275947 WHITF - CITY CLERK
PINK ~ - FINANCE �
CANARYr- DEPARTMENT COUt1C1I �.�94'7�
s�,YE - MAYOR G I T Y O F S A I N T PA U L File N O.
C�ty Attny/SDM . .
. ncil Resolution
Presented By `
Referred To Committee: Date
Out of Committee By Date
RESOLUTION RECITING A PROPOSAL FOR A FINANCING
PROGR�Ni FOR A T�lULTI—FAMILY HOUSING DEVELOPMENT,
GIVING PRELIMINARY APPROVAL TO THE PROJECT AND
THE PROGRAM PURSUANT TO MINNESOTA STATUTES,
CHAPTER 4 6 2 C, AND AUTI:ORI Z ING TFIE HRA TO
EXERCISE THE POWERS CONFERRED ON THE CITY BY
MINNESOTA STATUTES, CHAPTER 462 C, (SELBY—DALE
COOPERATIVE 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 powers conferred by
the Act, the power to issue revenue bonds to finance a program
for the purpases of planning, administering, making or purchasing
loans with respect to one or mare multi-family housing develop-
ments within the boundaries of the city;
(b) The Housing and Redevelopment Authority of the City of
St. 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 T�iinnesota Statutes, Section 462C. 01
to 462C. 08, upon specific Program Approval by the City Council;
(c) The HRA has received from Community Development Corporation
for the Archdiocese of Saint Paul and PRinneapolis (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 instrument) (the "Bonds") pur-
suant to the Act;
COUNCILMEN Requestgd by Department of:
Yeas Nays
Hu�t
Levine In Favoc
Maddox
McMahon B
snoweiter - _ Against Y
Tedesco
�Ison
Form Approved by City Attorney
Adopted by Council: Date —
Certified Passed by Council Secretary BY
Bs�
Approved by Mavor: Date _ Approved by Mayor for Submission to Council
By _ BY --
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(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 under-
utilized land and structures within the boundaries of the
City; and the Project will assist the City in achieving these
objectives;
(e) The Project to be financed by the Program consists of
the construction of a multi-family owner-occupied cooperative
housing development of approximately 84 townhouses and apartment
units, 30� of which will be Section 8 assisted, together with
parking facilities which are functionally related and subordi-
nate thereto. The Project is located on the north side of the
Selby-Dale intersectiQn in the City of Saint Paul.
(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 znore feasible;
(g) Pursuant to resolutions of the City adopted on November
4, 1980 and November 6, 1980, a program for financing the Project
has been drafted, a public hearing on the Project and the fi-
nancing program therefor was held on November 18, 1980, 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 HR.A or the City has either a
direct or indirect financial interest in the Praject nor will
any public official either directly or indireetly 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 housing; (iii) an analysis
of papulation 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;
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(vi) an analysis of how the Program furthers statewide hausing
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 :
l. 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 pro-
posal of the Develaper that the HRA undertake the Project, and
the program of financing therefor, pursuant to Minnesota Statutes,
Chapter 462C, consisting of the acquisition and construction of
multi-family cooperative 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 5 of Section 462C.02 of the Act; that the Project is
located within a redevelopment proaect area established pursuant
to Minnesota Statutes, Chapter 462; the Project is designed for
occupancy by persons and families of low and moderate income
pursuant to Subdivision 2 of Section 462C. 05 of the Act; 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 Develo�er to undertake the Project, and that
the effect of the Project, if undertaken, will be to encourage
the provision of additional multi-family cooperative 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 and it is hereby determined
th�t any and all costs incurred by the City and the HRA in
connection with the financing of the Project whether or not the
WHITE � - CITY CLERK `�`r t'1°
PINK - FINANCE ���� �
CANAFZY� - DEPARTMENT G I T Y O F S A I N T PA LT L COI1tIC11 .
BLUE — MAYOR .
rp File H .
