00-440Council File # � C� —� 4 �
Resolution #
Green Sheet # ���"��35
RESOLUTIOIV
4 WHEREAS, on November 3, 1999, the City Council of the City of Saint Paul approved STAR grant funds of
5 $260,000 and STAR loan funds of $390,000 for the Model Cities Brownstone project, City Council
6 Resolution #99-1070; and
WHEREAS, on February 23, 2000, the City Council of the City of Saint Paui approved additional STAR
grant funds of $40,000 and an additional STAR loan of $210,000, Resolution #00-142; and
10
11 WHBREAS, the Borrower will comply with all federal, state and local laws and policies; and
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
WHEREAS, the project will facilitate the rehabilitation of a building that had been vacant for many years;
and
WHEREAS, the project will provide for job and entrepreneurship training opportunities for the hard to
employ; and
WHEREAS, after receiving consriuction bids for the project, construction exepenses were higher than
anticipated; and
WHEREAS, Model Cities of St. Paul Inc. is proposing to fund this shortfall through a loan from Liberty
Bank; and
WIIEREAS, The Liberty Bank loan is contingent upon the City sixbordinating its $600,000 STAR loan to
$284,000 of the Liberiy Bank loan; and
WHEREAS, the before construction appraisal for the proposed project is $625,000, with a rehabilitation
construction budget of $137 million and total project development cost of $2.5 million; and
WHEREAS, staff has determined that the project will provide sufficient collateral value to secure the
$884,000 of debt.
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Saint Paul, that approval is
hereby granted to subordinate the City STAR loan of $600,000 to $284,000 of Liberty Bank debt financing.
WI3EREAS, on September 28, 1994, the City Council of the City of Saint Paul established the Neighborhood
Sales Tax Revitalization (STAR) Program, C.F. 94-1127; and
00 -�(`t0
39 BE IT FURTHER RESOLVED, the Director of the Department of Planning and Economic Development of
40 the City of Saint Paul, Minnesota and other appropriate City officials aze authorized to execute the necessary
41 docuxnents in connection with the loan and grant, in form acceptable to the City Attorney, on behalf of the
42 Ciry.
Requested by Department of:
Plannin4 & Economic Development
By:
� n{{ Form Approved by City Attorney
Adopted by Council: Date ��6 O�
Adoption Certified by Council Sec tary $Y=
BY� �., �� � � - { � � --
Approved by Mayor: Date
'��L✓ APProved by MaYOr for Submission to Council
gy: �/ e /�"�f'�/� By:
���- �� �
City Council
`RACT��g� 266-8610
Councilmember Jerry Blakep
3, 2000 -
Item
GREEN SHEET
ao -`i�tc�
NQ 104�L��
u��� u��-
❑ �,u,�,� ❑ �«� -
❑ wuxw�a�meFaan. ❑ w+w�wtmmKCro
❑wvoR(a��nsrwp ❑
(CLIP ALL LOCA710NS FOR SIGNATURE)
3, 2000
w�e wrt
aaJSwc
TOTAL � OF SIGNATURE PAGES
Granting approval to subordinate the City STAR loan of $600,000 to $284,000 of Liberty
Bank debt financing to fund a shortfall for the Model Cities Brownstone project.
PLANNING CAMMISSlON
CIB COMMITTEE
CML SERVICE CAMMISSION
OF TRAN30.C71QN S
SOURCE
Hasmis pe�swirem, erer v.orked unaer a contract rortnis Cepa+tmeM'7
YES NO
tias mis oe�onrhrm ever teen a ciU' emvbyee�
YES Pq
Dnes this perswuFfm O�s a siall not nom�allypossesseO M anY current cm' emPbYee?
VES NO
Is tlxs pe�soNBrm etafpeted verWo/1
YES NO
COSTIREVENUE BUDGETED (CIRCLE ONE�
ACTNIT' NUINBER
VES NO
FINANCVLL.INFORMASION (IXPWN)
: '.�< �.
�
JERRY BLAKEY
Councilmember
CITY OF SAINT PAUL
OFFICE OF THE CITY COUNCIL
MEMORANDUM
May 3, 2000
TO: Council President Daniel Bostrom
Councilmember Jay Benanav
Councilmember Chris Coleman
Councilmember Michael Harris
Councilmember Kathy Lantry
Councilmember James Reiter
FROM: Councilmember Jerry Blake�.f�
�� Suspension Item for Today's City Council Meeting
Attached far your review is a resolution that I will be bringing forth today at the City Council
meeting.
