275922 WHITE - CITY CLERK. � �/
PINK - FINANCE COUflC1I �il i ����
CANAR� - DEPARTMENT G I T Y O F S A I N T PA U L ,
BLU6 - MAYOR File N O.
� ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
Resolution Approving a Multi—Family Housing
' Development Financing Program and Authorizing
Submission Thereof to the Minnesota Housing
Finance Agency and Authorizing Execution of
Necessary Documents for the Submission Thereof
(Wilder Foundation/Energy Park) .
WHEREAS,
a) Pursuant to the Minnesota Statutes, Chapter 462C (the "Act") ,
the City of Saint Paul has been authorized to develop and administer
programs of multi-family housing developments under the circumstances
and within the limitations set forth in the Act. Minnesota Statutes,
Section 462C.07 provides that such programs for multi-family housing
developments may be financed by revenue bonds issued by either the
City of Saint Paul (the "City") or any Port Authority referred to in
Minnesota Statutes, Chapter 458:
b) The City and the Port Authority of the City of Saint Paul
(the "Authority") have received from Amherst H. Wilder Foundation,
a Minnesota nonprofit corporation, (the "Developer") a proposal that
the City approve and the Authority finance the construction of a
multi-family mixed income housing development by the issuance of rev-
enue bonds of the Authority (the "Bonds") pursuant to the Act;
� c) The City and Authority desire to: facilitate the develop-
ment of multi-family mixed income housing within the community;
encourage the development of affordable housing opportunities for
residents of the City; and prevent the emergence of blighted or
COUNCILMEN
Yeas Nays Requestgd by Department of:
Hunt
Levine [n Favor
Maddox
McMaho� B
snowa�ter __ Against Y —
Tedesco
�Ison
Form Approv d by City A or
Adopted by Council: Date I +�I��O
Certified Passed by Council Secretary By� c 1
By _
Approved by iVlayor: Date _ Approved by Mayor for Submission to Council
$y _ _ BY
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2.
underutilized land and structures within the boundaries of the
City; and the Project will assist the City in achieving these
objectives;
d) The multi-family mixed income housing development to be
constructed by the Developer (the "Project") is part of the Saint
Paul Energy Park and consists of the construction of approximately
380 rental units and 570 owner-occupied condom�nium units.
e) The City and Authority have been advised by representa-
tives of the Developer that the projected size of the Project makes
it a high risk investment for housing developers and that conven-
tional, commercial financing to pay the capital costs of the
Project is available only on a limited basis and at such high costs
of b�orrowing that the economic feasibility of constructing the
Project would be significantly reduced, but the Developer has also
advised the City and Authority that with the aid of revenue bond
construction financing and the resultant lower borrowing costs, the
Project is economically more feasible;
f) Pursuant to a resolution of the City adopted on October
30, 1980, a program for financing the construction of the Project
has been drafted, and a public hearing on the Project and the fi-
nancing program therefor (collectively the "Program") was held on
November 13, 1980, after notice was published, all as required by
Minnesota Statutes, Section 462C.05, 5ubd. 5. All those appearing
at said public hearing who desired to speak were heard; and
g) 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 population
� .
' � ��������
3.
and employment trends and future housing needs; (iv) the recent
housing trends and future housing needs of the City; (v) an anal-
ysis of how the Program will meet the needs of persons and fam-
ilies residing and expected to reside in the City; (vi) an
analysis of how the Program furthers statewide housing policies;
and (vii) whether the proposed amount of the bonds will exceed
the limitation provided in MSA s 462.07, Subdivision 2;
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. On the basis of information available to the City it
appears, and the City hereby finds, that the Project constitutes
a multi-family mixed income housing development within the meaning
of Subdivision 1 (e) of Section 462C.05 of the Act; that the Project
is located within an industrial development district project area
established pursuant to Minnesota Statutes, Chapter 458; the avail-
ability of the financing under the Act and the willingness of the
Authority to furnish such financing will be a substantial induce-
ment to the Developer to undertake the Project, and that the effect
of the Project, if undertaken, will be to encourage the construc-
tion of additional multi-family mixed income housing opportunities
for 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.
3. That in accordance with the Act, the Mayor is hereby auth-
orized and directed to submit this Program to the Minnesota Housing
Finance Agency (the "MHFA") for its approval. The Mayor is further
authorized to execute all necessary supporting documents and pro-
vide the MHFA with any information the MHFA may require for this
WHITE - CITY CLERK '.j /^���
PINK - FINANCE COUI1C11 /V / Vt.s
CANARY - DEPARTMENT G I T Y O F S A I N T PA U L � �
BLUE" - MAYOR File N O.
, Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
4.
purpose, and the City Attorney is authorized to initiate and assist
in the preparation of such documents as may be appropriate to the
Program, if it is approved by NgiFA.
4. That upon approval of the Program by the N�iFA, the Port
Authority of the City of Saint Paul is authorized to proceed to
issue its revenue bonds pursuant to the Program.
5. That said Bonds if and when issued will not constitute a
charge, lien or encumbrance upon any property of the Port Authority
or the City of Saint Paul except the Project and such bonds or
obligations will not be a charge against the Port Authority 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.
COUNCILMEN
Yeas Nays � Requestgd by Department of:
Hunt
Levine In Favor
Maddox �
McMahon B
snowa�ter __ Against Y —
�bdMro
�Iso
Adopte y Counci Date NOV � 3 ig80 Form Ap r ved by i At ey
C ified Pa: d b � Secre�ar By � �l �� I ��
Y Y
Approved by YI C or: Date ��. O Approved b ay� S bmission to Co ncil
By � �Q��� � `� � �
_�1�_ _ BY
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A:'FIDAVIT O �L�:� A�v
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STATE OF MINNESOTA w Q `� `�`�• .��
COUNTY OF RAMSEY q0 e � `V�y /�/SrR�C� ���e
o �1\ 1 U ��8 r�°�
� E Y J FRANK ��
, being
du n on oath, s F,� at he'is, a d during
� �, ° p ;; ..--- --- all times erein stated ha��een,. Cl rk of the
� � Northwest ' tions, Inc., publi er of the
� " newspaper known e St. Paul ispatch, St.
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- So�+�day,`t�ricr t,'8�. Paul Pioneer Press, . 1 Su day Pioneer
9is�rl���°�" Press, a newspaper of gener ir ulation within
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' ,,.,�, -�•: s ,;�,,,,,, the City of St. Paul and the Cou ty of Ramsey.
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� " � op,� That the Notice hereto attached was cut from
- ,,,t : the columns of said newspaper and was printed
`�'"' � �� and published therein on the following dates:
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\ � �: .: 1st day of NOV , 19 80
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';�a ,�,,,wrrn.�«` County, Minnesota
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AFFID�AVIT OF PUBLICATION
STATE OF MINNESOTA
COUNTY OF RAMSEY
ROSEMARY J FRANK , being
duly sworn on oath, says: that he is, and during
all times herein stated has been, Clerk of the
Northwest Publications, Inc., �publisher of the
,�,,;; newspaper known as the St. Paul Dispatch, St.
�►r�lpy,N�,�t,'8�, Paul Pioneer Press, St. Paul Sunday Pioneer
'�o,h.���. Press, a newspaper of general circulation within
,_,.,,...,, the City of St. Paul and the County of Ramsey.
� p� w
*�� That the Notice hereto attached was cut from
�O e° the columns of said newspaper and was printed
• :�� and published therein on the following dates:
P �o
° ,'� 1�� day of NOV , 19 �
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day of , 19
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"a� ` '�,�o- ! 4S.IL day <�f �IlOV , 19 _80—
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lNovamb�r Y�19801
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