�►
'peisOns or faazf�ies wYiase�tv4�is 80%o;lea�g�t�e�.ip�Ame�p3'$.
°�he Sa�t Pa}iI c�e bq the LTnited States�1���,�
: HQUS� �� `�i�ii�v .���,��"��`�a���.The Develo�napnt�v,il,1.�e,�a�id,
� op�aG'at�d�4�e�e3±elct�eac;.a�,&P�'�R�.. . �R�tY�,'��'T�►!�;
Y
ip� w� the:,D�aveyopar �r3�1 be a general P cr-P�. Npa-. �
. itouaf a� eompougnts ms�=.lae included wi�tun t�►e..Devel t.� -,
subs�stlallg all(9Q�'o�)qt Ehe Deyelopmen�wfll consist_oi rent ho
. i arid it�tfoi��lly'`reiat�M fai�litie+s. • . ,,,,,,,:.
The.est;�►a�ed:Princi�al,amaa�nt of boads��tt�►erobliga�c�ns tc��e 3ssned�
Fiaaaoe the�ai�mnet�a►il�l ioe�2.822.000.. , . .
S�d`l�i�b� o'ttlei �oblig&f�ilons, as and whea fssued, w31I net co�sstitute a
`'cI�arg�, li�ri or:encux�branGe u�on any ProPertY of the City of 3aint Paul, or
�zcept�he Dexel,�pin��and,�reveaues to be derive�from the Develop�ent.
;3iu�_bRnds'�o�l��ations ro�aill mot be a charge against the•Ctt�►'s or HRA's gesreral
credit�ta�4ng gawers;but are payable from sums to be paid by t�ee ownot�bf�#iNr�
Development pursuant to revenue agreements. >+T`�'=.,
' Further iafor�ia����coneernfng the Developm�nt,- and tI�+e � °"
pro��s therefor,majr be obtained from the Housirig Diviston,Departnirn�ti
�1 `ahd Economic i�evelopment, City Hall Annex - 12th Flobt.`25 V�iest `
�`o�tneet,S�int Pau2,Minnesota 55102(telephone 292-157?). � `�
At:t�ie Lime and p1ac�#ixed#or�he public hearing,the City Council oi the City
o#.Saint Paul., Minnesota vPill give all persans who appe�ir � f.l�hearing an
oppc►itt�nity.to express their views with respect to the#�ropos�.' � �
� Dated#,3�s°7th day of Novembe�r, Y985 ' '
' �BY 0���;�.QF T �'CITY COUNCIL OF THE CI�'B O�'SAi�IT
- . . PAUL. NN�SOT� . ,
_ Hy/s/AL$ERT,OL90N.Citq.Clerk� . . � ,
(November 9, 1985) . ,