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00-11275�� ` �� CouncilFile# 00 — \\�� T o6-��a 2 RESOLUTION AUTHORIZING RAMSEY COUNTY TO UNDERTAKE MULTI-FAMILY 3 RENTAL HOUSING DEVELOPMENT IN THE CITY OF SAINT PAUL, 4 5 (HANOVER TOWNHOMES PROJECT and CAPITOL VIEW APARTMENTS PROJECT) 7 WHEREAS, 9 (a) Minnesota Statutes, Chapter 462C (the "Act") 10 authorizes cities, or housing and redevelopment authorities or port 11 authorities authorized by ordinance to exercise on behalf of a city 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 „ » the powers confened by the Act, or a counTy housing and authorized redevelopment authority by special law or its county to exercise the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purpose of planning, administering, making or purchasing loans with respect to one or more multi-family housing developments within the boundaries of the city; (b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "St. Paul HRA") has been designated, by ordinance, to exercise, on behalf of the city of Saint Paul, Minnesota (the "City") the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.08; (c) The Ramsey County - �t-s�� Housing and Redevelopment Authority (the "Ramsey County HRA") wiR consider approvai of a iesol'ution to submit an application to the Minnesota Department of Finance for a tax exempt revenue allocation and authority to exercise the County's powers under Minn. Stat., Sec. 469.004 and Ch. 462C; 34 (d) The City and the County have reczived from the 35 Community Honsirig Development Corporation and Cornerstone 36 Group (the "Developers") two sepazate proposals that the City or 37 County undertake a program to finance the Projects hereinafter K:S'�L�AED�3ANZS-IEZ1�FIanoverCapitalV�ewCiryCounty Aes3 ( d�0p Green Sheet # ( � ,� \ � ec - � RESOLUTION 1 described, through the issuance of revenue bonds or other 2 obligations (which may be issued in one or more series) (the 3 "Bonds") pursuant to the Act; 4 5 (e) The City and County desire to: facilitate the 6 development of rental housing within the community; encourage 7 the development of affordable housing oppominities for residents 8 of the City and the County; encourage the development of housing 9 facilities designed for occupancy by persons of low or moderate 10 income; and prevent the emergence of blighted or underutilized 11 land and structures within the boundaries of the City and the 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 County; and the Projects will assist the City and County in achieving these objectives. ( fl The Developers aze currently engaged in the business of real estate development. The projects to be financed by the Bonds will consist of the acquisition, renovation and equipping of two residential rental projects for low and moderate income tenants located at 408 Farrington Street (Hanover Townhomes) and 175 Charles Avenue (Capitol View Apartments), in Saint Paul (the "Projects"). (g) The City and the County have been advised by representatives of the Developers that conventional, commercial financing to pay the capital costs of the Projects aze available only on a limited basis and at such high costs of bonowing that the economic feasibility or operating the Projects would be . significantly reduced, but the Developers have also advised the City and the County that with the aid of municipal financing, and resulting low borrowing costs, the Projects are economically more feasible; (h) No public official of the City ar the County has either a direct or indirect financial interest in the Proj ects nor will any public official either directly or indirectly benefit financially from the Projects; NOW THETZEFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, that pursuant to Minn. Stat., Section 469.004, subd. la, the City hereby authorizes Ramsey County, acting through the Ramsey County HRA, to undertake the Projects and financing therefore, subject to the following limitations: a. this authorization relates only to the Projects and the financing prograni for the Projects; and i 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 b. nothing in this resolution or in the financing program, or in any agreement, indenture, contract or instruinent relating to the Projects or the Bonds shall authorize or permit the Ramsey County HRA to levy a tax on any ta�cable properry within the city lunits of the City of Saint Paul, and c. nothing in this resolution obligates the City to give its approval to the Projects and the program of financing therefor, and d. nothing in this resolution authorizes the expenditure of any City funds on the Projects. Requested by Department of: By: BY: � a- �� f . � yy � Approved by Mayor: Date ' IZ G.64.L/ By: �p��Y�/ �ii Hr�/ \ Form Approved by City Attorney By: Approved by Mayor for Submission to Council By: Adopted by Council: Date `� )y.�_. `o �Ov Adoption Certified by Council Secretary � I, �«� IZ GREEN SHEET �� oo-I�a� No 1 C' ° , 1 �:,:r<;, :, � arcw�r � ❑ cmamc _ ❑..�.�� ❑��,�.a ��WYqtIpIWIRYR� ❑ TOTAL � OF SIGNATURE PAGES / (CLIP ALL LOCATIONS FOR SIGNATUR� iRE«,F5IED S��i�y`L �U C- U �'-C/� �(�,�i�Lf�- ��.`�t'` �.� �� ' � � s�� ti�� c�,,,� � ,c� • � PLANNING CAMMISSION q8 CAMMITTEE CIVIL E CAMMISSION /P RSONAL SERVICE fANTRACiS MUST ANSWER THE FOLLOWING QUESTIONS: Has Nis P�rtn e✓erwarked uMer a canfrad tor Mis depaAmeM? VES NO Vies mie pe�soMrm ever teen a citv empbyee9 YES NO Does this Pa�Mim P� a sldll not �wrmallYP� M anY wrteM cBY emP�'ee? YES NO Is this pereonlfiim e tarpetetl ventloY! VES NO MG PROBLEM I�.OPPORTUNITY (Wtw. What, When. Whete, W�y) � e �� ,.F;�' �r�C �/ r al�- ��-e ,� ; " � ;� '�� `�� o /2a�.�- �'� ,� �. < � �,�,� 6 �� 2� �i�� .�v�/�'� �- �° > ,� ° rnc�.s iF naar�ov� �GV'b �?� GLI.� 07,T�c _ , , . , _! _ . . A /LI/!/�w�u�it� � �—(ieil tNC[ P'"•�� > �vw�i✓ �0�`�.re�r.�-� � ,��--.c�-c��-�.