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84-922 WHITE - CITV CLERK PINK. - FINANCE G I TY OF SA I NT PAIT L Council n CANARV .� D6�PARTMENT File NO• ��+��^ BLUE - MAYOR � . 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 THE PROGRIIM 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 (WESTMINSTER APARTMENTS 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; COUIVCILMEfV Requested by Department of: Yeas p�etcher Nays � .-+/v � Drew [n Favor Masanz Nicosia scnetbei __ Against BY Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY i�G�L'f�A��s�� By . Approved by �Vlavor: Date App ve y Mayor for Sub ' si t uncil By B , � • • � d 7' 7�� (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) The City has received from Richards Properties (Richard Sagstetter) (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; (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 multi-family rental housing development of approximately 24 one and two bedroom rental units and approximately 18 related garages located at the southeast corner of Westminster Street and Hyacinth Street, 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; � , � (� �� 9-�z (f) The City has been advised by representatives of the Developer that con- ventional, con�unercial 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 signi£icantly 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 July 17, 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 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. NOW TH�REFORE, 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 speci�ications 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 . .� � ��'�.g-?z and interest on the Bonds in a total principal amount not to exceed $650,000 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, 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 consti- tutes 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 law 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 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 o£ 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 "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; ' . � � � �`�9�.� 6. In accordance with subdivision 5 of Section 462C.05, Minnesota Statutes, the Executive Director of the HRA is hereby authorized and directed to submit the program for financing the project to MHFA, requesting its approval, and other officers, and employees and agents of the City and HiZA are hereby authorized to provide NffiFA 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 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 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 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 or HRA for this purpose. The Bonds shall not consitute a charge, lien or encumbrance, legal or equitable, upon 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 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 - FIN�ANCE G I TY OF SA I NT PA U L Council �� 9�� CANARY -sDEPARTMENT BI.UE - MAVOR File NO• � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 10. In anticipation of the approval by NgiFA 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. Adopted by the City Council of the City of Saint Paul, Minnesota this 17th day of July, I.984. COUNCILMEN Requested by Department of: Yeas Nays � � Fletcher Drew In Favor Masanz Nicosia sche�be� � _ Against BY Tedesco Wilson Adopted by Council: Date JU�- � 7 198� Form Approved by City Attorney Certified Y s d ncil c e ar BY i��%��vJ �/ls�—�-� By I t#pproved by �lavor: D � - -�R1L 19 Ap o by Mayor for Sub 'ss ouncil �� PUBUSH� JUL 2 8 1984 . .� ' - �' ��51� � �-�y-��z , �EPARTt•tENT ONTACT 4 � oaTE ree�n ee � (Routing and Explanation Sheet) Assi umber for Routin Order Cli All Locations for oral Si ature : Department Di rector . . � Ci ty Attorney � �_ � Director of Management/Mayor �`�� Fi nance and Management Servi ces Di rector `�� City Clerk y�,�� Bud et Director v 1 � �- _ �' � � i�hat Will be Achieved by Takin4 Action on the Attached Materials? (Purpose/Rationale)• � � , lo �✓�° ' � � + ��%� J � Financial , Budgetary and Personnel Impacts Antici�ated: G�� . J ��-A� . Funding Source and Fund Activity Number Charrc�eed or Credited: �� Attachments (List and Nwnber all Attachments�: . � DEPARTMENT REVIEW CITY ATTORNEY REVIEI�1 � Yes No Council Resolution Required? Resolution Required? Yes No Yes No Insurance Required? Insurance Sufficient? Yes. No Yes No Insurance Attached? Revision Qf Qctober, 1982 (SPP RPVPI"CP SidP for �Instructions) *�+ �'` � ``�"� �a '.�'�i r i 4 :+rxx t j��.:n �;; � .'§ �y °�� '^:..F YS�rc,fs.°. 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' � � � ��y�!