279057 !CLERK �'�9�5'7
ANCE n COU[IC1I
.PARTMENT G I T Y O F S A I N T 1 A U L
- .AYOR File N O.
Council Resolution
Nz. ,nted By
Referred To Committee: Date
Out of Committee By Date
RESOLUTION RECITING A PROPOSAL FOR A
FINANCING PROGRAM FOR MULTI-FAMILY
HOUSING DEVELOPMENTS, GIVING PRELIMINARY
APPROVAL TO THE PROJECT AL�TD 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 PREPARATION OF NECESSARY
DOCUMENTS AND MATERIALS IN CONNECTION
WITH THE SAID PROJECTS AND PROGRAM
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 Requestgd by Department of:
Yeas Nays
Hunt
Levine tn Favor
Maddox
McMahon B
Showalter __ Against Y
Tedesco
Wilson
Adopted by Council: Date Form Appro by City Attor
Certified Yassed by Council Secretary By 3
By —_
Approved by ;�layor. Date _ Approv May r for is � n to Council
B _ _ _ B �l`� Z�'l/
Y Y
' lG.� B ����
' Page 2.
(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,
Sections 462C.01 to 462C.09;
(c) The City has received fro�n various
developers of residential projects
(collectively the "Developers") a proposal
that the City undertake a program to finance
a number of multi-family projects through the
issuance of revenue bonds (the "Bonds")
pursuant to the Act;
(d) The City desires to: facilitate
the development of multi-family 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 by the elderly
and handicapped; 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 Developers are currently
engaged in the business of real estate
development. The projects to be assisted by
the Bonds consist of the acquisition,
construction and equipping of multi-family
owner-occupied housing and consists of the
acquisition of land and the construction,
renovation or rehabilitation of buildings
thereon and the installation of equipment
therein, that will result in the provision of
additional housing opportunities to persons
within the community;
(f) The City has been advised by
representatives of the Developers that con-
ventional, commercial financing to finance
mortgage loan forward commitments for the
projects are available only on a limited
• � ' Page 3. ������
basis and at such high costs of borrowing to
the mortgagors that the economic feasibility
of development of the projects would be
significantly reduced, but the Developers
have also advised the City that with the aid
of municipal financing, and resulting low
borrowing costs to the mortgagors, the
projects are economically more feasible;
(g) A program for financing mortgage
loan forward conunitments for projects has
been drafted and, a public hearing on the
projects and the financing program therefor
was held on August 3, 1982, 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 projects or the mortgage loan
financing therefor nor will any public
official either directly or indirectly
benefit financially from the projects or the
mortgage loan 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 Developers that the City undertake the program
of mortgage loan financing for the Developers' projects,
pursuant to Minnesota Statutes, Chapter 462C. Development of
the projects will consist of the acquisition, renovation,
rehabilitation and improvement, construction and equipping of
multi-family owner-occupied housing facilities within the City
pursuant to the Developers ' specifications. The proceeds of
bonds to be issued to finance the program shall be used to make
or purchase m�rtgage loans to purchasers of housing units
located in the projects, to fund certain reserves and to pay
certain costs associated therewith. No portion of the proceeds
of the Bonds may be loaned to a Developer. The making or
purchase of ntiortgage loans shall be provided for in revenue
agreements on 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
' • � Page 4. /G���,7�cJ� !
interest on the Bonds in the total principal amount of
approximately $18,500,000 to be issued pursuant to the Act to
finance the program; and said agreement may also provide for
the entire interest of the City and HRA therein to be pledged
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. The projects to be assisted by the program are
set forth on Exhibit A attached hereto; and on the basis of
information available to the City it appears, and the City
hereby finds, that the projects constitute multi-family housing
developments within the meaning of subdivision 5 of Section
462C.02 of the Act; that sorne of the projects are located
within redevelopment project areas established pursuant to
Minnesota Statutes, Chapter 462; 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
Developers to undertake the projects, and that the effect of
the projects, if undertaken, will be to encourage the provision
of additional multi-family owner-occupied 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; provided
that the HRA may add or delete projects to be assisted by the
program if such additions or deletions will better implement
the public purpose of the program as set forth herein;
3. Al1 or a portion of the mortgage loans to be made
or purchased pursuant to the program may be "graduated equity
mortgages" of the kind generally described in the staff report
to the HRA dated July 23, 1982.
