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277885 WHITE - CITY CLERK PINK - F NANCE �`� `� � CANARY r 'D�PARTMENT G I T Y O F S A I N T ��U L COUIIGI �f�� BLUE ` - MAYOR , File N 0. � � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date (City - Resolution) RESOLUTION APPROVING THE LOWERTOWN HOUSING PROGRAM OF THE HOUSING AND REDEVELOPNIENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA, THE HOUSIL�TG DEVELOPMENT REVENUE BONDS TO FINANCE THE PROGRAM, THE VARIOUS AGREEMENTS RELATING THERETO AND USE OF URBAN DEVELOPMENT ACTION GRAN'P FUNDS IN CONNECTION THEREWITH WHEREAS: A. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") will undertake a below market interest rate mortgage loan program (the "Lowertown Housing Program" or the "Program") pursuant to Minnesota Statutes, Chapter 462A and 462C, and Chapter 72, Saint Paul, Minnesota, Administrative Code, relatin� to Housing and Rehabilitation Finance Programs; and COUNCILMEN Requestgd by Department of: Yeas Nays Hunt --t� In Favor Maddox �,� __ Against BY — Tedesco Wilson Form Approved by City Attorney Adopted hy Council: Date — Certified Yassed by Council Secretary BY sv -- Approved by 14avor: Date _ Approved by Mayor for Submission to Council BY - _ — By _ � • • ' Page 2. ��r�� B. Chapter 72, Saint Paul, Minnesota, Administrative Code, relating to Housing and Rehabilitation Finance Programs (the "Ordinance") authorizes the HRA to exercise, on behalf of the City, the powers conferred upon the City by Minnesota Statutes, Chapter 462C (the "Act") upon the authorization and direction of the City, which authorization and direction was given by Resolution C.F. 277810, adopted December 15, 1981; C. By Resolution No. 81-12/_-_ of even date herewith (the "HRA Resolution") , the HRA has authorized the issuance, of $4,355,000 Housing Development Revenue Bonds (Lowertown Housing Program) (the "Bonds") dated as of December 1, 1981; D. The City of Saint Paul has applied for, and been granted, Urban Development Action Grant No. B-81-AA-27-00_ (the "Action Grant") the proceeds of which Action Grant shall be applied to assist the Broadway Square Project which is to be assisted by the Program; and the City has entered into a Grant Agreement with the United States Department of Housing and Urban Development pertaining thereto (the "Grant Agreement") ; E. The Lowertown Redevelopment Corporation, a Minnesota nonprofit corporation (the "LRC" ) proposes to participate in the Program by providing certain additional financial assistance to persons of low or moderate income receiving mortgage loans pursuant to the Program; . F • , Page 3. ��'�� F. The Indenture of Trust pursuant to which the Bonds shall be issued, together with various other Agreements specified in paragraph 10 of the HRA Resolution have been submitted to the HRA for approval, and the HRA has approved such Indenture of Trust and Agreements and authorized such Indenture of Trust and Agreements to' be executed; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota as follows: 1. The Council hereby ratifies and confirms the authorization and direction to the HRA to carry out the Lowertown Housing Program, and to issue the Bonds to finance the Lowertown Housing Program upon the terms set forth in the HRA Resolution. 2 . The Council hereby adopts and confirms the findings and determinations contained in the HRA Resolution; 3. The Council hereby approves the forms of the Agreements specified in paragraph 10 of the HRA Resolution. The Funding Agreement, specified in such HRA Resolution is authorized and directed to be executed or accepted, and delivered, in the name and on behalf of the City by the Mayor, the City Clerk, the Director, Department of Planning and Economic Development and the Director, Department of Finance and Management Services upon execution thereof by the other parties thereto and upon approval of the form thereof by the City Attorney. � � � ��'`��5 • Page 4. . 