275918 WHITE - CITY CLERK � �
PINK - FINANCE
CANARY'= DEPARTMENT � G I T Y O F S A I N T PA U L COURCII. .
BLUE - MAYOR File N0. r5�1�
Ci�y Attny/ O �cil Resolution
q �
Presented By -
Referred To Committee: Date
Out of Committee By Date
RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPO5AL FOR A PROGRAM FOR A MULTI—
FAMILY HOUSING DEVELOPMENT PURSUANT TO
MINNE50TA STATUTES, CHAPTER 462C, AND
AUTHORIZING THE PUBLICATION OF A NOTICE
OF SAID HEARING AND AUTHORIZING THE PREP—
ARATION OF THE NECESSARY DOCUMENTS AND
MATERIALS IN CONNECTION WITH SAID HEARING
(CHILDREN'S HOSPITAL PROJECT)
WHEREAS,
(a) Minnesota Statutes, Chapter 462C (the "Act")
authorizes cities, or housing and redevelopment author-
ities 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, admin-
istering, making or purcha�ing loans 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 desig-
nated, by ordinance, to exercise, on behalf of the City of
Saint Paul, Minnesota, the powers conferred by the Act
upon specific program approval of the City Council;
(c) The HRA has received from Ted Glasrud Associates,
Inc. , a Minnesota corporation, and Children's Hospital,
a Minnesota partnership, collectively (the "Developer")
a proposal that the HRA undertake a program to finance
COUNCILMEN estgd by�Department of:
Yeas Nays
Hunt
Levine In Favor
Maddox
McMahon B
snoWaiter __ Against Y
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date —
Certified Vassed by Council Secretary BY
By.
Approved by 1Aayor: Date _ Approved by Mayor for Submission to Council
By _ By
WHITE - CITY CLERK
PINK - FINANCE COUt1C1I
CANARY � DEPARTMENT G I T Y O F S A I N T PA U L File N O. �5918 .
e�ue - newvow
� Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
-2-
a multi-family owner-occupied condominium housing develop-
ment 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 that a public hearing be
held 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:
l. A public hearing to consider the proposals of the Developer
will be held at 10:00 a.m. , on November 18, 1980, or as postponed
thereafter at the City Council chambers, 15 W. Kellogg Boulevard,
Saint Paul, Minnesota.
2. The general nature of the proposals and the estimate of
the principal amount of housing bonds to be issued to finance the
proposals are described in the form of Notice of Hearing hereto
attached.
3 . The Notice of said public hearing shall be substantially
the form contained in the Notice hereto attached.
4. The City Clerk is hereby authorized and directed to cause
said Notice of Hearing to be given on publication in the official
newspaper of the City of Saint Paul, Minnesota, and in a newspaper
of general circulation, not less than 10 days nor more than 30 days
prior to the date fixed for said hearing, as shown in the Notice
of Hearing hereto attached.
COUNCILMEN
Yeas Nays � Requestgd by Department of:
Hunt
Levine In Favor
Maddox
McMahon
���� A gai n s t BY
Tedesco
Wilson
NOV 6 ,�oY Form Approved Cit r torne
Adopted b ouncil: Date — \
Cert ed Pass y C nc� ecretary BY
�
Approve b :Nav r: Da e OV 7 18Q Approved b Mayor for Submissio o Council
<��
By _ BY
P.1�#.tSt�E� N C�V 1 � 198�
. '
������
NOTICE OF PUBLIC HEARING ON A PROPOSAL
FOR A PROGRAM TO FINANCE A MULTI-FAMILY
OWNER OCCUPIED CONDOMINIUM HOUSING
DEVELOPMENT (CHILDREN'S EiOSPITAL PROJECT)
To whom it may concern:
Notice is hereby given that the City Council of the City of
Saint Paul, Minnesota will meet at the City Council Chamber,
City Hall; in the City of Saint Paul, Minnesota at 10:00 o'clock
a.m. on November 18, 1980, to consider the proposal of Ted Glasrud
Associates, Inc. , and Children's Hospital, that the Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota
("HRA") assist in financing a development hereinafter described
by the issuance of housing revenue bonds .
DESCRIPTION OF THE PROGRAM
The Program is to make or purchase mortgage loans to
finance the acquisition of condominium units in the
59 Unit Condominium conversion project at Children's
Hospital pursuant to Minnesota Statutes, Section 462 .05
Subdivision 1 (d) .
The estimated principal amount of bonds or other obligations
to be issued to finance the Program is $2, 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.
A draft copy of the proposed housing finance program, together
with all attachments and exhibits thereto, are available for public
inspection beginning November 6, 1980, from 9 o'clock a.m. to
4 o'clock p.m. , Monday through Friday, at the offices of the
Renewal Division, Department of Planning and Economic Development,
City Hall Annex, 12th floor.
At the time and place fixed for said Public Hearing, the
City Council of the City of Saint Paul, Minnesota will give all
persons who appear at the hearing an opportunity to express their
views with respect to the proposal.
Dated this day of , 1980 .
By
City Clerk