4. The program to finance mortgage loans for
purchasers of dwelling units in the projects 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 Developers and the purchasers of the
Bonds as to ultimate details of the financing.
5. The City hereby authorizes the Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota to
issue the housing revenue bonds to finance the program of
making or purchasing mortgage loans for purchasers of dwelling
units in the projects and to take all actions necessary or
desirable in connection therewith, and no further approval or
authorization of the City shall be reguired;
' . Page 5. ������
6. In accordance with subdivision 5 of Section
462C.05, Minnesota Statutes, the Mayor of the City is hereby
authorized and directed to submit the financing program 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;
7. Briggs and Morgan, Professional Association,
acting as bond counsel, and Dain, Bosworth Incorporated and
Piper, Jaffray & Hopwood Incorporated, as underwriters are
authorized to assist in the preparation and review of necessary
documents relating to the financing program, to consult with
the City Attorney, Developers 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
municipal funds on the projects or the program other than the
revenues derived froan the projects or program 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 tYie 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
WHITE - CITY CLERK ���yyy
PINK - FINANCE n�nn�' 1
CANARY - DEPARTMENT COIItIC1I �� y��
BwE• ; MAYOR CITY OF SAINT PAUL File NO. �'i° ���`� �
' � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
Page 6.
HRA. The Bonds shall recite in substance that Bonds, including
the interest thereon, are payable solely fran 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.
Adopted by the City Council of the City of Saint
Paul, Minnesota this 3rd day of August, 1982.
Mayor
Attest:
C lerk
COUIVCILMEN Requestgd b De artment of:
Yeas Na s
H t ����
Le � �sv;ne [n Favor
Mad x ��� v
Mc on
sh wa r N� __ Against BY —
T esco $theibet
ilson • T��
w�� AUG 3 1982 Form Appr d by City Attorney
Adopted by Council: Date — ����C�cut �/\/
CertifiE:d I�'� � o il t y BY,
By� —_
Approved by ; r. Date - Approved ayor for Submission to Council
By� — BY
P 6usH AU G 1 198
. , �� . � �'79�5`7
GEf�I PROGRAM PROJECTS
Estimated
I�Iortgage
Loan Nature of
Pro�ect Location Commitinent Project
*Glock 40 Sixth and Sibley �10 million . 225-� and 2-BR
Condominiums
(partial fundingj
new construction
Union Gospel P•1ission. 7th and Wacout2 �3 mi�lion 38 condos
Site neVi construction
American Beauty Bldg. Fifth and Wacouta $1 .2 million 20 condos
substantial rehab
Pathways/Duraps Ruth and Burns ¢2..3 million 64 condos
12 to�-Jnhouses
(partial funding/
ne��► construction)
�
*The Finaneing Plan for the Block 40 Project has been approved. � _
� DEPARTME�T: P.E.D.
CONTACT: Ken Gaut ter
ROUTING ar�n EXPUINATI�N St�ET PHONE: X-6692
GREEN SHEET
For Administrative Orders� Reaolutions, Ordinances aad A�reeaeata
ROUTING ORDER - ROUTE BY ASSI6NE� NUMBER: J U L 2 9 1982
DIRECTOR OF MANA6EMENT
3 �Y� MqYORS OFFICE
`� ' DEPARTMENT DIRECTOR DIRECTOR, FINANCE & N�T. SERVICES
2 CITY A'rTORNEY CITY CLERK ` �
BUDGET DIRECTOR �
� �� 1 o
ACTI�N REAL ST D �t tP A A ATIaNS FOR MAYORAi StGl�leT�R ); � 1 �J",
� �
Approval to•submit resolution to Council on c�raduated Equity Mortgage Program
�
Provide authority to submit above program to MHFA for review and approva �
FINANCIAI_. BL�ETARY AND PERcONNEL IMPAGTS AMTICIPATE;
1 ,000 appTication fee
ATTACHMENTS �LIST ALL ATTACHMENTS):
1, Resolution
2.
3,
ea,ee �ce.�.c.aw neceae on o e o euppo c,ua�enza
�; . Ci.t1 A�tton►Rey:
1. Counc.i.l. Reao.Cwti.on Requ,i�cedY X YES NO 1. Reao.Cu.ti.`oKY YES NQ
Y. Inawcance Requ�ir,.edt YES NO 2. I►ceunance Su6�tY VES A�
3. Ineunance A.ttac,hedY Y�'S NO
Aenri�ia► O�t:i/29/82
HOW TO USE THE GREEN SHEET .