�2 ;.t�: CITY OF SAINT PAUL INTERDEPARTMENTAL MEMORANDUM DATE; JUNE 29, 1984 T0: AL OLSON, CITY CLERK FROM: SHERI PEMBERTON, PED � SUBJECT: CITY COUNCIL PUBLIC HEARING FOR JULY 17, 1984 � Attached is a eopy of the Public Hearing Notice, which will be published in the St. Paul Legal Ledger and the St. Paul Pioneer Pres� and Dispatch on Saturday, June 30, 1984. Please place this Public Hearing on the City Couneil Agenda for Tuesday, July 17, 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 Vicki Murray o ,� -=+ � :ta-�c r„� -_�n tt� -�r'. -w;^rs +� t--� � r i'�I '��'+ W p �„O "°� �-� � � n � � L .�_ . . ' � � ��q�2 NOTICE OF PUBLIC HEARING ON PROPOSAL FOR A PROGRAI'� TO FINANCE A i�1ULTI-FAMILY RENTAL HOUSING DEVELOPP9�NT (��TESTMIL�TSTER APARTMENTS PROJECT) To whom it may concern: Notice is hereby given tYiat the City Council of the City of Saint Paul, Minnesota �vill meet in the City Council C`hambers at the City Hall in the City of Saint Paul, Minnesota at 10 o'clock p.m. on July,17, 1984, to consider the proposal of Richards Properties (Richard Sagstetter) (the "Developer") that the City undertake a program to finance the development hereinafter described, pursuant to the City' s Yiousing plan under Minnesota 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 approximately 24 one and two bedroom rental units located on the southeast corner of Westsninster and Hyacinth Streets, Saint Paul, i�iinnesota. As required . by Federal law, not less than 20°s 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 inco�ne is 80� or less of the � median income for the St. Paul area as deterr.�ined by the United States Department of Housing and Urban Development. Total approximate;-development costs will be - approximate�ly $871, 250 and the amount to be financed will be approximately $b50,-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 principals will be general partners, except that the real prop�rty on which the Development is located may be owned by a related entity. SuUstantially all (90°s) of . the development will consist of rental � housing and functionally related facilities. � _ . � ��9�� The estimated principal amount of bonds or other obli- gations to be issued to finance the Development will not exceed $650,000. Said bonds or other obligations, as and when issued, . will not constitute a charge, lien or encumbrance upon any property of the City of Saint Paul, or its housing and redevelopment authority except tYie Development and the revenues to be derived from the Development. Such bonds or obligations will not be a charge against the City' s general credit or . taxing powers but are payable from sums to be paid by the owner . of the Development pursuant to revenue agreements. � Further information concerning the Development, and the financing programs therefor, may be obtained from the Housing Division, Department of Planning and Economic Development, City Hall Annex - 12th floor, 25 West 4th Street, St. Paul, Minnesota 55102 (telephone 292-1577) . At the time and place fixed for the public hearing, the City Council of the City of Saint Paul, Minnesota will given all persons who appear at t'ne hearing an opportunity to express their views with respect to the proposal. � Dated this 29.th. day of June, 1984. � (BY ORDER OF THE CITY COUNCIL OF ' THE CITY OF SAINT PAUL, MINNESOTA) ' gy /s/ ALBERT OLSON , City Clerk �� , . . �-�/� -�j°�°� �tT� �. � CITY OF SAINT Pf�UI �•` � ; DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT o a � i��;'�� DIVISION OF DEVELOPMENT +� �e 25 West Fourth$creet,Saint Paul,Minnesota 55102 .... 612-292-1577 GEORGE UTIMER MAYOR St. Paul Dispatch and Pioneer Press � June 29, 1984 55 East Fourth St. St. Paul, MN 55101 Attention: Rosemary Frank RE: NOTICE OF PUBLIC HEARING Dear Ms. Frank: Attached is a Noti�e of Public Hearing on a Proposal for a Program to Fi- nance Multi-Eamily Rental Housing Development (Westminster Apartments Pro- �ect) . Please publish this Notice in the St. Paul Pioneer Press and Dispatch on Saturday, June 30, 1984. If you have any questions concerning this publication, please contact me at 292-1577, extension 231. , Sincerely, , •CJ,!'�L��• �'v Sheryl A. Pemberton Real Estate Administrator SAP:rmf Attachment ..--� . . . . � ��- � CITY OF SAINT PAUL ''��T* �� DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT �• :, � �� DIVISION OF DEVELOPMENT � __�� • � 25 West Fourth Street,Saint Paul,Minnesota 55102 �i �° 612-292-1577 ,.s. GEORGE UTIMER MAYOR St. Paul Legal Ledger June 29, 1984 Publication Office . 640 Minnesota Building St. Paul, MN 55101 RE: LEGAL NOTICE Gentlemen: Attached is a Notice of Public Hearing on a Proposal for a Program to Fi- nance Multi-Family Rental Housing Development (Westminster Apartments Pro- ject) . Please publish this Notice in the St. Paul Legal Ledger for Saturday, June 30, 1984. If you have any questions, please do not hesitate to contact me at 292-1577, extension 231. , Sincerely, , x��.'�� Sheryl A. Pemberton Real Estate Administrator SAP:rmf �Attachment