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85-1572 WHITE -�GITV CLERK � � PIWK� - �INANCE GITY OF SAINT PAITT, Council n/r /�� CANARV --DEPARTMENT � BLUE -:MAVOR , F11C NO. ��' ' �'o ci Resolution �- . Presented By R r o Committee: Date Out of Commiitee 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 AUTHORITY 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 PROJECT AND PROGRAM (JACKSON TOWER PROJECT AND SIBLEY TOWER 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 pawer 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 Drew nnasa�z [n Favor Nicosia Scheibel Sonnen Against BY Tedesco Wilson . Form Approved b City Att ey Adopted by Council: Date Certified Passed by Council Secretary BY � By t�pproved by Navor: Date Appro e Mayo or bmiss' n to Council By � � � � CI,r��= i.57� (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) By City Council Resolution No. 280667, adopted July 28, 1983, the City approved a financing program for the Projects hereinafter described, and pursuant to the authority granted in that resolution the HRA issued its revenue bonds in the amount of $17,000,000 for the Jackson Tower Project and in the amount of $16,500,000 for the Sibley Tower Project. The City has now received from Jackson Redevelopment Company Limited Partnership and Sibley Redevelopment Company Limited Partnership (each, a "Developer" ) a proposal that the City undertake a program to finance additional costs of the Projects hereinafter described, through the issuance of revenue bonds or obligations (in two separate 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 development of housing facilities designed for occupancy, in part, 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. (e) The Developer is currently engaged in the business of real estate development. The Projects to be financed by the Bonds is the acquisition, construction and equipping of two multi-family rental housing developments of approximately 168 rental units (Jackson Tower) and 178 rental units � � � � � (,,� �.�-�.��.� (Sibley Tower) located within the Galtier Plaza development bounded by Sibley, Fifth, Jackson and Sixth Streets, in the City of St. Paul, and in the Lowertown Area of Chronic Economic Distress, and each 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; ( f) The City has been advised by representatives of the Developers that con- ventional, commercial financing to pay the capital costs of the Projects 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 Developers have also advised the City that with the aid of municipal financing, and resulting low borrowing costs, the Projects are • economically more feasible; (g) A public hearing on the Projects 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; (h) No public official of the City has either a direct or indirect financial interest in the Projects nor will any public official either directly or indirectly benefit financially from the Projects; (i) Each Developer has submitted to the HRA a form of Memorandum of Understanding executed by such Developer, expressing certain understandings by and between the HRA and the Developer pertaining to related 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 Developers that the City undertake additional financing for the Projects, described above, and the program of financing therefor, pursuant to Minnesota Statutes, Chapter 462C, which Projects consist of the acquisition, construction and equipping of multi-family rental housing facilities within the City pursuant to the Developers' specifications and to revenue agreements between the HRA and the Developers on such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues su�ficient to pay, when due, the principal and interest on the Bonds in the total principal amount of approximately $10,000,000 (allocated in the amount of approximately $5,000,000 to each Project) to be issued pursuant to the Act to finance the acquisition, construction and equipping of the Project; and said agreements may also provide for the entire interest of the Developers 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, hereby undertakes preliminarily to issue its bonds in accordance with such terms and conditions. 