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280477 s WHITE �- CITV CLERK ►/�� P:NK� - FINqNCE COUIICIl ` � �/'/J tANARV - DEPARTMENT GITY OF SAINT PALTL �+•_. �r� • • i, BLUE - MAVOR File NO• � ou il Resolution Presented By �'�-�, �L�r� JReferred To ��'� Committee: Date ��g'3 Out of Committee By Date RESOLUTION APPROVING A MULTI-FAMILY HOUSING DEVELOPMENT FINANCING PROGRAM AND AUTHORIZING SUBMISSION THEREOF TO THE MINNESOTA HOUSING FINANCE AGENCY AND AUTHORIZING EXECUTION OF NECESSARY DOCUMENTS FOR THE SUBMISSION THEREOF WHEREAS, a) Pursuant to Minnesota Statutes , Chapter 462C (the "Act"), the City of Saint Paul (the "City") has been authorized to develop and administer programs of multi-fami1y housing develop- ments under the circumstances and within the limitations set forth in the Act. Section 462C.07 of the Act provides that such programs for mu'lti-family housing deve1opments may be financed by revenue bonds issued by either the City or any port authority referred to in the Minnesota Statutes , Chapter 458. b) On March �, '1983, fo�lowing a public f�earing he�d on the same date, the City approved by Council Resolution No. 279896 (the "Reso�ution") a program (the "Program") for financing 325 units of rental housing (the "Pro3ect") tq be owned and.operated by AHW Corporation in Saint Pau1 Energy Park, and authorized The Fbusing and Redeve1opment Authority of the City of Saint Paul (the "HRA") to issue revenue bvnds in the aggregate principal amount of $13,000,000, including $5,600,000 to finance 138 renta'1 units comprising Phase I of the Project and $7,400,000 to finance 175 units comprising Phase II. Of the Project. c) On Apri1 14, 1983 the HRA issued its mu�ti�family housing revenue bonds (First Federa1 Savings and Loan Association of Minneapo�is � FS�,ICJHi�ltop Partners Project) in th� amount of $3,500,000 to provide partia� financing for phase I of the Project. d) In connection with the issuance of the HRA Bonds, the Port Authority of the City of Saint Pau7 �the "Port Aut�hprity"), Qn Apri� ��, �983, adopted. Reso�ution No. 21�5 giving pre- liminary approval to the issuance of $1,500,p00 in taxab�e revenue bonds issued pursuant to Special Resolution No, `1270 of.the PQrt Aut�hority, whic�h revenue bonds are tp be used in addition to the $3,500,000 previousiy issued by the HRA to cpmp�ete the ftnancing of Phase I of the Pro j ect, COUNCILMEIV Requested b De artment of: Yeas Nays --�j,r� Fletcher ��6 � �a�� In Favor Masanz Nicosia scheibe► _ Against BY � Tedesco Wilson JU� � � j9$3 Form Appro ed by City Attorney Adopted by Council: Date � Certified Passed by Council Secretary B �`'�`"'�� By � �UN � �g� Approved ayor for Submissio to Cou cil t�pp by IVlavor: D �/��%r� g /+ By _ } �NITE - CITY CLERK INK - FINANCE j� j � r�''h�p-t CANARY - DEPARTMENT G I T Y O F S A I N T j-�u L COUIICII ��`� � ` BLUE - MAYOR �' � Z - File N 0. Council Resolution Presented By Referred To Committee: Date Out of Committee By Date e) Pursuant to the Resolution, the Program �For financing the construction of the Project has been drafted, and a public hearing on the Project and the Program therefiore was held on March 1 , 1983, after notice duly published, a1� as required by Minnesota Statutes, Section 462C.05, Subdivision 5. A11 those appearing at said public hearing who desired to s�peak were heard. f) The City has been advised that the Progr�tn has not been modified in either scope or nature since the adop�i:ion by the City Council of the Reso'lution, except that the �financing portion o�f the Program has been modi�fied to a1�ow the Port Authority to issue $1 ,500,000 of the Phase I bonds rather than the HRA issuing the entire amount. NOW THEREFORE, be i t resolved by ttie Ci ty Cc�unci'� o�f the Ci ty o�F Sai nt Pau� , Mi nnesota, as fo1lows: �. The findings and conc�usions contained in the Reso�lutiQn are hereby r�tified and a��i rmed as they re�ate to the �Pi nanci ng to be andertaken by ttte Port Authori ty. 2. Irt accol^dance with the Act, �he Maygr is hereb� aut�ori.zed and directed to submit an amendment to the Program tQ the Minnesota