The URL can be used to link to this page

84-381 WNITE � CITV CLERK PINK - FINANCE GITY OF SAINT PALTL Council CANARV - DEPARTMENT 4 b'LUE - MAVOR File �O. `�� / 1 Council Resolution t-.;" Presented By � Referre,d To � Committee: Date Out of Committee By Date ' RESOL-UTION RECITING A �ROPOSAL FOR A FINANCING PROGRAM FOR A MULTI-FAMILY RENTA,I, 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 (FORT ROAD 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 pov,rer 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; Yeas COUIVCILME Na s Requested by Depa tment of: Fletcher y D � 1 °re1nr In Favor Masanz NiCOSia scnetbe� _ Against BY Tedesco Wilson Form roved by City Attorney Adopted by Council: Date Certified Yassed by Council Secretary BY��/<��`� sy ,, tapproved by 17avor: Date _ App ve y Mayor for Sub 'ss ron t Council �_., By . � . � . �� -3�i (b) The Housing arid Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA" ) has been designatec�, by ordinance, to exercise, on behalf of the City of St. Paul, Minnesota (the "City" ) the powers eonferred by Minnesota Statutes, Section 462C.01 to 462C.08; (c) The City has received from Fort Road Partnership, a Minnesota partnership (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 or which may be in the form of a single debt instrument) (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 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 Project to be financed by the Bonds is the acquisition, construction and equipping of a multi-family rentaZ housing development of approximately 82 rental units designed for occupancy primarily by persons of low or rnoderate income located at 1980 Fort Road in the City, 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; � , . . . (�F ��3�'/ (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 o� 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; (g) A public hearing on the Project and the financing program therefor was held on March 20, 1984, 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; (h) 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 £rom the Praject; (i) TY►e Developer and the HRA have entered into a Memorandum of Understanding, expressing certain agreements pertaining to the Project, and the financing therefor. NOW THEREFORF, BE IT RESOLVED by the City Counci.l 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, C�hapter 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 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 principal and interest on the Bands in a total principal amount of approx- imately $3,600,000 to be issued pursuant to the Act to finance ' � . CF ��3�� 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 purcY�c�zsers 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 Developer, 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. 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 b� persons of low or moderate income; the availability of the financing under the Act and the willingness of the City to authorize and direct the HRA to �rovide 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 opportunitiea to residents of the City, to assist in the prevention of the emergence 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, 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, Aministrative Code, the City hereby authorizes and directs The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HP.A") to issue tre housing rsv�nue bends to tinance 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; ` . �� -3d''� 6. In accordanc� with subdivision 5 of Section 462C.05, Minnesota Statutes, the Executive Director o� the HRA is hereby authorized and directed to submit the program for financing the project to MHFA, requesting its approval, and other officers, and employees and agents of the City and HRA �re 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 a11 costs incurred by the City or HRA 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 Developer with the consent of the HRA� are authorized to assist in the prcparation and review of necessary documents relating to the Project and the financing prograrn therefor, to consult with the City Attorney, Develooer 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 nPCessary 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 Project other than the revenues derived from the Project or otherwise granted �o the City ar HRA for this purpose. The Bonds shall not consitute a charge, lien or encumbrance, legal or equitable, unon any property 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 shall never have the right to compel any exercise of the taxing power af the City or HRA to pay the outstanding principal on the Bands 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 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. WHITE - CITV CLERK PINK - FINANCE G