The GREEN SHEET has several purposes:
1. To assist in routinq documents and in securinq
required siqnatures
2. To brief the reviewers of documents on the impacts
of approval
3. To help ensure that necessary supportinq materials
are prepared and, if required, attached.
ROUTING
Most GREEN Si3E�T actions must �e r?v�awed by a �epar}:nent
�irector , Lhe �ity attorney, tze Director of Nlanagement, the
Director of Finance and Management Services. Other possible
reviewers/signatures are listed.
BRIEFING
Most of the GREEN SHEET headings are designed to assist in
developing a precis of the decision which the attachments
represent. The headings are offered to remind users of some
of the more critical elements of this brief.
The Financial Bud etar and Personnel I acts headinq provides
a space to explain the cost benetit aspects of the decision.
' Costs and benefits relate both to City budget (General Fund and/or
Special Funds) and to broader financial impacts (cost to users, '
homeowners or other groups affected by the action) . The personnel
impact is a description of change or shift of Full-Tim�e Fquivalent
(FTE) positions.
SUPPORTING MATERIALS
In the Attachmznts section, list all attachments. If the GREEN ,
SHEET is wel one, no letter of transmittal need be included
(unless signinq such a letter is one of the requested actions) .
� Note: Actions which require City Council resolutions include:
a. Contractual relationship with another government unit.
b. Collective bargaining.
c. Purchase or sale of land, or lease of land.
d. Issuance of bonds by City.
e. Eminent domain.
f. Assumption of liability by City, or granting
by City of indemnification.
g. Agreements with State or Federal Government
under which they are providing fundinq.
Note also: If an agreement requires evidence of insurance/co-
insurance, a Certificate of� Insurance should be one
of the attachments at time of routing.
� ������
r,
� � � � � � ��� �
. w�
::�.,....,:;�ie �_ �k'
���'r ..
� �OF�A. ��: .:. �,_
< FO,�'-t�
� s
F AlI11Y'�_ �:
CUlR�_ � 'i;i�'s�"
To ph��prt It��•� ��
�. T �. '',..
�� �
o!tlte dQ► $ithe
stl�e,Gtqi�� . A
�� °��`
i '
�� �
µ�orl-
ty ot UW.�i �!� �. in
� _� t°
Sn�udnL"i �, .
heseie�lYlM „
in!tw� ,`1�3�`, °� ,��';:
The �y° .
ti�oi ���'',
cvPi �
u'9� �.;.?e�i{.�':S�.
witMa t11►� ' �4z
°thaQf �►. �:
dev�
��: �
cnmbmlCt • ` � ,
the Clt� '� ,
6mml � �s
P�d'�►� �
tss�ois 'fi
A�
Dml�.. ;� :�y:
�zhibYh �
�i�,.
o'clodt eJ1�,�4 *
thiou�t�:��'
mant ;
ff.abA����z-;-<x1 � i�;�-«�
1Sth �, sv��'° �,� '-
At� �� .Y,:F..
�• �:.
D� � £ -
thtlrtM�� �I�#�'' l�.��,��.
°''� `"�' �A�.,. _�x'a".
' ��a:i+�si' :. _
_�—' ..., .
, . /
. . ,..,,y� 2'�9�5`7
:.�'
CITY OF SAINT PAUL
INTERDEPARTMENTAL MEMORANDUM
DATE: JULY 22, 1982
T0: Ai, OLSO�t, CITY: Q,ERK:
FROM: SHERI PEMBERTON, PED�'1
SUBJEGT: CITY COUNCIL PUBLIC HEARING - AUGLtST 3, 1982
Attached is a copy of the gublic hearing publication for August 3, 1982, be-
fore City Council. As you will see, the St. Paul Legal Ledger published for
July 29 and the St. Paul Dispatch for August 3, 1982. The correct hearing
date is August 3, 1982. PED staff was unable to get to the St. Paul Legal
Ledger in time for them to change the date or pull the ad. However, the
Public Hearing Notice in the Dispatch for August 3, 1982 does meet the fifteen
(15) day notice requirement (both ads ran Saturday, July 17, 1982) .
