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280862 NWITE =CITV CLERK � � PINK - FINANC�E GITY OF SAINT PAUL Council ��5�� CANARV'- OEPARTMENT � }, BLUE - MAVOR File NO. � � C uncil 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 DEVELAPMENT, GIVING PRELIMINARY APPROVAL TO THE PROJECT AND THE PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORITY TO ISSUE HOUSING REVF�NUE BONDS AND AUTHORIZING THE SUBMISSION OF FINANCING PROGRAM FOR APPROVAL TO THE MINNESOTA HOUSING FINANCE AGENCY AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH THE SAID PROJDCT AND PROGRAM (REALTY ADVISORS PROJECT) WHEREAS� (a) Minnesota Statutes, Chapter 462C (the "Act) confers upon cities, or housing and redevelopment authorities or port authorities authorized by ordir�ance to exercise on behalf of a city the powers conferred by the Act, the pawer 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; COUNCILMEN Requested by Department of: Yeas Nays y�-� Fletcher l� Galles � Masanz [n Favor Nicosia Scheibel __ AgBi[1St BY TedesCo W ilson Form Approved by City Attorney Adopted by Council: Date Certified Yassed by Council Secretary BY � '�� sy ` Approved by 1+lavor: Date Ap by Mayor for mi sion 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 ot 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 Realty Advisors, Inc. (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 �acilities 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 engagec� 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 development located on the north side of Wilson Avenue between Etna and English Streets, 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 within the community; t , , . . �� (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 the 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 Yield on Augusto 30, 1983, after notice was published, all as required by Minnesota Statutes, Section 462C.05, subd. 5, at which public hearing al.l 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 HRA a form of Memorandum of Understanding executed by the Developer, expressing certain understandings by and between the HRA 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 follauvs: 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 HRA and ' , ��,�� the Developer on such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in the total principal amount of approximately $4,000,000 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, acting by and through the HRA, 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, i.f 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 HRA, 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 Executive Director of the HRA 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 N�iFA will be paid by the Developer� 7. Briggs and Morgan, Professional Association, acting as bond counsel, are 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 submit such documents to the HRA for final approval, 8. Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municinal funds on the Project other than the revenues derived from 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. WNITE - GTV CIERK �A■ GITY OF SAINT PAUL Council .PIN14 - FINANCE .�� / CANARS - DEPARTMENT F . BLUE - MAVOR File NO. , C unc ' Resolution Presented By Referred To Committee: Date Out of Committee By Date 9. Zn 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 HRP,. Adopted by the City Council of the City of Saint Paul, Minnesota this 30th day of August, 1983. ` Director, Finance and Management Services COUNC[LME[V Requested by Department of: Yeas Nays Fletcher GaO� In Favor Masanz Nicosia schetbet __ Against BY Tedesco Wilson Adopted by Council: Date SEP i 3 1983 Fo�m AP ed by City Attorney Certified P•:-e b .Council S et By e By t�pproved :Nav r: Date _ SEP � 4 �953 A ov d by Mayor for mi ion tQCouncil gy _ B QU�uSHED 5tr � � 1y83 � . . �� (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 Realty Advisors, Inc. (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 Ci,ty in achieving these objectives. ' e The Develo er is currentl en a ed � � P Y g 9 in the business of real estate development. I, The Project to be financed by the Bonds is � the acquisition, construction and equipping ; of multi.