I TY OF SA I NT PA U L Council /� �'y CAN;qRV - DEPARTMENT _ FIlC NO. ��✓ �/I BI.UE - MAYOR � Council Resolution Presented By � Referred To Committee: Date Out of Committee By Date 10. In anticipation of the approval by MHFA and the issuance of the Bonds to finance all or a portion of the Project, ancl 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 or HRA. 11. Subject to the approval of the City Attorney, the form of the Memorandum of Understanding and Exhibit thereto are hereby approved. COUNCILMEN Requested by Depart Yeas ��r Nays °f81N In Favor Masanz NiCOSia �be�- __ A gai n s t BY Tedesco 11�11ao�s Adopted by Council: Date MAR 2 0 198� Form Approved by City Attorney Certifie Y b o .' S t BY �{��{�`` � ` A►p ro d by Mavor: �R Z O �98�# Ap o ed by Mayor for Subm' io�to Council � By �+ PUBLIS�tED MAR 31 1984 . . . . � . e F �38� �� '�� EPARTI,tENT Cr/ar�`a �os�'ro m , CONTACT 'y'y 9�'1 �xf'• a S�pHONE v 3�/3�8'`{ OATE 1 �� r � (Routing and Explanation Sheet) Assi� Nua�ber for Routing Order (Clip All Locations for Matyoral Signature): nt/ or , Fi nance and Manage s Di rector �City Clerk Budget Director _ �Ihat Will be Achieved by Taking Action on the Attached Materials? (Purpose/Rationale): �/t.Q-e�� " �...u.,�, � /-�Y�,4 �a ,c�.u,� -�u� V,�'�-�o-� � -�c.e, ' �� - ��y� k.�,�.�, � �h� .0 f�fJG 0 a,�.,� • � � - �e� R � . a l� � � � ,� �. �P �°�..�- �, �� Financial Bud a and Pers nel I cts t ci ted: �� . �� Furtdfng Source and Fund Activity Number Charged or Credited: �/�A Attachments (List and N�anber all Attachmentsl: Ce-�-�� DEPARTMENT REVIEW CITY ATTORNEY REVIEW X Yes No Council Resolution Required? Resolution R�quired? Yes No Yes No Insurance Required? Insurance Sufficient? Yes No Yes No Insurance Attached? Revision of Qctober, 1982 �SPP RPVPI"CP SidP for �Instructions) WMlTE - C1TV CIERK PINK - FIiiANCE COU�ICII /// CANAR�S' - DEV?ARTMENT .� IT.Y OF SAINT PAUL +�" • BLUE - MAY�OR • FIlE NO. �• _��/ - . ,\ • � Council �Resolution Presented By Referre, o Committee: Date Out of Committee By Date ' _ RESOL•UTION 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 PROGR�M 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 (FORT ROAD 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; COUfVCILMEN Requested by Department of: Yeas Nays —D � Fletcher Drew [n Favor `' Masanz � ; Nicosia ' "—"� scne�bei _ Against BY Tedesco Wilson Form roved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY B� Appro��ed by A7avor.: Date Approved by Mayor for Submission to Council gy BY • . �T ��3�`/ - . . . - � G. In accordance with subdivision 5 of Section 462C.05, P4innesota Statutes, the Executive Director of the HRA is hereby atithorized and directed to submit the program for financing the project 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 Developer has agreed and it is hereby determined that any and all costs incurred by the City or HRA in connection with the financing of the Project whether or not the project is carried to completio�n and whether or not approved by MHFA will be paid by the Developer; S. Briggs and Morgan, Professional Association, acting as bond counsel, and such investment hankers as may be . selected by the Developer with the consent of the HRA, are authorized to assist in the prr,paration 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 ot]ler 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 munieipal funds on the Project other than the revenues derived from the Project or otherwise granted �o the City or HRA for this purpose. The Bonds shall not consitute a charge, lien or encumbrance, legal or equitable, unon any property 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 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 HRA. The Bonds shall recite in substance that Bonds, including the interest thereon, are payable solely from the revenue and proceeds pleclged 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. - • , . , . . G�'F ��f:��1 the acquisition, construction and equipping of the Project; ancl said agreement may also provide for the entire interest of the Developer therein to be mortgaged to the purcl�eisers of the Bonds, or a trustee for the holder(s) of. t7ie 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 Developer, the financing may be structured so as to take advantage of w'natever means are available and are permitted by law to enhance the security for, or raarketability of, the Bonds; provided that any suc'n � financing structure must be approved by the HRA. 