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275814 WHITE - C�TV CLERK CQU(�C11 �5�14 PINK -/FINANCE GITY OF SAINT PAITL f CANARY - DEPARTMENT BLUE - MAVOR . FIlE NO. f � L C il Resolution Presented By Referred To Committee: Date Out of Committee By Date Resolution No. RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A PROGRAM FOR A MULTI—FAMILY HOUSING DEVELOPMENT PURSUANT TO MINNESOTA STATUTES, 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 redevelop— ment 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 designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota, the powers conferred by the Act upon specific approval of the City Council; COUNCILMEN Yeas Nays Requested by Department of: Butler [n Favor Hozza Hunt L.evine _ __ Against BY Maddox Showalter Tedesco Form Approved by City Attorney Adopted by Council: Date CertiEied Passed by Council Secretary BY By l�lpproved by Mavor: Date _ Approved by Mayor for Submission to Council By - BY M/HITE -�CITV GLERK CQUI1C11 �5814 � PINK -'�FINANCE GITY OF SAINT PALTL CANAF}V - DEPARTMENT BLUE - MAVOR File NO. � I Council Resolution Presented By Referred To Committee: Date Out of Committee By Date (c) The HRA has received from Ted Glasrud and Associates (the "Developer") a proposal that the HRA undertake a program to finance a multi-family owner-occupied housing development 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: 1. A public hearing to consider the proposals of the Developer will be held at the time and place set forth in the Notice of Hearing hereto attached. 2. The general nature of the proposals and the esti- mate 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 sub- stantially the form contained in the Notice hereto attached. 4. '�he President of the City Council is hereby authorized and directed to cause said No�ice 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 Requested by Department of: �°� Hunt � [n Favor ozz Levine Q ne Maddox __ Against BY doX McMahon ho alter Show;itFr Te� eS�:, OCT � s 1980 Form Rpprove y Cit, A ney Adopte,d--� Counci�. �r e -- _ .� �rtified P y Coun tary'� � By /� � � � �➢ �g� � Approved by Mayor for Submission to Council 61 d by iVlavor. . � ,�y By ' NOTICE OF PUBLIC HEARING I ON A PROPOSAL 2�75814 � FOR A PROGRAM TO FINANCE A MULTI-FAMILY OWNER OCCUPIED HOUSING DEVELOPMENT i � � �ro 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 Cit �,f. Saint Paul, Minnesota at i 10:00 0' clock a.m. on 6'���-3-�; 1980, to consider the � proposal of Ted Glasrud and Associates, that the Housing and Redevelopment Authority of the City of Saint Paul ( °HRA") assist in financing a development hereinafter described by the issuance of housing revenue bonds. , Description of Development The development consists of the construction of a '' ' multi-family owner-occupied housing development of ' ' approximately 200 units together with parking facilities which are functionall� related and subordinate thereto. The development is located on the Harkins Bowlinq Alley site at Eighth Street between Cedar and Minnesota Streets in St. Paul, Minnesota. � The estimated principal amount of bonds or other obligations to be issued to finance the development is �16,000,000. 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 October 20 � 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 viecas with respect to the proposal. Dated this day of , 1980. By City Clerk _ �.. ,..,..�.r..,�..t:e.._.,.,.,.�., __ _�....., �,.�..�.x-.....e..�,.�.....r., . -,.�....,._._._._..� � _. _ _ . __.v_. . , , __. _ ._ _...__.,..._.__..._ _. ___ _._____ __ _ -__-___ _-- -�-- - - _. _ . _ - . _. �r�r �.