attachment
CITY HALL THIRD FLOOR
SAINT PAUL, MIIVNESOTA 55102-1615
5 �96
1'Mted on Recycled Papec
C� a - C t �f �
651/266-8610
Council File # � C� —� 4 �
Resolution #
Green Sheet # ���"��35
RESOLUTIOIV
4 WHEREAS, on November 3, 1999, the City Council of the City of Saint Paul approved STAR grant funds of
5 $260,000 and STAR loan funds of $390,000 for the Model Cities Brownstone project, City Council
6 Resolution #99-1070; and
WHEREAS, on February 23, 2000, the City Council of the City of Saint Paui approved additional STAR
grant funds of $40,000 and an additional STAR loan of $210,000, Resolution #00-142; and
10
11 WHBREAS, the Borrower will comply with all federal, state and local laws and policies; and
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
WHEREAS, the project will facilitate the rehabilitation of a building that had been vacant for many years;
and
WHEREAS, the project will provide for job and entrepreneurship training opportunities for the hard to
employ; and
WHEREAS, after receiving consriuction bids for the project, construction exepenses were higher than
anticipated; and
WHEREAS, Model Cities of St. Paul Inc. is proposing to fund this shortfall through a loan from Liberty
Bank; and
WIIEREAS, The Liberty Bank loan is contingent upon the City sixbordinating its $600,000 STAR loan to
$284,000 of the Liberiy Bank loan; and
WHEREAS, the before construction appraisal for the proposed project is $625,000, with a rehabilitation
construction budget of $137 million and total project development cost of $2.5 million; and
WHEREAS, staff has determined that the project will provide sufficient collateral value to secure the
$884,000 of debt.
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Saint Paul, that approval is
hereby granted to subordinate the City STAR loan of $600,000 to $284,000 of Liberty Bank debt financing.
WI3EREAS, on September 28, 1994, the City Council of the City of Saint Paul established the Neighborhood
Sales Tax Revitalization (STAR) Program, C.F. 94-1127; and
00 -�(`t0
39 BE IT FURTHER RESOLVED, the Director of the Department of Planning and Economic Development of
40 the City of Saint Paul, Minnesota and other appropriate City officials aze authorized to execute the necessary
41 docuxnents in connection with the loan and grant, in form acceptable to the City Attorney, on behalf of the
42 Ciry.
Requested by Department of:
Plannin4 & Economic Development
By:
� n{{ Form Approved by City Attorney
Adopted by Council: Date ��6 O�
Adoption Certified by Council Sec tary $Y=
BY� �., �� � � - { � � --
Approved by Mayor: Date
'��L✓ APProved by MaYOr for Submission to Council
gy: �/ e /�"�f'�/� By:
���- �� �
City Council
`RACT��g� 266-8610
Councilmember Jerry Blakep
3, 2000 -
Item
GREEN SHEET
ao -`i�tc�
NQ 104�L��
u��� u��-
❑ �,u,�,� ❑ �«� -
❑ wuxw�a�meFaan. ❑ w+w�wtmmKCro
❑wvoR(a��nsrwp ❑
(CLIP ALL LOCA710NS FOR SIGNATURE)
3, 2000
w�e wrt
aaJSwc
TOTAL � OF SIGNATURE PAGES
Granting approval to subordinate the City STAR loan of $600,000 to $284,000 of Liberty
Bank debt financing to fund a shortfall for the Model Cities Brownstone project.
PLANNING CAMMISSlON
CIB COMMITTEE
CML SERVICE CAMMISSION
OF TRAN30.C71QN S
SOURCE
Hasmis pe�swirem, erer v.orked unaer a contract rortnis Cepa+tmeM'7
YES NO
tias mis oe�onrhrm ever teen a ciU' emvbyee�
YES Pq
Dnes this perswuFfm O�s a siall not nom�allypossesseO M anY current cm' emPbYee?
VES NO
Is tlxs pe�soNBrm etafpeted verWo/1
YES NO
COSTIREVENUE BUDGETED (CIRCLE ONE�
ACTNIT' NUINBER
VES NO
FINANCVLL.INFORMASION (IXPWN)
: '.�< �.
�
JERRY BLAKEY
Councilmember
CITY OF SAINT PAUL
OFFICE OF THE CITY COUNCIL
MEMORANDUM
May 3, 2000
TO: Council President Daniel Bostrom
Councilmember Jay Benanav
Councilmember Chris Coleman
Councilmember Michael Harris
Councilmember Kathy Lantry
Councilmember James Reiter
FROM: Councilmember Jerry Blake�.f�
�� Suspension Item for Today's City Council Meeting
Attached far your review is a resolution that I will be bringing forth today at the City Council
meeting.