Attached are the Affidavits for the St. Paul Legal Ledger and the St. Paul
Dispatch.
Please place this Public Hearing on the City Council Agenda for August 3, 1982.
City Council Resolution will be forwarded to you by the City Attorney's Office.
Thank you.
SAP:rmf
. , �
� w � � . � � ��9�5'7
NOTICE
OF A PUBLIC HEARING ON A PROPOSAL
FOR A PROGRAM TO FINANCE SINGLE
FAMILY/MULTI-FAMILY OWNER OCCUPIED
HOUSING DEVELOPMENTS
To whom it may concern:
� Notice is hereby giverr that
the City Council of the City of
Saint Paul , Minnesota will meet
at the City Council Chambers,
City Hall in the City of Saint
Paul , Minnesota at 10;00 o'clock
a.m. on F.u�ust 3, 1:�2. to cnn
sider a proposal that the Housing
and Redevelopment Authority of the
City of Saint Paul ("HRA") assist
in financing a development or de-
velopments hereinafter described
by the issuance of housing revenue
bonds.
Description of Developments
The developments consist of
the construction of single-family/
multi-family owner occupied housing
developments of approximately 300
units . All developments shall be
located within the City of Saint
Paul .
The estimated principal amount
of bonds or other obligations to
be issued to finance the develop-
ment(s) is $18,500,000.
Said bont�s or other obligations
if and when issued will NOT consti-
tute a charge, lien or encumbrance
upon any property of the HRA or the
City of Saint Paul (the "City")
except the project and such bonds or
obligations will not be a charge
against the HRA or the City's general
credit or taxing powers, but are pay-
able from sums to be paid by the
mortgagors pursuant to a note and
mortgage.
� � � : � . � � 2`�9�5'7
A draft copy of the proposed
housing finance program, together
with all attachments and exhibits
thereto are available for public
inspection beginning July 19, 1982,
from 9:00 o'clock a.m, to 4:00 o'clock
p.m. , Monday through Friday, at the
offices of the Development Division,
Department of Planning and Economic
Development, City Hall Annex, 12th
Floor.
At the time and place fixed for
said 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 this 15th day of July, 1982.
by Albert B. Olson
City Clerk �
` � � � , 2�79Q5�7
AFFIDAVIT OF PUBLICATION
STATE OF MINNESOTA
COUNTY OF RAMSEY
R038MARY J FRANR , being
� duly sworn on oath, says: that he is, and during
' all times herein stated has been, Clerk of the
r Northwest Publications, Inc., publisher of the
'} t'' { � �;., newspaper known as the St. Paul Dispatch, St.
. ��,.• ,�
,� Paul Pioneer Press, St. Paul Sunday Pioneer
. ,,,�..,, Press, a newspaper of general circulation within
' the City of St. Paul and the County of Ramsey.
:�=:►
�
That the Notice hereto attached was cut from
� the columns of said newspaper and was printed
; �',�,� and published therein on the following dates:
,
' ` � " 17��day of Jul�t , 19 .�
�
day of , 19
�` '�.
,�. ,, day of , 19
.�4�'
`` �, "�� day of , 19
'" �,; day of , 19
,. , .
a: wF
��' day of , 19 •
'"'":' day of , 19
11{Y��
#Y't'
(nM
1f�►w�
tM .�. ,�Pn'
°���'�� Subscribed and sworn to before me this
� , � ° �",�,�z�,�� 21.��day ��f sulv , 19 _82__
�
e'a o i �• �.�n. ;4y
� �W
�
« I�t
. 1���_NN � .? ^ i�.,., .„ ..
a '� �,;oR. Notar�• Public
� he��
- �' W�Shingten County, Minnesota
� � c.�`'w�., �'.,
+w�•�� My commission expires Clctt 10 , 19 $7
�Aa1A.A��AA�,Q�bfA,A,�AAA„�u,1�+�A�l4A„pA�le�a,�(
e ;.�y�= KAY M R1TCHlE �
g s���`�y' NOTARYPII;L:C P�l;A1."<'ES��7A �
F�irm 2a�� � `�*��� WASHINUTON COUi�TY
Q �F�;.
� ��� - My Commission Expires Oet. 10, 19g7 �
k't���nrrnr���romnGV'r»��,�,�,�,d�C