85-1691 � . �j�=�'�C-/h 9/
' � � - 2 - � .
(c) The HRA and the Minneapolis Community Development Agency (the "MCDA")
have entered into a Joint Powers Agreement dated December 1, 1984, creating the
Minneapolis/Saint Paul Joint 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 Asset Development Services, Inc. (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 Bonds is the acquisition, construction and equipping
of a multi-family rental housing development of approximately 140,000 square feet,
containing 120 rental units, located at 281 East Kellogg Boulevard in the Lowertown
"area of chronic economic distress", 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 December 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;
(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;
(k) It is proposed, subject to Paragraph 2 of this Resolution, that onds to finance
the Project hereinafter described should be issued by the Minneapolis/Saint Paul Housing
Finance Board (the "Board"), as part of an issue to finance the Project and other multi-
family rental housing developments.
. , , � - 3 - C/`—� �.�'- J�C�/
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
pursuant 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
revision from time to time as necessary, so as to produce income and revenues suff�cient
to pay, when due, the principal and interest on the Bonds in a total principal amount
of approximately $5,900,000 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. The Bonds are anticipated to be issued by the Minneapolis/Saint Paul Housing
Finance Board, together with bonds (as part of the same issue) issued to finance other
multi-family rental housing developments, and are proposed to be structured to utilize
credit enhancement provided by the Federal National Mortgage Association, or if
such credit enchancement is not feasible, then 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 approved by the HRA and Developer.
In the alternative, the HRA may issue bonds alone, or to finance only the Project,
if the HRA so determines.
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; and the City further approves
the issuance of the Bonds as part of a Minneapolis/Saint Paul Housing Finance Board
issue to finance a joint program for the Project and other multi-family rental housing -
developments or for the Project only;
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;
. � �,�/�=�.5=/�O 9/
. � - 4 - •
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, or include the Program in the Joint Program
authorized by City Council Resolution No. 84-1375, adopted October 9, 1984, and
previously submitted to the MHFA by the HRA and MCDA, jointly, which 7oint Program
was approved by the MHFA on October 25, 1984, requesting MHFA 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 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, or a pro rata share of such costs for a financing for the Project and other
projects, 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;
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.
.
WNITE - CITV CLERK
PIPIK - FINANCE G I TY O F SA I NT PA U L Council
C�ANARV - DEPARTMENT File NO• �� /��/
' BLUE - MAYOR
�
Council Resolution
Presented By .
Referred To Committee: Date
Out of Committee By Date
- 5 -
11. The Memorandum of Understanding provides that the HRA understands and
agrees that the Developer may form a partnership or other entity, which new entity
will be the owner of the Development. The City Council hereby agrees that the Developer
ma�y assign and transfer all its rights, duties and obligations hereunder and under the
Memorandum of Understanding to such new entity, and that the HRA shall agree to
such assignment or transfer; provided that the HRA's agreement and that of the City
Council expressed herein, extends only to a new entity in which the Developer or
its principals are general partners or principals. The Developer has stated in the
Memorandum of Understanding that it understands and agrees that the Memorandum
of Understanding shall be null and void from and after the date of transfer or conveyance
if the Developer transfers oc conveys the Project, or the Developer's right to develop
the Project, to an entity in which the Developer or its principals are not general partners
or principals.
COUIVCILMEIV Requested by De rtment of:
Yeas Nays � ��
Dre-• In Favor
Masanz �
Nicosia
scneibe� __ Against BY
7edesco
�e n C
Adopted by Council: Date OC� � � � Form Ap ed by City Attorney
Certified Pa • ouncil Sec ta By i�✓ • "
By
t�pprov y 14avor. Date
� EC 2 % � Appro y Mayor for Subm' ion t Council +
B B
pl1�lISHED J A�� `� 1986
.
PEO - Housing Oivision • DEPARTMENT ��'��9� NQ 351
Nancy West CONTACT
- 7494, X277 PHONE
12/11/85 DATE 1 e�/n �r Qr
ASSIGN NUMBER FOR ROUTING ORDER Cli All Locations for Si nature :
Department Director 4 Director of Management/Mayor
Finance and Management Services Director City Clerk
Budget Director 1 De ut Director - Housin
3 City Attorne,y-�� � Jim Scheibel
6 A1 Olson
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED FIATER urpose
Rationale) :
By signing the attached City Council resolution, you will be presenting for Council
consideration, preliminary approval action for a proposed multi-family rental housing
development, the J. J. Hill Building. This proposal received Council approval on
December 18, 1984. This 1985 action is required for TEFRA approval .