-e ��a�u��. IF APPROVED A ,�. �$� / (/ ► � � �� . i TRANSACTION S ^ U � sourecE INFORMATON (F1fPLNN) COST/REVENUE BUDfiETED (CIRCLE ON� ACTNITY NUMBER VES NO �@3@�'C�i �;¢i�'°(� Council File # � �• �, a� ORIGINAL Presented B� Referred To RESOLUTION CITY OF SAINT PAUL,IVIIl�iNESOTA RESOLUTION AUTHORIZING RAMSEY COUNTY TO RENTAL HOUSING DEVELOPMENT IN THE CITY OF (HANOVER TOWNHOMES PROJECT and CAPITOL WHEREAS, PAIJL, Green Sheet # __ �Q'�� M[JLTI-FAMILY APARTMENTS PROJECT) (a) Minnesota Statutes, apter 462C (the "Act") authorizes cities, or housing and r evelopment authorities or port authorities authorized by ordin e to exercise on behalf of a city the powers confened by the A, or a county housing and authorized redevelopment a ority by special law or its county to exercise the powers confe ed by the Act, the power to issue revenue bonds to financ a program for the purpose of planning, administering, makin r purchasing loans with respect to one or more multi-family h sing developments within the boundazies of the city; (b) he Housing and Redevelopment Authority of the City of Sain aul, Minnesota (the "St. Paul IIRA") has been designated y ordinance, to exercise, on behalf of the city of Saint Paul, Mi esota (the "City") the powers conferred by Minnesota Statute , Section 462C.01 to 462C.08; (c) Ramsey County will scheduled a public hearing to c nsider approval of a resolution authorizing the Ramsey County ousing and Redevelopment Authority (the "Ramsey County HRA") to submit an application to the Minnesota Depariment of Finance for a tas exempt revenue allocation and authority to exercise the County's powers under Minn. Stat., Sec. 469.004 and Ch. 462C; (d) The City and the County have received from the Noos..`�Development Corporation and Comerstone Group (the "Developers") rivo separate proposals that the City or County undertake a program to finance the Projects hereinafter described, �' ! K: SFL4RED\SANZFIEZ'PHanove�Capitai ViewCiryCounty.Res through the issuance of revenue bonds or other obligations (which may be issued in one or more series) (the "Bonds") pursuant to the Act; (e) The City and County desire to: facilitate the development of rental housing within the community; encourage the development of affordable housing opporhxnities for residents of the City and the County; encourage the development of housing facilities designed for occupancy by persons of low or moderate income; and prevent the emergence of blighted or underutilized land and structures within the boundaries of the City and the County; and the Projects will assist the City and County in achieving these objectives. ( fl The Developers aze currently engage in the business of real estate development. The projects be financed by the Bonds will consist of the acquisition, renova on and equipping of two residential rental projects for low and derate income tenants located at 408 Farrington Sireet (Han ver Townhomes) and 175 Chazles Avenue (Capitol View Apartm ts), in Saint Paul (the "Projects"). (g) The City and the County ave been advised by representatives of the Developers that onventional, commercial financing to pay the capital costs of e Projects axe available only on a limited basis and at such high osts of bonowing that the economic feasibility or operating e Projects would be significantly reduced, but the D elopers have also advised the City and the County that with e aid of municipal financing, and resulting low borrowing cost , the Projects are economically more feasible; (h) No either a direct or i� any public o�cial from the Projects; NOW' the City of Saint Paul, subd. 1 a, the City here County HRA, to und following lunitarion� official of the City or the County has financial interest in the Projects nor will directly or indirectly benefit financially ?�fEFORE, BE IT RESOLVED by the City Council of nnesota, that pursuant to Minn. Stat., Section 469.004, authorizes Ramsey County, acting through the Ramsey e the Projects and financing therefore, subject to the ' a. this authorization relates only to the Projects and the program for the Projects; and 00 -1 �a� 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 b. nothing in this resolution or in the financing program, or in any aa eement, indenture, contract or instnunent relating to the Projects or the Bonds shall authorize or pernut the Ramsey County � O� � � a� HRA to levy a taa� on any taacable property within the city limits of the City of Saint Paul, and c. nothing in this resolution obligates the City to give its approval to the Projects and the program of financing therefor, and d. nothing in this resolution authorizes the expenditure of any City funds on the Projects. ORIGINAL Requested by De tment of: �' 'N� � £ �`M�'Mn� , By: Adopted by Adoption By: � Approved by Mayor: By: Date by Council Secretary Date 1 DEPARTMENTOFPLANNING & ECONOMIC DEVELOPMENT Briax Sweeney, Di>ectar 00 - ��a�l CTTY OF SAIIV'f PAUL Norm Coleman, Mayor November 27, 2000 To: Council President Bostrom Councilmember Benanav Councilmember Blakey Councilmember Coleman Councilmember Harris Councilmember Lantry Councilmember Reiter Fr: Brian Sweeney 25 West Four[h Street Saint Pau[, �" 5�l02 Telephone: 651-266-665� Facsimile: 657-228-3267 Re: Request for City Council Approval of a Resolution Authorizing Ramsey County Participation in the Hanover Townhomes Project and Capitol View Apartments Project by Applying to the State Deparhnent of Finance for Tax Exempt Multifamily Housing Revenue Bonds PURPOSE The City does not have sufficient tas exempt revenue bond authority available for yeazs 2000 or 2001 to undertake the financing of the Hanover Townhomes Project or the Capital View Apartments, a request of approximately $10,800,000. The City's t� exempt revenue bond authority will be used to fund single family mortgage programs and housing in the north quadrant project. The participation by Ramsey County would be in their application to the Minnesota Department of Finance, pursuant to Minn. Stat., Ch. 474A, for an ailocation of approximately $10,800,000 in revenue bond authority from a limited pool of revenue bonds. The application would occur on January of 2001. The City as a suballocator cannot submit an application for revenue bonds from this pool. This action by Ramsey County would be project specific and would not occur if the City had sufficient tax exempt revenue bond authority. If the County is successful in obtaining a revenue bond allocation, then the County would be the Issuer of the bonds. (Note: A similar request for Ramsey County participation was approved by the City Council for the Skyline Tower Project financing.) The City Council will be asked at their December 6, 2000, meeting to consider a resolution, pursuant to Minn. Stat., Secs. 462C.01 and 496.004, that would authorize: Ramsey County to undertake and fmance the two projects through the issuance of t� K:\SHARED\SANCHEZT1HanoverCapitaNiewCityCouncil.mem 1 00 -��a`� exempt revenue bonds, if a successful applicant from the pool of revenue bonds allocated by the Minnesota Department of Finance. This authorization by the City Council must occur prior to the Ramsey County Boazd's consideration of