Housing �i��nce Agency jthe "MHFA") for its approval. The Mayor is fur�her a�thorized to execute a��l necessary supparting dpc�anents and to provide the MHFA with any and a�� information the M1��A may require �Pvr the purpose of amending the Progr�am, and the City Attorney is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Program if it is approved by MHFA, 3. The Amendment to the Program to be submitted zo the MHFA sha'I� be to the effect that �the Port Authority wi�1 be issuing $'1,500,000 o�P taxab'le revenue bonds to complete the financing of Phase I rather than the NRA issuing the entire $5,600,000 which had been authorized and sha71 re�P�ect any modifications in the terms o�F the revenue bonds themse�ves that are necessary for issuance of such bonds by the Port Authority. 4. Upon approval of the amendment to the Program by the MHFA, the Port Authority is authorized to proceed to issue its revenue bonds pursuant to the Program, as amended. COUNCILMEN Yeas Nays Requestgd by Department of: Hunt Levine [n Favor Maddox McMahon sno�ra�te� __ Against BY — — Tedesco Wilson Adopted by Council: Date _ �UN � � 1983 Form Approved by City Attorney Certified Passed by Council Se etary BY � App v : vor: D JUN � 7 1��3 Approved by Mayor for Submission to Council By — BY PUBLISHED J UN 2 5 a9�� . WH17+.��- C�TV CLERK � COl1I1C11 ��LAr�Nl :INK - FINANCE G I TY OF SA I NT PALT L ` ANARV - DEPARTMENT File NO• f� S ` � BLUE - MAVOR � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 5. Said Port Authority bonds , if and when issued, will not constitute a charge, lien or encumbrance upon any property of the Port Authority or the City, except the Project, and such bonds or obligations will not be a charge against the Port Authority or the City's general credit or taxing powers but are payable from sums to be paid by the developer, Hi1ltop Partners , pursuant to a revenue agreement to be entered into between the Port Authority and Hilltop Partners , which revenue agreement sha11 be dated as of June 1 , 1983. COU[VCILMEIV Requested by Department of: Yeas Fletcher Nays � Gailes In Favor Masanz Nicosia scnetnei __ Against By TedesCo Wilson Adopted by Council: Date ��N 1 6 1983 Form Approved by City Attorney Certified Pa s d by Council S tar BY By 1 1983 Approved by Mayor for Submission to Council t�pp by Nlavor: — By _ By PUBLISHED JUN 2 5 198� � _ • � � , � : . . • : �'�- .,=.,� Cz�,y oF SA.zzV�, P.�..ur� ,�:��- ��-��.� a��- � �'� ,��r ` r, ��'�"-;i�;.� 'Y� OI��t�`ICE OI!' '1`FTP: CIT�' COU\CLZ. �'�t G;'�'.�:;P:=:'��:` f - :sF- . -•`'=�':;' �',':' • . �y.;,,�,`� --Y�'= f.�`= D d t e . June 16, 1983 x��j�� . � .'�`��-;s,�sf�=� • , - -:�,.,,�,' - - - .. . - . _,„�.. ._ L ...�. .�.. ..._"•-- .�.. ,...��' - . . ." ' . .- . " ' � .._ . __'� TO = Sq�n� Pa� l� City Cou�cit F R � IV� = C�O Fyl�i��2 O h F INANCE, MANAGEMENT F� PERSQNNEL - ' - � . C� A I R James.Scheibel . . . • 9:00 a_m. - . - - -- , • . F ' ' l. Ap�roval of minutes from�meeting held June 9, 1�83. . _ �i,�,��•�� 2. Resolution authorizing an ao eement with TSD 1f625�far a school age da c�:re �r gra:n at Dayton s Eluff Reczeation. Centex. (CommLUizty Services) _ _ 3. Resolution approving the addition� of the Lauderclale Comptiter Center to tlie �ire CU - protection agreement between the Cxty of St. Paul and the Il of Ti. (Fire Dept:)��_� 4. Resolutiori increasing paramedic fees. (I�ire �Dept.) tD�-E�iF€� -::�=r�lcr �,t,;�,�-� - _ , . �,.,.�..�.......�..... ' S: Resolutzon:approving additions to •the 1953 budget in th ' 1t'orks_ll�t. (Yttblic 1':k - ' ' ,��='. �-cl. .:_f 6. Ordinance amending Sections� 33.04 $ 370. 16 0£ the Legislative Co e. �usin� Cc,��s�.;� �:...�_�, i- -� 7. Resolution=approving adcixtions to the 1983 bud,get to.prot�ide reveziue, �and�cxPe��ses ; � . for Debt Service of February, 1983.bond issues. (Finar�ce Dept.)• � _ ---�-_�� 8. Resolution amending �the 1983 Capital Improvements Budget to acld additi.ona2 funding �.for the 2983 D95A contingency Fund. (Publi� ti�'orks.). _ ,��'-`Q?_�f3*`-,�,-! . 