4. The form and terms of the documents described in paragraph 10 of the HRA Resolution, including the agreement referred to in paragraph 3 hereof, may be varied prior to execution and delivery by the parties thereto, provided that any such variance shall not be, in the opinion of bond counsel and the City Attorney, materially adverse to the interests of the City. The execution and delivery of such documents as provided in paragraph 3 hereof shall be conclusive evidence of the determination that any such variance was not materially adverse to the interests of the City. 5. Pursuant to the Indenture of Trust and Grant Agreement, the Council hereby authorizes and directs the Department of Finance and Management Services to deliver to the Trustee, on the day of issuance of the Bonds, the sum of $250,000, which sum shall be drawn from the HRA' s Tax Levy Account. Such Account shall be reimbursed from funds to be deposited with the HRA by Developers or as provided under the Action Grant as provided in the Grant Agreement. The Mayor, Director, Department of Finance and Management Services and Director, Department of Planning and Economic Development, or their designees, are hereby authorized and directed to prepare, execute and furnish such certificates and other documents as may be from time to time necessary or desirable to obtain Action Grant funds for the Broadway Square Project or Program pursuant to the Grant Agreement and Exhibits thereto, other related documents or agreements. WHITE - CITY CLERK +.1��---��yyy((['''```��1 PINK - ,FINANCE ��y�(Q * CANARY -, tlEPARTMENT G I TY O F SA I NT ��U L COUtIC1I VV BLUE� � - MAYOR � File N 0. ' ouncil Resolution Presented By C�� Referred To Committee: Date Out of Committee By Date - Page 5. 6. In the event any of the officers of the City authorized to execute documents on behalf of the City under this resolution, shall for any reason be unable to do so, any other officer of the City, is hereby directed and authorized to do so on behalf of the City with the same effect as if executed by the officer authorized to do so in this resolution. 7. The Mayor, City Clerk, and other officers of the City are authorized and directed to prepare and furnish when the Bonds are issued, certified copies of all proceedings and records of the City relating to the Bonds and such other affidavits and certificates (including but not limited to those required by the Contract of Purchase) as may be required to show the facts relating to the legality, tax exemption and marketability of the Bonds as such facts appear from the books and records in said officers custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the City as to the truth of all statements made by the City and contained therein. COUIVCILMEIV Requestgd by Department of: Yeas Nays � _... Hunt �� - -�+..�- [n Favor Maddox sh�e �` __ Against BY — Tedesco Wiison DEC 2 9 �95� Form Approved by City Attorn y Adopted by C�uncil: Date _ Certified P� •s d y Council Se tar BY `-'� By Ap d by 17ayor. tet! � -� 3 O }�� Ap by Mayor for S mi `ion to Council By � — B PUBUSHED JAN 91982 y � 1�� ; - aw: oi: i2�1975 Rev. : 9/$/7� : Rev:`: 5/7j8� EXPLANATIOa1 QF ADMIMiSTRATi�E OR[�RS, R�v.: �/3�J8i RESOLUTIt�+tS �10 OROINANCES : Date• 1Z/zy�g� � . T°: �.1�-yorz L RE��N��; e�T�i M��Z ut� - FROM: ��.V� ;� �l�os��soal Z � 1981 ' 2E: .., _., MAYORS O�FI�� . ;��w��+/ Co�t�o ��✓ . '�-��. ,�,ec,��,�, ,. ACTItNi REgUESTED: i ��✓ >2�sd�u,�o,✓ � � �� C �� 2/Zg ...._. � PURFQSE AND RATIONAC.E FOR THIS ACTION: _ ��-� o-� L,a��t��h �� l��r�..c� : ��: � � � �D�/ f�19 � -,F�a.�c e Ca.►�� ?� W�iV'e; s �. e , ��ro-o�- � k a�'e !•ut a( a'l�^-2� �-fl�/`�!' � �� f o � c�S . , � � FINl1�CIAL IMRACT: � �r 3 5�� (�o o �Ev�P-�..k 2 �� S � I�tooi on �' d'�lt�� i� �.'� /� �� ( �s'GS o--o� (,l j�,�--�--_ ��. �t�,,, S c� � l � Q''�- . ,-� ATTACF�lE�tTS. (c�. $-o ��..� � °-,.,