an application to the Minnesota Departrnent of Finance. The proposed tax exempt revenue bonds are not nor can be an obligation of the City or County for payment, project revenues are the sole source of payment. Project Background Several weeks ago the purchasers of each project met with City staff to discuss project financing. Both projects serve low income families. Project information is described below: Project: Hanover Townhomes- Rental; built in 1968; Section 8 affordable, HUD held mortgage. Purchaser: Brighton Development Corporation Units: 96 units (32-3Br, 32-2Br and 32-1Br) TDC: $5,787,343.00 (TaY exempt revenue bonds and syndication proceeds) Costs: Acquisition -$3,300,000.00 Rehabilitation and soft -$2,487,343.00 Gap: A request of $350,000 in HOME funds is anticipate if the project receives a bond allocation. Approval of the City Council resolution allowing Ramsey County to submit an application to the Department of Finance does not approve City funds for this project. Project: Capital View Aparhnents - Rental; built in 1980; Section 8 affordable, MHFA held mortgage. Purchaser: Cornerstone Group Units: 140 units (81-Br and 59-1Br) TDC: $8,000,000.00 (Tas exempt revenue bonds and syndication proceeds) Costs: Acquisition -$4,400,000.00 Rehabilitation and soft -$3,600,000.00 Gap: A request of $350,000 in HOME funds is anticipate if the project receives a bond allocation. Approval of the City Council resolution allowing Ramsey County to submit an application to the Department of Finance does not approve City funds for this project. The MHFA has a$250,000 no-amortizing loan that will be requested to be assumed by the new owner. Attached is a resolution for the City Council's consideration at their December 6, 2000, meeting. cc: Mayor Coleman Susan Kimberly K:\SHARED\SANCHEZ"I�HanoverCapitaNiewCiTyCouncil.mem 2 City Clerk Fnance CITY OF SAINT PAUL, MINNESOTA OFFlCE OF THE MAYOR ADMINISTRATIVE ORDER BUDGET REVISION $20,178.00 3 Dept ADMINISTRAT(VE ORDER, Consistent with the authority granted to the Mayor in Section 10.07.4 of the City Charter and based on the request of the Director of the Department of Planning & Economic Development to amend the 2000 budget of the City Sales Tax Capital Projects Fund, the Director of the Office of Fnancial Services is authorized to amend said budget in the following manner: WHEREAS, Council Resolution 97-1276 designated $750,000 from the 7997 STAR program and $125,000 from the Generel Fund balance for a one-time neighborhood investment initiative; and WHEREAS, Ward 3 Councilmember Patrick Harris has designated the West 7th Community Center as the recipient of a$5,000 grant; and NOW THEREFORE BE IT RESOLVED; that the budget be amended to allocate funds to the West 7th Project 77441 and reduce the Neighborhood Investment Initiative Project 77125: Current Budget Fund 930 City Sales Tax CapiWl Projects Fund P7-930-90306-0547-77126 Neighborhood Investment Initiative P7•930-90306-0547-77441 West 7th Community Center Net Change /�►� a� '� �il��,�.+�1� � . ..- ,. :, --.� /�.�d.PD Request by: artment Director (Date) sa.ao �O-��.a� No: U�Q � `� l�J Date: !� jD Change ($5,000.00) $5,000.00 $0 Amended Budget $15,178.00 $5,000.00 �/,��i ��. ��/��, Approv y. Dir ctor of Pinancial Services (Date) �i,.� s�t�u�.�J,�.3'nu°�n, ��ya#PP : , ^�p° n '; �; � °�� - c�' � " �� Lesch, 6-6668 N�l COUNCIL AGENOA BY (n47Ej xUYeER PDR ROUTWG ORDEIt TOTAL # OF SIGNATURE PAGES GREEN SHEET Doo/9�� ao - � �a'� N� 111012 u oE„um+,ue�cru Brian u cn•wuu, _ � orr�nwr,r �� 2� � Carc � wuxu�smvcoeR. � ❑ noMCw.aE.�n.ccra � r.r�ro•�+mram ammer (CL1P ALL LOCATIONS FOR SIGNATURE) Signatures on the attached Administrative Order to allocate funds to the West 7th Coffiunity Center- PLANNING COMMISSION CIB CAMMITfEE CNIL SERVICE CAMMISSION Resolution �i97-1276, passed on 10/15/97 IF Has this P��m evervrofke0 under a canfrxt tor thie deparfment� YES NO Has Mis peraonlfirtn ever heen a city emWm'ee9 YES NO Does this PersaJfirm posaess a sidll rwt namallYP� M' anY eurteM city emPbYee? YES NO Is mis peBOnfirm a taroetea venaorr YES � elain all ves answeis on smarate aheet aM apach to➢reen sheet nounr aF rwwsncnoN s 5. 000 eosnaevo+ue euoc�o �cinc� oN� SOURCE ST1�� ACTNITYN�INBER WFORlM'iION(EI�Wt� . ��\ (f�'✓1 930 - 9v.so � - os�7 --� � ia � _ T� ��v - gosa� - osy�=;"��5`�i �/A� c��ti� � NO �SOOO� so � v � ///i5/o 0 �/ 5�� ` �� CouncilFile# 00 — \\�� T o6-��a 2 RESOLUTION AUTHORIZING RAMSEY COUNTY TO UNDERTAKE MULTI-FAMILY 3 RENTAL HOUSING DEVELOPMENT IN THE CITY OF SAINT PAUL, 4 5 (HANOVER TOWNHOMES PROJECT and CAPITOL VIEW APARTMENTS PROJECT) 7 WHEREAS, 9 (a) Minnesota Statutes, Chapter 462C (the "Act") 10 authorizes cities, or housing and redevelopment authorities or port 11 authorities authorized by ordinance to exercise on behalf of a city 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 „ » the powers confened by the Act, or a counTy housing and authorized redevelopment authority by special law or its county to exercise the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purpose of planning, administering, making or purchasing loans with respect to one or more multi-family housing developments within the boundaries of the city; (b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "St. Paul HRA") has been designated, by ordinance, to exercise, on behalf of the city of Saint Paul, Minnesota (the "City") the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.08; (c) The Ramsey County - �t-s�� Housing and Redevelopment Authority (the "Ramsey County HRA") wiR consider approvai of a iesol'ution to submit an application to the Minnesota Department of Finance for a tax exempt revenue allocation and authority to exercise the County's powers under Minn. Stat., Sec. 469.004 and Ch. 462C; 34 (d) The City and the County have reczived from the 35 Community Honsirig Development Corporation and Cornerstone 36 Group (the "Developers") two sepazate proposals that the City or 37 County undertake a program to finance the Projects hereinafter K:S'�L�AED�3ANZS-IEZ1�FIanoverCapitalV�ewCiryCounty Aes3 ( d�0p Green Sheet # ( � ,� \ � ec - � RESOLUTION 1 described, through the issuance of revenue bonds or other 2 obligations (which may be issued in one or more series) (the 3 "Bonds") pursuant to the Act; 4 5 (e) The City and County desire to: facilitate the 6 development of rental housing within the community; encourage 7 the development of affordable housing oppominities for residents 8 of the City and the County; encourage the development