280666 v
WHITE - C�TV CLERK
AINK T�INANCE G I TY O F SA I NT PA U L Council ���,� �-��
CANARV - DEPARTMEN T
BLU° - MAVOR File NO. r''�` ��
' � .
C r�c '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 PROGRAM FOR APPROVAL TO THE
MINNESOTA HOUSING FINANCE AGENCY AND
AUTHORIZING THE PREPARP,TION OF NECESSARY
DOCUMENTS AND MATERIALS IN CONNECTION
WITH THE SAID PROJECT AND PROGRAM '
(FOREST PLACE PROJECT)
WHEREAS,
(a) Minnesota Statutes, Chapter 462C
(the "Act) authorizes cities, or housing and
redevelopment authorities, port authorities
authorized by ordinance to exercise on behalf
of a city the powers conferred by the Act,
the power to issue revenue bonds to finance a
program for the purposes of planning,
administering, making or purchasing loans
with respect to one or more multi-family
housing developments within the boundaries of
the city;
COU[VCILMEN Requested by Department of:
Yeas Nays
Fletcher
�e��� In Favor
Masanz —
Nicosia
scheibei __ Against BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date ���'s�NO�/�-�
Certified Passed by Council Secretary BY
sy
Approved by Nlavor: Date _ Approved by Mayor for Submission to Council
By - BY
. . � .���,����
(b) The Housing and Redevelopment
Authority of 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 conferred by Minnesota Statutes,
Section 462C.01 to 462C.08;
(c) The City has received from Forest
Place Limited Partnership of St. Paul, a
Minnesota limited partnership to be formed by
David Ames (the "Developer") a proposal that
the City undertake a program to finance a
Project hereinafter described, through the
issuance of revenue bonds (which may be in
the form of a single debt instrument) (the
"Bonds" ) pursuant to the Act;
(d) The City desires to: facilitate
the development of rental housing within the
community; encourage the development of
affordable housing opportunities for
residents of the City; 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 Project
will assist the City in achieving these
objectives.
(e) The Developer is currently engaged
in the business of real estate development.
The Project to be financed by the Bonds is
the acquisition, construction and equipping
of multi-family rental housing and consists
of the acquisition of land and the
construction of buildings thereon and the
installation of equipment therein, that will
result in the provision of additional rental
housing opportunities to persons withi.n the
community;
' . , '� . ������h�
(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
significantly reduced, but the Developer has
also advised the City that with tYie aid of
municipal financing, and resulting low
borrowing costs, the Project is economically
more feasible;
(g) A public hearing on the Project and
the financing program therefor was held on
July 28 , 1983, after notice was
published, as required by Minnesota Statutes,
Section 462C.05, subd. 5, at which public
hearing all those appearing at said hearing
who desired to speak were heard;
(h) No public official of the City has
either a direct or indirect financial
interest in the Project nor will any public
official either directly or indirectly
benefit financially from the Project;
(i) The Developer has submitted to the
City a form of Memorandum of Understanding
executed by the Developer, expressing certain
understandings by and between the City and
the Developer pertaining to the Project, and
the financing therefor.
NOW THEREFORE, BE IT RESOLVED by the City Council of
the City of Saint Paul, Minnesota, as follows:
1. The City hereby gives preliminary approval to the
proposal of the Developer that the City undertake a Project,
and the program of financing therefor, pursuant to Minnesota
Statutes, Chapter 462C, consisting of the acquisition,
construction and equipping of multi-family rental housing
facilities within the City pursuant to the Developer' s
specifications and to a revenue agreement between the City and
the Developer on such terms and conditions with provisiona for
revision from time to ti.me as necessary, so as to produce
_ '. �' ,�fi
�, �����
income and revenues sufficient to pay, when due, the principal
and interest on the Bonds in the total principal amount of
approximately $3,000,000 to be issued pursuant to the Act to
finance the acquisition, construction and equipping of the
Project; and said agreement may also provide for the entire
interest of the Developer therein to be mortgaged to the
purchasers of the Bonds, or a trustee for the purchasers of the
Bonds;, and the City hereby undertakes preliminarily to issue
its bonds in accordance with such terms and conditions;
2. On the basis of information available to the City
it appears, and the City hereby finds, that the Project consti-
tutes a multi-family housing development within the meaning of
subdivision 5 of Section 462C.02 of the Act; that the Project
will be primarily occupied by persons of low or moderate
income; the availability of the financing under the Act and the
willingness of the City to furnish such financing will be a
substantial inducement to the Developer to undertake the
Project, and that the effect of the Project, if undertaken,
will be to encourage the provision of additional multi-family
rental housing opportunities to residents of the City, to
assist in the prevention of the emergence of blighted and
marginal land and to promote more intensive development and use
of land within the City;
3. The Project, and the program to finance the
Project by the issuance of revenue bonds, is hereby given
preliminary approval by the City subject to the approval of the
financing program by the Minnesota Housing Finance Agency
( "MHFA") and subject to final approval by the City, the
Developer and the purchasers of the Bonds as to ultimate
details of the financing of the project;
4. Pursuant to Chapter 72, Saint Paul, Minnesota,
Aministrative Code, the City hereby authorizes and directs the
Housing and Redevelopment Authority of the City of Saint Paul,
Minnesota (the "HRA" ) to issue the housing revenue bonds to
finance the Project and to take all actions necessary or
desirable in connection therewith, and no further approval or
authorization of the City shall be required;
5. In accordance with subdivision 5 of Section
462C.05, Minnesota Statutes, the Mayor of the City is hereby
authorized and directed to submit the program for financing the
project to MHFA, requesting its approval, and other officers,
and employees and agents of the City and HRA are hereby
authorized to provide MHFA with preliminary information as it
may require;
, , . ,����.����
6. The Developer has agreed and it is hereby
determined that any and all costs incurred by the City or HRA
in connection with the financing of the Project whether or not
the project is carried to completion and whether or not
approved by NII3FA will be paid by the Developer;
7. Briggs and Morgan, Professional Association, is
hereby retained as bond counsel for the Bonds, and such firm,
acting as bond counsel, is authorized to assist in the
preparation and review of necessary documents relating to the
Project and the financing program therefor, to consult with the
City Attorney, Developer and purchasers of the Bonds (or
trustee for the purchasers of the Bonds) as to the maturities,
interest rates and other terms and provisions of the Bonds and
as to the covenants and other provisions of the necessary
documents and su�nit such documents to the City for final
approval;
8. Nothing in this Resolution or the documents
prepared pursuant hereto shall authorize the expenditure of any
municipal funds on the Project other than the revenues derived
fran the Project or otherwise granted to the City or HRA for
this purpose. The Bonds shall not consitute a charge, lien or
encumbrance, legal or equitable, upon any property or funds of
the City or HRA except the revenue and proceeds pledged to the
payment thereof, nor shall the City or HRA be subject to any
liability thereon. The holder of the Bonds shall never have
the right to compel any exercise of the taxing power of the
City or HRA to pay the outstanding principal on the Bonds or
the interest thereon, or to enforce payment thereon against any
property of the City or HRA. The Bonds shall recite in
substance that Bonds, including the interest thereon, are
payable solely from the revenue and proceeds pledged to the
payment thereof. The Bonds shall not constitute a debt of the
City or HRA within the meaning of any constitutional or
statutory limitation.
9. 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
financing, 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.
�
WHITE - C�TV CLERK
PINK -"FINANCE (1� `��„'�
�:.ANAR\~- DEPARTMEN T G I TY OF SA I NT PA U L COUIICII �) � ��T
Bl.liE - MAVOR File NO. �� J
� J ��
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
10. Subject to the approval of the City Attorney, =the
form of the Memorandum of Understanding and Exhibit thereto are
hereby approved. The Memorandum of Understanding is authorized
and directed to be executed in the name and on the behalf of
the City by the Director, Department of Planning and Economic
Development upon execution thereof by the Developer. Pursuant
to the terms of the Memorandum of Understanding and paragraph 4
hereof, all the rights, duties and privileges of the City under
the Memorandum of Understanding are hereby transferred and
assigned to the HRA.
