84-288 M�HITE - CITV CLERK �
PINK � FINANCE GITY OF SAINT PALTL Council �� �gr�
CANARW - DEPARTMENT I
Ei.lUt - MAYOR � V
, File N 0.
' Council Resolution
, �i
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, 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 finaneing,
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.
Adopted by the City Council of the City of Saint Paul, Minnesota,
this 6th day of Ma.rch , 1984.
Director, Finance & Management
COUNC[LMEN Requested by e artme f:
Yeas Nays
Fletcher �
Drew ��
[n Favor
Masenz
Nicosia
��- __ Against BY
Tedesco
Wilson
Adopted by Council: Date
M�R _6 �98� Form Approved by City Attorney
Certified P ss d Council S ar BY �'���`��/6�'� �r---i
By
Ap v by lNavor: Date M� —7 �98'F Approv ay r Eor Submission to Council
� By
' PUBEISHED MAR l.i 1984
� �r ��-�2 P�'
;�.:
CITY OF SAINT PAUL
INTERDEPARTMENTAL MEMORANDUM
DATE: FEBRUARY 16, 1984
TO: AL OLSON, CITY CLERK
FROM: SHERI PEMBERTON, PED �
SUBJECT: CITY COUNCIL PUBLIC HEARING FOR MARCH 6, 1984
Attached is a copy of the Public Hearing Notice, which was published in the
St. Paul Legal Ledger and the St. Paul Pioneer Press and Dispatch on Saturday,
February 18, 1984.
Please place this Public Hearing on the City Council Agenda for Tuesday,
March 6, 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
Warren Frost
c� �
� �'
,rrs-¢ rr,a
--�;� w
—r,�r r—
:-,`'� '�1
s,:;��1 �1 �,
�. "� t'!1
�� � v
x� �
. -�
�
�� �
rn _G
. _ � � ��-z ��'
�
NOTICE OF PUIILIC HEARING ON
A PROPOSAL FOR A PROGJtAM TO FINANCF A
MULTI-FAMILY RENTAL HOUSING DEVF.LOYMENT
(COMO VILLAGE PROJECT)
To whom it may concern:
Notice is hereby given that the City Council of the
City of Saint Paul, Minnesota will meet in the City Council
Chambers at the City Hall in the City of Saint Paul, Minnesota
at lo:oo o' clock a.m. on March 6 , 1984, to consider the �
proposal of Como Villa Partnership, a Minnesota limited
partnership (the "Developer" ) , that the City undertake a
program to finance the developinent hereinafter described,
pursuant to the City' s housing plan under Minnesota Statutes,
Chapter 462C, by the issuance of revenue obligations.
The Development
The development consists of the construction
and equipping of a 17,700 square foot
(approximately) multi-family rental housing
development of approximately 99 rental units
designed for occupancy primarily by the
elderly located at 900 Como Avenue in Saint
Paul, Minnesota. As required by Federal law,
not less than 200 of the units in the
developrr,ent will be occupied by persons of
low or moderate income, a category presently
defined under federal law to mean nersons or
families whose income is 80°s 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 development costs to be financed
will be approximately $4,700,000. The
Development will be owned and operated by the
Developer or a partnerhsip or other entity to
be formed in which the Developer or its
princiPals will be general partners.
Non-housing components may be included within
=- the development but substantially all (90%)
� of the development will consist oi rental
housing and functionally related facilities.
,� . ��_ ��-2��
. , r �
The estimated principal amount of bonds or other
obligations to be issued to finance the Development will not
exceed $4, 700,000.
Said bonds or other obligations, as and when issued,
will not constitute a charge, lien or encumbrance upon any
property of the City of Saint Paul, or its Yiousing and
redevelopment authority except the Development and the revenues
to be derived from the Development. Such bonds or obligations
will not be a charge against the City' s general credit or
taxing powers but are payable from sums to be paid by the owner
of the Development pursuant to revenue agreements. '
• Further information concerning the Development, and �
the financing programs therefor, may be optained from tYie
Housing Division, Department of Planning and Economic
Development, City Hall Annex - 12th floor, 25 ti9est 4th Street,
St. Paul, Minnesota 55102 (telephone 292-1577) .
At the time and place fixed for the public hearing,
the City Council of the City of Saint Paul, Minnesota will give
all persons who appear at the hearing an opportunity to express
their views with respect to tlie proposal.
Dated this 16th day of hr�a r , 1984.
(BY ORDER OF THE CITY COUNCIL
' OF THE CITY OF SAINT PALIL,
MINNESOTA)
By ALBERT OLSON
City Clerk
i, ����=1��
' N07iCE 'OF 1�UBIlC R�ABQ16' ON A
P�OPOSAL �Ot pt P80tiRAM T�
!lDFiRI�Q�,i:-1lUi11i tA�IiLR SLNTAL
60tff13+iQ�-�1�YBLOAI[ENT (COlIO
YIIJ.ARii��9lECTl ' _.