of housing 9 facilities designed for occupancy by persons of low or moderate 10 income; and prevent the emergence of blighted or underutilized 11 land and structures within the boundaries of the City and the 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 County; and the Projects will assist the City and County in achieving these objectives. ( fl The Developers aze currently engaged in the business of real estate development. The projects to be financed by the Bonds will consist of the acquisition, renovation and equipping of two residential rental projects for low and moderate income tenants located at 408 Farrington Street (Hanover Townhomes) and 175 Charles Avenue (Capitol View Apartments), in Saint Paul (the "Projects"). (g) The City and the County have been advised by representatives of the Developers that conventional, commercial financing to pay the capital costs of the Projects aze available only on a limited basis and at such high costs of bonowing that the economic feasibility or operating the Projects would be . significantly reduced, but the Developers have also advised the City and the County that with the aid of municipal financing, and resulting low borrowing costs, the Projects are economically more feasible; (h) No public official of the City ar the County has either a direct or indirect financial interest in the Proj ects nor will any public official either directly or indirectly benefit financially from the Projects; NOW THETZEFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, that pursuant to Minn. Stat., Section 469.004, subd. la, the City hereby authorizes Ramsey County, acting through the Ramsey County HRA, to undertake the Projects and financing therefore, subject to the following limitations: a. this authorization relates only to the Projects and the financing prograni for the Projects; and i 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 b. nothing in this resolution or in the financing program, or in any agreement, indenture, contract or instruinent relating to the Projects or the Bonds shall authorize or permit the Ramsey County HRA to levy a tax on any ta�cable properry within the city lunits of the City of Saint Paul, and c. nothing in this resolution obligates the City to give its approval to the Projects and the program of financing therefor, and d. nothing in this resolution authorizes the expenditure of any City funds on the Projects. Requested by Department of: By: BY: � a- �� f . � yy � Approved by Mayor: Date ' IZ G.64.L/ By: �p��Y�/ �ii Hr�/ \ Form Approved by City Attorney By: Approved by Mayor for Submission to Council By: Adopted by Council: Date `� )y.�_. `o �Ov Adoption Certified by Council Secretary � I, �«� IZ GREEN SHEET �� oo-I�a� No 1 C' ° , 1 �:,:r<;, :, � arcw�r � ❑ cmamc _ ❑..�.�� ❑��,�.a ��WYqtIpIWIRYR� ❑ TOTAL � OF SIGNATURE PAGES / (CLIP ALL LOCATIONS FOR SIGNATUR� iRE«,F5IED S��i�y`L �U C- U �'-C/� �(�,�i�Lf�- ��.`�t'` �.� �� ' � � s�� ti�� c�,,,� � ,c� • � PLANNING CAMMISSION q8 CAMMITTEE CIVIL E CAMMISSION /P RSONAL SERVICE fANTRACiS MUST ANSWER THE FOLLOWING QUESTIONS: Has Nis P�rtn e✓erwarked uMer a canfrad tor Mis depaAmeM? VES NO Vies mie pe�soMrm ever teen a citv empbyee9 YES NO Does this Pa�Mim P� a sldll not �wrmallYP� M anY wrteM cBY emP�'ee? YES NO Is this pereonlfiim e tarpetetl ventloY! VES NO MG PROBLEM I�.OPPORTUNITY (Wtw. What, When. Whete, W�y) � e �� ,.F;�' �r�C �/ r al�- ��-e ,� ; " � ;� '�� `�� o /2a�.�- �'� ,� �. < � �,�,� 6 �� 2� �i�� .�v�/�'� �- �° > ,� ° rnc�.s iF naar�ov� �GV'b �?� GLI.� 07,T�c _ , , . , _! _ . . A /LI/!/�w�u�it� � �—(ieil tNC[ P'"•�� > �vw�i✓ �0�`�.re�r.�-� � ,��--.c�-c��-�.-e ��a�u��. IF APPROVED A ,�. �$� / (/ ► � � �� . i TRANSACTION S ^ U � sourecE INFORMATON (F1fPLNN) COST/REVENUE BUDfiETED (CIRCLE ON� ACTNITY NUMBER VES NO �@3@�'C�i �;¢i�'°(� Council File # � �• �, a� ORIGINAL Presented B� Referred To RESOLUTION CITY OF SAINT PAUL,IVIIl�iNESOTA RESOLUTION AUTHORIZING RAMSEY COUNTY TO RENTAL HOUSING DEVELOPMENT IN THE CITY OF (HANOVER TOWNHOMES PROJECT and CAPITOL WHEREAS, PAIJL, Green Sheet # __ �Q'�� M[JLTI-FAMILY APARTMENTS PROJECT) (a) Minnesota Statutes, apter 462C (the "Act") authorizes cities, or housing and r evelopment authorities or port authorities authorized by ordin e to exercise on behalf of a city the powers confened by the A, or a county housing and authorized redevelopment a ority by special law or its county to exercise the powers confe ed by the Act, the power to issue revenue bonds to financ a program for the purpose of planning, administering, makin r purchasing loans with respect to one or more multi-family h sing developments within the boundazies of the city; (b) he Housing and Redevelopment Authority of the City of Sain aul, Minnesota (the "St. Paul IIRA") has been designated y ordinance, to exercise, on behalf of the city of Saint Paul, Mi esota (the "City") the powers conferred by Minnesota Statute , Section 462C.01 to 462C.08; (c) Ramsey County will scheduled a public hearing to c nsider approval of a resolution authorizing the Ramsey County ousing and Redevelopment Authority (the "Ramsey County HRA") to submit an application to the Minnesota Depariment of Finance for a tas exempt revenue allocation and authority to exercise the County's powers under Minn. Stat., Sec. 469.004 and Ch. 462C; (d) The City and the County have received from the Noos..`�Development Corporation and Comerstone Group (the "Developers") rivo separate proposals that the City or County undertake a program to finance the Projects hereinafter described, �' ! K: SFL4RED\SANZFIEZ'PHanove�Capitai ViewCiryCounty.Res through the issuance of revenue bonds or other obligations (which may be issued in one or more series) (the "Bonds") pursuant to the Act; (e) The City and County desire to: facilitate the development of rental housing within the community; encourage the development of affordable housing opporhxnities for residents of the City and the County; encourage the development of housing facilities designed for occupancy by persons of low or moderate income; and prevent the emergence of blighted or underutilized land and structures within the boundaries of the City and the County; and the Projects will assist the City and County in achieving these objectives. ( fl The Developers aze currently engage in the business of real estate development. The projects be financed by the Bonds will consist of the acquisition, renova on and equipping of two residential rental projects for low and derate income tenants located at 408 Farrington Sireet (Han ver Townhomes) and 175 Chazles Avenue (Capitol View Apartm ts), in Saint Paul (the "Projects"). (g) The City and the County ave been advised by representatives of the Developers that onventional, commercial financing to pay the capital costs of e Projects axe available only on a limited basis and at such high osts of bonowing that the economic feasibility or operating e Projects would be significantly reduced, but the D elopers have also advised the City and the County that with e aid of municipal financing, and resulting low borrowing cost , the Projects are economically more feasible; (h) No either a direct or i� any public o�cial from the Projects; NOW' the City of Saint Paul, subd. 1 a, the City here County HRA, to und following lunitarion� official of the City or the County has financial interest in the Projects nor will directly or indirectly benefit financially ?