RECEIV��
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
OEC 1 fi 19�5
None - Developer pays all costs of bond issuance.
CITY ATTORNEY
FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transaction: $5,900,000. quired if under
$10,000)
Funding Source: Housing Revenue Bonds
Activity Number: PEO Project #33494
ATTACHMENTS (List and Number All Attachments) :
• 1 . Copy of prior Council action, December 18, 1984 City Council Resolution.
2. City Council Resolution
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
�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
:ati�pv OEPARTMENT V I'r'� OF �A I NT YA U L File��11N0. ��''��o lo�
� ' !L'JE � w.avOR . . '
. � ,
� : � ou cil l�esolution
. . . , C,�'y i�qr
Presencea F3y .
Referr�d 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 TI� PROJECT AND TI� PROGR.AM
PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, _
AUTHORIZING TI� HOUSING AND REDEVELOPMENT
AUTHORITY TO ISSUE HOUSING REVENLTE BONDS '
AND AUTHORIZING THE SUBMISSIO�T OF
� FINANCING PROGRAM FOR APPROVAL T0 THE
, MINNESOTA HOUSING FINANCE AGEIJCY AND
AUTHORIZING THE PREpARATION OF NECESSARY � �
' DOCUMENTS AND MATERIALS IN CONNECTION
WITH THE SAID PROJECT AND P�GRAM .
• (J.J. .HILL BUILDING PROJECT)
WHEREAS,
(a) Minnesota Statutes�, Chapter 462C
_�__ _ ___ (the "Act) corifers 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, aclmi.nistering, making
• or purcl3asing loans with respect to one or
. , more multi-family housing developments within
� the boundaries of the city;
COt7NCIL;V[EN Reques rtment of:
Yeas Nags
Fl�tChe► •
. °iar . In Favor
Maaanz
� Nfaosia
son�e.� � Against By
Tedesco�
Wilson
Form Approved by City Attorney
Adopted by Council: Date ��
Certified Passed byt Council Se.cretary BY � �
B;
Ap�.�roved by lilavor• Date � Approved by Mayor for Submission to Council
sy � By .
� . � . � � � . : �-�� /��� .
. . _ . . . �/lv 9/
� (f) The City has� been advised by �
representatives of the Developer that con-
ventional, 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 ?�►as
also advised the City that with the aid of
municipal financing, and resulting low
borrowing costs, the Projeet is economically
more feasible; -
(g) A public hearing on the Project and
the financing program therefor was held. on
Decemb�r �, 1984, after notice wa� �
� � publis2zed, all as zequired by Minnesota
Statutes, Section 462C.05, �ubd. 5, at which •
' public hearing all tho�e appearing at said
hearing who desired to speak were heard;
' (h) No public official of the City has
� either a direct or indireet financial
interest in the Project nor will any public
official either directly or indirectly
_ ____ __ benefit €inantially from the Project; .
(i) The Developer has submitted to the
HRA a form of Memorandum of Understanding
executed by the Developer, expressing certain
understandings by and between the HRA and the .
� Developer pertaining to the Project, and the
• financing therefor.
� � � (j) It is �proposed, subject to
. Paragraph 2 of this Resnlution, that bonds to
finance the Project hereinafter described
should be issued by the HRA, jointly with the
- Minneapolis Conmiunity Development Agency (the
"MCDA" ), as part of an issue to finance the
Project and other multi-family rental housing
developments. •
NOW THEREFORE, BE IT RESOLVED by the City Council of .
the City •of Saint Paul, Minnesota, as follaws:
1. The City hereby gives preliminary approva2 to the
proposal of the Developer that the City undertake the Project,
described above, and the program of financing therefor, �
. . .
