275883 WMITE - CiTY,CLERK �az
PINK - F{d1ANCE
CANARY r[.DEPARTMENT G I TY OF SA I NT PALT L COUIICII . i(`y�` �
BLIYE - MAYOR
City Attny/SDM File NO.
- ncil Resolution
Presented
Referred To Committee: Date
Out of Committee By Date
RE50LUTION RECITING A PROPOSAL FOR A FINANCING
PROGRAM FOR A MULTI-FAMILY HOUSING DEVELOPMENT,
GIVING PRELIMINARY APPROVAL TO THE PROJECT AND
THE PROGRAM PURSUANT TO MINNESOTA STATUTES,
CHAPTER 462C, AND AUTHORTZING THE HRA TO
EXERCISE THE POWERS CONFERRED ON THE CITY BY
MINNESOTA STATiJTES, CHAPTER 462C, (TED
GLASRUD ASSOCIATES, INC./HARKINS SITE)
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 purpose of planning, administering,
making or purchasing loans with respect to one or
more multi-family housing developments within the
boundaries of thE city;
(b) The Housing and Redevelopment Authority of the
City of 5aint Paul, Minnesota (the "HRA") has beeldesig-
nated, by ordinance, to exercise, on behalf of the City
of 5t. Paul, Minnesota, (the "City") the powers conferred
by Minnesota 5tatutes, Section 462C. 01 to 462C.08, upon
specific Program Approval by the City Council;
(c) The HRA has received from Ted Glasrud Associates,
Inc. , (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
COUNCILMEN Requestgd by Department of:
Yeas Nays
Hunt
levine jtl F8V0[
Maddox
snoAwa�ter A gai n s t BY
Tedesco
Wilson
Form Approved by City Attorney
Adopted by Council: Date
CertifiE:d Yassed by Council Secretary BY
By —_
Approved by :Nayor: Date _ Approved by Mayor for Submission to Council
By _ _ BY
.
;.., ; �
. a. �:��� �
, > �.v�..�..
-2-
the form of a single debt instrument) (the "Bonds")
pursuant to the Act;
(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 underutilized land and structures within
the boundaries of the City; and the Project will assist
the City in achieving these objectives.
(e) The Developer is currently engaged in the business
of real estate development. The Project to be financed
by the Bonds consists of the construction of a multi-
family owner-occupied housing development of approximately
200 units located on the Harkins Bowling Alley site at
Eighth Street between Cedar and Minnesota Streets in
5t. Paul, Minnesota, and the instaZlation of equipment
therein, that will result in the provision of additional
housing opportunities to persons within the community;
together with parking facilities which are functionally
related and subordinate thereto.
(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 econoinically more feasible;
(g) Pursuant to a resolution of the City adopted
on October 16, 1980, a program for financing the Project
has been drafted, a public hearing on the Project and
the financing program therefor was held on November 4 ,
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 HRA or the City has
either a direct or indirect financial interest in the
Project nor will any public official either directly
or indirectly 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
` " . ���'��.;;��
�:�
-3-
and affordability of private market financing for multi-
family housing; (iii) an analysis of population 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; (vi) an analysis of
how the Program furthers statewide housing policies;
(vii) whether the proposed amount of the bonds will
exceed the limitation provided in MSA �462C.07 , sub-
division 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
proposal of the Developer that the HRA undertake the Project
and the program of financing therefor, pursuant to Minnesota
Statutes, Chapter 462C, consisting of the acquisition, reno-
vation, rehabilitation and improvement of multi-family
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 1 (d) of Section 462C.05 of the Act; that the Project
is located within a redevelopment project area established
pursuant to Minnesota Statutes, Chapter 462; 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 Developer to undertake the Project, and that the effect of
the Project, if undertaken, will be to encourage the provision
of additional multi-family 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;
WHITE - CITY CLERK
PINK -.��FA�IANCE q
CA4YARY�- DEPARTMENT G I T Y O F S A I N T PA LT L COUIICII {`�,�
BLUE ,� - MAYOR File NO. � � ���,�
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
-4-
5. The Developer has agreed and it is hereby determined
that any and a11 costs incurred by the City and the HRA in
connection with the financing of the Project whether or not
the project is carried to 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 of 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, in-
cluding 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 authorized to exercise, on behalf of the
City, the powers conferred by Minnesota Statutes, Section 462C.01
to 462C.08 with respect to this Project and Program.