�fEFORE, BE IT RESOLVED by the City Council of nnesota, that pursuant to Minn. Stat., Section 469.004, authorizes Ramsey County, acting through the Ramsey e the Projects and financing therefore, subject to the ' a. this authorization relates only to the Projects and the program for the Projects; and 00 -1 �a� 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 b. nothing in this resolution or in the financing program, or in any aa eement, indenture, contract or instnunent relating to the Projects or the Bonds shall authorize or pernut the Ramsey County � O� � � a� HRA to levy a taa� on any taacable property within the city limits of the City of Saint Paul, and c. nothing in this resolution obligates the City to give its approval to the Projects and the program of financing therefor, and d. nothing in this resolution authorizes the expenditure of any City funds on the Projects. ORIGINAL Requested by De tment of: �' 'N� � £ �`M�'Mn� , By: Adopted by Adoption By: � Approved by Mayor: By: Date by Council Secretary Date 1 DEPARTMENTOFPLANNING & ECONOMIC DEVELOPMENT Briax Sweeney, Di>ectar 00 - ��a�l CTTY OF SAIIV'f PAUL Norm Coleman, Mayor November 27, 2000 To: Council President Bostrom Councilmember Benanav Councilmember Blakey Councilmember Coleman Councilmember Harris Councilmember Lantry Councilmember Reiter Fr: Brian Sweeney 25 West Four[h Street Saint Pau[, �" 5�l02 Telephone: 651-266-665� Facsimile: 657-228-3267 Re: Request for City Council Approval of a Resolution Authorizing Ramsey County Participation in the Hanover Townhomes Project and Capitol View Apartments Project by Applying to the State Deparhnent of Finance for Tax Exempt Multifamily Housing Revenue Bonds PURPOSE The City does not have sufficient tas exempt revenue bond authority available for yeazs 2000 or 2001 to undertake the financing of the Hanover Townhomes Project or the Capital View Apartments, a request of approximately $10,800,000. The City's t� exempt revenue bond authority will be used to fund single family mortgage programs and housing in the north quadrant project. The participation by Ramsey County would be in their application to the Minnesota Department of Finance, pursuant to Minn. Stat., Ch. 474A, for an ailocation of approximately $10,800,000 in revenue bond authority from a limited pool of revenue bonds. The application would occur on January of 2001. The City as a suballocator cannot submit an application for revenue bonds from this pool. This action by Ramsey County would be project specific and would not occur if the City had sufficient tax exempt revenue bond authority. If the County is successful in obtaining a revenue bond allocation, then the County would be the Issuer of the bonds. (Note: A similar request for Ramsey County participation was approved by the City Council for the Skyline Tower Project financing.) The City Council will be asked at their December 6, 2000, meeting to consider a resolution, pursuant to Minn. Stat., Secs. 462C.01 and 496.004, that would authorize: Ramsey County to undertake and fmance the two projects through the issuance of t� K:\SHARED\SANCHEZT1HanoverCapitaNiewCityCouncil.mem 1 00 -��a`� exempt revenue bonds, if a successful applicant from the pool of revenue bonds allocated by the Minnesota Department of Finance. This authorization by the City Council must occur prior to the Ramsey County Boazd's consideration of an application to the Minnesota Departrnent of Finance. The proposed tax exempt revenue bonds are not nor can be an obligation of the City or County for payment, project revenues are the sole source of payment. Project Background Several weeks ago the purchasers of each project met with City staff to discuss project financing. Both projects serve low income families. Project information is described below: Project: Hanover Townhomes- Rental; built in 1968; Section 8 affordable, HUD held mortgage. Purchaser: Brighton Development Corporation Units: 96 units (32-3Br, 32-2Br and 32-1Br) TDC: $5,787,343.00 (TaY exempt revenue bonds and syndication proceeds) Costs: Acquisition -$3,300,000.00 Rehabilitation and soft -$2,487,343.00 Gap: A request of $350,000 in HOME funds is anticipate if the project receives a bond allocation. Approval of the City Council resolution allowing Ramsey County to submit an application to the Department of Finance does not approve City funds for this project. Project: Capital View Aparhnents - Rental; built in 1980; Section 8 affordable, MHFA held mortgage. Purchaser: Cornerstone Group Units: 140 units (81-Br and 59-1Br) TDC: $8,000,000.00 (Tas exempt revenue bonds and syndication proceeds) Costs: Acquisition -$4,400,000.00 Rehabilitation and soft -$3,600,000.00 Gap: A request of $350,000 in HOME funds is anticipate if the project receives a bond allocation. Approval of the City Council resolution allowing Ramsey County to submit an application to the Department of Finance does not approve City funds for this project. The MHFA has a$250,000 no-amortizing loan that will be requested to be assumed by the new owner. Attached is a resolution for the City Council's consideration at their December 6, 2000, meeting. cc: Mayor Coleman Susan Kimberly K:\SHARED\SANCHEZ"I�HanoverCapitaNiewCiTyCouncil.mem 2 City Clerk Fnance CITY OF SAINT PAUL, MINNESOTA OFFlCE OF THE MAYOR ADMINISTRATIVE ORDER BUDGET REVISION $20,178.00 3 Dept ADMINISTRAT(VE ORDER, Consistent with the authority granted to the Mayor in Section 10.07.4 of the City Charter and based on the request of the Director of the Department of Planning & Economic Development to amend the 2000 budget of the City Sales Tax Capital Projects Fund, the Director of the Office of Fnancial Services is authorized to amend said budget in the following manner: WHEREAS, Council Resolution 97-1276 designated $750,000 from the 7997 STAR program and $125,000 from the Generel Fund balance for a one-time neighborhood investment initiative; and WHEREAS, Ward 3 Councilmember Patrick Harris has designated the West 7th Community Center as the recipient of a$5,000 grant; and NOW THEREFORE BE IT RESOLVED; that the budget be amended to allocate funds to the West 7th Project 77441 and reduce the Neighborhood Investment Initiative Project 77125: Current Budget Fund 930 City Sales Tax CapiWl Projects Fund P7-930-90306-0547-77126 Neighborhood Investment Initiative P7•930-90306-0547-77441 West 7th Community Center Net Change /�►� a� '� �il��,�.