-family rental housing development ' located on the north side of Wilson Avenue � between Etna and English Streets, 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 within the community; t . . 2�!��? (f) The City has been advised by representatives of the Developer that con- ventional, corcQnercial financing to pay the capital costs of the Project is available only on a limited basis and at such high costs of borrawing that the economic feasibility of operating the project would be significantly reduced, but the Developer has also advised the City that with the aid of municipal financing, and resulting law borrowing costs, the Project is economically more feasible; (g) A public hearing on the Project and the financing program therefor was held on Augusto 30, 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 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 HRA a form of Memorandum of Understanding executed by the Developer, expressing certain understandings by and between the HRA 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 HRA and ��€�� the Developer on such terms and conditions with provisions for revision from time to ti.me as necessary, so as to produce income and revenues sufficient to pay, when due, the principal and interest on the Bonds in the total principal amount of approximately $4,000,000 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 raortgaged to the purchasers of the Bonds, or a trustee for the purchasers of the Bonds; and the City, acting by and through the HRA, 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 tYYe 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 HRA, 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 Executive Director of the HRA 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 NII�FA with preliminary information as it may require; 6. The Developer has agreed and it is hereby ' - determined tY►at 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, acting as bond counsel, are 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 ot2ier provisions of the necessary documents and submit such documents to the HRA for final approval; 8. Not'Yiing 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 from 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 t11e 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. �, �='.k1� i�+,�7:�(,.�V�' PED Housin � � �EPARTFIENT. Gary Peltier CONTACT 7494 Ext. 259 ��E 8/22/83 DATE �� r � . (Routing and Explanation Sheet) Assign Number for Routin9 Order (Clip All Locations for Ma�yoral Sic�nature)• 1� Department Di rector . . � Ci ty Attorney � - �^�'EIVED P��.��:��-`r-,�:'�:W� _..,,. � � Di rector of Manageaient/Mayor '�r �,UG 2 31983 A�� 2`= 1983 � Finance and Management Services Director �?Fr)(;._ 6 Ci ty C1 erk � -� q�;,�� r HE ��RECTp Cb'i6��i�� dF1�PCc ��p n�r pF F R Bu dge t D i rec tor AN� M A��q��I�;ENT MA N C E � Tom Meyer SER�� What Will be Achieved by Takin�Action on the Attaci�d Materfals? (Purpose/Rationale): Adoption of City Council resolution will provide preliminary approval to rental housing development at Wilson and Etna. HRA authorized public hearing and consideration of resolution for preliminary approval for revenue bond financing. Financial , Budgetary and Personnel Impacts Antici�ated: No direct financial impacts anticipated. Al1 City expenses wi.11 be paid by application fee from the developer. . Funding Source and Fund flctivity Number Charged or Credited: I-tR� i c� `� �.c.�-u.a� 3!0(o I� �.� Attachments (List and Number all Attachments� : Resolution. � DEPARTMENT REVIEW CITY ATTORNEY REVIEW , Y• Yes No Council Resolution Required? Resolution Required? Yes No Yes X No Insurance Required? Insurance Sufficient? Yes No Yes X No Insurance Attached? Revision of Qctober, 1982 �SPP RPVPI"SP SidP for �Instructions) w, .e �� . - .