9. Resolution revising the specs for Stage Technician and starring the title;of , Public Adclress Operat�or. (Pe�sonnel) ��E�--E3='_�� ' j10. Resolution approvi.ng a multi-family housing development financi�ig prvgra�n and � a�ithorizing submission to the 1�tinnesota Housing Finance Agency. (PED} /:��U�ba '� _�;,,�.-.,,..�:, . ::- , ° 11. Resolution amending Section 32 of the Civil Service Rules by substittiting i�e�r � specif�cations for the title of Vehicle 1•iechanic Supervisor. (Pexsonnel) � Y��' -�� -C�. � I2: Resolution adopting additions to the budget for the Summer Readi�io Prograio and tl�e ; St. Anthony Park Branch Library. (Community Services) _�d�C3��p"_'a=CT"'' ' """�°�,�-. 13. Resolution ,approving the settlement to the Plaintiffs involv�d in tlze St�bstitute Library Specialist la►�suit. (City Attorney's Office) ��U=�7F"�p`:or=Q. -_'S - � 14. Resolution approving increases in the 1953 bud�et to al lo�a tl�c 1�ousi.ng F 131dg. Code • Dept. to pay bills from city departments on expenses incurred by hot►se riove S COI�GI. �PAR�vE�a-� 15. Resolution adopting changes in the 1983 buclget reflectino a corrected char��`"to "° ° � the Purchasing Division from tt�e Central Service Cost Alloeation 1'lan.:�R.�ROl�O t • '�II�°:��U.�..: ; . . ' C1TY NALL SEVENTFi FLOOfi SAII`T PAUL, �Sl�tif:S�.�i�1 55102 .�-�.-„ � . . '�:��f;�'� Resolution Na. �_" ;,��' RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL- WHEREAS, on December 17, 1980 the Port Authority of the City of Saint Paul (the "Port �Authority") issued its Multi-Family Housing Development Revenue Bonds of 1980 in the aggregate principal amount of $15, 000,000 (the "Port Authority Bonds" ) to provide construction financing for the Am'nerst H. 'rJilder Foundation ( "Wilder") , or AHW Corporation as its assign ( "AHW" ) for the construction of up to approximately 380 units of rental housing in St. Pau1 Energy Park (the "Project" � ; and WHEREAS, at the time of th� issuance of the bonds the specific location of the Project had not been determined, the Port Authority did not own all of the land on which the Project � was anticipated to be constructed and, therefore, the Port � Aut2�iority and t�iilde� ente�cd inta an llgre��t �:� �.ea�a dated ilS a� �lt��lb�r 1, i'� �#.i�a `�gs�a'm�a0a+t"� �as°sud�lt t{� ��+� t� �r�.� � 1t� #�s �ort �tt�e�L� �l �i�71� �1d�r or A�iLO �eouid entar i�tfl a l�as� {in sub�t�ntialiy ths fc» ther� attached to the Agreement) at such time as the Project premises were owned by the Port Authority and the specific location of the Project within Energy Park had been determined and, pending . , ` � �r+ . � �� the execution of such Lease, providing for the payment of amounts sufficient to pay principal and interest on the Port authority Bonds; and __ WHEREAS, on July 27, 1982 the Port Authority adopted Resolution No. 2041, following a public hearing held pursuant to the requirements of Minnesota Statutes, Sections 458. 17 and 458.196, authorizing the sale of the premises described in Exhibit A attached hereto to Wilder, which Resolution was intended to replace Resolution No. 1750 adopted by the Port Authority on November 26, 1980 authorizing a similar sale, but for which adequate proof of publication could not be located; and WHEREAS, subsequent to the execution of the Agreement and the issuance of the Port Authority Bonds Wilder assigned all of its rights an3 interests under the Agreement and other documents relating to Saint Paul Energy Park to AHtV; and WHEREA.S, i� co�nacticxi with the negotiations regard- .i�g t�+s �tt3�re� t�f t�e �ta1 �a.�g �itE�s taa be �strs�� qy �.�►z`�c. aru� th$ exe�ution of tha LtaBe �p �, l�d �ns ��.