+�1� � . ..- ,. :, --.� /�.�d.PD Request by: artment Director (Date) sa.ao �O-��.a� No: U�Q � `� l�J Date: !� jD Change ($5,000.00) $5,000.00 $0 Amended Budget $15,178.00 $5,000.00 �/,��i ��. ��/��, Approv y. Dir ctor of Pinancial Services (Date) �i,.� s�t�u�.�J,�.3'nu°�n, ��ya#PP : , ^�p° n '; �; � °�� - c�' � " �� Lesch, 6-6668 N�l COUNCIL AGENOA BY (n47Ej xUYeER PDR ROUTWG ORDEIt TOTAL # OF SIGNATURE PAGES GREEN SHEET Doo/9�� ao - � �a'� N� 111012 u oE„um+,ue�cru Brian u cn•wuu, _ � orr�nwr,r �� 2� � Carc � wuxu�smvcoeR. � ❑ noMCw.aE.�n.ccra � r.r�ro•�+mram ammer (CL1P ALL LOCATIONS FOR SIGNATURE) Signatures on the attached Administrative Order to allocate funds to the West 7th Coffiunity Center- PLANNING COMMISSION CIB CAMMITfEE CNIL SERVICE CAMMISSION Resolution �i97-1276, passed on 10/15/97 IF Has this P��m evervrofke0 under a canfrxt tor thie deparfment� YES NO Has Mis peraonlfirtn ever heen a city emWm'ee9 YES NO Does this PersaJfirm posaess a sidll rwt namallYP� M' anY eurteM city emPbYee? YES NO Is mis peBOnfirm a taroetea venaorr YES � elain all ves answeis on smarate aheet aM apach to➢reen sheet nounr aF rwwsncnoN s 5. 000 eosnaevo+ue euoc�o �cinc� oN� SOURCE ST1�� ACTNITYN�INBER WFORlM'iION(EI�Wt� . ��\ (f�'✓1 930 - 9v.so � - os�7 --� � ia � _ T� ��v - gosa� - osy�=;"��5`�i �/A� c��ti� � NO �SOOO� so � v � ///i5/o 0 �/ 5�� ` �� CouncilFile# 00 — \\�� T o6-��a 2 RESOLUTION AUTHORIZING RAMSEY COUNTY TO UNDERTAKE MULTI-FAMILY 3 RENTAL HOUSING DEVELOPMENT IN THE CITY OF SAINT PAUL, 4 5 (HANOVER TOWNHOMES PROJECT and CAPITOL VIEW APARTMENTS PROJECT) 7 WHEREAS, 9 (a) Minnesota Statutes, Chapter 462C (the "Act") 10 authorizes cities, or housing and redevelopment authorities or port 11 authorities authorized by ordinance to exercise on behalf of a city 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 „ » the powers confened by the Act, or a counTy housing and authorized redevelopment authority by special law or its county to exercise the powers conferred by the Act, the power to issue revenue bonds to finance a program for the purpose of planning, administering, making or purchasing loans with respect to one or more multi-family housing developments within the boundaries of the city; (b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "St. Paul HRA") has been designated, by ordinance, to exercise, on behalf of the city of Saint Paul, Minnesota (the "City") the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.08; (c) The Ramsey County - �t-s�� Housing and Redevelopment Authority (the "Ramsey County HRA") wiR consider approvai of a iesol'ution to submit an application to the Minnesota Department of Finance for a tax exempt revenue allocation and authority to exercise the County's powers under Minn. Stat., Sec. 469.004 and Ch. 462C; 34 (d) The City and the County have reczived from the 35 Community Honsirig Development Corporation and Cornerstone 36 Group (the "Developers") two sepazate proposals that the City or 37 County undertake a program to finance the Projects hereinafter K:S'�L�AED�3ANZS-IEZ1�FIanoverCapitalV�ewCiryCounty Aes3 ( d�0p Green Sheet # ( � ,� \ � ec - � RESOLUTION 1 described, through the issuance of revenue bonds or other 2 obligations (which may be issued in one or more series) (the 3 "Bonds") pursuant to the Act; 4 5 (e) The City and County desire to: facilitate the 6 development of rental housing within the community; encourage 7 the development of affordable housing oppominities for residents 8 of the City and the County; encourage the development of housing 9 facilities designed for occupancy by persons of low or moderate 10 income; and prevent the emergence of blighted or underutilized 11 land and structures within the boundaries of the City and the 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 County; and the Projects will assist the City and County in achieving these objectives. ( fl The Developers aze currently engaged in the business of real estate development. The projects to be financed by the Bonds will consist of the acquisition, renovation and equipping of two residential rental projects for low and moderate income tenants located at 408 Farrington Street (Hanover Townhomes) and 175 Charles Avenue (Capitol View Apartments), in Saint Paul (the "Projects"). (g) The City and the County have been advised by representatives of the Developers that conventional, commercial financing to pay the capital costs of the Projects aze available only on a limited basis and at such high costs of bonowing that the economic feasibility or operating the Projects would be . significantly reduced, but the Developers have also advised the City and the County that with the aid of municipal financing, and resulting low borrowing costs, the Projects are economically more feasible; (h) No public official of the City ar the County has either a direct or indirect financial interest in the Proj ects nor will any public official either directly or indirectly benefit financially from the Projects; NOW THETZEFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, that pursuant to Minn. Stat., Section 469.004, subd. la, the City hereby authorizes Ramsey County, acting through the Ramsey County HRA, to undertake the Projects and financing therefore, subject to the following limitations: a. this authorization relates only to the Projects and the financing prograni for the Projects; and i 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 b. nothing in this resolution or in the financing program, or in any agreement, indenture, contract or instruinent relating to the Projects or the Bonds shall authorize or permit the Ramsey County HRA to levy a tax on any ta�cable properry within the city lunits of the City of Saint Paul, and c. nothing in this resolution obligates the City to give its approval to the Projects and the program of financing therefor, and d. nothing in this resolution authorizes the expenditure of any City funds on the Projects. Requested by Department of: By: BY: � a- �� f . � yy � Approved by Mayor: Date ' IZ G.64.L/ By: �p��Y�/ �ii Hr�/ \ Form Approved by City Attorney By: Approved by Mayor for Submission to Council By: Adopted by Council: Date `� )y.