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277485 WMITE � CITY CLERK ' ' PINK - FINANCE COUIICII �/ (�F�/(/,�� CANARY - DEPARTMENT G I T Y O F S A I N T PA U L I'r� Y i�� BLUE - MAYOR File N O. � c 'l Resolution Presented � Referred To Committee: Date - Out of Committee By Date RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A PROGRAM FOR A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT 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") gi�es 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; COUIVCILMEN Yeas Nays Requestgd by Department of: Hunt Levine In Favor Maddox McMahon B snowaite� __ Against y Tedesco wlson Form Approved by City Attorney Adopted by Council: Date Certified Yassed by Council Secretary BY By Approved by ENayor: Date Approved by Mayor for Submission to Council By _ BY ' ^ F+r�L f��� 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 debt instrument) pursuant to the Act; (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. WHITE �- CITYCLERK �"'y1°F:�'"= � � PINK - FINANCE COUIICII � ���� C�NARY - DEPARTMENT G I T Y O F SA I N T PA U L �� tl BLUE - MAYOR File N O. 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 Hearing to be given by publication in the official newspaper of the City of Saint Paul, Minnesota, and in a newspaper of general circulation, not less than 15 days prior to the date fixed for said hearing, as shown in the Notice of Hearing hereto attached. COUIVCILMEN Requestgd b Department of: Yeas Nays � Hunt Levine In Favo[ Maddox McMahon snowa�ter --�-- Against BY Tedesco Wilso� SEP 2 4 1981 Form Appro d by C' rne Adopted by Council: Date — � Certified P•.s d by Council cr BY B� Approved • avor: Date P � Approve Mayor for u i sion to Council By — BY PUBLISHED 0 C T 31981 . � � - �� � Y_ ������7� Rev.: ' 9I8/76 Rev. : 5/7/8t) EXPLANATION OF A�INIS7RATIYE t#�ERS, Rev. : 4/�0/8I RESOLUTIQNS �ID ORDINANCES Date: SEPTEMBER 23, 1981 V SN L�S� . T0: MAYOR LATIMER N LEOS �D�MlY FROM: TERRY MC NELLIS ��k '�1 U� RE: GEORGETOWN ACTION REQU�STED: APPROVAL OF RESOLUTION FOR SUBMISSION TO CITY COUI�t�llW, � (PLACED ON AGENDA FOR COUNCIL MEETING SEPTEMBER 2k, 19l�I) PURPOSE pND RAT�ONALE FOR THIS ACTION: PRELIMINARY RESOLUTION ALLOWS TH� PRESENT 01VNER TO NEGOTIAI'E WITH INTERESTED INVESTORS AND HAVE THfi RESULTANT COST ELIGIBLE FOR REIMBURSE�ENT IF THE �'RO�ECT IS FINALIZED. PROJECT COiVSIST�;OF 53 DOUBLE H4MES (110 UNITS) EXISTING RENTAL HOUSI1dG. PROPOSED � L��YELOPMENT WOULD RETAIN THE UNITS AS RENTAL HOUSING ' WITH 2O9i6 OF THE UNITS HELD FOR OCCUPANCY BY SECTION 8 ELYGIBLE TENANTS • , FII�IANCIAt. IMPRCT: ' � INCRFASED REVENUES ATTAI�IENTS: _ COUNCIL RESOLUTION; N01TCE OF PUBLIC HEARIiVG � ' � , �'����y r, � NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR A PROGRAM TO FINANCE A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT To whom it may concern: Notice is hereby given that the City Council of the City of Saint Paul, Minnesota will meet in the City Council Chamber, City Hall in the City of Saint Paul, Minnesota at �_ o' clock a.m. on October 13 , 1981, to consider the proposal of Sherman Rutzick and Louis Meyers, that the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA" ) assist in financing a development herein- after described by the issuance of housing revenue bonds. Description of Development The development consists of the acquisition and rehabilitation of 110 units of of rental housing, now commonly known as "Georgetown" . The development is located at 2257 Hillsdale Avenue in the City of Saint Paul. The approximate development cost will be $7, 500,000. The development will be sold by the Developer to persons as yet undertermined, who will purchase the development, carry out the rehabili- tation work and manage the development. Not less than 22 of the units (20$ of the units in the development) will be occupied, or held for occupancy, by persons eligible for assistance under Section 8 of the National Housing Act. The estimated principal amount of bonds or other obli- gations to be issued by the HRA to finance the first phase of the development is $7,000,000. Said bonds or other obligations if and when issued will not constitute a charge, lien or encumbrance upon any property of the HRA or the City of Saint Paul (the "City" ) except the project and such bonds or obligations will not be a charge against the HRA or the City' s general credit or taxing powers but are payable from sums to be paid by the developers pursuant to a revenue agreement. . • � �I� J'�� � At the time and place fixed for said Public Hearing, the City Council of the City of Saint Pau1, Minnesota will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Dated this 24th day of September, , 1981 . (BY ORDER OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL, MINNESOTA) gy Albert B. Olson City Clerk (September 26, 1981)