.� .� �`F ,�'"�.-�i�-�-
. . . . . � - ��'s���� -.
pursuant to Minnesota Statutes, C'hapter 462C, consisting of the
acquisition, construction and equipping �f multi-family rental
housing facilities within the City pursuant to the Developer's �
specifications ��and to a revenue agreement between the HRA and
the Developer on such terms and conditions with provisions for
revision from time to time as necessary, so as to produce
income and revenues sufficient to pay, when due, the tirincipal
and interest on the �3onds in a total principal ar.iount of
acproximately $5,900,000 to be issued pursuant to the Act to
finance the acquisition, construction and equipping of the
Project; and said agreement rnay 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, hereby
�undertakes preliminarily to issue its bonds in accordance with
such terms and conditions; -
2. The Bonds are anticipated to be issued by the HRA
and MCDA, jointly, togethe= with"bonds (as part of the same
issue) issued to finance other multi-family rerital housing
developments, and are propcised to be structured to utilize
credit enhancement provided by the Federal National Mortgage
Association, or if such credit enhancement is not feasible,,
then at the option of the MCDA and HRA, 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 marke.tability of, the Bonds; provided that any such
financing structure must be approved by the �iRA and Developer.
In the alternative, the HRA may issue bonds alone,' or to
• finance only the Project, if the HRA so determines.
3. On the basis of inforrlation available to the City
. it appears, and the City hereby finds, that the Project consti-
tutes a multi-family 'housing development within the meaning of
. - subdivision 5 of Section 452C.02 and subdivision 3 0£
Section 462C.05 of the Act; that the Project will be occupied,
in part, by persons of low or moderate income; the availability
of the financing under the Act and the willingness o£ the City
to furnish such financing will be a substantial 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,�
__ .
. . . �-,_��_���.; .
. . . � �. �-���6q�
4. The Project, and the prog�am to finance the
Project by the issuance of rev�nue bonds, is hereby given
preliminary approval by the City subject to the approval of the
financing program by the Minnesota Housing Financ�e 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 project; and the City further
approves the issuance of the bonds as part of a joint HRA and
�MCDA issue to finance a joint �rogram for the Project and other
multi-family rental housing developrnents or for the Project
only;
5. Pursuant to Chapter 72, Saint Paul, Minnesota,
A�ninistrative Code, the City hereby authorizes and directs The
Housing and Redevelopment Authority of the City of Saint Paul, .
. t�iinnesota (the "HRA" ) to issue the housing revenue 'bonds, alone
. or jointly with the MCDA, � to finance the Project and to take
all actions necessary or desirable in connection therewith, and �
no further approval or suthorization 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 project to MfiFA or include the Program in the
- - - Joint Pr.o ram authorized by City Council Resolution t1o.�'�/- 3� ,
adopted T g, 1984 and previously submitted to the MHFA
� by the HRA and MCDA, jointly, which Joint Program was approved
by the MHFA on October 25, 1984, requesting N�iFA approv�.l, 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 Develope�r has agreed and it is hereby
� determined that any and all costs incurred by the City or HRA
in evnnection with tlze financing of the Project, or a pro rata
share of such costs �for a financing. for the Project and other
projects, whether or not the Project is carried to completion
and' whetlier or not approved by NffiFA, will be paid by the
Developer;
8. Briggs and Morgan, Professional Association, �
' .acting as 'b�nd counsel, and such investment bankers as may be
selected by the Developer with the consent of the �HRA, are
authorized to assist in the preparation and review of necessary
documents relating to the Project and the financirig program
- • . . . � . . � �; ���,`,� .
• . . �'�✓ � Y
, � ��. � • .� �� ' � - ��'✓`-/(Q� -�
therefor, to consult with the Citv 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 docunents and submit such documents
to the HRA for final approval; ,
9. Nothing in this Resolution or the documents
pre�ared 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 or HRA for
this purpose. The Bonds shall not consitute a charge, lien or .
encumbrance, legal or equitable, upon any groperty or funds of
. the City or HRA except the revenue and proceeds pledged to the
payment thereof, nor shall the City or HRA be subject to any
liability thereon. The holder of the Bonds shalT never have
the right to compel any exercise of the taxing power of the
City or HRA to pay the outstanding principal on tYie Bonds or
the interest thereon, or to enforce payment thereon against any
property of the City or HRA. The Bonds shall recite in
substance that Bonds, including the interest therepn, 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. � �
-- 1D. In anticipation of the .approval by MHFA and the �
issuance of the Bonc�s to finance all or a �sortion .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 expenditure� and advances toward
payment of that portion of the costs o� the Project to be
financed from the proceeds of the Aonds, as the Developer
considers �necessary, including the use of interim, short-term
• fin.ancing, subject to reimbursement from the nroceeds of the
Bonds if any when delivered but otherwise without liability .on
the part of the City or HRA.