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 develonment within the meaning of subdivision 5 of Section 462C.02 of the Act; that tY�e Project will be primarily occupied by persons of low or noderate income; the availability of the financing under the Act and the willingness of the City to authorize and direct the HRA to �rovide 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 prevention of the emergence 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 tl�e financing program by the Minnesota Housing Finance Agency ( "MHFA" ) and subject to final approval by the HR.A, the Developer and the purchasers of the Bonds as to ultimate details of the financing of the project; ' 5. Pursuant to Chapter 72, 5aint Paul, Minnesota, Ar�inistrative 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 autYiorization of the City shall be required; ` � . . . ' . �� - (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 availa}�le � only on a limited basis and at such high costs oF borrowing that tre 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; (g) A public hearing on t'ne Project and the financing program thereior was held on March 20, 1984, 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; (h) No public official of the City has either a direct or indireCt financial interest in the Project nor will any public official ea.ther directly or indirectly benefit financially £rom the Project; (i) The Developer and the HFZA have entered into a Memorandum of Understanding, expressing certain agreements 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 ana equipping of 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 principal and interest on the Bonds in a total principal amount of approx- imately $3, 600,000 to be issued pursuant to the Act to finance ' , L . . �f= ��f-3�'/ (b) The Housing and Redevelopment Authority of the City of Saint Paul, t4innesota (the "IiRA" ) 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) The City has received from Fort Road Partnership, a Minnesota partnership (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 or which may be in the form of a single debt instrurnent) (the "Bonds" ) pursuant to the Act; (d) The City desires to: facilitate the d'evelopment of rental housing within the �community; encourage the development of affordable housing opnortunities for residents of the City; encourage the � development of housing facilities 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. (e) The Developer is currently engaged ' in the business of real estate development. The Project to be financed by tlze Bonds is the acquisition, construction and equipping of a multi-family rental housing development of approximately 82 rental units designed for occupancy primarily by nersons of low or rnoderate income located at 1980 Fort Road in the City, 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; M1HtTE - C�TV CLEkK � - � � PiNK - FINANCE G I TY O F SA I NT I�A U L Council d,/ GANAFY - DEP4RTMENT , Flle NO• % / ��/ E/l.UE - MAYOR 1 � 1.` . � � �Co�ncil Resolution Presented By � Referred To Committee: Date Out of Committee By Date 10. I-n anticipation of the approval by r4HFA 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 or HRA. I1 . Subject to the approval of the City Attorney, the form of the Memorandum of Understanding and Exhibit thereto are hereby approved. COUNCILMEN Yeas Nays Requested by Departm • � Fletcher U � °fe`" (n Favor Masanz Nicosia , �� ' ' scneibel __ Against BY � Tedesco Wilson Adopted by Council: Date Form Approved by City Attorney Certified Yassed by Counc.il Secretary BY B� f�pproved by Mavor. Date Approved by Mayor for Submission to Council sy _ By # ' - , G�� 3�/ � :,��: CITY OF SAINT PAUL INTERDEPARTMENTAL MEMORANDUM FILEO DATE: MARCH 1, 1984 �� TO: AL OLSON, CITY CLERK ��°�Y �j.�'�.}('S �I��"IC� S1" :'Y JLl Nft��. FROM: SHERI PEMBERTON, PED SUBJECT: CITY COUNCIL PUBLIC HEARING FOR MARCH 20, 1984 Attached is a copy of the Public Hearing Notice, which will be published in the St. Paul Legal Ledger and the St. Paul Pioneer Press and Dispatch on Saturday, March 3, 1984. Please place this Public Hearing on the City Council Agenda for Tuesday, March 20, 1984. A City Council Resolution will be forwarded to you by the City Attorney's Office, prior to the City Council meeting. Thank you. SAP:rmf cc: Becky Hartman Gloria Bostrom �'' ' �: � � (�F�5��3�/ NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A PROGRAM TO FINANCE A - - MULTI-FAMILY REI�TTAL HOUSING DEVF.LOPMENT , (FORT ROAD PROJECT) f�E�'� - �� T��N�� it may concern: ��SY ��+� p�� Notice is hereby given that the City Council of the STPAULQ�, o Saint Paul, Minnesota will meet in the City Council Char.