2 . At the option of the HRA the financing may be structured so as to take advantage o£ whatever means are available and are permitted by law to enhance the security for, or marketability of, the Aonds; provided that any such financing structure must be consented to by the Developer and the purchaser of the Bonds. 3. On the basis of information available to the City it appears, and the City hereby finds, that the Projects consti- tute multi-family housing developments within the meaning of subdivision 5 of Section 462C.02 of the Act; that the Projects 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 the Developers to complete the Projects, and that the effect of the Projects, if completed will be to encourage the provision of additional multi-£amily 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. � . � . � �.s'- �� 4. The Projects, and the program to finance the Projects 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, the Developer and the purchasers of the Bonds as to ultimate details of the financing of the Projects . 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, Minnesota (the "HRA" ) to issue the housing revenue bonds to finance completion of the Projects 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 Projects to MHFA, requesting its 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 the HRA in connection with the financing of the Projects whether or not the Projects are carried to completion and whether or not approved by NffiFA will be paid by the Developers. 8. Briggs and Morgan, Professional Association, acting as bond counsel, and such investment bankers as may be selected by the HRA, are authorized to assist in the preparation and review of necessary documents relating to the Projects and the financing 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 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 for final approval. 9 . Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Projects other than the revenues derived from the Projects or otherwise granted to the City or the HRA for this purpose. The Bonds shall not consitute a charge, lien WHITE - CiTV CLERK � PI}VK' =FINANCE G I TY OF SA I NT PAU L Council /J CANARV - DEPARTMENT , Flle NO. �� /��- • BLUE - MAVOR � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date or encumbrance, legal or equitable, upon any property or funds of the City or the HRA except the revenue and proceeds pledged to the payment thereof, nor shall the City or the 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 the Bonds or the interest thereon, or to enforce payment thereon against any property of the City or the HRA, 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 fran 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 appraval by MHFA arr3 the issuance of the Bonds to finance the canpletion of all or a portion of the Proj ects, arr3 in order that c�npletion of the Projects will not be unduly delayed when approved, the Developers are hereby authorized to make such exper�ditures and advances toward payment of that portion of the costs of the Projects to be financed fran the proceeds of the Bonds, as the Developers consider necessary, including the use of interim, short-term financing, subject to reimbursement fran the proceeds of the Bonds if any when delivered but otherwise witho ut li ab il ity on the pa rt of the City or the HRA. COUNC[LMEN Requested by Department of: Yeas Nays Drew nnasa�z [n Favor Nicosia Scheibel Sonnen � Against BY Tedesco W i Ison N�V 2 6 19$5 Form Ap ved by City Atto ey Adopted by Council: Date /^ r�� Certified Passe ncil Secr ry BY By A►pprov by iVlavor: Dat NOV 2 7 t985 Approved by Mayo or ubmis 'on to Council By v PUBUSHEO D E C 7 - 1985 PEO Housing DEPARTMENT C�.J�lJ�7o� No 3505 