TO BtiOR�.�u 0f�00�:�� .. , � �
" rTOt�l.'E�f'6lR�1Y�V!l11�lZ�L�1l;���:OHIICII�.�_.�.
of t6e pty of Saint Paul.1/I�td'v►81 aceet
in the CitpCoweA CLem6vs at the 47ty$all
in'the City of Bsiht PwE�ti�ai�t IO:UO' ��
o'clock a.m.on 1[ueh 6;�381i�'to�+paRlder the
pmPuse• o ' �. �. e
1[ianesota lig►i,�e�ap,�rtaerr6lRr (t6e
"Devebyer'7.,t4a�;thP..�.:�e a
program to iin$ace tM �tvslapment
hereinaiter descr(be�.Rutsuaht�to the�s
housing plan �I�innaflta"�(aM� ,
Chapter 482C by'., lssuae�ee aS revmue
obu�uon8.
,�- � .�.
`T#+e:�.�t
The developmea[ consl of t6e
�� ��9�1PP�A1�a I7.70U
s4uat'ltta4td�.,o7dmqt�lY)mulU-Li�llq
:eata� ho�tA}o� depelapment of-
app�qqrJmtselyq$,ieptalimi4i desiped for
� �T D�aRtll9.��X, the�(hlerly
:1`eq►ts�t�;�0 Camo Avanue!n$�int Paul,
.pot��As zre�►iirc4 AY���law,
90'� ai the un�ts 1n the
devetopm�t�v111 De oceuPied bY 1�+�� .
of loa or modente iocome, a catesory
presMtl�defi�d tmder itderal law to
m�n penahs�fem[�les whae imome is.
8D%�'kes of tbe me�ian inetme.for t6e '
St.PaHt�aira ai determined by tt�e Ubtted
3tateA�pi�ttt�nt"oi I�Iousin`tli�Urbsn
DevelEfpm�at. Total approslndiAte
aevetopmmt co�to be 5nancea vvilt bc _
appro:imately �4,700,000. .T6e
Developaimt alll be o�vaed and apeYated
by the Developer ora pertnenship os atixr
entfty'to Ee foimed In which the
Developer orlts P�P���6�� .�
pa;tnera-Non-6opdnB�mponantsm4Ybe "
included�ivif6in :thp;�,trel�t but
subs�a�117�1(�1'�t1 q��e development
, will consist of -reatal housing and
funeti�ally:elated ladlitka.
The estimatsd principal amwQt of butids or
other bbli�atia�3 tdb�!lb�e6'to'9o9�a the
DevetoPmen! esaESd'i�.700.090.
��t. _..
Said bnads or of�r"Obllpdaos, at �wd
when issued.wlt}n�foosRttute a�atge,li�
or eacumbraace upoa a�q,9 D='�nJ'di ttie City
oi Saint` Panl, .or 1ts houains and
redevdiop�ent au4�ortt� lzcept the
Development a�!�!'fl�ilWS to be�Ived
tmm tM �evaopm9ntt, $uch,.bend;-.or
obligatiams will m�It'�4e a td�aqe�gaiast the•
City's gmeail cs�qr]�1ld�pdiKtrs byt ar�
payable 3r�r►sum�to�e�{d bY tLe oaber�'
the Developmeyf� �ursyaat-to revenue
eg�c�ents•.
Further lnfozmation concerafng the
Develcpmsmt. an�f:+tlBK,tlnandat DroB�=
tLerefor,may be alatalned'irat�i tt�f�oudpg
Divisioc, Deyart�tent ot p1�Anaing aipd
Eco�mfic Dwelopim�nt�Ctt9.Hatl�n,nnex:-
ISt6 floor. 2:i Wat;lth $hpat� St: Paul,'
l4icn�ota 55104(teTs�me 292-15771;`"
nt rae si�ana plaoe�ud fbr the yi�bi�
h�xlni.U�Ck7 C7om�cil ot,t�tSty of"�nt
Pau1. SAinne�ota will`Ive sit'pe�ia'�bho
Ilpyear at the h� ati oppd�indty to
expras th�r vlews wlth ieape�!'to°t6E
P�P�NL , ,
Deted this 16th d�y ct Fsbsle�ty;�!. -
. 4BY ORDES.OFY�E Cl'�'Y
�40UI�[LAF1'H�Ct1'X OP"
4 SAII4TP�T�jI.r1@�OTA)
BYALB81CtOL80N
: ��
_.a.ti ,e