�d :� �e �� ,t Authority of the City of Saint �aui {t�e "HRP,") for $3,500,000 of its Multi-Family Housing Bonds (the "HRA Bonds" ) ta provide long=term financing for approximately 150 rental housing units � , � t1��e., � �� l in Fnergy Park, the construction financing for which was previously to have been provided by the Port Autlzority Bonds; and WHEREAS, it is anticip�ted tllat additional long-term financing will be required for this project in the form of $1, 500,000 of taxable bonds issued by the Port Authority pursuant to Special Resolution No. 1270 (the "1270 Bonds") to be purchased by three union pension funds; and WHEREAS, certain requirements have been imposed on AHW by the participants in the HRA Bond transaction, including the HRA, First Federal Savings and Loan Association, and bond counsel for the HRA Bonds, all as more specifically described in the staff inemoran�3um on file; and WHEREAS, AHW has asked that the Port Authority take - certain actions required in the issuance of the H�tA honds, including conveying title to the premises in Energy Park id�t�i��,sd or� Exhibit B, 13er�to, tQ AHLV or i�s designee; i� ��t t�l��. �� ts e� t�t 1aa�d in r�a�sswwc�33�au �►.��h �he cer��e�ance, restrieti�g t'he gieid +e� n �"�.�:�! '�.` "'� ��Ir�� '� '�"t ��"�` �s; undertaking ta red�em a portion of the Port Authority Bonds on December 1, 1980; and giving preliminary approval to the 1270 Bonds, all as more specifically outlined in the staff memorandum on file; and � f � � ,._.�� ! WEiEREAS, the Port Authority has reviewed the staff memoran3um and has determined that the premises described on Exhibit B hereto are no longer n�eded for the Project, and that the conveyance of that land, on the terms and conditions � proposed, will not be to the prejudice of the holders of the Port Authority Bonds and that such actions will be to benefit of Saint Paul Energy Park and the City of Saint Paul. NOW, THEREFORE, BE IT RESOLVED BY THE PORT AUTHORITY OF THE CITY OF SAINT PAUL as follows: 1. Upon receipt of (a) payment in the amount of $196,800, and (b) an accountant' s certification that acnounts held in the Bond Fund and Construction Fund for the Port Authority Bonds, togetRer with earnings thereon (taking into account the yield restriction imposed below but not taking into account reinvestment of such swyns) are sufficient to pay all principal and interest due on the Port Authority Bonds on �t i, i+�3 �at, i# t�ts a�cc�nta�►t's ta�'Eifi+�:ats �t L�tt sut� �so�st+s �re � ssf#i:cieat � �sat p�se, an irrew+�a�le i�tt�rr �f esa�li.t, f� fflrm aad aa3sat�nec sat�fa�t�2y to PDrC Aut2�tit� sL�tf�. �or t"'�e �a�t laii, t� Port Authority shall convey the land described on Exhii�it B hereto to AHW, or its designee, by a deed which (x) imD�ses � . , �3 1-+E►`. --•�. �� ( / covenants related both to Saint Paul F�nergy Park and the residential rental housing restrictions of the Internal Revenue Code of 1954, as amended; and (y) includes any easements which might be necessary or desireable to provide access to that parcel. 2. Upon issuance of the HRA Bonds, at least $3,500,000 of the proceeds of the Port Authority Bonds shall be invested at a yield not to exceed the yield on the HRA Bonds. 3. If the HRA Bonds are issued, at least $3,500,000 of the Port Authority Bonds shall be redeemed, at par with no premium, on December 1, 1983. 4. The Port Authority hereby gives preliminary approval to the issuance of at least $1,500,000 of its taxable revenue bonds under Special Revenue Bond Resolution No. 1270 subject to further consideration by the Board of Commission�rs following a public hearing and the approval of the i+�iinnesota Housing Finance Agency, all as required by the Minnesota St�t�tt�s. S. �.1 a�tS�ds h�L�fAx�! Li�t� �i � Pott A�ti+�t'.i�► � #ts a�►� �a _e�fa�t �.t� #�e �3��zve a� execution of the Lea�e bet�een th� Port Authority and AHW relating to the premises described in Exhibit C, attached hereto; are hereby ratified and affirme� an3 tY►e de3.ivery of that Lease and a short form lease relating thereto, are 'nereby authorized. � ..��r� � �� G. The President and Secretary, or such other o£ficers as are appropriate in their absence, are 'nereby authorized and direeted to execute and deliver any and all documents necessary to consummation of the transactions herein approved including, without limitation, the deed and any ease- ments referred to in paragraph 1, above. Adopted April 11, 1983. PORT AUTHORITY OF THE CITY OF SAINT PAUL ^ � / G''� �� CG -G �Ck Attest: P esident �i'. _ ;' � � ' /_-- Secretary % ,. , . � . �� : � ��, ;�.