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277615 WHITE - CITY CLERK ��r�R PINK - � FINANCE .COUI1C11 Q V CANARY - DEPARTMENT G I TY O F SA I NT PA IT L BLUE - MAYOR File N O. . ncil Resolution Presented By � Referred To Committee: Date Out of Committee By Date RESOLUTION RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT, GIVING PRELIMINARY APPROVAL TO THE DEVELOPMENT AND THE PROGRAM PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AND AUTHORIZING THE SUBMISSION OF FINANCING PROGR�M FOR APPROVAL TO THE MINNESOTA HOUSING FINANCE AGENCY AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH THE SAID PROJECT AND PROGRANi WHEREAS, (a) Minnesota Statutes, Chapter 462C (the "Act) authorizes cities, or housing and redevelopment authorities or 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, directly or indirectly, with respect to one or more multi-family rental housing developments within the boundaries of the city; COUNCILMEN Yeas Nays Requestgd b�partment of: Hunt � Levine In Favor Maddox McMahon B Showalter - __ AgalnSt y Tedesco Wilson Form Approve by City Attorney Adopted by Council: Date — Certified Passed by Council Secretary By gy, Approved by Nlayor: Date _ Appro ed y yor�or Subm' o Council By _ - — gy � . � � Page 2. �i�'� �� (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, Section 462C.01 to 462C.08; (c) The HRA has received from Sherman Rutzick and Louis Meyers (the "Developer") a proposal that the City 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 instrument) (the "Bonds") by the HRA pursuant to the Act; (d) The City desires to: facilitate t�ie development of multi-family rental 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 the elderly and handicapped and for persons of low or moderate income; 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. The Project to be financed by the Bonds is the acquisition and rehabilitation of multi-family rental housing and consists of the acquisition of land and buildings and the rehabilitation of such buildings and the installation of equipment therein, that will result in rental housing which complies with present and proposed energy and safety building codes and standards; . •, � Page 3. ��J (f) The City has been advised by ` representatives of the Developer that con- ventional, 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 resulting low borrowing costs, the Project is economically more feasible; (g) Pursuant to a resolution of the City adopted on ds _ �, , 1981, a program for financi g the Project has been drafted and, a public hearing on the Project and the financing program therefor was held on �,:'�T�;ye,.� �a , 1981, 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 Project nor will any public official either directly or indirectly benefit financially from the Project; (i) The Developer has submitted to the HRA a form of Memorandum of Understanding executed by the Developer, expressing certain understandings by and between the City and the Developer pertaining to the Project, and the financing therefor, including the understanding that the Developer intends to sell the Project to a person a persons as yet undetermined (the "Purchaser") . NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota, as follows: ' , ��t'. e �.�5 � Page 4. 1. The City hereby gives preliminary approval to the proposal of the Developer that the HRA undertake a 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 or Purchaser' s specifications and to a revenue agreement between the HRA and the Developer or Purchaser on such 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 interest on the Bonds in the total principal amount of approximately $7,000,000 to be issued pursuant to the Act to finance the acquisition, renovation and rehabilitation of the Project; and said agreement may also provide for the entire interest of the Developer or Purchaser therein to be mortgaged to the