272932 WHITE - GTV CLERK °
PINK - FINANCE GITY OF SAINT PAUL Council ������
CANARV - DEPARTMENT � �
BLUE� =,tiA�OR �
File N 0.
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
2.
WHEREAS, it is desirable to promulgate a policy for mortgage
allocation for condominium conversion projects in Redevelopment
Areas limited to projects determined by the City Council as designed
to primarily benefit low and moderate income households or otherwise
serve public redevelopment objectives.
NOW THEREFORE, BE IT RESOLVED by the Council of the City of
Saint Paul that the allocation of BMIR homeowner's mortgage fund
commitments for the Redevelopment Area Projects identified and in
the amounts set forth in Schedule A hereto attached, is hereby approved,
and commi.tments for $7,346,000 are hereby authorized, subject to the
condition of execution of builder-developer, lender agreements in
form acceptable to and approved by the City Attorney.
RESOLVED FURTHER that in making future allocations of $996,000
of BMIR funds reserved from this allocation, the City Council determines
that commitment requests for condominium conversion projects in
Redevelopment Areas will be considered -only if- such pre�ects will
primarily serve and benefit low and moderate income home purchasers,
or will subserve other significant public objectives for the Redevel-
opment Area in which the project is located.
COUNCILMEN Requested by Department of:
Yeas Nays
Butler � De�'I�CIP.,TIt of P1ai111inQ alld FApT1p[[LLC ],�2V�CIL�CIP,Ilt
Hozza [n Favor
Hunt
I.evine _ � __ Against BY —
Maddox
Showalter
Tedes MAY � p �g'19 Form Approved by City Attorney
Adopted Council: Date �
Ce �fied Y- - by Co cil Secretary� BY /�r� "
�
�1ppr e y �Navor: Date MAY 1 5 1979 Approved by Mayor for Submission to Council
By _ By
�.�EO M AY 19 1979
WNITE — C�TV CLERK � , �• ✓" �,£ !,
PINK — FINANCE GITY OF SAINT PALTL
� CANARV — DEPARTMENT COUIICIl a '�'
B��€' —a���oR... File NO.��A' � t
CityAttn�/I�2�,
Council Resolution
Presented B `!
Y
Referred To Committee: Date
Out of Committee By Date
RESOLUTION ALLOCATING BELOW MARKET INTEREST
RATE (BMIR) HOMEOWNER MORTGAGE FUNDS IN
REDEVELOPMENT AREAS AND ADOPTING A POLICY
FOR CONDOMINIUM CONVERSION PROJECT COMMITMENT
ALLOCATIONS
WHEREAS, the City is in receipt of over $10.5 million in requests
and there is available for allocation $8. 3 million of BMIR mortgage
funds for homeowner's mortgage commitments in Redevelopment Areas ; and
WHEREAS, the Mayor has submitted to and the Finance, Management
and Personnel Committee has recommended mortgage fund allocations upon
criteria giving priority to areas involving land publicly acquired for
redevelopment purposes and areas where completion of redevelopment was
dependent upon such mortgage assistance, giving consideration only to
condominium conversion projects in Redevelopment Areas which will pro-
vide new homeownership opportunity for low and moderate income house-
holds, and providing an unallocated mortgage fund reserve by allocating
no more than two-thirds of each commitment request; and
WHEREAS, the allocations set forth in Schedule A attached meet
these recited criteria with the exception of the College Hill Project,
a condominium conversion project serving middle income households, as
to which it is determined (1) that building has been vacant for an
extended period of time, (2) that it has been demonstrated that financing
is not presently or likely to become available, (3) project completion
is dependent upon BMIR financing, and (4) the project is located in the
Downtown Area in which the provision of additional housing for all
income groups has been a long standing public objective in accomplishing
the revitalization of this Area of the City; and
COU[VCILMEN Requested by Department of:
Yeas Nays
Butler D2�dl�Ittent Of P1di1I1i11g �id FpCt]�C[IL'LC D2VElo�[r�.'11t
Hozza In Favor
Hunt �
Levine _ __ Against By ��� � "J
Maddox � -
Showalter ������
Tedesco Form A pproved by City ttorney _
Adopted by Council: Date �. )
Certified Yassed by Council Secretary BY `�
By l/
t�pproved by Mavor: Date _ Approved by Mayor for Submission to Council
By _ By ���l���9/UL� .
. F •
r
• 'n;
j�
�. R
212 S ITE 400,000 ,` ���., .
ASHLAND AVE. CONDO�IINIUMS )
. )
KEh'T SQUARE EAST � .�
)
)
_ )
CATHEDRAL PI.�CE CONDONINIUM � 1,440,OOd
GOR.tifAN SCHOOL 300,000
PAN�.'�iA FLATS 872,000
UPPER LANDING 350,000
SL��fIT PLACE 1,360,OQ0
CENTRAL VILLAGE 2,434,OOQ
COLLLGE HILL 740,000
GARDNER ROW 195,OQ0
NARROW LOT FROTO TYPE 255,000
TOTAL 7,34b,000
TOTAL AVAILABLE 8,342,�00
-7,346,000
NET RE:KAINING FOR ALLOCATION 996,000
SCHEDULE A