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277212 WHITE - CtTY CLERK ��µ' /,��•.y/ (� PINK - FINANCE COUIICII A_ ( /��-J CANARY r- DEPARTM6NT �y�� A �� „ e�.ue •- MAYOR GITY OF SAINT PAUL File NO. � � uncil Resolution . . Presented By Referred To Committee: Date Out of Committee By Date RESOLUTIOh RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR A MULTI-FAMILY HOUSING DEVELOPMENT, GIVING PRELIMINARY APPROVAL TO THE PROJECT AND THE PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AND AUTHORIZING THE HRA TO EXERCISE POWERS CONFERRED ON THE CITY BY MINNESOTA STATUTES, CHAPTER 462C (BROADWAY SQUARE PROJECT) WHEREAS, (a) Minnesota Statutes, Chapter 462C (the "Act") authorizes cities, or housing and redevelopment authorities authorized by ordinance to exercise on behalf of a city the po4�ers conferred by the Act, the power to issue revenue bohds to finance a progran for the purpose of planning, administering, making or purchasing loans with respect to one or more mul�i-family housing development within the boundaries of the city; (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 �he City of Saint Pau1 , Minnesota (the "City") , the powers conferred by Minnesota Statutes, Sections 462C.01 to 462C.08, upon specific Program approval by the City Council ; (c) The HRA has received from Broadway Square Associates (the "Developer") a proposal that the HRA 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 instru- ment) (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; 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 engaged in the business of real estate development, and the Project to be financed by the Bonds consists of the construction of a multi-family COUNCILMEN Yeas Nays Requestgd by Department of: Hunt Levine In Favor Maddox McMahon B Showalter _ Against Y Tedesco Wilson Form Approved by City Attorney Adopted by Council: Date Certified Vassed by Co�ncil Secretary BY By� Approved by 1�lavor: Date Approved b ay r for Submission to Council By _ BY _ � . -2- 2'�`72�,� Building at Fifth and Broadway streets in Saint Paul , Minnesota, and the installation of equipment therein, that will result in the provision of additional rental housing oppor- tunities to persons within the community; (f) The City has been advised by representatives of the Developer that conven- tional , 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 the resulting low borrowing costs , the Project is economically more feasible; . (g) Pursuant to a resolution of the City adopted on July 14, 1981 , a program for financing the Project has been drafted, a public hearing on the Project and the financing program therefor was held on July 30, 1981 , after notice was published, all as required by Minnesota Statutes, Section 462C..�5, subd. 5, at which public hearing all those appearing at said hearing who desired to speak were heard; (h) No public official of the HRA or 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 City, in reviewing the Program, has considered the information contained in the City's 462C Housing Plan adopted March 6, 1980, (the "Housing Plan") , including particularly (i) the availability and affordability of other government housing programs; (ii ) the availability and affordability of private market financing for multi-family rental housing; (iii ) an analysis of population and employment trends and future employment needs; (iv) the recent housing trends and future housing needs of the City; (v) an analysis of how the Program will meet the needs of persons and families residing and expected to reside in the City; (vi ) an analysis of how the Program furthers statewide housing policies; (vii) whether the proposed amount of the bonds will exceed th� limitation provided in Minnesota Statutes, Section 462C.07, subdivision 2; and (viii ) an analysis of administrative and bond issuance costs; (j) The HRA has adopted on July 30, 1981 , a resolution with regard to the Project and the program of financing therefor, in expectation of the adoption of this resolution and in accordance with the ordinance authorizing the NRA to exercise the powers of a City under the Act; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul , Minnesota, as follows: 1 . The program cf financing the Project is in conformance with the goals and specifications of the City' s 462C Nousing Plan adopted March 6, 1980, and is hereby approved. 2. The City hereby gives preliminary approval to the proposal of the Developer that the HRA undertake the Project and the program of financing therefor, pursuant to Minnesota Statutes, Chapter 462C, consisting of the acquisition, renovation, rehabilitation and improvement of multi-family rental housing facilities within the City pursuant to the Developer's specifications. 