�: CITY OF SAINT PAUL INTERDEPARTMENTAL MEMORANDUM FILEQ E',�� !! i� �� '83 DATE: AUGUST 12, 1983 CITY G'�RK'S OFFl�,E TO: AL OLSON, CITY CLERK S T �';a U L, r�(i��I. FROM: SHERI PEMBERTON, PED � SUBJECT: CITY COUNCIL PUBLIC HEARING FOR AUGUST 30, 1983 Attached is a copy of the Publie Hearing Notice, which will be published in the St. Paul Legal Ledger and the St. Paul Pioneer Press and Dispatch on Saturday, August 13, 1983. Please place this Public Hearing on the City Council Agenda for Tuesday, August 30, 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:rmf Attachment } �� NQTICE,OF PUBLIC HEARING ON PROPOSAL FOR A PROGRAM TO FINANC� A MULTI-FAMILY RENTAL HOUSING DEVELOPNfENT 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 10 o'clock a.m, on August 30 , 1983, to con5ider the proposal of Realty Advisors,-Inc. , that ___ _ _ .. the City undertake a program 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 construction and equipping of a multi-family rental housing de- velopment of approximately 104 rental units located on the north side of Wilson �treet between E�.na and English Streets, Saint Paul, Minnesot�. The development will be occupied primarily by per5ons of low or moderate income. Not less than 20� (approximately 21 units) of the units in the development will be occupied by persons of low income, a category presently defined under federal law to mean persons or families whose income is 80$ or less of the median income for the Minneapolis/St. Paul area as determined by the United States Department of Housing and Urban Development. Total approximate dev�lopment costs will be $5,500,000. The de- velopment will be owned and operated by Realty Advisors, In�. or a p�.rtnership cr oth�:r entit� to be foxmed in which Realty Advisors, Inc. or its principal will be a general partner. Non- housing components will be included within the development, but substantially all (90$) of the development will consist of rental housing and functionally related facilities. The estimated principal amount of bonds or other obl.igations to be issued to finance the Development is $4,000,000. 5aid bonds or other obligations, as and when issued, will not consti- tute a charge, lien or encumbrance upon_ any property of the City of Saint 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. , , . �� Further information concerning the Development, and the financing programs therefor, may be obtained from the Housing Division, Department of Planning and Economic Llevelopment, City Hall Annex - 12th Floor, 25 West Fourth 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 �his 12th day.of August, 1983. (BY ORDER OF THE CITY COUNCIL OF THE CITY OF SAINT I7AUL, MINNESOTA) By ALBERT OLSON City Clerk -2- . i , . - , . ` , . ��`� � Y'j ` \ � � . ` .. � � �. . r . . ' � . . .. . � , . . . � . . Y � . . . . � ' . � .. . � - .. . . � . . � , � . � �t . . . .. . . . ... _ ,.. � �. � � . � . ' .. . .� . . � , Y . . . ., . . . . � .,� ' . � � ''. '. . �.: . � � .. � � . � . . ' .. � . �. . � . . . ._.. . . . .. : . � . � .. � � . . . , . . � � . . ' .. .. , .J : ' . . . � . . ' . . . . . . . � .� . . .. '/� . . . , . - . � � . ' �, . � . � /� .' � . , i. .\ .. . . . • � • . . � � _ ` ` ' - � � , / `1 ' i • + = � � ' ' � . � ' � " , f �,.. � „ , • . � � � , - , : � . : ( . Aag�st 30, �i9$3 ,. , . , . � � ; . ' . � . . , . . � . . . , . . � . . .-C i` �� pQ1�1.�Y . ' r + . : - � P�'1 - �td881n$ � ' � ` � ,, ,-. : �• 12th Fiooz -,An� 1 ' `: . ;' . � , . � , . Dear Sirs , . • . , , � -. � - , ' ; � -� ; �hs.City Coun�i� .co�tinu�d fo�r t� w�eska �o S�pte�iar 13,� 1983 �`� , , . - a 1�esria$ rnn a ;prc�Posi�1. for a pragram ,to�#in�tcs a��.t�-�a�'iy � ' ,. ; , =ei►tal, hoaeing da��elop�er►t tfqr R�altq Adrtri�o=�, 7.�c. c►n Lhe ` � ;�tortfi a3de mf Wi�son betw�en Etwa:a�d En$iiah. . � ' -. ,, . � , , _ ,; , .Yea�t'p. t�ttly gour�, ` ; • � . - � _ � - _ • . ' , . . : , - � . � A].bert �8.'Olson' . " . � `,� � _ ' . . Cit}r C1erk , A84rdra . , 1 - - , . , . 1 . ., . , . - , , % �• . � � � , , . � ; . , . - .� , , � - ; _ . . , . � . , � � � � � � � � , � . , � ,i 'I � , '� .', '. ` , • - � � - ' , ; , • � ,, . � • ,\ - . � � . <- ; . . ,, _ " - , � r � " - � ��?,�� 2-zo7s ��N�S $� . � Py G� , Q .n DAYTON S BLUFF/DISTRICT 4 °�� •�:�;:�.,�:�... COMMUNITY COUNCIL INC. ' "�._. 279 CYPRESS ST. ST PAUL, MINN. 55106 � O '� � � _ �(,� September 12, 1983 �� ,; � �� N� TY G� RESOLVED, that the Dayton's Bluff District 4 Community Counci I recommends the approval of a height variance for Mr. Harry Hadd to permit construction of � a mixed commercial/residential building with a 77' height on the north side of Wilson Avenue between English and Etna Streets, subject to the five conditions listed in the Zoning staff report. Approved — , � r � � � � , , Peter , al ty, ounci President