275795 WNITE �_ FINANCERK � W
PINK COURCII
� CANARY - DEPARTMENT G I T Y O F S A I N T PA U L � ��� 1��.. �
BLUE - MAYOR File - N O. �` `
CitV Attny/SDM . . •
Council Resolution
Presented By
Re rred To Committee: Date
Out of Committee By Date
RESOLUTION CALLING FOR A PUBLIC HEARING ON
A PROPOSAL FOR A PROGRAM FOR A MULTI-FAMILY
HOUSING DEVELOPMENT PURSUANT TO MINNESOTA
STATUTE5, CHAPTER 462C, AND 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")
authorizes cities, or housing and redevelopment 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 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 Minnesota
Statutes, Section 462C.01 to 462C.08, upon specific program
approval by the City Council;
(c) The HRA has received from Jerry Isaacs and Gerald
E. Frisch (collectively, the "Developer") a proposal that the
HRA undertake a program to finance a multi-family housing
development by the issuance of its revenue bonds (which may
be in the form of a single debt instrument) pursuant to the
Act;
COUNCILMEN
Yeas Nays Requestgd by Department of:
Hunt
Levine In Favo[
Nladdox
McMahon B
Showalter - __ Against Y —
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date —
Certified Passed by Council Secretary BY
B}' --
Approved by Ylayor: Date _ Approved by Mayor for Submission to Council
By _ BY
WHITE - CiTY CLERK �Y �{
PINK �- FINANCE �/����
CANARY - DEPARTMENT G I TY O F SA I N T PA U L COl1ftCII � f .
BLUE - MAYOR �
File N 0.
` Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
2.
(d) Before proceeding with consideration of the
request of the Developer it is necessary for the City
Council to hold a public hearing pursuant to the
Section 462.05, Subdivision 5 of the Act.
NOW THEREFORE, BE IT RESOLVED by the Council of the City
of Saint Paul as follows:
1. A public hearing upon the proposal and program will
be held before the City Council in the Council Chamber, City
Hall, 15 West Kellogg Boulevard, Saint Paul, Minnesota, at
10 o'clock A.M. on Tuesday, October 21, 1980.
2. The proposal is on file in the office of the City
Clerk, Room 386, City Hall, for inspection by any interested
person during normal business hours.
3. The City Clerk is hereby authorized and directed to
cause a notice of City Council public hearing on the proposal
and program to be published in the official newspaper of the
City of 5aint Paul and in a newspaper of general circulation,
not less than ten days nor more than 30 days prior to the
date herein established for the public hearing.
COUNCILMEN
Yeas Nays Requestgd by Department of:
Hunt
�,.:.�. [n Favor
Maddox
McMahon B
snowa�ter __ Against Y
Tedesco
w�soo..-
�t�1 9 1980 Form Approved by City Attorney
Adopted by Coun � . Date
Gertified :sed b ouncil Secretar BY �
L.__
B} �--
Approved 'Vlayor: Date 0 � Q 19$0 Appro d by Mayor for Submission to Council
By __\�k� BY
���� 0 CT 1 8 i980
\
, � ?��7 1 �
NOTICE OF PUBLIC HEARING ON A �J
PROPOSAL FOR A PROGRAM TO FINANCE
A MULTI FAMILY HOUSING DEVELOPMENT
To whom it may concern:
Notice is hereby given that the 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 o'clock
A.M. , on October 21, 1980, to consider the proposal of 100
Summit, a Minnesota partnership consisting of Jerry Isaacs
and Gerald E. Frisch, that the City of Saint Paul, (City)
assist in financing a development hereinafter described by
authorizing the issuance of housing revenue bonds by the
Housing and Redevelopment Authority of the City of Saint
Paul, Minnesota (HRA) .
DESCRIPTION OF DEVELOPMENT
The first phase of this development consists of the
conversion of the existing Mil�er Hospital structures
for use as single-family condominium housing of
approximately 70 units. The development is located
at 100 Summit Avenue, St. Paul, Minnesota. �he-�e�al
r
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The estimated principal amount of bonds or other obligations
to be issued by the Housing and Redevelopment Authority of the
City of Saint Paul, Ntinnesota (HRA) is $5,000,000 . Proceeds of
the bond issue would be applied to finance the making or purchase
of mortgage loans for the financing of the purchase of dwelling
units and interests in common facilities provided therein, by '
�s to whom such units and facilities may be sold as contem-
plated by 1MSA Chapter 515 (Condominium Act).; ' ,
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 except the project and such bonds or obligations
will not be a charge against the HR.A's 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 .thereon, is available
for public inspection beginning October 9, 198D , during normal
business hours, Monday through Friday, at the offices of the
Renewal Division, Department of Planning and Economic Develop-
ment, City Hall Annex, 12th floor, and of the City Clerk, Room
386, City Hall.
. �����s-
_2_
At the time and place fixed for said Public Hearing, the
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 �.%� �,.-��= �j.x �'" , 19 8 0.
BY ORDER OF THE
COUNCIL OF THE CITY OF SAINT PAUL
By �"� E S kr- ,r�� �'�
City Clerk