. � Co cil Resolution
�
Presented By
Referred To Committee: Date
Out of Committee By Date
-4-
project is carried ta 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 af 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 hereby authorized to exercise, an behalf of
the City, the powers conferred by Minnesota Statutes, Section
462C.01 to 462C.08 with respect to this Project and Program.
COUIVC[LMEN Requestgd by Department of:
Yeas Nays
Hunt Planning and Economic Development
�evine In Favor
Maddox
s o„aite - � __ Against BY
Tedesco
Wil
Adop by Counci Date NOV 18 1980 Form Approved City tor ; /
— �
rtified Pa� by Co . Se retary
!� ' �.-
Approv , vor• Date N0Y � � N�� A r d by ayor for Sub iss ouncil
By _
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1�A�i ON A�RO �
L�A1F`!'O P�1ANC&A :
--QRl�IiR UCCiTPIBD
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MS�A�Y•Q/1LECbQ�$fE1[77r'8� ..
Te � �X Coiuemi '. ' /� ' M"�"r�"`<
_ reMr dven teas ttye cs�Couneu E
1K iire �int Paul.l[foaewta w1t1 meet � �r�'
at�e CouacU Ch�Ci �r[l in ie f �
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meut ottre. of$ttut�•llfa p�D • 1
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eient �!be beu�na¢of �y�
}�qy� +, : ; �P 0.
t DZ�ELOP1[ZIiT ,�!���,
Tlre eelroLds ot��4-
. ttOD d e�"ftmll� owtier oocaP[ed 9ap6 '�
ao
c°°p!�1}�`�. �t of aP {�. �' ,# . �
P�J 6!,i�koa�.e0� aPeC�• �'i :'
mmL���3'v�IchRi119t�tiwr�
asiste�;�F v?!th Dat''kit�XadHties �
�r6ich ire;'funct3�ntk1Y�lat�and.�mbor
dlnate thetets.'}'E�{+isvelopmmt'fs 1aRte4 �'
on thc notth side o[t�'Selbq-Dsle Ih- �
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tersectlaaYn 3aiht Paut,liincesota. , 5" „ t it►�
1'he tsf�lal8ted priaeipll aniomtAt'bc4dAor nit! '
- otger ob�i�iticos to be issued Lo;M4�e the
�}s 31.09@.960 � '�
S�id hqods or olh�er obl�galiaos St and whbn- ;
i�ued�viII'a�t�aaet�a?jE.Iteiozen• 1�ci � ,
eua�br�noe:t�qq� Af�RRA or ��e �
tqa ptq of Saint Paulp( '�'K:�'ty7 except tye
ptoject and nuh bond�or obtirati0ns will not ��q�s
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bE s c�ar�e ya6nt tl�HRA or the City's
�ieiti�i`t�ebdlt�crt-fi1�lerd pove:s but are '� �
pqabk irom wmc to'-�ie•OEtt�b� }tie r e e
developers puRwnf to a m�Ue ayveawa't:•
AdrefLOOp=oLWYp�fi�aifce 's --
P�i�:�'�rlth eiYi�YMlhmentd ani �. "
K• .
lZhibitS t6linDD.ah a�dla�7k�fiC=jTiblie 1eM
epeet�eo.�oL Novemtror 4:i�0.from➢. ��
dclq�ck,,�be 4 delec�p.m„flaodap thmugh
�Yidi�s}�i�o�nithe�+raa�Dlvision. f � " fedhi
�R4��,ot PI atrd Lcoaomlc �o # .. ,1 ". '�.� ,
s D�l°p°a�t'Clty Hsri��So�. ,b�
" At:t�e timc+wd p1�a. « �.� "���,,,
H�tfuL.tie Cth Coui�e�` r:
PWI.IOnnewta w!U dve e1kDe1lait��: �if
pea[at the�ti�an op/iINl�UI�:� -!� `, �.
tlxir vlew:x�1:�sPeM to the pi1DO�R1, ;� a, � �
Dated this 8th dQy ot NovemMr.l4�,, .. t �� .�'
$'rao��°��' �r
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(November8.1980)�71Kt_a: P��f�ir�'New mr�i1.�, .