�i -
COUfVCILMEN Reque ed by Department of:
Yeas p�etcher Nays � ���
'�"'� [n Favor
Masanz �
Nicosfa ��
schetbe� Against BY� -'�%G(�"'� �
Tedesco
Wilson
Adopted by Council: Date JtlL 2 8 1983 Form Approved by City Attorne
Certified P ss d y ouncil S t By `l��i'��ifTi�[..V . '
By �
�lpprov Ylav o UL 2 9 1983 App ov d, y Mayor for Submis ' 1n t Counc'
BY �By , � .
PUBLISNEO AU G 6 1983 �-
� w� � � . . � � ������/� �-
I�OU3!!�� _;� REDEYELOP�VIEN�' l��.�i HORiTY OF TNf CITY 0� SAINT PAUL, MINNESOTA -
REPOS����COMM�8Sf0aER3 QATE luly 1, t9$� -
. RE6ARti�l�i DESIGNATION OF TENTATIVE DEVELOPER FOR PARCEL 48-A/
ST. THERESA SITE AND AUTHORIZATION TO SCHEDULE HEARING
BEFORE COUNCIL - MULTIFAMILY RENTAL HOUSING REVENUE
BOND PROGRAM
Dav���e�eveloper, has requested tentative developer designation for the
abosres�ll�5?�:de�elop 60 units of rental housing. The District 6th Land Use
Com�t �s�•recomending approval by the District 6th Planning Coun�il who
meets��'. 3 This site has not been developed for many years due to serious
advec,���nditions. The developer will require tax exempt revenue bond financing .
and �rs��'e some tax increment financ:�; to correct these soii conditions. The
finar�,�pDariuis being reviewed and negotiated by Staff. A full report will be submitted
wh�t� ara�e resolved.
:Sta�#s�quesfss(Commissioner approval of the attached resolution naming David Ames
as ter�tative d�veloper for 120 days. Staff further requests approval of a second resolution
autt�r�zing St�:ff to request a public hearing by the City Council for submission of
a fi�lg p�qgram to MHFA. Additionally Staff recommends that Piper, Jaffray,
and ��o�rwoo�tbe designated as underwriters and that Briggs and Morgan be designated
as Band Cour�l. ..
Ken Gauthiec
�
l ���,L1�'�� rs �
. . . , � . � ��r�:f�A�t���3 .
� r
d• • • • •
�strict six p ann�n Ci�(,�n�i�) 1021 Marion St., St. Paul, Mn 55117 .
r--
� �
Ken Gauthier � '�� � �
City of St. Paul v y;.���jF
25 W. 4th Street � �
St. Paul, Mn. 55102 =� d��24 ?98� 2
; � � PR0.1�C7- y� ,�
� �A'VAGE�F�?
June 23, 1983 L ���
a �
F.e : St. Therese Site-Parcel 48 A
Dear Mr. Gauthier,
I an writing on behalf of the District Six Planning Coun.cil
� I,and Use iask Force.
June 22, 1983 the I,and Use Task Force approved the site plan
. _ -_ _
forwarded by David Ames and presented by district staff. If
any changes occur the I,and Use Task Force requests that they
be informed.
In reviesving the Developmenti Con�rols and �bjectives t;ha�t �
� esented to the I,and Use Task Force previously regarding
were pr
this site it reads-: The primary objective of this residential
development is to crea�e housing that is compatible in scale
and design with the surrounding residential buildings, while
preserving as much of the existing vegetation as possible.
I included this because a few of the task force members made
statements regarding that site being the only real wooded or
"existing vegetation" in the area.
The District Six Planning Council will review this in July.
