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84-1252 WHITE - CITV CLERK PINK - FINANCE COUnCII /� �j CANARV -•DEPARTMENT GITY OF SAINT PALTL �( �/ B:UE - MAVOR - Flle NO. �+ �_ /�� • � - Counc�l 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 PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORITY TO ISSUE HOUSING REVENUE BONDS AND AUTHORIZING THE SUBMISSION OF FINANCING PRbGRAM 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 (BRUTGER 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 l�onds to finance a program for the purposes of planning, administering, making or purch�sing loans with respect to one or more mul�i-family housing developments within the boundaries o� the city; COUNCILMEN Requested b Department of: Yeas N ays � �� Fletcher Ga°� In F avor Masanz Nicosia Scheibel _ Against BY Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY `%'�.�Ci��N.l�'J� �`� By blpproved by �Vlavor: Date _ App e by Mayor for Submissi to ut�cil By BY _ . � ��' %��_ (b) The Housing and Redevelopment Authority pf 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 cor�ferred by Minnesota Statutes, Section 462C.01 to 462C.08; (c) The City has received from Brutger Companies, Inc. (the "Developer") a proposal that the City undertake a program to finance a Project; hereinafter described, through the issuance ;of revenue bonds or obligations (in one or mare 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 affordab�e 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 Pro�ject to be financed by the Bonds is ' the acc��uisition, construction and equipping � of a multi-family rental housing development �i� of approximately 90 rental units located at '� the southeast corner of Luella and Wilson ; Streets, and consists of the acquisition of land a�d the construction of buildings I thereon which will result in the provision of , additional rental housing opportunities to persons within the community; (f) The City has been advised by representatives of the Developer that con- ventional, commercial financing to pay the capital costs of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the project would be � � _ _ / .sL.�a—.-_� B PvBIISHED S�P 2 � 1984 i .�._�, , , �� PED Housing �EPARTI�tENT � � r/� �2 Gary Peltier �ONTACT 7494-259 PHONE 9/13/84 DATE �� v � ' i(Rt>uting and Explanation Sheet) As Number far Routin Order Cli �All Location for or$1 Si nature : Department Df rector . , � City Attorney►��' � �-�"'�`�,� RECEtVED '��c �3 Di rector of Management/Ma�yor ; �\� �� S�� F��/� J3 O Fi nance and Management Servi ce� Di rector SEP 13�� 19 4 City Clerk � � �!� ,, � s�d et o�re�tor : � � ATTORNEI� l' 9 . � � N � � ; �Ihat Will be Achi�ved by Taking Actiion on thelAt�,ached Materials? (Purpose/Rationale): —T Preliminary approval for proposed r�ntal housing (revenue bonds) for project at Wilson and Luella, �istrict 1 , by Brutger C�os. I � F_ _. .., ,, � ��, _. _ � ._.� Financial , Budgetary and Personnel iImpactsT,ti�ipated: �,`_i� �: _ ,�>-', None, developer pays costs. ' Fundin Source and Fund Activit mber Cha d or Credit�d: Activity #36614 Attachments (List and Nwnber ail �Ittachment�): � � ; City Council Resolution � � � DEPARTMENT REVIEW CITY ATTORFiEY REVIEbI X Yes No Counci 1 Resol ujtion Requi,�^e�'? Resol ution Requi red? Yes No Yes X No Insurance Requ�ired? ' Insurance Sufficient? Yes No f Yes � No Insurance Att�lched? Revision of Qctober, 1982 (SPe RPVPI"CP SidP for �Instructions) , »- , . � C��=�1 i�.�Z ; . �,,��'�•• CITY OF SAINT PAUL (NTERDEPARTMENTAL MEMORANDUM F��ED Auc DATE; AUGUST 30, 1984 � �� .�$�t� ► JT Y ��.� � �� T0: . � CITY CLERK 5��`�1 i��'FF � �� FROM: SHERI PEMBERTON, DEPT. OF PED7'�/" SUBJEGT: CITY COUNCIL PUBLIC HEARING FOR SPETEMBER 18, 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, September 1, 1984. Please place this Public Hearing on the City Council Agenda for Thursday, September 18, 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 bcc: Becky Hartman Gary Peltier , � , - � �`��°��Z NOTICE OF PUBLIC HEARING ON PROPOSAL FOR A PROGRAM TO FINANCE A MULTI-FAMILY RENTAL HOUSING DEVELOPM�NT (BRUTGER PROJECT) - To whom it may concern: ' Notice is hereby given tYiat the City Council of the City of Saint Paul, Minnesota will meet in tYie City Council Chambers at the City Hall in the City of Saint Paul, Minnesota at �0-�n� o'clock a.m. on September 18, 1984, to consiaer the proposal of Brutger Companies, Inc. (the "Developer") t'hat the City undertake a program to finance the development hereinafte�c: 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 multi-family rental housing development of approximately 90 ' rental units located on the southeast corner of� Luella and Wilson Streets, .Saint Paul, � t�Linnesota. As required by Federal law, not less than 20°s of tl-�e units in the development will be occupied by persons of law income, a ' category presently defined under federal law , � to mean persons or families whose income is - 80� or less of the median income for tYie St. - , Paul area as c3etermined by the United States Departnent of Housing and Urban Development. • The Development will be owned and operated by • the Developer or a partnership or other • entity to be formed in which the Developer or � � its principals will be general partners. Non Yhousing com�onents may be included witliin ' the development but substantially all (90$) • of the development will consist of rental - � housing and functionally related facilities. 'I`he estirnated principal amount of bonds or otYier obli- gations to be issued to finance the Development wi11 be . $3,500,000. Said bonds or otl-ier obligations, as and when issued, will not constitute a charge, lien or encumbrance upon any . � � � . C��y��z property of the City of �aaint Paul, or its housing 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. �. FurtYier 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 give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Dated this 30th day of August , 1984. (BY ORDER OF THE CITY COUNCIL OF - � THE CITY OF SAINT PAUL, MINNESOTA) By ALBERT OLSON City Clerk •,� . � @,I��tl'/�.��- � CITY OF SAINT PAUL �.� `'T' °'; DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMCNT : � DIVISION Of DEVELOPMENT o • a ,, ��,�� ., 25 West Founh Strect,Saint Paul,Minncsota 55102 � ntl l,lt II � 612-292-1577 � A 1�� GEORGE LATIMER MAYOR St. Paul Legal Ledger August 30, 1984 Publication Offiae 640 Minnesota Building St. Paul, MN 55101 RE: LEGAL NOTICE Gentlemen: Attached is a Notiee of Public Hearing on a Proposal for a Program to Finance a Multi-Family Rental Housing Development (Brutger Project) . Please publish this Notice in the St. Paul Legal Ledger for Saturday, September 1, 1984. If you have any questions, please do not hesitate to contact me at 292-1577, ' extension 231. Sincerely, - Ju�f Sheryl A. Pemberton Real Estate Administrator SAP:rmf Attachment ' BCC: Chron, Gary Peltier, �,�-: �#� �- �. _ � ��r��s2 �-�-� CITY OF SAINT PAUL ~«` G�TT.O,;' DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT o - a DIVISION OF DEVELOPMENT � ��'�� ' 25 West Fourth Street,Saint Paul,Minnesota 55102 � ntI 1'llll � '°o ^° 612-292-1577 ,..• GEORGE L1ITIMER MAYOR St. Paul Dispatch and Pioneer Press August 30, 1984 55 East Fourth St. St. Paul, MN 55101 Attention: Rosemary Frank RE: LEGAL NOTICE Gentlemen: Attached is a Notice of Public Hearing on a Proposal for a Program to Finance a Multi-Family Rental Housing Development (Brutger Project) . ' Please pub lish this Notice in the St. Paul Pioneer Press and Dispatch for Saturday, September 1, 1984. If you have any questions, please do not hesitate to contact me. I can be reached at 292-1577, extension 231. Sincerely, x�.�Y- ' Sheryl A. Pemberton Real Estate Administrator � � SAP:rmf - Enclosure bcc: Chron, Gary Peltier, ; .��_/�y� rroatcs oe auc sannarr� � o�s�oras vo�s esoa�s� ��cs s emtnm� � ��riio�loe�fF-=. . ��i � _. � �-.�: �� ro��um.� , ' i ' xotice b tiea�Y � �rR� �' ot the City ot Sdnt 1tlooawta�rU1�rU�t ' fn the Cit7'��d1; . ,��X, ', fa the GYqra[8s�1R. }'�iotrbEa at� o'dodc a.n oe � •�boohi �P*q�tlxd �_:�a( ••De►�Wpe��.�Yrt..: <5�;: a , pro`ram;to �qq� thr ileveioyai OL �'efn�tl�!'" �uaieR�`tl�t �y �'' ,� � I � ChfPte+`,sN�C�� 'c*[� -. 4bif�aRlaer. -.,r 1T1�+re�op��t#�:i�aei��,��i I�`�, ;� ?rPd .� r a�° � �r Sttesit�. !��' .�laaeaat+.: r�3��ra1 ,�Ok¢S�r , , oa+ipii�. .'�t�' i.B. s�!A��!�aeA�7s• ';;, I l�w f��q�tq �p., ��1�N�i6d�'�S -v I !os thk'�!.4aa� '��E�4i�1� tlolted8laW ��E�dp111�" `' ..,< Urbau Devd �Le „k�Y, v!U 4R AirP��. , ;+a�: , «?r °� lkvd' m': Ot W be�1n Wk'�aYi�1}�' � �'s`�. k P*�P��11It s'`' hondo� mq be. �itWe the fil�t '� all(f096►pfl4e twillcepdst- � �enitl howlas and luectiqasi�y trla : tateF!ltlea. °# , _r=.� " ,�� . �._..� �'� othh'.opl(ptloot io I�p�ed.to fieaoce I Developinmt w!U�e ,if0o �:<- Setd 9ends or ; ob[is+ttoos, yi;, 'c wi�en Maaeed.wil!irR b�te a dstr�e� :�-oe qk�t�ce upm M�paty ot t�e ) . �s H at SAlnt Pattis e I�q,.honsib� a d Y rede�'velopmeat:au !`e:cep.t t ' ,i; Dev�Op�ent��e , tO be de;i :s r traaqt �t;Dev ' Suo3 b�ds �IiaaWes wiII p�t' cha�e apiaat �.': �,�� :,�-��,�, � ��* . u�:::»�_ " , �: ; `�a ��. , FurR6fr :� ' ♦D�e�v��p��d �IIomct�� uu°��i�wC; .. �� . 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