purchasers of the Bonds, or a trustee for the purchasers of the Bonds; and the City hereby authorizes the HRA to issue its bonds in accordance with such terms and conditions; 2. On the basis of information available to the HRA and City it appears, and the City hereby finds, that the Project constitutes a multi-family rental housing development within the meaning of subdivision 5 of Section 462C.02 of the Act; 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 Developer to undertake the�t Project, and that the effect of the Project, if undertaken, will be to encourage the retention of multi-family rental housing opportunities to low and moderate income residents of the City, to assist in the prevention of the emergence of blighted and marginal land; 3. The Project, and the program to finance the Project by the issuance of housing 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; 4. In accordance with subdivision 5 of Section 462C.05, Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the program for financing the project to MHFA, requesting its approval, and other officers, and employees and agents of the City and HRA are hereby authorized to provide MHFA with such preliminary information as it may require; , � � Page 5. �� 5. The Developer has agreed and it is hereby determined that any and all costs incurred by the City 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 or Purchaser; 6. The Developer has informed the City and HRA that it is the current owner of the Project, and that the Developer intends to sell the Project to a person or persons as yet undetermined who will acquire the Project and carry out the rehabilitation thereof; the conveyance of the Project to the Purchaser is hereby preliminarily approved provided that said Purchaser agrees to be bound by the terms of the Memorandum of Understanding hereinafter referred to; 7. Briggs and Morgan, Professional Association, acting as bond counsel, and such investment bankers or underwriters as may be mutually agreed upon by the HRA and the Developer are authorized to assist in the preparation and review of necessary documents relating to the Project and the financing program therefor, to consult with the City Attorney, Developer and purchasers of the Bonds (or trustee for the pur- chasers 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 or HRA funds on the Project(other than the revenues derived fran the Project�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 the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereon against any property of the City or HRA. The Bonds shall recite in substance that Bonds, including the interest thereon, are payable solely from 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. WHITE - GTY CLERK �� PINK - � FINANCE COUt1C11 CANARY.- DEPARTMENT G I TY O F SA I N T PA iT L BLUE ` - MAYOR File N O. Council Resolution Presented By Referred To Committee: Date Out of Committee By Date Page, 6. 9. In anticipation of the approval by MHFA and the issuance of the Bonds to finance all or a portion of the Project, and in order that completion of the project will not be unduly delayed when approved, the Developer is hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Project to be financed from the proceeds of the Bonds, as the Developer considers necessary, including the use of interim, short-term financing, subject to reimbursement from the proceeds of the Bonds if any when delivered but otherwise without liability on the part of the City or HRA; 10. Subject to the approval of the City Attorney, the form of the Memorandum of Understanding are hereby approved. The Memorandum of Understanding is directed to be executed in the name and on the behalf of the HRA by its Executive Director, Assistant Secretary and Director of Finance and Management Services upon execution thereof by the Developer. Adopted by the City Council of the City of Saint Paul, Minnesota this day of , 1981. Mayor Attest: COUNCILMEN Request�d by Department of: Yeas Nays � Hunt �evine In FavOC / Maddox /�► � Showalter 'l�/ A gai n s t BY llU� Tedesco wison 0 CT 2 9 1981 Form Approv y C' y to Adopted by Council: Date — L Certified P• -_ d Council S etar By �� App b EVlavor: � `� n �90� Appro y r fo Submis ' cii By gy � BUSHED NOV 71981 . � �� .�"" . ' �101: iz/1975 ` ' Rev. : 9/8176 Rev. : 5/7j80 EXPLANATION OF A�IIaISTRAi'IYE O�ERS, Rev. : 4j30/81 RESOl.UTIONS AND OI�INANCES D�te: October 8, 1981 ---�-'�;-_'_r�;� . T0: Mayor Latimer �r�� . nr� ��,..,�...,,. ,,.��C� FR�I: Terry McNellis`iv-� � : �ti , e, ,w RE: Geargetown Housing Complex � ACTI�+I REQUESTED: Approval of Resolution with submission to City Council. WJRPOSE AND RATIOPI�LE FOR THIS ACTION: Action is flece�ary in ocder to proce�ed with financing of the purchase to a qt�alified individusi oc individuals of the Georgetown Housi�g eomplex. ?his action was previously approved by the H�R�4-�Bvard�on September 24. _ �,GS.�-�L�:s��.� � c,� � � G'ow�c; � ,��o t;� 4��, ' � , � � � . , � � � � � � � � r . .. �) � . .. � . . FIMANCIAL II�ACT: ' Will generate �ees to the Department, Wi21 cesult in added investment to the existing project and s�rve to stabilia,e tfie property tax base for the project. 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" . � • ' �� . . � . ,��r� ` ...�.+�'�^�� . � , , � � � �7�� s AFFIDAVIT OF PUBLICATION STATE OF MINNESOTA COUNTY OF RAMSEY � � ROSEMARY J FRANK , being � duly sworn on oath, says: that he is, and during '� ,�_�,�.; � ° s�6t''�-': all times herein stated has been, Clerk of the � Northwest Publications, Inc., publisher of the newspaper known as the St. Paul Dispatch, St. �r Paul Pioneer Press, St. Paul Sunday Pioneer 'a�Mf �,;, Press, a newspaper of general circulation within aTM the City of St. Paul and the County of Ramsey. �. � t f That the Notice hereto attached was cut from ��►�-� �r the columns of said newspaper and was printed a�""`� ' d•'• and published therein on the following dates: ,� ,�: iAy ; � -:, 26th day of Sep , 19 81 bilit' .^�f . .��' „`_ d ay of , 19 , �� : day of , 19 .� « day of , 19 �� + � ,:a. � day of , 19 °� " � `�,� day of , 19 µ.�y� �t.�, �MRt�A M f '�. �„� „+� d ay of , 19 i/.and tw :NOT ror� ,�� i p�� i Wnt YNII-� � ' '��dNf�qi! a } �Mr. A. � � . xti�lo W.rO f� �"""" � Subscribed and sworn to before me this r�f�e i�' at ��,�� ;� 28th day �►f se� , 19�L_ � � o�a �.n+;u��+�:��. i°� , , �� . � ,- R ct�rv . ��`,�� : , otan• Public Washington County, Minnesota My commission expires Oct 10 , 19 87 XA�JpAAisAd�R��A��'^�`�'AI��Nb.�� lCAY M F�f?CHtE r, ,<�^�, � :�� :^: NOTRRY 9UBLfC• �E�fvCSOTA s F��rm 24(, � 'y,�'t�•� •• V�iP,StfkNuTC7i�!C(?UNTY ;" � :�� s �.: My Cammission ExpiFes Oct. 10,1�37 � a�vsatiyysr�'��r�rrr�rytwlvl'zr��v�`��r��X X . , � ' �� -- ,��,�� F, �� ,, �� .� ,;3. �,� � �V , �� ,C; ,'�� 1 YJ �� y�; R r �i Y-: �n I iII ;t. ,., �� i ; �!. [�.�;�, . . ��'1y f_ . • � �r G.�/� - ��. NOTICB OF R11/LIC NEARIlYG ON A R;Alli8AL l�Ae''=•'>� �RO�LAIt?O FINAMCE A M�`�'i l�If1LiQL!i8�,� �lqeara navs�.or�xr . -• !4; ,a_,: b,�a, Taahodr�l�Yc��, „�;�:,q,* ��faitin!��:�� '� � � ;� • ot c�C�r�:�1!hibt�u+� ` " cliy�a'��„t,`�aro�,r ;k a.m. � posaY6i E�� " - that tl�� tr or jag��:�sa;�e p �F�itA�a:ds'�'ln ��` _ n�r�ei 3e:.�� ° tnj��'�_ : '�i...��,*,�': �; ..D�fefoa ot ' �j-: The deiKliipioe6t mhs�ls �„y Hon qo�}�!pi}itation ot. tal ho�,�w co�m�� "Georgetown . The`dR�eIoD located�t�S'F 83flsdtlf�ldi�e " - ti of �t Panl:i<i�e,,�pprps�. a�t4.4��' de�`�AdU . �'� . to. �y� .. �, s. P��lieta�lu� _ devria�l�t.�io6lesa tL�$�t�" (�€'O� th�V�d4p�ppptj s� '��; �.�: � . � .'a �_oftie�N�altIods T .•,d3,d.t:lY�Yk.: 1'hsad�p�' �°�:�!��.- , �* tmaace,}jye+�sa e� STAGd.906t��ban f. and�EdKi��v ti lien or��r Py,opt�[� �►�!�&��,'�• ce�e.��p�,� Wn ��e -,a �tY�B��cll�!!t�o� ^ � Pe9a�fL-t�Fim'z� �1ilb:��ypp;' devele�lee)�rs��!!►tt�,.. Hear�t1�C t�t�auod�pe� Paul.