• cerely, �
on oyda
. s��•
. � ��� , ,�
� , ' '_" ���
F '
83 - � I � - �,
. ;
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL
FOR A PROGRAM FOR A MULTI-FAMILY HOUSING DEVELOPMENT
ON F�'JREST PLACE AND DESIGNATING AN UNDERWRITER FOR INVESTMENT
BANKING SERVICES AND BOND COUNSEL FOR THE PROGRAM
. WHEREAS, Minnesota statues, chapter 462C (the "Act") gives cities, or
housing and redevelopment authorities, on behalf of the city, the powers conferred
by the Act, the power to issue revenue bonds for the purpose of planning, administering,
making or pur�hasing loans to finance one or more multi-family housing developments
within the boundaries of the city; �- -
WHEREAS, the city has received from David Ames (the "Developer") a
proposal that the city undertake a program to finance a multi-family housing
development by the issuance of its revenue bonds pursuant to the Act;
WHEREAS, the city desires to facilitate the development of rental housing
within the community;
WHEREAS, before proceeding with consideration of the request of the
Developer it is necessary for the HRA to request the holding of a public hearing
by the City Council pursuant to the Act, designating an Underwriter for investment -
banking services and a Bond Counsel for the project, and authorizing continuing
negotiations with the Developer;
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevlopment
Authority of the City of Saint Paul, Minnesota as follows: �
1
aJ . -
. . . • • !`r'a3!,���� .
l. A public hearing by the City Council to consider authorizing submission
for approval to the MHFA of a financing program purusuant to MSA Chapter
462C will be held at the time and place set forth in a Notice of Hearing
to be published by the Clerk of the City. �
2. Piper, Jaffray, and Hopwood, Inc. is designated as underwriter for the
multi-family (rental) housing development program for investment banking
services.
3. Briggs and Morgan, Proffessional Association is designated as Bond Counsel
� for the multi-family (re�tal) hausing development program.
4. Staff is directed to continue negotiations with the Develaper, Underwriter,
Bond Counsel and Lender for the hous�.�g program.
., . ..
_ . � .���i�'��t��
�-:�
i`:�Y�� RESOLUTIO;� N0. 83-7/6-�
�
`;.�
RESOLUTION AUTHORIZING DESIGNATION OF A
TENTATIVE DEVELOPER FOR PARCEL i Ui�1BER
48-A (ST. THERESA SITE, NORTH END
DISTRICT 6) NEW HOLSING AND BLIGHTED
LANDS DEVELOPME�T PROJECT
r
k�"'���.`� , the Department of Planning and Economic Develo�ment
and the ��zusing and Redevelopment Authority of the City of Saint
Pau�, ��nesota (HRA/PED) advertised Parcel 48-A (St . Theresa Site)
for Se�e��on 8 Multi-Family Housing Development in February and _
i�larch, ��81, with all proposals due by March 20, 1981 ; and
i;;�'tEAS , at the conclusion oi the advertisement period three
proposa�ts 'thad been received, and a tentative developer was designated
by the ?i�ard� on April 22 , 1981 for ninety (90) days ; and
� , at the end of the tentative developer period , no firm
� proposa� ha:s been received, Minnesota Housing Finance Agency refused
to fi�ee �-i.te for Section 8 due to its poor soil condition and
costly �ex-�e�se to correct for development ; and
._,
�RE� , as a consequence of these conditions the St . Theresa
"'' Site was maF:�e part of the New Housing And Blighted Lands Development
ProjQCt; zn�
�RE� , staff has been soliciting developers for this site
since the aa3vertising period tiaithout success in securing a feasible
develo�ent n and
i��RE� , HR.A ha� been apprcached by David Ames , an indi��idt al ,
who has ree�aiested tentative developer designation �or the above
site on which. to develop 60 units of rental housing; and
� t,iHERE�S , staff and developer have conversed with the District
6 Planning Council who will be recommending to their full Council
approval o€ this request and development ; and
�'HEREAS , the developer will require tax exempt revenue bond
� financing and may require some tax increment f�nancing to correct
these sail conditions , all financing terms will be submitted to
the �o2rd at a later date ; and
�r-^
�• n�REAS , this site has not been developed for three (3) years
due to serious adverse soil conditions , and expense is increasing
-� =o riaintain the site , staff recommends approval of this tentati��e
�,"� c�-�elo�er designation .
