280218 WHITE - CITV CLERK �0���
P��K -'rINANCE GITY OF SAINT PALTL Councii
CANApV - DEPARTMENT F1Ie NO.
BLUE r - MAVOR
City Attny/JTH • •
Council Resolution
�
Presented By - -��
Referred To Committee: Date
Out of Committee By Date
RESOLUTION MODIFYING THE FINANCING PLAN FOR
THE NEW HOUSING AND BLIGHTED LANDS DEVELOPMENT
TAX INCREMENT FINANCING DISTRICT
WHEREAS , upon recommendation of the Housing and Redevelopment
Authority of the City of Saint Paul , Minnesota (HRA) , upon deter-
mination that the proposed modification does not alter the geographic
area of the District, nor increase the bonded debt, alter the portion
of increment to be retained by HRA, increase Project or District
tax increment expenditures , nor designate additional property
acquisition, and upon determination that it is desireable to modify
the development program of the District Tax Increment Financing
Plan to permit housing assistance through the Interest Rate Reduc-
tion Program as authorized under Minnesota Statutes 1982 , Section
462.445 Subdivisions 10 to 13 ; now therefore, be it
RESOLVED by the Council of the City of Saint Paul that the
Tax Increment Financing Plan For The New Housing And Blighted Lands
Development Project and Tax Increment Financing District approved
by Resolution CF No. 276970 adopted June 9 , 1981 , is hereby modified
in Part III, Development Programs , Section C, Housing Assistance,
by adding the following Subsection f) -
"f) Interest Rate Reduction Program: The Authority
may provide interest reduction payments on
qualifying debt obligations as authorized and
.subject to the requirements of Minnesota
Statutes §462 .445 Subdivisions 10 through 13
COU[VCILMEN Requested by Department of:
Yeas Nays
Fletcher ���� ,�
Gatles [n Favor
Masanz
Nicosia
schetbe� __ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
sy ��
Approved by 1Aavor. Date _ Approv y Mayor for Sub ' ' n ncil
.
By _ By
�NMITE - GTV CLERK
PIN.M -�INANCE G I TY O F SA I NT PA U L Council
CANARV - DEPARTMENT File NO. �I��
BLUE - MAVOR
� i Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
-2-
and its Interest Rate Reduction Program
Regulations to assist financing of the
construction, rehabilitation, or purchase
of housing units and related and subordinate
facilities which are primarily for occu�ancy
by low and moderate income individuals. '
COUNCILMEN Requested by Department of:
Yeas Nays � �
Fletcher
Galles [n Favor �
Masanz �
Nicosia
Schetbel _ Against BY
�Tedsst.�
"'°$°" APR 2 6 1983
Form Appr City ttor y
Adopted by Council: Date
Certified a_s b ouncil Se retar BY ,
�
t� l4lavor: � � 2 � �9�,� Ap y Mayor for S is i ouncil
—�
B '�� " �•C, ���',,(/�\ _ By � ��'a �
� - p�BUS��o MAY � �sa3
��
� PED - Housing DEPARTt•tENT ° IGC7o218
----"�„� �.�,....� ---�'ONTACT
-7494 X278 PHONE � �� .
April 5, 1983 DATE �v�
(Routing and Explanation Sheet)
Assi n Number for Routin Order Cli All Locations for M oral Si nature :
2 epartment Di rector r���;r'��_���
rney (��m Hart) ��
s -1�-�� �P� � � ►`��3
4 Di , agement/Mayor
�- - - - -
Finance and Management Services Director �����i �.�F� ��� . � � ---
5 City Clerk
� s�_�
�:J � -i �;-.:�_
Budget Di rector A��� � � l��;,� .
✓T Deput Di rector - Housi nq ��,�,;� •� -
What Will be Achieved by Taking Action on the Attached Materials? (Purpose/Rationale):
By signing attached, you will be forwarding a proper resolution to C1ty CQUncil to amend
the New Housing and Blighted Lands Development Tax Increment Financi�g Di�trict. The
amendment adds "Interest Rate Reduction Assistance", a supplemental loan tool recently
authorized by the State Legjslature, as a mechanism for assisting rental housing projects.
When combined with primary financing from private sources or government programs, Interest
Rate Reduction Assistance lowers the effective interest rate of development financing.
' (This amendment, and the program, were approved by the HRA Board on April 7, )
Financial , Budgetary and Personnel Impacts Anticipa�ed:
Because it is a supplemental loan tool to be used within the existing Plan, Interest Rate
Reduction Assistance will : (1 . ) not increase the bonded debt, nor alter the portion of
increment to be retained by HRA, nor increase Project or District tax increment expenditures;
�nd 2. ) rovide n effe t'�!e in tr ment for idin r a1,projects which are now financially
'und�ng S�ur.ce an� Fund �tc�ivity I�um�er Gharge� or �re�d��ed. infeasible.
PED Project #33599, Tax Increment Financing, Citywide (100� Tax Levy)
Attachments (List and Number all Attachments� :
City Council Resolution (2 pages)
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
x Yes No Council Resolution Required? Resolution Requir�ed? Yes No
Yes X No Insurance Required? Insurance Sufficient? Yes No
Yes N�A No Insurance Attached?
Revision of October, 1982
(�ee Reverse Side for �Instructions)