3. On the basis of information available to the City it appears, and the City here- by finds, that the Project constitutes a multi—family housing development within the meaning of subdivision 1 (d) of Section 462C.05 of the Act; that the Project is located within a redevelopment project area established pursuant to Minnesota Statutes , Chapter 462; the WMITE - CITY CLERK - . PINK - FtNANCE COl1tIC1I 21� CANARY t*- DEPARTMENT G I T Y O F S A I N T PA LT L ` � B�IJE +- MAYOR - File N . _ , . Co �l Resolutian Presented By Referred To Committee: Date Out of Committee By Date -3- availability of the financing under the Act and the willingness of the HRA 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 provisionof additional multi-family housing opportunities to residents of the City, to prevent the emergence of blighted and marginal land and to promote more intensive development and use of land within the City. 4. 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. 5. The Developer has agreed that it is hereby determined that any and all costs incurred by the City and the HRA in connection with the financing of the Project whether or not the project is carried to completion and whether or not approved by MHFA will be paid by the Developer. 6. Nothing 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 HRA for this purpose. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City or the HRA except the revenue and proceeds pledged to the payment thereof, nor shall the City or the 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 the 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 the HRA. The Bonds shall recite in substance that Bonds, including the interest thereon, are payable solely from the revenues and proceeds pledged to the payment thereof. The Bonds shall not constitute a debt of the City or the HRA within the meaning of any constitutional or statutory limitation. 7. The HRA is authorized to exercise, on behalf of the City, the powers conferred by Minnesota Statutes, Sections 462C.01 to 462C.OS with respect to this Project and the program of financing therefor. COUNCILMEN Yeas Nays Requestgd by m nt of: Hunt Levine [n Favor Maddox McMahon � y�,�� Against BY Tedescb wlson JUL 3 0 1981 Form Appro y C' ttor y Adopted by Council: Date — -- ` Certified Pa s y Council retar BY B ✓ Approv by :4lavor: �VV � ,�` Approve ayor for Submi ouncil By BY $�\� - �:��t� AU� 81981 � �, - � �7 -� � ) � � � , o�A~°,,� l `,:'�., = . �►� g� ;� 7 �,M'*v ' e.. � qf- �,��, `� �r �:+ a.m. � ' the`,� Ho m�d#":1 .. :IM��'�!ft`_ �Ing�� aftK.�: d 7b�i: e:C4f ho�n !. F , TIi1� - ��p��sts;, 01� � � �Ot�i�buws..:.:. . }f �f,. ; v ��1 y[ th ,". n � °� �� '�M?1t�'�4�, f a�u 11�.. s��«� .��ttoni a�:e, �NOYv �� MC" � .��.M _..IIN�N� : �m`�':. Ify'W ob iftA1 NEM`bN'1MtAar"popr ,�' A'<M City�� s .� Ms ro :�S.1Aen�.:;�. D �- �Py�� t�.... �d - ►h- . sw�flrbli�►Y �q111P �0 b'� p m.. sr+.�� pmih�r:GJ . �' . � �R� . . Atiha �qMed Mr R #��T� I RmW�M � 1 wna e '��p�a��e� _- bress the� t io tM 'of._!ulY;" . ��.�1�.��t�C�. m., .son. 'Clty ,Rr�ss-WaP.��li,aoiy5�.. � . • �`� � � i .Z., NOTICS OF A PIJBLIC HEAEWG ON A PBOPOSAL FO�A�YOGBAM TO FINANCB A MULTI-FAIIQLY OWNES OCCUPIED AOUSING D6PLLOPMEN? To whom it map concern: Notice is hereby�ivm that ffie pt�Councll of Ne City of Saint Patil,Hinnesda�vill meet . �t t6e City Coundl Chambc.Qt�Hall!n the Ctty of Saint Aul,1[innesota�t 10:00 o'dodc a. .�Jul �0 1981,to emslder the proposal . o ros w�y qwte Assod�tes. Lhat the Housin�and ltedevelopmmt Authortt�of tbe Cit�of Saint P�ul C'HRA")asist io flwncin� a development hereinatter deaeribed by tse is- suance of housin��eveaue bmda Desctipt3on of Devdapmeat 1'he developmmt consists d t6e constnm tion of a mulU-lamtl� +mtal housins devdopment of appmzimatet�SS units.The ' devdopment is lonted in the C�rdono Ware6ouse Buildia� laated at Fitth and Broadway In Salnt Paul.)[im�sott. Ybe estimated principa!amo�mt of bands ar �othv obU`�tions to be lasued to Soaoce the drvelopment is t2,S00,0pp. , Said bonda or othv obliptioos tf and when Issued w!ll aN constitute�t�r�e,lim or m- cumbnnpe upon any propert�ot t6c HRA o�r � the City ot Ssint Pwl(the"dt�'q except t6e proiect�nd such bands or obli�atl�s p1ll nd be a charge agsinst She HRA or the Gty's smeral credit or t�xin` po�ers Dut are payable frmn sums W be paid b' t6e devel�pen purwant to a revmne�greemmt. A dnit copy of the proposed Aausi��flnance � prognm,together wlth a1l�ttachmenb aod � exhibits theieto an availabk foi puDlic lo- spectim beelmina July 17, IYSl, from 9:00 u'clock a.m. W 4:00 o'clack p.m.: Monday . through Friday,at the ofTices ot t6e Develop ment Division,Departc�nt oi Planning and Ecanomic Develtipment, Cit� Hall Anaac, • 12th floor. At the time end place tized fot said Publlc Hearing,the Clty Courcil of t6e City of Saint' Paul,Minnesota will give all peisons who ap pear at the hear[ng an opportunity to express their views with respect to the proposal. Dated t6is 14th day of luly,19l1. By:AL OISON .City Clerk _ .(July ld) OM O1: 12/1975 Rev. s 9�8�76 _ �C+ � I 1�� EXPLANATION OF A]�IINISTRATIVE ORDERS, � �� Fa Date: '1`�?�l�g� JUL � 81981 T0: � ,/� �� Q _ �l� W�-�L� tilLl WILSUN �- FR: S� RE: � r�� - . . �`�-wc'2 f� , ` � � � ACTION REQUESTED: ,L� � � I�'�� • '�( � p� . - � �� , s�� -�� '' � � � � � � ,r, � � � �� ` � � � n PURPOSE AND RATIONALE FOR THIS ACTION: �b� � � � _ ,_,�r� � � � � �/� (� �%tR-F�.�-..•-• • .` -�.-�s � �'Zo� �. $� �.��.� " � � �'p � �- ATTACF�IENT S: