276773 WMITE - CITY CLERK
PINK ,- FINANCE 1'�
CANARY - DEPARTMENT G I TY O F SA I T PA U L COUIICII �� /� �
BLUE �- MAYOR � �
Crity AttYly/SDM � � File N 0.
' n il ion
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLUTION RECITING A PROPOSAL FOR A FINANCING
PROGRAM FOR A MULTI-FAMILY HOUSING DEVELOPMENT,
GIVING PRELIMINARY APPROVAL TO THE PROJECT AND
THE PROGRA.M PURSUANT TO MINNESOTA STATUTES,
CHAPTER 462C, AND AUTHORIZING THE HRA TO EXER-
CISE THE POWERS CONFERRED ON THE CITY BY
MINNESOTA STATUTES, CHAPTER 462C, (BLOCK 40/
LOWERTOWN SITE)
WHEREAS,
(a) Minnesota StatutES, Chapter 462C (the "Act")
authorizes cities, or housing and redevelopment
authorities authori.zed 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 purpose of planning, adminis-
tering, making or purehasing loans with respect
to 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 be-
half of the City of St. Paul, Minnesota, (the "City")
the powers conferred by Minnesota Statutes, Section
462C.01 to 462C.08, upon specific Program Approval
by the City Council;
(c) The HRA. has received from Mears Park Develop-
ment Company, (the "Developer") a proposal that the
HRA undertake a program to finance a Project
COUNCILME[V Requestgd by Department of:
Yeas Nays
Hunt
�evine In Favor
Maddox
McMahon B
snoweiter __ A gai n s t Y
Tedesco
Wilson
Focm Approved by City Attorney
Adopted by Council: Date
Certified Vassed by Council Secretary BY
By.
Approved by 17avor: Date _ Approved by Mayor for Submission to Council
BY - – — BY
: � � ���'���
-2-
hereinafter described, through the issuance of revenue
bonds (which may be in the form of a single debt
instrument) (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 with-
in the boundaries of the City; and the Project will
assist the City in achieving these objectives;
(e) The Developer is currently engaged in the bus-
iness of real esta�te development. The Project to be
financed by the Bonds consists of the construction of
a multi-family owner-occupied housing development of
approximately 250 units located on Block 40/Lowertown
site bounded by Fifth, Sixth, Sibley and Jackson Streets
in St. Paul, Minnesota, and the installation of equip-
ment therein, that will result in the provision of •
additional housing opportunities to persons within
the community; together with parking facilities which
are functionally related and subordinate thereto;.
(f) The City has been advised by representatives of
the Developer that conventional, 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 April 21, 1981, a prograrn for financing the Project
has been drafted, a public hearing on the Project and
the financing program therefor was held on May 5, 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 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;
� . ' �+ 1'��� 0 �
• -3-
(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 affor-
dability of other government housing programs; (ii) the
availability and affordability of private market
financing for multi-family housing; (iii) an analysis
of population and employment trends and future employ-
ment 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 housinc�
policies; (vii) whether the proposed amount of the bonds
will exceed the limitation provided in MSA �462C.07,
subdivision 2; and (viii) an analysis of administrative
and bond issuance costs.
NOW THEREFORE, BE IT RESOLVED by the Council of the City of
' Saint Paul, Minnesota as follows:
1 . That the Program is in conformance with the goals and
specifications of the City' s 462C Housing 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, reno-
vation, rehabilitation and improvement of multi-family owner-
occupied 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 hereby finds, that the Project constitutes
a multi-family housing development within the meaning of sub-
division 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 and within a
Development Project Area established pursuant to Minnesota
Statutes 472A; the 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 under-
take the Project, and that the effect of the Project, if
undertaken, will be to encourage the provision of 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
WHITE - CITY CLERK ����{
PINK - FINANCE COUflC1I �� ,� ��
CANARYn - DEPARTMENT G I TY OF SA I NT PAU L
BLU@ � - MAYOR
, File N .
' � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
—4—
program by the Minnesota Housing Finance Agency ( "MPiFA") and sub—
ject 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 and 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 the Program
is approved by MHFA will be paid by the Developer;
6 . Nothing in this Resolution or the documents prepared pur-
suant 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 revenue 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, Section 462C.01 to
462C. 08 with respect to this Project and Program.
COUNCILMEN Requestgd by De partme�t of:
Yeas Nays T� v
Hunt r�
te,��e- [n Favor
Maddox �
McMahon
snowaite� __ Against BY
Tedesco
Wilson MAY � '���
Form Approved City orney
Adopted by Council: Date —
�
Certified ssed by Cou �1 Se ar BY �1 �� '
g.. '\�IJ��
Approv Mavor: , 1-Y'1� � ��81 Approved ayor for Submissio ouncil
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By - BY
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STATE OF 1111NNESOTA � . � �
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