attachment
CITY HALL THIRD FLOOR
SAINT PAUL, MIIVNESOTA 55102-1615
5 �96
1'Mted on Recycled Papec
C� a - C t �f �
651/266-8610
Council File # � C� —� 4 �
Resolution #
Green Sheet # ���"��35
RESOLUTIOIV
4 WHEREAS, on November 3, 1999, the City Council of the City of Saint Paul approved STAR grant funds of
5 $260,000 and STAR loan funds of $390,000 for the Model Cities Brownstone project, City Council
6 Resolution #99-1070; and
WHEREAS, on February 23, 2000, the City Council of the City of Saint Paui approved additional STAR
grant funds of $40,000 and an additional STAR loan of $210,000, Resolution #00-142; and
10
11 WHBREAS, the Borrower will comply with all federal, state and local laws and policies; and
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
WHEREAS, the project will facilitate the rehabilitation of a building that had been vacant for many years;
and
WHEREAS, the project will provide for job and entrepreneurship training opportunities for the hard to
employ; and
WHEREAS, after receiving consriuction bids for the project, construction exepenses were higher than
anticipated; and
WHEREAS, Model Cities of St. Paul Inc. is proposing to fund this shortfall through a loan from Liberty
Bank; and
WIIEREAS, The Liberty Bank loan is contingent upon the City sixbordinating its $600,000 STAR loan to
$284,000 of the Liberiy Bank loan; and
WHEREAS, the before construction appraisal for the proposed project is $625,000, with a rehabilitation
construction budget of $137 million and total project development cost of $2.5 million; and
WHEREAS, staff has determined that the project will provide sufficient collateral value to secure the
$884,000 of debt.
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Saint Paul, that approval is
hereby granted to subordinate the City STAR loan of $600,000 to $284,000 of Liberty Bank debt financing.
WI3EREAS, on September 28, 1994, the City Council of the City of Saint Paul established the Neighborhood
Sales Tax Revitalization (STAR) Program, C.F. 94-1127; and
00 -�(`t0
39 BE IT FURTHER RESOLVED, the Director of the Department of Planning and Economic Development of
40 the City of Saint Paul, Minnesota and other appropriate City officials aze authorized to execute the necessary
41 docuxnents in connection with the loan and grant, in form acceptable to the City Attorney, on behalf of the
42 Ciry.
Requested by Department of:
Plannin4 & Economic Development
By:
� n{{ Form Approved by City Attorney
Adopted by Council: Date ��6 O�
Adoption Certified by Council Sec tary $Y=
BY� �., �� � � - { � � --
Approved by Mayor: Date
'��L✓ APProved by MaYOr for Submission to Council
gy: �/ e /�"�f'�/� By:
���- �� �
City Council
`RACT��g� 266-8610
Councilmember Jerry Blakep
3, 2000 -
Item
GREEN SHEET
ao -`i�tc�
NQ 104�L��
u��� u��-
❑ �,u,�,� ❑ �«� -
❑ wuxw�a�meFaan. ❑ w+w�wtmmKCro
❑wvoR(a��nsrwp ❑
(CLIP ALL LOCA710NS FOR SIGNATURE)
3, 2000
w�e wrt
aaJSwc
TOTAL � OF SIGNATURE PAGES
Granting approval to subordinate the City STAR loan of $600,000 to $284,000 of Liberty
Bank debt financing to fund a shortfall for the Model Cities Brownstone project.
PLANNING CAMMISSlON
CIB COMMITTEE
CML SERVICE CAMMISSION
OF TRAN30.C71QN S
SOURCE
Hasmis pe�swirem, erer v.orked unaer a contract rortnis Cepa+tmeM'7
YES NO
tias mis oe�onrhrm ever teen a ciU' emvbyee�
YES Pq
Dnes this perswuFfm O�s a siall not nom�allypossesseO M anY current cm' emPbYee?
VES NO
Is tlxs pe�soNBrm etafpeted verWo/1
YES NO
COSTIREVENUE BUDGETED (CIRCLE ONE�
ACTNIT' NUINBER
VES NO
FINANCVLL.INFORMASION (IXPWN)
: '.�< �.
�
JERRY BLAKEY
Councilmember
CITY OF SAINT PAUL
OFFICE OF THE CITY COUNCIL
MEMORANDUM
May 3, 2000
TO: Council President Daniel Bostrom
Councilmember Jay Benanav
Councilmember Chris Coleman
Councilmember Michael Harris
Councilmember Kathy Lantry
Councilmember James Reiter
FROM: Councilmember Jerry Blake�.f�
�� Suspension Item for Today's City Council Meeting
Attached far your review is a resolution that I will be bringing forth today at the City Council
meeting.
attachment
CITY HALL THIRD FLOOR
SAINT PAUL, MIIVNESOTA 55102-1615
5 �96
1'Mted on Recycled Papec
C� a - C t �f �
651/266-8610