11. The Memhrandum of Understanding provides that. tY►e
HRA understands and agrees that the D�veloper may form a
partnership or other entity, which new entity will be the owner
of the Development. The City Council hereby agrees that the
Developer may .assign and transfer all its rights, duties and �
obligations hereunder and under the Aiemorandum of Understanding �
to such new entity, and that the HRA shall agree to such
assignment or transfer; provided that the HRA's agreement and
. _ ,
• � F�~�~cE - G I TY �O F ..��A i I'�'T PA.i7 L , Counci! �//
'ar.�y• _ JCP�1lTMENT ���iG'Y/!J
_.;� _ ..:.YoN . F�le N0. �
, _ _
. . � � . . . - �Council �esolu�ion �����q�
Fresented By � � �
Referred To Committee: Date
Out of Committee By � Date
that of the City Council expressed herein extends only to a new entity in
which the Developer or its principals are general partners or principals.
The Developer has stated in the Memorandum of Understanding that it under-
stands and agrees that the Memorandum of Understanding shall be null and
void from and after the date of transfer or conveyance if �the Developer
transfers or conveys the Project, 9r the Developer's right to develop �the
� Project, to an entity in wk�ich the Developer or its principals are not
general partners or principals. ,
,
,
COUNCILMEN Requested by De artment of:
Yeas �r�NEitJ —`� .
D►ew � �� . �
Mpsanz
� �n Favor �
�aosia .
��- �_ Against BY
7'ad�sco
M�iNow-
Adopted by Council: Date ��+ � $ t�'t Form Ap ved by City Attorney
Certified Pa.s ncil S t By�QL(d(,���
.' B� �
Appro by Mavor: t DEC Z O ��$'� • Approved by Mayor for S�bmission to Councit
- By �,
-- PU�U�t��D ��� � :� 1984 .
. � • � ���_�'��_��q�
. '. ' ar ^. . .,.. . , � .-s,;i.• p!>��EzL �_;,s 'T .. ,tE"�,�'R�t C�1'.�yd:,
� .. . . '' �l�'��IF'� ,ifi��r.�4 t '�'$�e L� �,'a r
.. ,— .. _-�� $ ' ■ �u��. �.,�.�t F_ k:�? 'ks'�2�.. •a5:']t
�� ., .. <.� - :.�R'^.���,���d�!�a���.�J��.�.,. r �� ��..a t�.�9� � Git';;
'1�1a;�`a� LY RE�AL$ S�'�1�T�'�1 s:: r L. ti:i ..
� ta;ar.xi�B�rn�����►�r�� t �' ,4��
. _ _ . .. �x. .�3r .
. ��� _ .. .rti•'� . . . ... .. . . . . � ,.. .. . .�:I��; a ... .
To whom nt,m�y:conncer�: � . �� < _
� I3�ntt�ce is he�ebq given�tha��'the �t�'`:'C�ouncil of the �ity o�F�S�,�yl;�;
;, M�nnegatl4,wiilamaset in tltie Cit�Coitrtcti'C�Abers at tlie C'itf►Fiat��nth�C��}��8f
Shain�T'au3;'M�n�s�ta;at 10:00 a•ciock a ':`i#a ember 2�;�19$5,t�c ` �t�x't,�i� ,
P'xoposa�ot:�ls�'e�Iaeve n ty. :
uhdertake a-�program Lo finance the cle3de ��� 1t�ea�E�d in th� �''E3r �s� S�t °
Paul,hereuiafter described,pursuant tFi ttz �ty�'s:h�sing plan u�rFlGi�esbta
Statutes,Chapter 462C,by the issuance of revenue.slbli,gations. • ' !;> �
THE DEVE�(3$��'�:'
The Development consists of the acquisition,construction,rehabilitation,
and equipping of a multi-famiiq rental houaing development of
approximately 140,000 square feet containing��a�pproximpt�ly:120�ta1,�
units located at 281 East I�ellogg Bduleva�ra�iSaaffitPaul;°�hneseta.`�� ' '
D�ve�opxr�at is.,:la�af,ec}:in ti�i.owe�to�vu!a '�r�a os=ei��ndc�eaa�t�trtiCP':"`
distress"designated a�such•by_�be A�i�o�,�io�sing F�t�±7��. �
No,t l�sg�t}�u 15�'o Qf the un�ts in the D�v�tpp�znent �ti�} . 'occuutii�l;Y�'
occ
p�rsot�4f Iow income,�cat o.ky pre�eti�.c�eiin�d u�c�e� :ede�la�to
ai�n"xse�ox�s or families.w� it�c9�e,}s:$A� cc�acc:le�srf�tb,e.��ae•. : '
iricome for the`Saint,Paul area as determined by the Ucuted 3tute� ��;
Department of Housing and UFban Developxnent T�;1�evslog�ept k �r� '
be`owned and operate?cl by�le f�v�Yop�r.o�,a p��T�p or qt�r.�g >,. !