��'� BE IT RESOLVED by the Housing and Redevelopment
:�0'ti', THEREFORE ,
..�:::: ��r��y of the City of Saint Paul , ^�innesota , that David I•1. Ames ,
i
.., .. _
_ _. _ . ,������,�
�:-
a:� =r�da�=��l�a1 , be named tentative developer of Parcel 48-A �
(St . T�s�� Site) , North End District 6 , for a period of one _
hundre� �nty (120) days in which to secure the necessarX
fina�c� a�nd complete all required documentation in order to
con��t� the sale an3 proceed with construction in accordance
�•�ith t�e R��:development Plan for the New Housing And BTighted
Lands i3��z��:7lropment Pro i ect .
. .��
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�_ .�
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=;;,;+3��,'�3�#,y`;a
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FJLEO
CITY OF SAINT PAUL ��}Z �
INTERDEPARTMENTAL MEMORANDUM � f' ���� �3
GIT� CLE^1��g pFFtCr•
r� a
.11 F;;ti�� kfi;,:.�PI, �.
DATE: July 7, 1983
T0: A1 Olson, City Clerk
FROM: Sheri Pemberton, PED ��
SUBJECT: City Council Public Hearing For July 28, 1983
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, July 9, 1983. This Public Hearing Notice meets the fifteen (15)
day requirement for issuance of Revenue Bonds.
Please place this Public Hearing on the City Council Agenda for Thursd�y,
July 28, 1983. A City Council Resolution will be forwarded to you by the City
Attorney's Office prior to. the City Council meeting.
Thank you.
SAP:sp
cc: Ken Gauthier
Beck Hartman
Chron
Parcel
, - ������
D(�
°' CITY OF SAINT PAUL
¢6`'TY °'@ DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT
o �a �iVISION OF DEVELOPMENT
a �u1t111111 ro 25 West Fourth$treet,Saint Paul,Minnesota 55102
� utt i ll II � 612 292 1577
� ^
�sa•
GEORGE LATIMER
MAYOR
St. Paul Legal Ledger July 7, 1983
Publication Office
640 Minnesota Bldg.
St. Paul, MN. 55101
RE; LEGAL NOTICE
Gentlemen:
Attached is a Notice of Public Heaxing on a PYOposal for a Program to Finance
a Multi-Family Rental Housi:ng Development. Please publish this Notice in the
St. Paul Legal Ledger for Saturday, July 9, 1983.
If you have any questions concerning this publication, please contact me at
292-1577, extension 231.
Sincerely,
�4a. -�.��.�'��
��
Sheryl A. Pemberton
Real Estate Supervisor
Enclosure
�
. ������;
CITY OF SAINT PAUL
�`lTr '' DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT
;� �a DIVISION OF DEVELOPMENT
� n�111111n , 25�West Fourth Street,Saint Paul,Minnesota 55102
� n�� t lt n ho 612 2921577
0
I�p♦
GEORGE LATIMER
MAYOR
St. Paul Dispatch and Pioneer Press July 7, 1983
55 East Fourth Street
St. Paul, Mn. 55�.01
Attention: Rosemary Frank
RE: LEGAL NOTICES
Gentlemen:
Listed below axe four Notices for publication on Saturday, July 9, 1983, and
are as follows:
1.) NOTICE QF PUBLIC HEARII�IG UPON PRG�P75ED SALE OF CERTAIN PARCELS
OF LAND; and
2.) NOTICE OF PUBLIC HEARING UPON PROPOSED REDEVELOPER'S AGI2EEMENT
FOR TROUT BROdK REDEVELOPMENT PROJECT, PHASE I; and
3,) NOTICE OF PUBLIC DISCLOSURE ON CONTRACT FOR SALE BY THE HOUSING
:1ND REIIEVEIAPMENT AUTFT.OF.I^.'Y OF THE CITY OF SAINT PAUL i MIJR�TL'SOT�1�
OF A CERTAIN PARCEL O�' LAND IN SUMMIT-UNIVERSITY DISTRICT 8; and
4.) NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A PROGRAM TO FINANCE
A MULTI-FAMILY RENTAL HOUSING DEVELOPMEIVT.
If you have any questions concerning these publication� please contact me at
292-1577, extension 231.
