273259 N�HIT� - CITV CIERK � �`��/" '��
INK � - FINANCE GITY OF SAINT PAUL Council
ANARV - DEPARTMENT File NO.
LUEL - MAYOR
��At�'� ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLUTION MAKING CERTAIN ALLOCATIONS AND
REALLOCATIONS OF BELOW MARKET INTEREST
RATE (BMIR) HOME MORTGAGE LOAN FUND5
WHEREAS, by its Resolution, C. F. No. 272536 adopted
February 20 , 1979, and C. F. No. 272932 adopted May 10 , 1979 , the
Council of the City of Saint Paul made allocations of BMIR Home
M�ortgage Loan Funds among lending institutions and approved
redevelopment areas within the City qualifying for r.wrtgage loan
funds; and
WHEREAS, the amount of mortgage loan funds not previously
allocated or now available for reallocation in redevelopment areas
is in the amount of $2,203 ,000; and
WHEREAS, there has been presented to this meeting a proposal
for approval of eligible redevelopment areas and allocations for
said areas and for reallocation of mortgage funds as set forth in
Schedule A hereto attached; and
WHEREAS, with this proposal, all Home Mortgage Funds
will have been allocated by the City Council, except as to
reallocations of funds which may be released in the future to the
Program by lenders , as to which it appears desirable that realloca-
tions be authorized by direction of the Mayor acting pursuant to
the Program Policies and Criteria hereto fore established by the
Council; and
WHEREAS, the Council Finance Committee has recommended the
Schedule A redevelopm,e�t areas and allocations and future adminis-
trative approval of future reallocations , now therefore, be it
COUNCILMEN
Yeas Nays Requested by Department of:
sutier Planning and Economic Development
Hozza [n Favor
Hunt ��2�,�
Levine __ Against BY
Maddox
Showalter
Tedesco Form Approved by City Attorne
Adopted by Council: Date
Certified Yassed by Council Secretary BY '� �
By
l�pproved by �Vlavor: Date Appr ed by M yo for Su m' sion to Council
BY - – — BY
M�H17E - C�TY CIERK CQUI1C11 ������
PINK - FINANCE G I TY O F SA I NT PA LT L �
CANARV - DEPARTMENT
B'LUEi� - MAVOR File NO•
{
Co�ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
2.
RESOLVED by the Council of the City of Saint Paul that BMIR
Fiome Mortgage Loan Fund allocations in the redevelopment areas and
in the amounts set forth in Schedule A attached are hereby approved.
RESOLVED FURTHER that the Mayor is hereby authorized to make
any reallocations as may become necessary hereafter by assignment
or release of prior allocations by lenders, in accordance with the
BMIR Home Mortgage Loan Program PoZicies and Criteria as established
by the City Council.
COUNCILMEN
Yeas Nays � Requested by Department of:
.�� Planning and Economic Development
Hozza [n Favor
Hunt ���
Levine � _ Against BY "� - ' f
Maddox
Show
esco JUL 3 �979 Fotm Approved by City Attorn
Adop by Counc� : Date
rtified Pas• by C cil Secretary BY �
.
r ��� � Appro d by M or or Su ' sion to Council
/�ppr v y 1Aavor: D t —
By — BY
tt�Lt3t�E� J U l 1 4 1979
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OM O1 : 12/1975
Rev. : 9/8/7b
IG I E)+�!� i�
� �L�AN:ATZON �Ok' ADMINISTRATIVE� �QRDERS
' RES�OIs TON �,' � A�T S
nate: �u�y 3, i9�9 . G E�,� E p
�E 1979 :
Jtl�
TO: MAXQR GEORGE LATTMER �Y�'s �
,FR: Terry McNel l is"C!`��
RE: Redevel opment Areas for the BMI R Program
ACTI01� RE(�UESTED:
Sign for submission to City Council
_ . .
�URPOSE AND RATI�ONALE� F4R T�TI�S� ACTION:
Allocates remaining funds under the Program and grants administrative authority
for any subsequent adjustments.
,ATTACHME�3TS ;
Council Resoiution