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280725 �NH17E - C�7Y CLERK COUIICll �fi����� PINK - FINANCE GITY OF SAINT PALTL CANARV - DEPARTMENT BLUE - MAVOR File NO. �� ��y �� � � C un 'l Res lution � � Presented By � Referred T t . a e Out of Committee By Date WHEREAS, The Metropolitan Waste Control Board oversees and sets the di.xection for waste management in the metropolitan area, including the City of Saint Paul; and WHEREAS, waste control and management axe key to the environment of our city and the health of our citizens; and WHEREAS, Patrick Rpedler has experience and knowledge �n matters of public policy and has knowledge of the technology of waste control; now, therefore, be it RESOLVED, the City Council of the City of Saint Paul recommends that - Patrick Roedler be reap�ointed to serve as a member af the Waste Control Management Board. COUNCILMEIV Requested by Department of: Yeas Fletcher Nays �e��� [n Favor Masanz NiCOSia scneibei __ Against BY Tedesco Wiison Adopted by Council: Date AUG 9 1983 Form Approved by City Attorney Certified d y Counci ,ec eta BY By� � A►p by Mavor: Date AUG 1 1 1983 Approved by Mayor for Submission to Council B BY PUBUSHED RU G � 0 1�8� WHITE tiCITV CLERK BLUE - M�oR E CITY OF SAINT �'�LTL Council ��(�r� CANARV - OEPARTMENT File N 0. v � Council Resolution . , Presented By � � '� / Referred To Committee: Date Out of Committee By Date RESOLUTION RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR OWNER-OCCUPIED MULTI-FAMILY HOUSING DEVELOPMENT, GIVING PRELIMINARY APPROVAL TO THE PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AND AUTHORIZING THE HRA TO EXERCISE THE POWERS CONFERRED ON THE CITY BY MINNESOTA STATUTES, CHAPTER 462C WHEREAS� (a) Minnesota Statutes, Chapter 462C (tYie "Act") authorizes cities, or housing and redevelopment authorities authorized by ordinance to exercise on behalf of a city tYie powers conferred by the Act, the powers to issue revenue bonds to finance a program for the purpose of planning, administering, making or purchasing loans with respect to one or more multi-family housing developments within the boundaries of the city; (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, upon specific program approval by the City Council; COUNCILMEIV Requested by Department of: Yeas Nays Fletcher Gaues P in Masanz In Favor Nicosia Scheibel __ Against BY Tedesco �r ctor Wilson Form Approved by City Attorney Adopted by Council: Date Certified Yassed by Council Secretary BY i��'�'/`�'�/ �� By /#pproved by 1Vlavor. Date Approved by Mayor for Submission to Council By _ BY C ' • • ����I�I��I�I/'I�V.. (c) The HRA has proposed that it undertake a program to finance several multi-family owner-occupied projects hereinafter described (the "Projects") through the issuance of revenue bonds, in one or more series (any of 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 owner-occupied multi-family housing within the community, encourage the development of affordable housing opportunities for residents of the City; and prevent the emergence of blighted or underutilized land and structures within the boundaries of the City; and the Projects will assist the City in achieving these objectives; (e) The Projects to be financed by the Bonds consist of the construction of multi-family owner-occupied housing developments in St. Paul, Minnesota, and the installation of equipment therein, that will result in the provision of additional housing opportunities to persons within the community; together with parking facilities which are functionally related and subordinate thereto; and such Projects are more specifically identified in the notice of the public hearing referred to in paragraph (g) below; (f) The City has been advised by the HRA that conventional financing to provide mortgage loan financing for dwelling units in the Projects is available only on a limited basis and at such high costs of borrowing that the economic feasibility of the Projects would be significantly reduced, but the HRA has also advised the City that with the aid of municipal financing, and resulting low borrowing costs, the Projects are economically more feasible; (g) A program for financing the Project has been drafted, a public hearing on the Project and the financing program therefor was held on Auqust 11 , 1983, after notice was published, all 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 HRA or the City has either a direct or indirect financial interest in the Projects nor will any public official either directly or indirectly benefit financially from the Projects; � , ' ����� (i) The City, in reviewing the Program, has considered the information contained in the City' s 462C Housing Plan, as amended, (the "Housing Plan") , including particularly (i) the availability and affordability of other government housing programs; (ii) the availability and affordability of private market financing for owner- occupied multi-family housing; (iii) an analysis of population and employment trends and future employment needs; (iv) the recent housing trends and future housing needs of the City; (v) an analysis of how the Program will meet the needs of persons and families residing and expected to reside in the City; (vi) an analysis of how the Program furthers statewide housing policies; (vii) whether the proposed amount of the bonds will exceed the limitation provided in MSA §462C.07, subdivision 2; and (viii) an analysis of administrative and bond issuance costs. NOW THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota as follows: 1. That the Program is in conformance with the goals and specifications of the City' s 462C Housing Plan, and is hereby approved. 2. The City hereby gives preliminary approval to the proposal of the HRA that the HRA undertake the Program of mortgagee loan financing for the Projects, pursuant to Minnesota Statutes, Chapter 462C, consisting of the making a purchase of mortgage loans originated to finance the purchase of owner-occupied, multi-family dwelling units located within multi-family owner-occupied housing facilities within the City. 3. On the basis of information available to the City it appears, and the City hereby finds, that each of the Projects constitutes a multi-family housing development within the meaning of sub-division 5 of Section 462C.02 of the Act; that some of the Projects are located within a redevelopment project area established pursuant to Minnesota Statutes, Chapter 462 or within a Development Project Area established pursuant to Minnesota Statutes 472A; the availability of the financing under the Act and the willingness of the HRA to furnish such financing will be a substantial inducement to the developers thereof to undertake the Project, and that the effect of the Projects, if undertaken, will be to encourage the provision of additional multi-family housing opportunities to residents of the City, to prevent the emergence of blighted and marginal land and to promote more intensive development and use of land within the City; ' • " ��J� 4. The Projects, and the Program to finance mortgage loans for the Projects by the issuance of revenue bonds in a principal amount not to exceed $�.8, 500,000, in one or more series, any one of which may be a single debt instrument, 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 HRA, the developers and the purchasers of the BOnds as to ultimate details of the financing; - 5. The developers have agreed and it is hereby determined that any and all costs incurred by the City and the HRA in connection with the mortgage loan financing for the Projects whether or not the Projects are carried to cor+apletion and whether or not the Program is approved by MHFA will be paid by said developers; 6. Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Projects other than the revenues derived from the Projects and the Program or otherwise granted to the HRA for this purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City or the HRA except the revenue and proveeds pledged to the payment thereof, nor shall the City or the 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 the 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 the 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 the HRA within the meaning of any constitutional or statutory limitation. 7. The HRA is authorized and directed to issue the Bonds and to exercise, on behalf of the City, the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.08 with respect to the Projects and Program without further authorization by the City. � - � . - .