to�tie formed in �+hic�i the�Deveiope�"�vill be a gener"aY: t��
principal. Non-housing components may be ir�luded w�:��e � ���
D�elopment,bnt substariEtall�a�1,E9E��)ai'the 1?eve�sm�t ay�ll�qns�'�,` , +
of rent��housing and'fur�tionallq rc�fated f��i�Ef�: • „ ' ,
1�e�timated principal amQiint o�bpnds or ot�eT Qb�ataqx�s,f�lpe f�aued tA� �
finance the Development will be�,900;000:`rhe baads Ar:t1'E�er.obligaf�is,�Y.� .
-b�i�tsuod by ' __ ,
b� tlre aei `" �► i�±
.,
1�r11���ftA"). it L ;�i�t,, -
p�4���t dir�i�lv/�M�.�14t�M,� ;
�tw�brM!�pr i��rtb��'
�r `ft ti��+i��+s�A :,�:. � � '
- . -- - - . -- g .
Said bonds or other obli ations, as and when issued, will n�t caastttu�e�a,-
�, l�en o���acumbra,na�uPoxr��'�ro�rtY af!he Citg ati Sa�ttt�P�t�i;t�
or the Soard;�xcePt t�e DeveloPm�e.nt and the�ev�ri�es to be d�f�r�r1 from`
the Aevelctpment. Such bonds or obligations vKill not� a ehasge ag�►'i�st the
Ci '$br FIRA's geaer�credit or tax�ng powers,bu�t are pa�ys�le irom'Stt�s to be�
pai�by f,1ae owuer of the]�uelup�ent pursuan��o revenue a�reemen�: �
The p, #or a P%gxazn to finance the D�vielopm�nt was a�sprc�v`�b�r ttie'
Ci�y Co 1 af xhe Ci�Y oi•Saint:;Paul,•Minne.sota�� D�ember 18,-�$84
natice,and the public 1�earisg reta�ed there�o,is�uired iu�dei��C'urrets��+'adeder���al�:
lavv related to�pprova�of the pro�al. . _ _ _
Further information etsnceril�g-'E�ie De�vetop�nent, and the_ fina�aeing:�,
programa ther�for,may�e��tbt�itied fr"om tbe Hvusfng Division,Depa�tiaq�t pi
Planning arid.E�onomie-T,Ta'v�lop��,'Gity Hall Annex - I2tb Floqr;�5,�G''est
FouiLh Stseet�3ai�t Paul,AEi�esota 55108(teIepthone 292-I5�.
A�the�ti�aad place fixed ior the public bearirig,the City CQUnc31 et#he�ity
of Sait�t Paul, Minnesota wilY p�iv�e �11 �ssons who app�r at the h�s�ng an..'.
oppo�titnity to eXpress tlieir views wY�h.respect tu the proposa�• .
Dated.tliis 5th ds�Y of Ylece�ii�er��885--
�($Y O1�ER OF TH�CITY�OUNCIi.OF T�iE CI'L�"�F-�l�'#`' ;
. PA'�L,ffiINN�90T�1� .. .
, , 'Bp/s/:�°I�+BER'�E�r3';;BQI�f�C�Cler�c ,
, '�' <�beY 7,19�- .
_ . ., ....
__. � .. .�.: _ �._<_
. s �
. . - �,,�-�s /�9/
NOTICE OF PUBLIC HEARING
BY THE CITY COUNCIL .