Gary�Pel�ier CONTACT 7494 - 259 PHONE reen e e DATE ASSIGN NUMBER FOR ROU7ING ORDER (Clip All Locations for Signature) : � Department Director ,�Director of Management/Mayor Finance and Management Services Director � City Clerk Budget Director 1 KPn �)�hnson 3 City Attorney � WHAT WILL BE ACHIEVED BY TAiCING ACTION ON THE ATTACHED MATERIALS? (Purpose/ Rationale) : Preliminary approval of two rental financings in Galtier Plaza COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: R�C�IVED n`°� 2 � �9�5 PED costs paid by developer fees �iAY�,��s �rFtC� FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa- $10,000 initial fee, and ture not re- Total Amount of Transaction: closing and ongoing fees quired if under $10,00Q) Funding Source: N/A Activity Number: To be received in activity 36614 ATTACHMENTS (List and Number All Attachments) : Two resolutions DEPARTMENT REVIEW CITY ATTORNEY REVIEW x Yes No Council Resolution Required? Resolution Required? Yes No Yes x No Insurance Required? Insurance Sufficient? Yes No Yes �No Insurance Attached: � (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 HOW TO USE THE GREEN SHEET ` + The GREEN SHEET has several PURPOSES: 1, to assist in routing documents and in securing required signatures 2. to brief the reviewers of documents on the impacts of approval 3. to help ensure that necessary supporting materials are prepared, and, if required, attached. ~ Providing complete information under the listed headings enables reviewers to make decisions on the documents and eliminates follow-up contacts that may delay execution. The COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS heading provides space to explain the cost/benefit aspects of the decision. Costs and benefits related both to City budget (General Fund and/or Special Funds) and to broader financial impacts (cost to users, homeowners or other groups affected by the action) . The personnel impact is a description of change or shift of Full-Time Equivalent (FTE) positions. If a CONTRACT amount is less than $10,000, the Mayor's signature is not required, if the department director signs. A contract must always be first signed by the outside agency before routing through City offices. Below is the preferred ROUTING for the five most frequent types of documents: CONTRACTS (assumes authorized budget exists) 1. Outside Agency 4. Mayor 2. Initiating Department 5. Finance Director 3. City Attorney 6. Finance Accounting ADMINISTRATIVE ORDER (Budget Revision) ADMINISTRATIVE ORDERS (all others) l. Activity Manager 1. Initiating Department 2. Department Accountant 2. City Attorney 3. Department Director 3. Director of Management/Mayor 4. Budget Director 4. City Clerk 5. City Clerk 6. Chief Accountant, F&MS COUNCIL RESOLUTION (Amend. Bdgts./Accept. Grants) COUNCIL RESOLUTION (all others) 1. Department Director 1. Initiating Department 2. Budget Director 2. City Attorney 3. City Attorney 3. Director of Management/Mayor 4. Director of Management/Mayor 4. City Clerk 5. Chair, Finance, Mngmt. & Personnel Com. 5. City Council 6. City Clerk 7. City Council 8. Chief Accountant, F&MS SUPPORTING MATERIALS. In the ATTACHMENTS section, identify all attachments. If the Green Sheet is well done, no letter of transmittal need be included (unless signing such a letter is one of the requested actions) . Note: If an agreement requires evidence of insurance/co-insurance, a Certificate of Insurance should be one of the attachments at time of routing. Note: Actions which require City Council Resolutions include: 1. Contractual relationship with another governmental unit. 2. Collective bargaining contracts. 3. Purchase, sale or lease of land. 4. Issuance of bonds by City. 5. Eminent domain. 6. Assumption of liability by City, or granting by City of indemnification. 7. Agreements with State or Federal Government under which they are providing funding. 