� � ;. < '�a r u � NOTICE OF PROPOSED SALE AND PUBLIC HEARING WF The Port Authority of the City of Saint Pau1 proposes to sell the following described property located in Ramsey County, Minnesota, in accordance with M.S.A. 458.196: All that part of the South Half of the North Half (S1/2 N1/2) of _ Section 27, Township 29 North, Range 23 West of the Fourth Principal Meridian, County of Ramsey, State of Minnesota described as follows: Comnencing at a point in the West line of said Section 27, distant 1 ,126.23 feet North 0° 04' 04" East along the West line from the,Southwest Corner of the Southwest Quarter of the Northwest Quarter (SW1/4 NW1/4) of said Section 27, said point being 190 feet Southerly of and. at r-ight angles to the North line of the South Half of the Northwest Quarter (S1/2 NW1/4) of said Section 27; thence North 89° 15' 04" East 950.22 � `eet along the Southerly line of the 190-foot wide right of way of Burling- ton Northern Railroad Company, said line also being l90 feet Southerly of, measured at right angles to, and para11e1 with said North line of the South Half of the Northwest Quarter (S1/2 NW1/4) , and also being the Northerly line of that certain parcel of land conveyed by former Northern Pacific Railway Company to the City of St. Paul , by Warranty Deed dated March 15, 1956, to the point of beginning of the parcel to be herein described; thence continuing North 89° 15' 04" East along said Southerly line and parallel line 1 ,692.51 feet to a point on the North-Sputh Qu�r�r JinQ pf �h� Nprth H,�lf (N1/2) of said Section 27; �e �M�t't� �' �' �t" �Irlrat �l� ��1 �c+�t�l y i i�t o# �li��t �ris� �-i� �f �r �� yr'�� #1�'t� R,�i 7 r�d Ccx��r, t►a i d l i� a�so �� "�� "t ,� !�, �ts� �t r��t �"� '!�. �dd �'l3e� w�#fi #�e �fi 1 i�t �f �! � �� tfie t4orti!�ea�tt �� (�1� �E]!�) � ��d S�� .� � �#3�ae � �2,�6�� a �o�� 7ti��55 '�ir�t��+r'�► i� �o�M!��t ��e a�",;�+ci� � �c +��►'"+�i �3�q s�id ��i�erl�r 7i�e �f i�e 7�►��# �r1�'�t ri,�t� n# �!� �tar� F,�t"��1y, said point i�eirg a poi�nt in ttte i�orti�steriq line �f tfi�t cer��in pa��e� of land conv�ye� by the former Nortf�ern Pacific Railway Company to Gould- National 8atteries, Inc. by Warranty Detd dated May 20, i952 and recorded in the Office of the Register of D�eds on May 22, ,1952 as Document No. 1281482, in Book 1392 of Deeds at page 253; thence South 52° 29' 10" West along said Northwesterly line of Gould-hational Batteries , Inc. property, 309.42 feet to a point 350 feet Westerly of and at r.ight angles ri�c��► �a?d Westerly line of Lexington Avenue, and 500 feet North, measured at right an�les , from a Westerly production of the North line of Hatch Street; thence South 0° 00' 24" East, parallel with the West line of said Lexington Avenue and distant 350 feet Westeriy therefrom, a distance of 500 reet to a Westerly production of the North line of said Hatch Str�et; thence North 89° 59' 36" East, 350 feet along said produced street line to its point of intersection with the West line of said Lexington Avenue; thence South 0° 00' 24" East along the West line of said Lexington Avenue 50 feet to a point in the Westerly producLion V • ° � ��t 3�r��` . r�- �` e NOTICE OF SALE July 15, 1982 _ Page -2- of the South line of said Hatch Street; thence South 89° 59' 36" West along said Westerly production of the South line of said Hatch Street to a point in a line parallel with and distant 200 feet West, measured at right angles, from the West line of said Lexington Avenue; thence South 0° 00' 24" East along sai.d para11e1 line 196.64 feet to the Northerly line of DeCourcy Drive as established in Grant of Easement from said Northern Pacific Railway Company to the City of St. Paul dated October 17, 1957; thence North 82° 30' West along said Northerly line of DeCourcy Drive, a distance of 401 .93 feet; thence West along said Northerly line of DeCourcy Orive a distance of 400.25 feet; thence continuing along said Northerly line South 89° 2.4' 25" West, 1 ,284.67 feet (1 ,284.2 feet in said Easement) , to a point in the Easterly line of that certain tract conveyed by the former Northern Pacific Railway Company to the City of St. Paul , Minnesota, by said Warranty Deed dated March� l5, 1956; thence North 0° 02' 47" West 86.19 feet along said Easterly line to the Norhteasterly corner of said certain parcel of land conveyed by said Northern Pacific Railway Company to the City of St. Paul ; thence North 52° 09' 16" West along a line that makes an angle to the left of 52° 06' 29" a distance of 1 ,102.98 feet, also being a Northeasterly line of said parcel of land conveyed to the City of St. Paul , to a point of �curve; thence on a curve to the left, the radius of which is 424.72 feet and the centrai angle is 38° 35' 40" , a distance of 286.1 feet, also being the Northeasterly and Northerly line of said parcel of land conveyed to the City of St. Paul ; thence South 89° 15' 04" West along a line tangent to the aforesaid curve a distance of 743.82 feet, aiso being the Northerly line of said parcel of land conveyed to the City of St. Paul ; thence North 85° O1 ' S6" West a distance of 100. 50 feet, also being a Northeasterly line of said parcel of land conveyed to the Ci t,� �r"f St. ��3, Lo �e �rut p�e i�t of beg�r�f r��. �� 3�� .b�r 3'►�t !�''�'�� ID�"7�I�M� 3�. t� �ire ��► sl�f SL. �t�'f, �� i�rt�ae�et dt�! �l l �, 193�1. � Parcel B All that part of the South half of the North half of Section 27, Township 29 North, Range 23 West which lies within� tMe fo] lowing de- scribed lines: Cortanencing at a point in the West line of said Section 27 , distance 1126.23 feet North of the Southwest corner of the Southwesi Quarter of the Northwest Quarter of said Section 27, said point being 190 feet � southerly of the North line of the South 1/2 of the NW 1/4 of said Section 27; thence N 89°15'04" E (the West line of said NW 1/4 is assumed to bear N 0°04'04" E} 2642.73 feet along the Southerly line of 190 foot wide right of way of Burlington Northern Inc. , said ' ine also being 190 foot southerly of and parallel with the North l ; ne or" South 1/2 of said NW 1/4 to a point on the North-South 1/4 ; ine of the North 1/2 . � -,. . �'"��r�'; .;_ NOTICE OF SALE July 15, 1982 Page -3- of said Section 27; thence N 89°28'32" E along said Southerly line of 190 foot wide right of way of Burlington Northern Inc. , said line also . being 190 foot southerly of and parallel with the North line of the South 1/2 of the NE 1/4 of said Section 27 a distance of 336.60 feet; thence S 0°37'27" E 865.83 feet; thence S 89°24'25" W 57.33 feet to the point of beginning of the lines to be herein described; thence S 89°24'25" W 459.56 feet; thence NW1/y along a curve to the right 167.72 feet, radius of 250 feet, delta angle of 38°26'19"; thence N 52°09' 16" W 576.63 feet; thence NW1/y along a curve to the left 162.87 feet, radius of 350 feet, delta angle of 26°39'42" , long chord of 161.40 feet bears N 65°29'09" W; thence N 29°19'42" E along a line not tangent to said curve 410.42 feet; thence SE1/y along a non-tangential curve to the right 164.12 feet, radius of 424.72 feet, delta angle of 22°08'25" , long chord of 163.10 feet bears S 63°13' 26" E; thence S 52°09'16" E 1102.98 feet; thence S 0°02'47" E 76.18 feet to the point of beginning.. (contains 439,107 sq.ft. , more or less) The terms and conditions of the proposed sale are available for public inspection at the office of the Port Authority located at 25 West Fourth Street, Suite 1305, Saint Paul , Minnesota. Notice is hereby given that the Port Authority will hold a public hearing at 2:00 p.m. , Tuesday, July 27, 1982, in its office at 25 West Fourth Street, St. Paul , Minnesota, to hear and determine the advisability of the �sale. t��►d t�t#s 1`�t�fi d� � 3�t1�, 196'_ �f �1U�i�T'� � '� CIfi1 t�f �,I� �. � ., ! • • ��M�1\� • f\,�Vl� � . General Manager TERRENCE J. GARVEY Assistant City Attorney City Hall & Court House St. Paul , Minnesota 55102 . . �� '� � EXH 1�3 IT � PARCEL 10 All that part oF the South Half oi the Nort'n Half oF Section 27, Township 29 LJorth, Range 23 ti�lest which lies within the following described lines: Commencing at a point in the West line of said Section 27, distant 1126. 23 feet �Jorth of the Southwest corner of the NW Quarter of said Section 27, said point being 190 fe�t soutlierly of the North line of the South 1/2 of the N'�J 1/4 of said Section 27; thence N 89°15 '04" E (the �Vest line of said NW 1/4 is assumed to bear N 0°04'04" E) 2205.46 feet alon� a line 190 feet South of and parallel with �t'ne North line of said Soutn 1j2; thence, South 54.07 feet to the point of beginning of the lines to be herein desc.ri'Aed; �hence N 89°15 '04" E 437.32 feet • to a point on the North-South 1/4 line; thence N 89°28'32" E 337.14 feet; thence S 0°37 '27" E 735. 75 feet; thence �lorthwesterly along a non-tangential curve to the rig'nt 34. 72 feet, radius of 104.13 feet, delta angle of 19°06 '13", long chord of 34.56 feet bears L1 48°50 ' 57"; thence P7 39°17'51" W = 261.94 feet; t'nence �Iorthwesterly along a curve to the Zeft 148.�4 �ss.t, ra�l.i�s o� 4b8.54 feet, de�.ta angle of �.8°l�'19"; .: ��er��a � �'3',`3'!':1��' �1 3�l.�5 �'+el�: �� .it�'tl�ev�t�'3,� ��og a �c� � �e � l�i�l.� f�t. �a�i+a�s � ii�i�.7� ��,. �t�.ta it�cjiae � 3'2�l'�"� t3�riit � 3�2'�9'lf" �ii �S s� �.: �nee �rth�rl� � a �ucv�� s,i �as ri�t 1�3.3 ��et, ta3ius ,t� - �.33..�-�, �� '�1'1�i".; � � .1l,.�i frl��t � - . . �+o #�e ��t �rF �i�. . = � - '�Subject to easements, • - j � �Y�,-�,{ � ' �.�� ExN�$�c C PARCEL 3 All that part of the South �ialf of the North Half of Section 27, Townshi� 29 North, Range 23 West which lies within the following descri'oed lines: Commencing at a point in the West line of said Section 27, distant 1126.23 feet North of the Southwest corner of the NW Quarter of said Section 27, said point being 190 feet soL±herly . of the NortYi line of the South 1/2 of the N►a 1/4 of said � Section 27; thence N 89°15 '04" E (the West line of said LVW 1/4 � is assumed to bear N 0°04 '04" E) 2642.73 feet along a line 190 feet South of and parallel with North line of said South 1/2 to a point on the North-South 1/4 line; thence N 89°28 ' 32" E � 1901.99 feet along a line 190 feet South of and parallel with the North line of said South 1/2; thence S 0°00 '24" E 315.57 feet; thence N 89°20 'S1" E 130 feet to the point oF beginning of the lines to 'De herein described; thence S 0°00 '24" E 298. 55 feet; thence S 89°24' 25" �V 756.13 feet; thence N 0°37 '27" W 297.74 feet; thence N 89°20 'Si" E 759.34 feet to the poi�t of ��ii��- �r111� � s�f�s+s�s- P O R T - � � � ��`�r��( AUTHORITY OF THE CITY OF ST. PAUL Memorandum TO: Board of Commissioners DATE: April 11 , 1983 FROM: E. A. Kraut SUBJECT: LEASE REVISIONS - AHW RENTAL HOUSING PROJECT - ENERGY PARK - RESOLUTION N0. 2115 To facilitate the issuance of AHW rental housing bonds by the Housing and Redevelopment Authority in the amount of $3.5 million, certain revisions to the lease are necessary. When the $15 million rental housing bonds were issued in 1980 , it was anticipated that the land would be leased. Now, however, the $3.5 million issue plus $1.5 million in long term financing guaranteed by certain union pension funds will be secured by Certificate of Deposit purchased from First Federal Savings and Loan of Minneapolis. They require that the title to the land be available to secure the mortgage. In addition, the three pension funds providing $1 .5 million will require the issuance of $1 .5 million in taxable revenue bonds to be issued by the Port Authority pursuant to Resolution No. 1270. . In co�ti8r� w#t� tt�e is��taxue of tt�e �A bc�ds, the fc�178win� restrictio�s a�rd �e�4t+i�t�+�s �a�e bee�a i�ed by �i�s t �e�le�a 1 Sav i ngs a� �.�, t he �1 aAd �ro�i t�ei f+�- t�e � �: 1. ��t ��d u�t#e��yi�g tive ��0 v�its af ��a'� i��san� to �e r.onst�ted �� s a�L� 'J�'A �d �tls �s � � � b� ��e �rt ��ty t� �4��r i�ts �r�� ;�t r3r g��r � �� a�e af t��tsi� ��` �e �t bund�s; 2. The Port Authority is to impose certain rental housing covenants on , the deeded land, necessary in order to qualify by the HRA bonds as rental housing bonds for federal income tax purposes; 3. The Port Authority is to undertake to issue $1 .5 million of reven�e bonds pursuant to Special Resulution No. 1270 to be purchased by the union pension funds at or prior to the completion of the 150 rental housing units; 4. At least $3.5 million of the proceeds of the 1980 Port Authority bonds are to be invested at a yield which is no higher than the yield on the HRA bonds; �[a�� r /" ' - '-(�_7' �� ,� Board of Commissioners April 11 , 1983 Page -2- 5. At least $3.5 million of the 1980 Port Authority bonds are to be redeemed on December 1 , 1983, the first date on which such bonds can be called without premium. Instead of leased land, the portion on which this segment of the development will be built will be purchased for $196,800. Since the $15 million bond issue must remain intact when takeout financing is secured , AHW will provide an accountants certificate that the amounts now held in the bond fund will be sufficient to pay all principal and interest and, if not, AHW will provide a letter of credit for the short fall . The taxable bond issue issued under Rsolution No. 1270 will be purchased by the three union pension funds. Staff recomnends approval of Resolution No. 2115. EAK:�mo � � / ��r�' �,�•;�• -� . � �. _ ��,r,- . �`=:,�;.\ LITY 4F �.E1Ii`�TT �AUL ., ,�,y - z,�. . � "" �\ � l OIf'FICF. Ol� TTII�: CI'1'Y COU\CIL ��-.;:,:�:;`��.� l9�4'i U � t r � �-� 'y' 4i ' �s ' ��, D a t e : June 9 1983 �.�; '�,,� - ,�`;.' � '�:��:;��.:.,�_. ,�, v�:;.:�'.',q. .--�-;. . . ,k.,,. �° , - r.:r�r.;y,.....,..... � �� MMITTEE� . I� E� PORT � � � � TO = Sain3 Puu i Ci�y Councit F R O M � C O 1'n R�1�'Y'@� O h FINANCE, hfANAG�MENT F� PERSONNEL C H A(R James Scheibel , 1. Approval of minutes from meeting held June 2, 1983. �'�'3J� a-o � 2. Resolution approving the Community Development Block Grant. Program Housing Assistance Plan, 1983-1986. APPR�� a--O 3. Ordinance amending Sections 33.04 and 370.16 of tlie St. Paul _ Legislative Code. (.A� U dtl� 6N� Wc-e.�C. 4. Resolution approving the 1983 Memorandum of Agreement between Plumbers Union and the City of St. Paul. A�p�d�� a-6 5. Resolution approving� the 1983 Memorandum of Agreement between Pipefitters Union and City of St. Paul. �Pd�fZC7��(J a�� 6. Resolution approving the issuance of bonds by the HRA to finance Phase I of. the rental housing development in Energy Park= Ps�'PRV`��"J a-O. CITY HALL. SEVENTII FLOOi: SA1NT PAUL, �11�3NESOTA 5.5102 ' '��►'i' . : .DEP�lRTb1ENT T �m ��-.�;,.c.�.- ' �'OAt�'AC7 pHONE_ : ' � � `r R ;' DATE � �� . (Routing and Exptanation� Sfieet) si n P�umber far- Routin Order Cli All Locatians for oral Si ature : � ��4'7 � . Department Oi rector $1.5 MILLIOPI TAXABLE RESOLUTION 2 Ci'ty Attorney RESOLUTION �0�12H05SING BONDS) 3 Di rector of;ManagementJMa�yAr � Finance and N�naga�ment Services c `��lst�� (�.2, �J�'�i�,,� �-� 5 City Clerk �,�� ` � h.. Budget Director �� i�hat Wi11 be Achieved by Taking Action on the Attached Materials? �PurRoselRationaie : t�n April 11', the Port Authority gave preliminary approv�l to the issuance of '$155 million in tax� able Port�Authority Reso�utian 1270 bonds to au�nent $3.5 million in bonds issued by the Housing �� and Reaevelopment Authocjty to finance Phase I of the renta1 housing development ifl Energy Rark. The $�.5 mil�ion is committed to three union pension funds and wi�i be so1d by the Port Authqrjty after fina1 action by the Minnesota Nousing Finance Agency, wfio wi11 hol'd a public hearing dn. June 23�, �983. ` 14pprovaT by the City Cour�cij is essentia'1 e�En though these are taxab1e revenue bonds i`r� aecordance with the statute. The issuance of these bonds wi11 permit AHW CorpQration to " commeric�e`ct�nstruction on the fi rst phase of the rent 1 ha sing .pro�ect. Fin�inc;al�, Budge�ary and Personnel Impacts Antie�p__ a�e�: � . �/A � Funding Source and Fund Activity Number Charged or Credit�d: -��A Atta�chments (List and Nu�er all Attachments): �� T Staff Memorandum . ��ft Cit� Counci 1 Reso1 ution Port Authority Reso1ution No. 2115 �'� DEPARTMENT REVIEW CITY ATTOfi�IEY REYIE3rl ' X Yes No Council Resolutio� Required? Resoaution` Req�ired? X Yes� No . �.Yes X No Insurance Required?. Insurance Sufficient?X Yes No - Yes- X Na Ins urarrc� Attached? cc: R. Tl�rrpe Revision of October, 1982 {Spe RpvPrtP Sidp .for 'Instruction5