COUNCILMEN
Yeas Nays Requestgd by Department of:
Hunt �
Levine In FBVOr
Maddox a
McMahon B
Showalter _ Against Y
Tedesco
W��SO NOV ,
4 �� Form Approved y City t�.o ne ,
Ado by Council: Date —
�
ertified P• • by cil Se�retar B
� y
Ap d by :Nayor: 5LY 6' 10A1) A ro e by Mayor for Sub ' si C8 Council
B _ g
�g�� �OV 1 5�-
� .
- � .
Page Two -
After the initial closing of the Bond, the net proceeds of the issue shall be deposited in
a construction fund to be administered by Northwestern National Bank. fls each unit is
sold and the loan approved to a qualified martgagor, the bank shal! release that unit from
the master mortgage which secures the initial $16,0OO,OQO loan. An exchange revenue
bond to be secured by a mortgage on the individual unit shall then be issued by the HRA
and the initial principal amount of the Bond shall be reduced by this amount. 'fhe.unit
mortgagor, by execution of a promissory note, assumes the developer's obligation to repay
that portion of the loan.
When all mortgage loans to be financed under the program have ctosed, the original $16,000,000
Bond shaIl have been r.eplaced by exchanged revenue bonds to be amortized over 29 years.
Any portion of the original Bond not assumed by quaiified mortgagors must be prepaid
by the deve:oper.
T'he St. Paul HRA wili review and approve the loan applications of aIi qualified mortgagors.
The criteria for gualifi�d mortgagors will include an affordability test (see attached Exhibit 2}
and a requiremen�t that the units be owner-occupied.
, ,
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EXHIBIT 2'-
AFFORDABILITY TEST FOR ELIGIBLE BORROWERS
The criterion for determination whether the
purchase o.f a dwelling unit in the Crossways Project ma_y
properly be provided in whole or in� part by permitti,ng the
purchaser to assume a portion of the loan made for construc-
tion, to be financed on a long term basis by the continued
obligation of a like principal amount of the Revenue Bond,
or whether such financing is otherwise available from
private lenders upon terms and conditions which are affordable
by a purchaser applying for public financing, shall be whether:
(a) The interest rate, discount, and term then
available in the conventional mortgage market for a com-
parable mortgage loan is ascertained from .a qualified lending
institution in accordance with the terms of the Loan� Agreement;
(b) The annualized amounts of principal and in-
. terest payments (based on a market rate established in acc-
_ ordance with the terms ot the Loan Agreement) taxes,
insurance and common expenses� (as de.f_ined in Minnesota Statutes
Section 515. 02, Subdivision 8) are computed by the qualified
lending institution and verified as to mathematical accuracy
by duly designated HR.A persorinel;
(c) The Adjusted Annual Income of the applicant
is computed from information certi.fied by the applicant; as:
(1) gross family income from all sources, before
taxes or withholding, which shall include the income of the
purchaser and any co-owner of the f_ee interest in the unit, his
or her spouse, and any member o.f the purchaser's (or co-
owner' s) family residing in the unit, less :
(2) the f_ollowing: (a) income of any �erson
described in clause (A} who is under 18 years of age or who
is a full-time student and who is related by blood, adoption,
or marriage to a resident income recipient or his or her
spouse, (b) non-recurring income, (c) sums received for foster
child care, (d) extraordinary medical or other expenses,
(e) income of each additional income recipient 18 years of
age or older and described in paragraph (1) , other than the
primary income recipient, but not exceeding the amount of .
$750, (f) an amount equal to $750 for each resident of the
unit who is 18 years of age or older (maximum of two) and
$500 .for each additional resident; (g) an amount up to $750
for child care expenses that are eligible for deduction under
United States Internal Revenue Service tax regulations, but
r�ot exceeding the arlount of $750 .
(d) The total of_ the annualized amounts referred
to in clause (b) exceeds 2� percent of_ the Rdjusted Annual
Income comAUted pursuant ta clause (c) , in which case the
applicant shall be deemed an Eligible Borrower; provided the
applicant shall not be deemed an "Eligible Borrower" unless
at the closing of the sale, the applicant files with the �ank
a certificate that he or she intends to use the unit as his
or her primary residence, does not inten.d to use the unit
as rental or income property, and still qualifies as an
Eligible Borrower.
