278703 WHITE � - CITY CLERK �
PINK - FINANCE ^ TT ����
CANARY - DEPARTMENT G I T Y `J F S A I N T �� �} L COUIICII
BLUE - MAYOR
Community Develop nt File N .
ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, that upon the recommendation of th.e M�yor and the Council Corr�nittee on Finance,
Management and Per�onnel , the Council of the City of S�. Paul does hereby approve the
following tran�fer of Community Dev�1opment B1ock Gran�C Years V� and VTI funds; and 6e it
FURTHER RESOLVEQ, that the budgets pravided by the City to the Housing and Redeve1opment
Authority fo.r imp1ementation of a portion of the City"s Community Development Block Grant
Years VT and UTT are hereby revised as indicated be1ow:
CURRENT INCREASE REVISED
pROJECT T�TLE BUDGET (DECREASE) BUDGET
CD Year VT
ZTA Acquisitions $ 300,000 ($300,000) -0-
Transfer tv CD Year VII 300,000
CD Year VII
NHS Revolving Fund $ 150,000 $300,000 $450,000
Transfer from CD Year V� 300,000 (300,000) . -0-
NDP Program Income 400,000 (400,000)
Unspecified Contingency 413,021 150,000 56�,021
TOTALS $1,263,021 $(250,000) $1,0],3,021
Transfer to CD VIII $250,000
Entitlement
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ApproY : irec or of Budget Approved: Director of Finance & Management
Gre Blees
COUNC[LMEN Requestgd by Department of:
Yeas Nays �
Hunt in nd Economic Develo ment
.�uao- � [n Favor /�
Maddox ��/ //
McMahon ��
snoweite� - __ Against BY �`-
Tedesco
Wilson
Adopted by Council: Date MpY � 8 ��2 Form Approv by City Attorney
Certified as_ y nci , re BY
� ��
Bl'. w
Appr e y ;14avor. Dat _b Appr v y Mayor for Su ion to Council
By �'VCJ _ BY
PUB��SHED MAY 2 9 1982
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HOl�StHG QND REDEVELOPNf�NT AUTHOR�TY OF THE C1TY 0� SAtNT PAUL, �fINI��S�TI�
. . - — �����`�
REPORT TO THE COMMISSIONERS DATE APri13o, I�82 .
REGA�DING VACANT STRUCTURES IN NHS AREAS ' �
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'The Housing Division of the Department of Planning and Econoeni� Development has beeri
working with th� Dayton's Bluff and West Side Neighborhood Hausirtig Services Companie�
to develop an affordable financing mechanism by which vacant �esidential structures in thase�
areas could be rehabilitated and re-occupied. � � � .
These properties are considered eyesores and impediments to continued revitatization. 'They .
aiso represent health and safety hazards to the sucrounding ,neig,hbor�. -
'i'he propasal first entails appraisals that would be conducted on the homes for which there
are willing sellers. The use of the HRA Tax Levy Fund would th�n be considered for us� in
possible optioning of the structures. These options would be assigned to quaiifi.ed bui�ders/devel'ap�rs,
.identified by the NHSs, who would commit to purchasing and rehabilitating the �truct�res,
and selling it to qualified purchasers under the Vfinneapolis/St. Paui Family Housing Program. -
To reduce the high cost of interim financing and thus increase the affordability ta the end
purchaser, staff proposes to transfer up to $300,000 in ITA Acquisi�Ion �xom CDBG Funds
to the NHS Revoiving Loan Fund, for the purpose of providing short term, !ow interes� canstruc�i�r,
loans to the qualifaed builders/developers. A fee wovld be chargeci to the builders/developers�
to cover 'the administrative cost incurred in this transaction> The Ioans would be secured � -
by a promissory note and woutd contain a call provision of December 3!, I982. }3uilders/devetc�p�rs
would stil! be required to obtain financing for the acquisition of the property eiYher throu�h
a private.lender or through other means. Repayment of ihe ITA ioan would occur upon completi�n.
of the improvements and final closing of the Family Housing mactgage� .
PED has set aside a sufficient amount of funds already to cover �nticipated ITA �cquisitions
°�.hat are reasonably expected to take place in 1982. This set-aside would not interfer with
those pro}ects.
This report is for informationa! purposes. The matter will be presented ta the CIB Gomrnittee
nr,r�l tF,o (`itv C`n��nril fnr �nnrnva) in U�v_ -
� �n �- pc. � �8a — 76_
..
' ` F�:/C7��� Rev01: 9/8/76�5
Rev. : 5/7/80
EXPLANATION OF ADMINISTRATIVF ORDERS, Rev. : 4/30/81
RESOLUTIONS AND ORDINANCES �,� ��,
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Qate: May 3, 19s2 RECEIV�� ��.�,���� �..., �,�,,.�...
MAY 5 — 1g82 �r.,; �;� '��- Y
,
�' ��:..:> � ;
T0: Mayor George La�imer MAYORS OFFICE K 's�-` ``� �`
� L:-; ;�E.N�,
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FROM: Wi 11 i am Q. Patton`�/�(D'' _ .�'�'
��
R�; Budget Amendments in CD Years VI and VII
RECEIVED
ACTION REQUESTED: MAY 41qf�
CITY ATTORNEY
P�JRPOSE AND RATIONALE FOR TNIS ACTION:
The approval of this Resolution will : � ,
l. Provide an 8 month loan of $300,000 from the ITA Acquisition Fund for the
purpose of providing rehabilitation financing for vacant structures within
the approved Neighborhood Housing Services (NHS) areas. For more specific
detail , please see attached HRA Board Report.
2. Recognize $400,000 in Program Income received as proceeds from the sale of
NDP land. $150,000 will be placed in the CD Year VII unspecified Contingency,
• and $250,000 will be used as a revenue source to finance the City's CDBG
Year VIII Program.
F�NANCIAL I�+IPACT: �
Sufficient CDBG funds are available and eligible for the above uses.
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ATTACHMENTS: /QFC�/L
Proposed Council Resolution p �q tcQ
HRA Board Report �OFpq/CFOF y�s �
O RI�T,� T,S, �� --�
�29 Fiyr F p�
c�MFNT F�Nqti�R
SFR��FS