�_. `o �Ov Adoption Certified by Council Secretary � I, �«� IZ GREEN SHEET �� oo-I�a� No 1 C' ° , 1 �:,:r<;, :, � arcw�r � ❑ cmamc _ ❑..�.�� ❑��,�.a ��WYqtIpIWIRYR� ❑ TOTAL � OF SIGNATURE PAGES / (CLIP ALL LOCATIONS FOR SIGNATUR� iRE«,F5IED S��i�y`L �U C- U �'-C/� �(�,�i�Lf�- ��.`�t'` �.� �� ' � � s�� ti�� c�,,,� � ,c� • � PLANNING CAMMISSION q8 CAMMITTEE CIVIL E CAMMISSION /P RSONAL SERVICE fANTRACiS MUST ANSWER THE FOLLOWING QUESTIONS: Has Nis P�rtn e✓erwarked uMer a canfrad tor Mis depaAmeM? VES NO Vies mie pe�soMrm ever teen a citv empbyee9 YES NO Does this Pa�Mim P� a sldll not �wrmallYP� M anY wrteM cBY emP�'ee? YES NO Is this pereonlfiim e tarpetetl ventloY! VES NO MG PROBLEM I�.OPPORTUNITY (Wtw. What, When. Whete, W�y) � e �� ,.F;�' �r�C �/ r al�- ��-e ,� ; " � ;� '�� `�� o /2a�.�- �'� ,� �. < � �,�,� 6 �� 2� �i�� .�v�/�'� �- �° > ,� ° rnc�.s iF naar�ov� �GV'b �?� GLI.� 07,T�c _ , , . , _! _ . . A /LI/!/�w�u�it� � �—(ieil tNC[ P'"•�� > �vw�i✓ �0�`�.re�r.�-� � ,��--.c�-c��-�.-e ��a�u��. IF APPROVED A ,�. �$� / (/ ► � � �� . i TRANSACTION S ^ U � sourecE INFORMATON (F1fPLNN) COST/REVENUE BUDfiETED (CIRCLE ON� ACTNITY NUMBER VES NO �@3@�'C�i �;¢i�'°(� Council File # � �• �, a� ORIGINAL Presented B� Referred To RESOLUTION CITY OF SAINT PAUL,IVIIl�iNESOTA RESOLUTION AUTHORIZING RAMSEY COUNTY TO RENTAL HOUSING DEVELOPMENT IN THE CITY OF (HANOVER TOWNHOMES PROJECT and CAPITOL WHEREAS, PAIJL, Green Sheet # __ �Q'�� M[JLTI-FAMILY APARTMENTS PROJECT) (a) Minnesota Statutes, apter 462C (the "Act") authorizes cities, or housing and r evelopment authorities or port authorities authorized by ordin e to exercise on behalf of a city the powers confened by the A, or a county housing and authorized redevelopment a ority by special law or its county to exercise the powers confe ed by the Act, the power to issue revenue bonds to financ a program for the purpose of planning, administering, makin r purchasing loans with respect to one or more multi-family h sing developments within the boundazies of the city; (b) he Housing and Redevelopment Authority of the City of Sain aul, Minnesota (the "St. Paul IIRA") has been designated y ordinance, to exercise, on behalf of the city of Saint Paul, Mi esota (the "City") the powers conferred by Minnesota Statute , Section 462C.01 to 462C.08; (c) Ramsey County will scheduled a public hearing to c nsider approval of a resolution authorizing the Ramsey County ousing and Redevelopment Authority (the "Ramsey County HRA") to submit an application to the Minnesota Depariment of Finance for a tas exempt revenue allocation and authority to exercise the County's powers under Minn. Stat., Sec. 469.004 and Ch. 462C; (d) The City and the County have received from the Noos..`�Development Corporation and Comerstone Group (the "Developers") rivo separate proposals that the City or County undertake a program to finance the Projects hereinafter described, �' ! K: SFL4RED\SANZFIEZ'PHanove�Capitai ViewCiryCounty.Res through the issuance of revenue bonds or other obligations (which may be issued in one or more series) (the "Bonds") pursuant to the Act; (e) The City and County desire to: facilitate the development of rental housing within the community; encourage the development of affordable housing opporhxnities for residents of the City and the County; encourage the development of housing facilities designed for occupancy by persons of low or moderate income; and prevent the emergence of blighted or underutilized land and structures within the boundaries of the City and the County; and the Projects will assist the City and County in achieving these objectives. ( fl The Developers aze currently engage in the business of real estate development. The projects be financed by the Bonds will consist of the acquisition, renova on and equipping of two residential rental projects for low and derate income tenants located at 408 Farrington Sireet (Han ver Townhomes) and 175 Chazles Avenue (Capitol View Apartm ts), in Saint Paul (the "Projects"). (g) The City and the County ave been advised by representatives of the Developers that onventional, commercial financing to pay the capital costs of e Projects axe available only on a limited basis and at such high osts of bonowing that the economic feasibility or operating e Projects would be significantly reduced, but the D elopers have also advised the City and the County that with e aid of municipal financing, and resulting low borrowing cost , the Projects are economically more feasible; (h) No either a direct or i� any public o�cial from the Projects; NOW' the City of Saint Paul, subd. 1 a, the City here County HRA, to und following lunitarion� official of the City or the County has financial interest in the Projects nor will directly or indirectly benefit financially ?�fEFORE, BE IT RESOLVED by the City Council of nnesota, that pursuant to Minn. Stat., Section 469.004, authorizes Ramsey County, acting through the Ramsey e the Projects and financing therefore, subject to the ' a. this authorization relates only to the Projects and the program for the Projects; and 00 -1 �a� 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 b. nothing in this resolution or in the financing program, or in any aa eement, indenture, contract or instnunent relating to the Projects or the Bonds shall authorize or pernut the Ramsey County � O� � � a� HRA to levy a taa� on any taacable property within the city limits of the City of Saint Paul, and c. nothing in this resolution obligates the City to give its approval to the Projects and the program of financing therefor, and d. nothing in this resolution authorizes the expenditure of any City funds on the Projects. ORIGINAL Requested by De tment of: �' 'N� � £ �`M�'Mn� , By: Adopted by Adoption By: � Approved by Mayor: By: Date by Council Secretary Date 1 DEPARTMENTOFPLANNING & ECONOMIC DEVELOPMENT Briax Sweeney, Di>ectar 00 - ��a�l CTTY OF SAIIV'f PAUL Norm Coleman, Mayor November 27, 2000 To: Council President Bostrom Councilmember Benanav Councilmember Blakey