8. Budget amendments. . (,�_��,�'��- �� CITY OF SAINT PAUL INTERDEPARTMENTAL MEMORANDUM DATE: November 19, 1985 T0: A1 O1son, City Clerk FROM: Gary Peltier, PED Housin SUBJECT: CITY CQUNCIL RESOLUTIONS Sheri Pemberton previously informed you that notices of public hearing have been published for the City Council meeting on 11/26/85. I have received today the appropriate resolutions; I am now processing the resolutions for signature and will get them to your office as soon as possible. The first page of each resolution is attached. It is critically important that tfiese resolutions be adopted on 11/26; the projects are: - Virginia Circle - Jackson and Sibley Towers - Galtier Rental Housing Thank you for your assistance. GP/gh � � Attachment ,,-,_'-. �- -_,;.� �.:� -.,,- T cc: Ken Johnson �1 �,� � _ ' �.., ; rn � �. :� �"� _`ri �..,. "� _ � � � rn � WMITE - CITY CLERK . . PINK� � FINANCE ■^- COWIC11 � CANARY � DEPI,RTMEN7 '�J I TY OF SA I NT PAU L � . � �� BLUE .-MAYOR . F1IC NO. � /� � � Council Reso�lution : , � Presented By � Referced To . Committee: Date _ Out of Committee By Date RESOLUTTON RECITING A PROPOSAL FOR A FINANCING PROGRAM- FOR A MULTI-FAMILY` REN'PAL HOUSING DEVELOPMENT, GIVING PRELIMINARY APPROVAL TO THE PROJECT AND THE PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, . AUTHORIZING TE� HOUSING AND REDEVELOPMENT AUTHORITY OR MINNEAPOLIS/SAINT PAUL HOUSING FINANCE BOARD TO ISSUE HOUSING REVELJUE BONDS AND AUTHORIZING THE SUBMISSION OF FINANCING PROGRAM FOR APPROVAL TO THE � � MINNESOTA HOUSING FINANCE AGENCY AND AUTHORIZING THE PREPARATION OF NECESSP,RY . DOCUMENTS AND MATERIALS IN CONNECTION WITH THE SAID PROJECT AND PROGRAM (VIRGINIA CIRCLE PROJECT) R 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 b�undaries of the city; COUNCILMEN Reqnested by Department of: � Yeas �� Nays Masa"z In Favor Nioosia Sehsibel So��e� Against By Tsdeseo dVilson Form Approved by City Attorney AdopYed by Council: Date Certified Passed by Council Secretary BY �y. Approved by Mavor: Date Approved by Mayor for Submission to Council $y By WNITE -�UTV CLERK � PINK . - FINANCE t CANAFY� DEPARTMEN7 .COIITICII e��E ��,,,.oq . G I T'i' OF SA I NT PA.UL File N0. �� -' �'5�� "' � � � �_ Council Resolution � � .� Presented By -� o . . ':. R�ferred To Committee: Date " ' Out of.Committee By � Date RESOLUTION RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR A MULTI-FAMILY RENTAL HOUSING DEVEIAPMENT, GIVING PRELIMINARY APPROVAL TO TSE PROJECT AND THE PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING TF� HOUSING AND REDEVELOPMENT AUTHORITY TO ISSUE HOUSING REVENUE BONDS AND AUTHORIZING TI� SUBMISSION OF FINANCING PROGRPiM FOR APPROVPiL TO THE MINNESOTA FiOUSING FINANCE AGENCY AND AUTHORIZING T8E PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH TSE SAID PROJECT AND PROGRAM (JACKSON TOWER PROJECT AND SIBLEY TOWER PRiOJECT) . 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 pawers conferred by the Act, the pawer to issue revenue bonds to finaned a program for the pnrposes of planning, administering, making or purchasing loans with respect to one or . more multi-family housing developments witha.n the boundaries of the city; COUNCILMEN Requested by Department of: Yeas D� Nays � Masa"z In Favor Nioosia Schsibel so��e� A gainst �Y Tsdeseo Wilson � Adopted by Council: Date Form Approved by City Attorney :-f�Certified Passed by Council Secretary BY � �y _ Appeoved by Mavor: Date Approved by Mayor for Submission to Couflcil - . ... .. y. . _...-. . , .. . . r.. ..