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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 -- ../.r ` , ' . r w���,��Jp�,fi -2- (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; � ; �,.., �,,,,i-. A„: � `d' '*b�.r:;�� / � f^�ii � �.dit,' „�'y �r ;+ -3- (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 . 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' /� ' 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 � Cit7 ot 0�+41.1t.. a1 c'clack p�{ t . :NOtt��1� ��.. ��11)Yfp,� 7 , a.+n.aa� .�ie-iii �6o�rt�pro- v� , at�►:.�r i�'��+ i °1�i m�a�d+a'" s��aAa, E d� �be k�w,@ lt�d�e�.. r�.°ir� r' r. meut ottre. of$ttut�•llfa p�D • 1 � oiels��AE�d�p- , , � Y 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- � t 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 �T 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 . +�S C�, � (November8.1980)�71Kt_a: P��f�ir�'New mr�i1.�, .