Councilmember Coleman Councilmember Harris Councilmember Lantry Councilmember Reiter Fr: Brian Sweeney 25 West Four[h Street Saint Pau[, �" 5�l02 Telephone: 651-266-665� Facsimile: 657-228-3267 Re: Request for City Council Approval of a Resolution Authorizing Ramsey County Participation in the Hanover Townhomes Project and Capitol View Apartments Project by Applying to the State Deparhnent of Finance for Tax Exempt Multifamily Housing Revenue Bonds PURPOSE The City does not have sufficient tas exempt revenue bond authority available for yeazs 2000 or 2001 to undertake the financing of the Hanover Townhomes Project or the Capital View Apartments, a request of approximately $10,800,000. The City's t� exempt revenue bond authority will be used to fund single family mortgage programs and housing in the north quadrant project. The participation by Ramsey County would be in their application to the Minnesota Department of Finance, pursuant to Minn. Stat., Ch. 474A, for an ailocation of approximately $10,800,000 in revenue bond authority from a limited pool of revenue bonds. The application would occur on January of 2001. The City as a suballocator cannot submit an application for revenue bonds from this pool. This action by Ramsey County would be project specific and would not occur if the City had sufficient tax exempt revenue bond authority. If the County is successful in obtaining a revenue bond allocation, then the County would be the Issuer of the bonds. (Note: A similar request for Ramsey County participation was approved by the City Council for the Skyline Tower Project financing.) The City Council will be asked at their December 6, 2000, meeting to consider a resolution, pursuant to Minn. Stat., Secs. 462C.01 and 496.004, that would authorize: Ramsey County to undertake and fmance the two projects through the issuance of t� K:\SHARED\SANCHEZT1HanoverCapitaNiewCityCouncil.mem 1 00 -��a`� exempt revenue bonds, if a successful applicant from the pool of revenue bonds allocated by the Minnesota Department of Finance. This authorization by the City Council must occur prior to the Ramsey County Boazd's consideration of an application to the Minnesota Departrnent of Finance. The proposed tax exempt revenue bonds are not nor can be an obligation of the City or County for payment, project revenues are the sole source of payment. Project Background Several weeks ago the purchasers of each project met with City staff to discuss project financing. Both projects serve low income families. Project information is described below: Project: Hanover Townhomes- Rental; built in 1968; Section 8 affordable, HUD held mortgage. Purchaser: Brighton Development Corporation Units: 96 units (32-3Br, 32-2Br and 32-1Br) TDC: $5,787,343.00 (TaY exempt revenue bonds and syndication proceeds) Costs: Acquisition -$3,300,000.00 Rehabilitation and soft -$2,487,343.00 Gap: A request of $350,000 in HOME funds is anticipate if the project receives a bond allocation. Approval of the City Council resolution allowing Ramsey County to submit an application to the Department of Finance does not approve City funds for this project. Project: Capital View Aparhnents - Rental; built in 1980; Section 8 affordable, MHFA held mortgage. Purchaser: Cornerstone Group Units: 140 units (81-Br and 59-1Br) TDC: $8,000,000.00 (Tas exempt revenue bonds and syndication proceeds) Costs: Acquisition -$4,400,000.00 Rehabilitation and soft -$3,600,000.00 Gap: A request of $350,000 in HOME funds is anticipate if the project receives a bond allocation. Approval of the City Council resolution allowing Ramsey County to submit an application to the Department of Finance does not approve City funds for this project. The MHFA has a$250,000 no-amortizing loan that will be requested to be assumed by the new owner. Attached is a resolution for the City Council's consideration at their December 6, 2000, meeting. cc: Mayor Coleman Susan Kimberly K:\SHARED\SANCHEZ"I�HanoverCapitaNiewCiTyCouncil.mem 2 City Clerk Fnance CITY OF SAINT PAUL, MINNESOTA OFFlCE OF THE MAYOR ADMINISTRATIVE ORDER BUDGET REVISION $20,178.00 3 Dept ADMINISTRAT(VE ORDER, Consistent with the authority granted to the Mayor in Section 10.07.4 of the City Charter and based on the request of the Director of the Department of Planning & Economic Development to amend the 2000 budget of the City Sales Tax Capital Projects Fund, the Director of the Office of Fnancial Services is authorized to amend said budget in the following manner: WHEREAS, Council Resolution 97-1276 designated $750,000 from the 7997 STAR program and $125,000 from the Generel Fund balance for a one-time neighborhood investment initiative; and WHEREAS, Ward 3 Councilmember Patrick Harris has designated the West 7th Community Center as the recipient of a$5,000 grant; and NOW THEREFORE BE IT RESOLVED; that the budget be amended to allocate funds to the West 7th Project 77441 and reduce the Neighborhood Investment Initiative Project 77125: Current Budget Fund 930 City Sales Tax CapiWl Projects Fund P7-930-90306-0547-77126 Neighborhood Investment Initiative P7•930-90306-0547-77441 West 7th Community Center Net Change /�►� a� '� �il��,�.+�1� � . ..- ,. :, --.� /�.�d.PD Request by: artment Director (Date) sa.ao �O-��.a� No: U�Q � `� l�J Date: !� jD Change ($5,000.00) $5,000.00 $0 Amended Budget $15,178.00 $5,000.00 �/,��i ��. ��/��, Approv y. Dir ctor of Pinancial Services (Date) �i,.� s�t�u�.�J,�.3'nu°�n, ��ya#PP : , ^�p° n '; �; � °�� - c�' � " �� Lesch, 6-6668 N�l COUNCIL AGENOA BY (n47Ej xUYeER PDR ROUTWG ORDEIt TOTAL # OF SIGNATURE PAGES GREEN SHEET Doo/9�� ao - � �a'� N� 111012 u oE„um+,ue�cru Brian u cn•wuu, _ � orr�nwr,r �� 2� � Carc � wuxu�smvcoeR. � ❑ noMCw.aE.�n.ccra � r.r�ro•�+mram ammer (CL1P ALL LOCATIONS FOR SIGNATURE) Signatures on the attached Administrative Order to allocate funds to the West 7th Coffiunity Center- PLANNING COMMISSION CIB CAMMITfEE CNIL SERVICE CAMMISSION Resolution �i97-1276, passed on 10/15/97 IF Has this P��m evervrofke0 under a canfrxt tor thie deparfment� YES NO Has Mis peraonlfirtn ever heen a city emWm'ee9 YES NO Does this PersaJfirm posaess a sidll rwt namallYP� M' anY eurteM city emPbYee? YES NO Is mis peBOnfirm a taroetea venaorr YES � elain all ves answeis on smarate aheet aM apach to➢reen sheet nounr aF rwwsncnoN s 5. 000 eosnaevo+ue euoc�o �cinc� oN� SOURCE ST1�� ACTNITYN�INBER WFORlM'iION(EI�Wt� . ��\ (f�'✓1 930 - 9v.so � - os�7 --� � ia � _ T� ��v - gosa� - osy�=;"��5`�i �/A� c��ti� � NO �SOOO� so � v � ///i5/o 0 �/