�... Y ` � � 8 _BY �MMITE - CiTY �LERK � � PINK �- FINANCE G I TY O F SA I NT PA U L � Council CANwRr � DEPARTMENT F11C NO. �� /� �� BLUE �=MAYOR w � . � 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 PROJECT AND TE� PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTSORITY TO ISSUE HOUSING REVEN[TE BONDS AND AUTHORIZING THE SUBMISSION OF FINANCING PROGRAM FOR APPROVAL TO THE MINNESOTA HOUSING FINANCE AGENCY AND , AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS A13D MATERIALS IN CONNECTION WITH T� SAID PROJECT AND PROGRAM (GALTIER RENTAL HOUSING 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 pawers 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 th� boundaries of the city; COUNC[LMEN Requested by Department of: ' Yeas p� Nays M's'"Z In Favor P�iopsia . Scheibei Sonnen A gainst BY Tedesco Wilson Adopted by Council: Date Form Approved by City Attorney Cettified Passed by Council Secretary BY � �y Approved by Mavor: Date Approved by Mayor for Submission to Council _ �Y By T ' ' � - ��/�7� 530D NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A PROGRAM.TO PROVIDE ADDITIONAL FINANCIC�G FOR TWO MULTI-FAMILY RENTAL HOUSING DEVE'LOPMENTS (JACKSUN AC�1D SIBLEY PRch7ECTS) . 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 Jacksun Redevelopment Company Limited Partnership and Sibley Redevelopment Company Limiteci Partnership (each, a "Developer") that the City undertake a program to provide additional financing for the developments hereinafter described (each, a "Development") , pursuant to the City' s housing plan under Minnesota Statutes, Chapter 462C, by the issuance of revenue obligations. By City Council Resolution No. 280667, adopted July 28, 1983, the City of St. Paul approved financing programs for the Developments and authorized the Housing and Reaevelopment Authority of the City of Saint Paul, Minnesota (the "HRA" ) , to issue bonds to finance the Developments . Pursuant to Indentures of Trust dated as of March 1, 1984, the HRA issued bonds in the amount of $17,000, 000 for the Jackson Tower Development and in the amount of $16, 500,OU0 for the Sibley Tower Development. The Jackson Tower Development The development consists of the acquisition and construction and equipping of a multi-family rental housing development of 168 residential rental units located within the Galtier Plaza pro�ect, at Jackson and Fifth Streets in Saint Paul, Minnesota. The development is located in the Lowertawn Area of Chronic Economic Distress, and therefore no limits on the income of tenants are imposed by hiinnesota law. Total development costs of the Project will be � �' � � . � � �� approximately $17, 998,75U . The Development will be owned and operated by the Developer. C�on-housing components are included within the development but substantially all (90� ) of the development consists of rental housing and functiunalLy related facilities . The Sibley Tower Development � The development consists of the acquisition and construction and equipping of a multi-family rental housing development of approximately 17�3 residential rental units located within the Galtier Plaza project, at Sibley and Sixth Streets in Saint Paul, Minnesota. The development will be located in the Lowertawn Area of Chronic Economic Distress, and therefore no limits on the income of tenants are imposed by Minnesota law . i�ot less than 15� of the units in the development will be occupied by persons of law 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 Develapment. Total approximate development costs of the Project will be approximately $17,998, 750 . The Development will be owned and operated by the Developer. I�on-housiny components are included within the development but substantially all (90�) of the development consists of rental housing and functionally related facilities . The estimated principal amount of bonds or other obli- gations to be issued to provide additional financing for the Developments will be approximately $10,000,000, in the amount of approximately $5,000,000 for each Development. The bonds or other obligations will be issued by the HRA. Said bonds or other obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City 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 owners of the Developments pursuant to revenue agreements . • r� . � ��-<��. Further information concerniny the 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 4th Street, St. Paul, Minnesota 55102 (telephone 292-1577) . At the time and place fixed for the public heariny, 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. Written comments will be considered if submitted to the Housing Division on or prior to the date of the hearing. Dated this 7th day of November, 1985 . (BY ORDER OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL, MINNESOTA) By /s/ A7.bert Olson City Clerk _-.