275527 WHIT6 - CITY CLERK �-� �° �,�5 2,�
PINK ' - FINANCE
FANARY - DEPARTM T COUIICII .
BLUE - MAYOR '����ITY OF SAINT PAUL - File NO. � �
Cty Atty/SDM o n �l Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLUTION APPROVING A MULTI—FAMILY HOUSING
DEVELOPMENT FINANCING PROGRAM AND AUTHORIZING
SUBMISSION THEREOI' TO THE MINNESOTA HOUSING
FINANCE AGENCY AND AUTHORIZING EXECUTION OF
NECESSARY DOCUMENTS FOR THE SUBMISSION THEREOF
WHEREAS,
a) Pursuant to the Minnesota Statutes, Chapter 462C
(the "Act") the City of Saint Paul has been authorized to
develop and administer �rograms of multi-family housing
developments under the �ircumstances and within the limita-
tions set forth in the Act. Minnesota Statutes, Section
462C. 07 provides that su�ch 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 refe�red to in Minnesota Statutes,
Chapter 458. ,
b) The City has re eived a proposal from Austin/King
Housing Enterprises, a innesota limited partnership (the
"Developer") , that, pursuant to the authority found in the
Act, the City approve a program providing for the construction
of approximately 120 units of rental housing (the "Project")
in the Austin/King Fort Road Industrial Development District,
an industrial development district established within the
City pursuant to the provisions of Minnesota Statutes,
Section 458. 191. The construction of the Project is to be
fund�d through tk�� -issuance of approximately $6,100,000 in
revenue bonds issued by the Port Authority of the City of
Saint Pau1 pursuant to �he provisions of its Basic Resolution
No. 876 and the Act (th� "Bonds") , together with approximately
COUNCILMEN Requestgd by Department of:
Yeas Nays
Hunt
Levine In Favor
Maddox
nncnnano� _ Against BY "r_
snowa�ter -
Tedesco
Wilson
Adopted by Council: Date _ Form Approve by C' y A
�
Certified Passed by Council Secretary BY
BS' --
App ov by 17avor: Da � _ App ov y Mayor for b ission to Council
BY BY
. ' �""�a �;��''�
� �r✓.-e �
2.
$1,200,000 of funds to be made available to Austin/King
Housing Enterprises through the loan of Urban Development
Action Grant funds received by the City. (B-80-AA-27-0016)
c) A public hearing to consider the proposal of the
Developer was held at 10 :00 a.m. on August 26, 1980, duly
noticed and held in accordance with law, and no one
appeared in opposition.
d) The City, in reviewing this multi-family housing
program (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 avail.ability and affordability of
private market financing for the construction of multi-
family housing units; (iii) an analysis of population and
employment trends and future employment needs; (iv) the
recent housing trends and future housing needs of the
City; and (v) an analysis of ho��v the Program tiill meet
the needs of persons and families residing and expected
to reside in the City.
NOW THEREFORE, BE IT RESOLVED by the Council of the City
of Saint Paul as follows :
1. That the Program developed by the Developer is in
conf�rmance with the goals and specifications of the City 's
462C Housing Plan. adopted Mar�ch 6, 1980, and is hereby approved.
2. That in accordance vaith the Act the Mayor is hereby
authorized and directed to submit this Program to the Minnesota
Housing Finance Agency (the "MHFA") for its apprcval. The Mayor
is fur�rer authorized to execute all necessary supporting
documents and provide the MHFA with any inforrnation the MHFA
may require f�r this purpose and t:�� City Attorney is au#horized
to initiate and assist in the preparation of such �ccuments
as may be a�propriate to the Progr.am, if it is app�oved hy
MHFA.
WMITE - CITY CLERK F� (�
PINK • - FINANCE /��"J�
C�ANARY - DEPARTMENT G I T Y O� SA I N T PA LT L COUIICII a ,�
BLUE - MAYOR
File N .
Council Resolution
Presented By �
Referred To Committee: Date
Out of Committee By Date
3 .
3 . Upon approval of the Program by the MHFA, the Port
Authority of the City of Saint Paul is authorized to proceed
to issue its Revenue Bonds pursuant to the Program.
4. 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.
COUfVCILMEIV Requestgd by Department of:
Yeas Nays
Hunt �
Levine � In Favor —
�x OMcMahon B
snoweiter __ Against Y
Tada.00
Wilson
AUG 2 7 �ggp Form Approved City A .or y
Adopted by ncil: Date — `
Certif Yas• y C � Secret�y BY '
� �
Appr by :Nayor: Dat AUG 2 7 1980 App v by Mayor fo S issio to Council
sy _ _ B
Pt�-tsttEt� AUG 3 C� i980
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