OF THE CI?Y OF SAINT PAUL
ON PROPOSAL FOR A PROGRAM TO FINANCE A
MULTI-FAMILY RENTAL HOUSING DEVELOPMENT _
(J. J. HILL BUILDING PROJECT)
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 December 26 , 1985, to consider the proposal
of asset Development Services, Inc. (the "Developer" that the City 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, consiruction, rehabilitation, and
. equipping of a multi-family rental housing development of approximately 140,000
square. feet containing approximately 120 rental units located at 281 East Kellogg
Boulevard in Saint Paul, Minnesota. The Development is located in the Lowertown
"area of chronic economic distress" designated as such by the Minnesota Housing
Finance Agency. Not less than 15% 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 the 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 ren�tal housing and functionally related facilities.
The estimated principal amount of bonds or other obligations to be issued to
finance the Development will be $5,900,000. The bonds or other obligations may be
issued by the Minneapolis/Saint Paul Housing Finance Board (the "Board") or by the
Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA").
It is anticipated that the Development, together with certain other rental housing
developments, will be financed by bonds issued by the Board, provided that such bonds
may be issued by the HRA alone, or for only the Development, if the HRA so determines.
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, the HRA, or the �
Board, 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 agreement.
- � , • �'��,5'--��t� ..
The proposal for a program to finance the Development was approved by the
City Council of the City of Saint Pau1,lVlinnesota on December 18, 1984. This notice,
and the public hearing related thereto, is required under current Federal law related
to approval of the proposal.
Further information concerning the Development, and the financing program
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). � .
/�t 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 5th day of December , 1985
(BY ORDER OF THE CITY COUNCIL OF
� - THE CITY OF SAINT PAUL, MINNESOTA)
g Y � ALBERT OLSON
City Clerk
�
. • • . �� �',��-/�O 41
R���,tt ,, ,, . CITY OF SAINT PAUL
DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT
� ����������� � DIVISlON OF DOWNTOWN DEVELOPMENT
a ���� �� � a 25 West Fourth Street,Saint Paul,Minnesota 55102
�� ^a 612-292-1577
ias•
GEORGE LATIMER
MAYOR
St, Paul Dispatch and Pioneer Press December 5 , 1985
345 Cedar St.
St. Paul, MN 55101
Attentian: Rosemary Frank
RE; LEGAL NOTICE
NOTICE OF PUBLIC HEARING ON
PROP05AL FOR A PROGRAM TO FINANCE
A MULTI-FAMTLY RENTAL HOUSING
DEVELOPMENT (�"�;_°�-�"f; $�"l3��;�
PROJECT)
Dear Ms. Frank:
Attached is a Notice of Public Hearing cm a Proposal for a Progr�ri to
Finance a Multi-Family Housing Rental Development (J, J. Hill Building
Project) .
Pl.ease publish this Notice in the St, Paul Pianeer Press and Dispatch for
Saturday , December 7 , 1985.
If you have any questio�s , please do not hesitate to contact me at 292-1577 ,
extension 231.
Sincerely ,
.�
Sheryl A. Pemberton
Real Estate Administrator
SAP:rmf
Attachment
bcc: Chron, Legal Bond Paper File, Nancy West
. �,r- �.�-���r
�+��,tr ,, ', ' , CITY OF SAINT PAUL
DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT
o a DIVISION OF DOWNTOWN DEVELOPMENT
a uit ttni ,
a ���� �� � s 25 West Fourth Street,Saint Paui,Minnesota 55102
''o �° 612-292-1577
��s•
GEORGE LATIMER
M^YOR
St. Paul Legal Ledger December 5, 1985
Publication Office
640 Minnesota Building
St. Paul, MN 55101
RE: LEGAL NOTICE
NOTICE OF PUBLIC HEARING ON
PROPOSAL FOR A PROGRAM TO
FINANCE A MULTI-FAMZLY
RENTAL HOUSING DEVELOPMENT
� �^����?ING P&�T)
Gentlemen:
Attached is a Notice of Public Hearing on a Proposal for a Progr� to
Finance a Multi-Family Housing Rental Development (J.J. Hill Building
Pro1ect) .
Please publish this Notice in the St, Paul Legal Ledger for Saturday,
December 7 , 1985.
If you have any questions , please do not hesitate to contact me at 292-1577,
extension 231.
Sincerely,
�"7-
Sheryl A. Pemberton
Real Estate Administrator
SAP:rmf
Att achment
bcc: Chron, Legal Bond Paper File , Nancy West