. 1 "
. �- .��� ��
� � ��.:;�K�
EXHIBIT 2
AFFORDABILITY TEST FOR ELIGIBLE BORROWERS
The criterion for determination whether the
purchase o.f a dwelling unit in the Crossways Project may
properly be provided in whole or in part by permitting the
purchaser to assume a portion of the loan made for construc-
tion, to be financed on a long term basis by the continued
obligation of a like principal ar.tount of the Revenue Bond, .
or whether such financing is other��ise available from
private lenders upon terms and conditions which are affordable
by a purchaser apglying for public financing, shall be whether:
(a) The interest rate, discount, and term then
available in the conventional mortgage market for a com-
parable mortgage loan is ascertained from .a qualified lending
institution in accordance with the terms of the Loan Agreement;
(b) The annualized amounts of principal and in-
. terest payments (based on a market rate established in acc-
ordance with the terms of the Loan Agreement) taxes,
insurance and common expenses (as de.fined in Minnesota Statutes
Section 515. 02, Subdivision 8) are computed by the qualified
lending institution and verified as to mathematical accuracy
by duly designated HRA personnel;
(c) The Adjusted Annual Income of the apglicant
is computed from information certi.fied by the applicant; as :
(1) gross family income from all sources, before
taxes or withholding, which shall include the income of the
purchaser and any co-owner of the fee interest in the unit, his
or her spouse, and any member of the purchaser' s (or co-
owner' s) family residing in the unit, less:
(2) the following: (a) income of any person
described in clause (A) who is under 18 years of age or who
is a full-time student and who is related by blood, adoption,
or marriage to a resident income recipient or his or her
spouse, (b) non-recurring income, (c) sums received for foster
child care, (d) extraordinary medical or other expenses,
(e) income of each additional income recipient 18 years of
age or older and described in paragraph (1) , other than the
primary income recipient, but not exceeding the amount of
$750, (f) an amvunt equal to $750 for each resident of the
unit whb is 18 years of age or older (maximum of two) and
$500 .for each additional resident; (g) an amount up to $750
for child care expenses that are eligible for deduction under
United States Internal Revenue Service tax regulations, but
not exceeding the ar�ount of $750 .
� � .Y w
(d) The total of_ the annualized amounts referred
to in clause (b) exceeds 20 percerit o.f_ the Ac�justed Annual
Income computed pursuant t� clause (c) , in which case the
applicant shall be deemed an Eligible Borrower; provi,ded the
applicant shall not be deemed an "Eligible Borro�aer" unless
at the closing of the sale, the applicant files with the Bank
a certificate that he or she intends to use the unit as his
or her primary residence, does not intend to use the unit
as rental or income property, and still qualifies as an
Eligible Borrower.
$ �,
. t�M U1: 1Z/19�5 f ,.
' Rev. : �/8/16
,,
EXPt.At�AT�O�I aF A�IINiSTR�ITIi1E: � R� ����.* ' `
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. . . . . . . . - � . . . � . ... � . . .' . . � ' � ��
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� �E'CE1 �/�D .�,
Qa�e: o�t�er a9; i9so OCT 2:81980
: . ��� � ��
i'4: t!#�O�t GEIJR� LAT R
F
�R�M: Rob�ert F. Hall �
..
�
RE: Resolution for Financi�g of G1�s�ud/Ha�kf,ns Hou�itig Pro�ect
_._.�..._, __•__r.__�.+.,.�.,�..�_ ,
_ , ;
I�Tt RE�STED: � x
M{I�! . . � � . � � " �. . . . . . �
, ' . • � . � � . . . . . . ,':
Sigr�ature on Resolution.
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�_:����:..�►T�f{}�� THY���tIt�4: ' a�
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►, P`i.r��cing �uthariz,ation ta be �al�en up hy CitX:��i3.'m� �veti�e�r 4 � � �4�
'C O build .approxi.}nate ly.2 2 1 co�,d oaun fiu�a'hc�uea:ng �i i tts o�*er p t�b l ic 't r?�
parking r�mp on Fiarkins site. _ � ;';
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iiF �1ue�������` J
;�� 4 $ald boads � . and i�'" .