�[lnse'ota will pre all p� �pt pear�!ihefieacing aM.�pyoet . theitvla¢s with rapect.tp.the D��,tMf�r'lft�dq�'.4��tembet,�1:- (BY �{p� OF,TFIS�CO�raF TH��?T�d►.�'. t�„ �,4,► e:n^+.�b� .. . By:k�.AE • N •„;'' . iy:L"krk ' ;• '(SePtemberZB.19�i)''"'9 WHITE - CITY CLERK ' pl�- FINANCE � COUflCII BLUE�v - MAYOR MENT � I T Y O�'' S A I N T � A U L File N 0. 2'�`7�g5 - �� , � Counc.il Resolution ,,,� ��,� �-V � i�,��.,,, , ' � � �--- Y/��,- /� Presented�By .�,��-�Z�.� /�-rf'/ '/�/��-- Referred To / / Committee: Date Out of Committee By Date RESOLUTION CA.LLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A PROGRAM FOR A MULTI-FAMILY RENTAL HOUSING DEVEIAPMENT PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C AUTHORIZING THE PUBLICATION OF A NOTICE OF SAID HEARING AND AUTHORIZING THE PREPARATION OF THE NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID HEARING WHEREAS, (a) Minnesota Statutes, Chapter 462C (the "Act") gives cities, or housing and redevelopment authorities or port authorities authorized by ordinance to exercise, on behalf of the city, the powers conferred by the Act, the power to issue revenue bonds for the purpose of planning, administering, making or purchasing loans, directly or indirectly, to finance one or more multi-family housing developments 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 the City of Saint Paul, Minnesota, the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.08; COUNC[LMEN � Requestgd by De�artment of: feas Nays . Hunt Levine [n Favor : Maddox nncnnanon __ A ainst BY Showalter g Tedesco wlson Form Approved by City Attorney Adopted by Council: Date Cert�fied Vassed by Council Secretary BY gy, Approved by Mayor for Submission to Co�ncil Approved by Vlavor: Date Bs� -- -_ --- By � ' � - , , ��'�4�5 , � � �'7'7G15 Page 2. (c) The HRA has received from Sherman Rutzick and Louis Meyers (collectively, the "Developer") a proposal that the HRA undertake a program to finance the acquisition and rehabilitation of a multi-family ; � rental housing development by the issuance of its - _ - revenue bonds (which may be in the form of a single t� debt instrument) pursuant to the Act; i (d) Before proceeding with consideration of the request of the Developer it is necessary for the City to hold a public hearing pursuant to Section 462C.05, Subdivision 5 of the Act; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota as follows: 1. A public hearing to consider the proposal of the Developer will be held at the time and place set forth in the Notice of hearing hereto attached. 2. The general nature of the proposals and the esti- mate of the principal amount of housing revenue bonds to be issued. to finance the proposal are described in the form of Notice of Hearing hereto attached. 3. The Notice of said public hearing shall be in sub- stantially the form contained in the Notice hereto attached. ��' CITY CLERK `'rtN-•t-'- e � `�V - DE A TMENT � G I T�Y O F S A I N T PA U L F le cil N O. ��f �� - MAYOR , � �Council Resolution .��/�"" � Presented By Referred To Committee: Date Out of Committee By Date � 4. The City Clerk is hereby authorized and directed to cause said Notice � of Hearii:�g to be given by publication in the official newspaper of the City of S�Int Paul, _ ` � iVIinnesota, and in a newspaper of general circulation, not less than 15 days pridE- to the � t t date fixeil for said hearing, as shown in the Notice of Hearing hereto attached. � COUNCILMEN Yeas Nays Requestgd b Department of: Hunt � t��e �_ In Favor NFaddox McMaho� y�,�it,� � Against BY Tedesco Vlrlson Adopted by Council: Date SEP 2 4 1981 Form Approv d by C' ne � Certified P•.s�d by Council cr BY ' Bl, �lJ�.� ��-� . Approved avor: Date � Approve Mayor Eor u i ion to Council sy By l► �t PUBLISHED 0 C T 31981 3 lst / —'��'' b 1 __2nd /�� ' �l 3rd — r � Adopted /� — / / — � Yeas Nays H� � J� �s-� LEVINE ��.� McMAHON � SHOWALTER TEDESCO WILSOt1 PRESIDENT (MADDOX) " �