Sincerely,
�i��Q. �.����
Sheryl A. Pemberton
Real Estate Supervisor
Enclosures
�
. . . . ����!���
NOTICE OF PUBLIC HEARING ON A----
PROPOSAL FOR PROGRAM-- TO FINANCE A .
� - MULTI-FAMILY RENTAL HOUSING DEVELOPMENT '
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 �0 0'clock p.m. on July 28 � • 1983, to consider the
proposal of Forest Place L�.m�ted Partnership of St. Paul.,. a
Minnesota limited partnership to be formed by David Ames (the
"Develaper") that the City undertake a prograrri to finance the
development hereinafter described, pursuant to the City's
housing plan under Minnesota Statutes, Chapter 462C, by the
issuance of revenue bonds.
. The Development
, The development consists of the construct�.on
and equipping of a multi-family rental
housing development of approximately 60
rental units located at the intersection of
Nebraska and Marion Streets, Saint Paul, -
Minnesota. Z'Ize development will be occupied
primarily by persons of low or moderate
� income. Not less than 20� (approximately 12
units) of the units in the development will
be occupied by persons of low income, a
category presently defined under federal Iaw .
to mean persons eligible for assistance under
Section 8 of the National Housing Act. Total
approximate development costs will be
$3,000,000. The development will be owned
and operated by Forest Place Limited
Partnership of St. Paul. Non-housing
components will not be included within the
development.
The estimated principal amount of bonds or other obli-
gations to be issued to finance the Development is $3,000,000.
� s
Y'� __
�j�.�. � . . ._
. , . • .
. _ �!������
Said bonds or other obligations, as and when issued,
� wi11 not constitute a charge, lien or encumbrance upon any
pr�dperty of the City of Saint Paul, or its housing and
re�,�evelopment authority except the Development and the revenues
ta� be derived from the Developinent. Such bonds or obligations
witl not be a charge against the City' s general credit or
taxing powers but are payable from sums to be paid by the
Developer pursuant to revenue agreements.
Further information concerning the deveiopments, and
tT:� financing programs therefor, may be obtained from the
H�iising Division, Department of Planning and Economic
Development, City Hall Annex - 12th floor, 25 West 4th Street,
S't• Paul, .Minnesota 55102 = _-- - .-- _ -- _.�
At the tim� and place fixed for the public hearing,
th� City Councii of the City of Saint Paul, Minnesota will
given all persons who appear at the hearing an opportunity to
ex?ress their views with respect to the proposal.
Dated this �th day of July , 1983. .
� (BY ORDER OF THE� CITY COUNCIL O�'
THE.CITY OF SAZNT PAUL,
MINLJESOTA) •
�
By � Albert B. olson - �
. City. Clerk
.
�������
PED DEPARTI•1ENT
KEN GAUTHIER _____^rONTACT
292-1577 (2ss) PHONE �t'� �� '
July 19, 1983 DATE �v� ' ,�
(Routing and Explanation Sheet)
Assign Number for Routing Orc�r (Clip All Locations for Mayoral Signature):
1 Department Di rector�%�F� �
�_ City Attorney
t/Mayor R�CEIVED
Finance and Management ervi ces Director J U L 2 0 1983
4 City Clerk
Budget Di rector MAYORS OFFICE ,
What Will be Achieved by Taking Action on the Attached Materials? (Purpose/Rationale):
Preliminary approval will be given to this project under Minnesota, Statutes, Chapter 462C,
authorizing HRA to issue Housing Revcnue Bonds and submission of said financing Program
to Minnesota Housing Finance Agency.
Financial , Budgetary and Personnel Impacts Anticipated:
PED/HRA staff assistance in the sale of the site for this proposed housing development
to the developer. �-
Funding Source and Fund Activity Number Charged or Credited:
Housi.ng Revenue Funds and HRA Tax Levy Fund
Attachments (List and Number all Attachments) :
Council Resolution (for approval)
HRA Resolution
DEPARTMENT REVIEW � CITY ATTORNEY REVIEW
Yes No Council Resolution Required? Resolution Required? x Yes No
Yes No Insurance Required? Insurance Sufficient? Yes _ No
Yes No Insurance Attached?
Revision of October, 1982
(See Reverse Side for �Instructions)
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