� i3swd Nf3i INt ' < �k
� �+�r u�a�a�y yre�rtl�'pt c�
+ the Clty ot S�int P;yi�he`
1 � r ` P�1ect aod suc�bande or �yyK��
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papabk?tram suw to he
g�is PuiswAE to8
tschewmta'
f�publk
1lBD,L�flo a 4'9Q p�f r
�►9u�'lYida�"iR �"ad
Dlpf�pi;� � 'o{
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� � � ��`��''� � CITY OF SAINT PAUL
a~�`'* o��~�
DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT
: i��ii� �
•. �° DIVISION Of RENEWAL
'••• 25 West Founh Street,Saint Paul,Minnesota,55102
612-298-5338
GEORGE UTIMER
MAYOR
October 2!, 1980 i
Mr. Peter Seed
Ms. Robyn Hansen
Briggs and Morgan
'JV-2200 First National Bank Building
St. Paul, Minnesota 55101
RE: Public Hearing on 462C Program -
Glasrud Condominium Pro}ect �
Dear Mr. Seed and Ms. Hansen:
Due to the failure of the St. Paul Dispatch/Pioneer Press to publish notice of the October 30
date for the above-referenced hearing, the hearing date has been changed to Tuesciay,
November 4. � �
Sincerely; '
:_'� ` � ,
�,j� % ���'iZ'�7 j,;��c._`
Steve Tho pson � �
Pro�ect Manager
ST/bkd
cc: Ted Glasrud r
Terry McNellis � c�
Al Olson �/� �'"` �''=
_a� r.J..>
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C� C.•' r=
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EXHIBIT 2°
AFFORDABILITY TEST FOR ELIGIBLE BORROWERS
The criterion for determination whether the
purchase o.f a dwelling unit in the Cross�aays Project may
properly be provided in whole or in part by permitting the
purchaser to assume a portion of the loan made for construc-
tion, to be financed on a lon_q term basis by the continued
obligation of a like nrincipal amount of the Revenue Bond,
or whether such financing is other�aise available from
private lenders upon terms and conditions which are affordable .
by a purchaser applying for public financing, shall be whether:
(a) The interest rate, discount, and term then
available in the conventional mortgage market for a com-
. parable mortgage loan is ascertained from .a qualified lending
institution in accordance with the terms of the Loan Agreement;
(b) The annualized amounts of principal and in-
terest payments (based on a market rate established in acc-
_ ordance with the terms of the Loan Agreement) taxes,
insurance and common expenses (as de£ined in 1�Iinnesota Statutes
Section 515. 02, Subdivision 8) are computed by the qualifiEd
lending institution and verified as to mathematical accuracy
by duly designated HRA personnel;
(c) The Adjusted Annual Income of the applicant
is computed from information certi.fied by the applicant; as:
(1) gross family income from all sources, before
taxes or withholding, which shall incl�ude the income of the
purchaser and any co-owner of the fee interest in the unit, his
or her spouse, and any member of the purchaser's (or co-
owner' s) family residing in the unit, less:
(2) the following: (a) income of_ any person
described in clause (A) who is under 18 years of age or who
is a full-time student and who is related by blood, adoption,
or marriage to a resident income recipient or his or her
spouse, (b) non-recurring income, (c) sums xeceived for foster
child care, (d) extraordinary medical or other expenses,
(e) income of each additional income recipient 18 years of_
age or older and described in paragraph (1) , other than the
primary income recipient, but not exceeding the amount of
$750, (f) an amount equal to $750 .for each resident of the
unit who is 18 years o.f age or older (maximum of two) and
$500 .for each adclitional resident; (g) an amount up to $750
for child care expenses that are eligible for deduction under
United States Internal Revenue Service tax regulations, but
not exceeding the amount of $750 .
(d) The total of_ the annualized amount.s referred
to in clause (b). exceeds 20 percent of the A�justed Annual
Income computed pursuant to clause (c) , in which case the
applicant shall be deemed an Eligible Borrower; provided the
applicant shall not be deemed an "Eligible Borro�aer" unless
at the closing of the sale, the applicant files with the Bank
a certificate that he or she intends to use the unit as his
or her primary residence, does not intend to use the unit
as rental or income property, and still qualifies as an
Eligible Borrower. �