- -. � � . , . } �� . _ x�s.�� , -� _ � - -�ea�s��s��so ro rsQ�s . ,.1.. , ° ` A�DPIY'ONA�.�IANCIN�i FOR�. �MU�.?I-lrX1K1LY �OD.4INioi: � .(�AC830�r��IBLEY PBOJ�GT� . , To wb�oai it maq concern: . .:. ..,, : .. : ; ,. Notice is he�eby given that the Citq Cound.l:o�.:the �tty..ei S&i�!•'�aui, �ata:will meet in the�City Council Chambers at the City Hall iq the City of Saiat Paul�Minneaota, • 'clock.a,.m. � proposal of Jackson eve pm� y p�,�� ' �de�neiogm�it Compaay �dim�t�c1�at'tneisbip�( .' . 8i Y•i�ev�lp,per••� t�a� ± ' �uadertalc�e_��pg�m�prev3de.�dditio�l,t��w�stcit�. t}�d�ny . : h�reinafter des�i'i1��ac�, a"Dei►;�meri{"Zt pursua�t-+�ti��it�►'�21pus?�ag," Iilaa: under„�i�neso�a 5tatut.es..��hapter 4B2C, bq tFie' issusnce,..�:�evaorw4:; obl,�a�ion��, � � °' : . : „ . $,yf'City°�` bTesolutionNa"� ,sd. d ' � ' f� , Pau�'ap�rbvzdu�aMn � �� .�►��•��,t�., ; Housia an`d Redef�elb �P� the�Developmenta:aud a��axaaecb=�it�, B Ament Anthorlty o!the Cit,y o��Pa�, � "HR,A"),to issue bonds to finance tbe Developpae�ts� t tp,f��1.. ZSrust°�d�ted`:�i �:Mat+�s 1, �'�#, tlse H� issued��e__ ��-. $17,Od0,pD0 for the Jackson'To�1i'er�eve�oP?��t a{►d u�th��q�t c,�t�s�QQ,�Q.:� for the Sibley�ov�er Aevelopment. , ., t.,,r:; . :�- ,. Tt�e Jae�sori Toaver�Develogmeut � •.: �.�.;,-_. .._, , •v�ies:deiae�opmetYt �ot�ist�'of'-the- ac��sisition and construction aad �uiAP�S of a multi-taniily renta�_,�usi�',,�,�opment of 168 .: s.residential.rental un;ts l�ated �ith�,� 6�altier.-��aza project, at " �s�eksoYl�itid FiltTi$�rg�ts'iu; t,Paul,Minnesota The developme�� located in the Lovver�ovva �� of Chronic Ec�asomic pistre��-�� . � - therefc�t�o l�mits�n;-t3�s;i�pcotfne A#teAa�ta,aae i�apoepri b8�D�3anae�It law. Total development costs of the pm�eet._�oi$. b�,:a�e�s, � :�S�.�Yi954.,,e�he'•Dearelopme�rt v�itl be owned and •e�d>�►J'�e�} ' ^Dev . �orr-htf�in cornpd�hents are included withixi��- '�'` , .� b�t s��%)ot�tha development consists o� � �,�:.��.�., �:..,�, ,�.��t �4 t��' . . .. . . . e . 4`' : �..•��t:-�o� ot th�.a�qui�ftion ana cpnstrue��i4�n a�,`; ` equipping of a"�it1�i-fa'�Ty°"reatal housing deve�o�p��.T,�.; � . �� . �� w iti , �i�Ip 1M Q�Mi�rx��et ��at��i��,�t l��.1�1�'��- ` �f aR�,tl M,��i f�tfiie L��e�lliw�t�7MO�ie��rie } 3�� '�-��Rl1�� ' � .. + I�f�� r,T,F. � =;� �i�M►. �., . f�� > � �~ �et . { # R!�� oi the median # �,�,�p� " Depart�qt.o sing anH Ur��n��Ut� &�,tes devel ��t Total appt+uzimate opment costs of the Pmject w"'iIT be aProxunately�1?8� Develogmgnt will'be owned and opexa�by the De��pe��g�� • � ,.. , :. � -_ �►ss�,ia�d 9r�thin t�e d � . � �, � �E�!!S'°),,�e ; sts�?�s�ut� ' � t. - . . � ., �� ° � ; •��3�E�,��. , .. . r 9t,. ^.5..` r .. „�. �,.:_.': .• a.•.e ,r.' d3+.':'2_..ilt, :�i.. �a..i. t.S�r'�� :�T��t� a�t�t., � o��i��._ ��,�t � ;'� -��_ �� f�r tHe e�p�, �. Ofl�� ai�`nf�a �5;!�!, ;� � Tbe bt�ds or other obY��stions will be issyed by fht�„ ' �� . . ' Sa�d boasds or aPthES?abligat�s,�as ah�'`wl�i' � `: "` '�TT. * ��3l�v�e�b�eupo��S p�y�f��rn: _ ��the ��t�.�i �o��E��erlva8 t�tisc�' bondi�a'�:�o�i0�t�r�il��e�isrge �. , ciedit�'overlr'6��fre�a��k�� ` �'�h1+s��`t�►�u� �, j�;� s � � , , ,.:� tl�e �'�''��a'�i.t►at� ��► ` 'Y x >' �'�;�i�'�%'t�t��,�ro�A tl`ie�T � ' af p�'�'� � . . '� _ �, �►,� . J �� $tt+eet;�':' ��'.�I� . �.. :4� � -,'h �`t�A��dtor tf�lt�pfi�W�C�i�.t�!�it9+Coturd�oi tHtc.Gity oi. ��I�,wi}j.gi�a.ait pe�aaR3!!t�:��at:tbe��n � • �s .�teir vi+t�.w�,t� r�ot ��tl�4' + Writf�t► .��ie�fired if st�bmitted-��he I�aupin��I��is`��p��to ��A 1�t�.heai3t��..- .. �- �� ,��. ��7t�h�ta�Y 6��Tovemi3es,-l��:. : �� . _-a . � � -` _ 433it tTRH +C)F � � ��.*,Ai��°I��'�'�ILr�R`i�'G�'1�Y`j�1��i'i` ' �,� � ..., _ � . � �' 'H�%s��.�`�.�N,C�y Lq� - z :. { : 4�Toi►e�laer 9,1985? �f ��