�bers at the City Hall in the City of Saint Paul, Minnesota at lo:o0 0' clock a.m. , on March 20, , 1984, to consider the proposal of Fort F,oad Partnership, a Minnesota partnership (the "Developer") , that the City undertake a program to finance the development hereinafter described, pursuant to the City' s housing plan under MinnBSOta Statutes, Chapter 462C, by the issuance of revenue obligations. The Development The development consists of the construction and equipping of a multi-family rental housing development of anproximately 82 rental units located at 1980 Fort Road in Saint Paui, Minnesota and designed for occupancy primarily by low and moderate income persons and families. Rs required Uy Federal law, not less than 20% of the units in the development will be occupied b3 persons of low income, a category presently defined under federal law to mean persons or families whose incorne is 80% or less of the median income for the St. Paul area as determined by the United States Department of Housing and Urban Development. Total approximate develonment costs to be financed will be approximately $4,400,000 . The Development will be owned and operated by the Developer or a partnership or other entity to be formed in. which the Developer or its princinal (Michael Roach) will be general partners. The estimated principal amount of bonds or other obligations to be issued to finance the Development will not exceed.'$3,600,000. .- ' ��' , G�F �'�1�38'! . Said bonds or other obligations, as and when issued, will not constitute a charge, lien or encurnbrance upon any property of the City of Saint Paul, or its housing and redevelopment authority except the Development and the revenues to De derived from the Development. Such bonds or obligations will not be a charge against the City' s general credit or taxing powers but are payable from sums to be paid by the owner of the Development pursuant to revenue agreem�nts. Further information concerning the Development, and the financing programs therefor, may be obtained from the Housing Division, Department of Planning and E�onomic 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 hearing, the City Council of the City of Saint Paul, Minnesota will give all persons who a�pear at the hearing an opportunity to express their views with respect to the proposal. Dated this ls� day of March , 1984. - (BY ORDER OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL, MINNESOTA) gys/ ALBERT OLSON City Clerk �y� ��-3�"i ,--- i7 r ' t� �� i - �� o o s � �rs �►M., . ;� i � c� c ' t � � r t • � '� t eH RO�d Ratf- r p ( •+�f�� a �� ,�, ii�ww�, ;*PwG ;�p . . ��v 1 � ..�, Gpd�� y NalMh,d4W�:l,O. �A. �,�� '�`� _;. � �� ; � :� `� :�ox ,� �_�or� f b�.- ' �yy� 4�l1 �~ !��r b 1 p`. � � �'� � � t A � '. x, • �@�+N� �.. p ..}y: ; � k -.:�71A �.,,.. -C�f�:.�1'.: . C : nMy�lapt�� MI 1�l�16T7)" � i� •��w�;�i` .1 I • .M tA►.M�rNY¢an . �i 111�f si9� � ,s �, �� , � i . , . �/=" �'�L-3�� NOTlCE OF TUDLIC HiARHiC+ ON A�ROPUSAL 1M�1t'� � '!�O FINANCE A�� i6lITAL HOUBiN�i�-' . . {FOR't ROA91�i07/I�'� To who�it maY c�rn: Notice is hetebY{��tdat!he City C�i� � of t6e Cityot Se1M Pavl.Miuneaota will�t i �t tkeGYtr Cetti�N�beis at t!�61iX.�� ! in the'Cif�of�8sIP1:1�=1��8�..:�+Q � ocWck s .a�1�anh-a0y�.tacws�ider the ' yppoaal.:of Fort.... .:d Partnei+�1P. a ylianesote_Eaitaeist►iP.(tbR ••Deu�eJb�r'7. Ehet the CiEY imdertake a�P*d6r�'to thYenct the deveiapmettt hert��C pusuartt to the City's �:�t�e ,ttl�'-'86tutes. Cb�� i ttsuoinee�h�s�e 4�M'�aos�: c _ The I�aY!elolY�-. �"•'�`davelo{tment eb�Ta'� the �onslzuction and e�iPPIT�S of a i�ulti- family e'�ntal ho� devd°P°1�•°f 'spproxtinatetq 82 reMa1 uritts loeated`at ?199A Foft$soad in SaiM Pa�:�a�� : �i*�ISaed!br ocxvpanc8 P loW;aNd mcderate,#na�Pe�O.°` and tamt�les.As re9ufred by.�'ederal law.no1 . lesa than �0�. oi.the units. in t11e �velopmenE VyilT be a7.�cup�b7 Pe�s " :i �"low 1�-'a ca�d'Y_�+'�� :daf(ped uirt�et'�l Iam'W mean peiso�s ,?�oiifamlNat�'��+e is:Y�oT 1�ot -the�oediaA�'�the$t:Paul ams as �determimd br the United StAat�� DApal[tmea,},!I� Qusing and Ut$¢*+ 'Developmfn�: �1 ?pProxtmSte �yelap�ntiros�; �ie finenced witl�8e " ej��;mattl�' x'i�G�.000. '-Tiie �eet�HthE t�l�rlied�aeut��1 - aY�'��pe°°r�pR�libiPor:}#tLer ��tlJ�p�.�qr�e�3.::�n whte�:r,tde Devel�W�l11ic1+� .�� will'be' t PoT�•e , 'rpq�i�Pnac1�W1 a?a0vat��or otFieF;o�, - to be iast�i�t�n the g�p��-+iiYfl1 n6t e�oeee�i9.EBb.00d:: Said b�`ct'dher obli�ttotta.:as and wh�issued.wi11 wat ee�f.ltuEe a e�re�r�tlm orecrcgmbrasce�►+M�oltl4e Qty ot SalnY Paid.�'o! itt. �:� the ' redeveloyment 3g1iM4��Y; ..}�eloy�a�eat+ad"U�'�`Y9st�a#4 be�e�d �� tpe Developnent. $ueh b01�s�or �eq ,�*.�:wni na be a a�.np� C�tY'��"ere�Mt or tmd�Va�y�� ' peyabis irom sqnu to be v�K °` � �'�� `��...t� � t`'<. e6•°°.°^r,�Si akl'- ..•1. :... .. . $'ULLIHt.:'f1if0!'siiSOa�'io0��s�''IIK. a DeveCo)meAr: and��.f1wlllei+�:l�1°�� : therefor,�`�� ' DivWsr�. DeWnm�t;° �k Develapm�hl', a �1. , lYth IIoor. 15 M�lit 4th ,�`�: �A�ta,�eeaix}-�p�#}jted fo��p�1k . �eartn6,the City Co�a��bi-lhe�34tTbi�''tiut ', `.'i+au1. Mi�e��1��,��'1p� � appear ac t`t�lieatint=sa app�url�Y axpre� their: risqs��h �°?I,e. the Rrqp°sal•,., : ... z. . ��gye of:1{qrr]t.;19i4- : ,•1 '� ` .,.;��A01F'�'4I#�3'� . .+'��c O!! �=w •�4�CILQFTHE�',T�C `� �` PAtIL,1IINN�� '- ' g�s/III.AEATOLeON `Clty Cierk ` (�1a;.3) ��a�3T. 4AUL L�� -