273340 r
WHITE - CITV CLERK COURCII 2� �����
B�E - M�oR E GITY OF SAINT PALTL
4NARV - DEPARTMENT File NO.
'� uncil Resolution
Presented By
Referred To Committee: Date �
Out of Committee By Date
PRELIMINARY RESOLUTION AUTHORIZING A MULTI-FAMILY
FINANCING PROGRAM UNDER CHAPTER 260, LAWS OF
MINNESOTA FOR 1975 OR MINNESOTA STATUTES, CHAPTER
306, AND MINNESOTA STATUTES, CHA.PTER 462A, AND CITY
OF SAINT PAUL ORDINANCES 15975 AND 16504, AND AUTHORIZING
THE ISSUANCE OF REVENUE OBLIGATIONS
WHEREAS, the City desires to make available below marlcet
interest rate mortgage loans to make possible the acquisition or
rehabilitation (or both) of multi-family housing within the geographic
limits of the City upon terms and conditions not otherwise generally
affordable or available to the applicants for such financing; and
WHEREAS, the Department of Planning and Economic Development
of the City has proposed that the City formulate a program (the "Multi-
Family Housing Program") to encourage and facilitate the acquisition and
rehabiiitation of multi-family housing units located within the City; and
WHEREAS, the Department of Planning and Economic Development
has proposed that the C�ty is�uE �ev�n�e` obligatiens pur5uant to Chapter �60,
Laws of Mirinesota for 1975 or Minnesota Statutes, Chapter 462C (eoll�eti����'
• th�''"�t") , and Minnesota Statute�,- Chapter �6�A ("C��pter 462A") ari� �it� �
of Saint Paul Ordinances 15975 and 16504 (collectively, the "Ordinance") ,
to finance the multi-family housing program;
NOW THEREFORE, BE IT RESOLVED by the City Council of the. City
of Saint Paul, as follows:
a. The Department of Planning and' Economic Development,
in consultation with the City's fiscal consultant Springsted
Incorporated, and in consultation with underwriters and bond
counsel, is authorized to formulate a specific program to pro-
vide below market interest rate financing for multi-family housing
as part of the housing program authorized under the Act and the
Ordinance.
COUNCILMEN Requested by Department of:
Yeas Nays
Butler [n Favor
Hozza �
Hunt
Levine _ __ Against BY �
Maddox
Showalter
Tedesco For pproved by Cit Attorney
Adopted by Council: Date , � ,
Certified Passed by Council Secretary B
• �
I�p d by �Vlavor• a _ Approved by Mayor for Sub ion to Council
_ By
� �MNITE - C�TV CLERK . - � ��J��'���
PiNK - FINANCE COURCII N.
CyANARV - DEPARTMENT GITY OF SAINT PAUL File NO.
BLUE - MAYOR
� � Co�ncil Resolution
Presented By �
Referred To Committee: Date
Out of Committee By Date
b. Loans made pursuant to the Multi-Family Housing Program shall be
made only if a determination is made by the City, or on the City's behalf,
and financing is not otherwise available from private lenders upon terms
and conditions which are affordable by the applicant, as provided in the
regulations promulgated for the Multi-Family Housing Program.
c. The Multi-Family Housing Program shall comply in all re�pects with
the aforesaid Act, Chapter 462A and Ordinance as they may from time to time
exist, and with the�]regulations promulgated thereunder. The Department of
Planning and Economic Development is authorized to formulate regulations or
criteria for the Multi-Family Housing Program, which regulations or ,criteria
shall be submitted to, and approved by, the City Council. Further criteria
for the Multi-Family Housing Program, consistent with the Act, Chapter 462A
and Ordinance ma.y be formulated and contained within indentures, resolutions,
agreements and other documents related, to the Multi-Family Housing Program.
d. Multi-Family Housing Program may be financed by the issuance of
revenue bonds or obligations as authorized by the Act, Chapter 462A and
the Ordinance. Such revenue bonds or obligations, and all documents in
connection therewith, shall provide that such revenue bonds or obligations
shall be payable solely from the revenues of the Multi-Family Housing Program,
and shall not be a charge against the credit or taxing power of the City,
within the meaning of any constitutional or statutory provision.
�. The Department of Planning and Economic Development is authorized
to negotiate for the retention of the services of bond counsel in connection
with the l�iulti-Family Housing Program. The Department of Planning and
Economic Development is further authorized to negotiate for the retention of
services of underwriters, lending institutions, or other entities as may be
necessary to effectuate and carry out the Multi-Family Housing Program. Al1
agreements for the retention of such services shall be submitted to the
Council for approval.
COUNCILMEN
Yeas Nays Requested by Department of:
rHeetler �
� [n Favor �
Hunt �
Levine � __ Against BY
Maddox �
a ter
Tedesco ��L 1 7 �9�9 Form rove y City Attorney
opted by Cou il: Date , � .
Certified ssed Council Secret y B
.
` 'i'� 2 4 19T9 Appr ved by ayo for Submis ' o Council
App by iNavor: t � — .W /���-v
B � -- BY �
�sr�EO JUl 2 81979
oM oi: i2lzg�:5
Rev. : 91$/76
2'7����
� EXP'LANATZON �0� ADM'LNIBTRATIVE� 'QRDERS
� QLUT N ,' �0'RD N
Date: July. lE, 1979
TO: MAXQR GEORGE LATIMER � � � � � � E D ,
FR: Terry McNel l i s�N� �UL 1 6 ���'�
',AAA�'� �
RE; Multi Family Rehab Program
� ACTI0I�T REQUESTED: �
,�..
Approve for submission to Council .
� PURPOSE AND RATI�ONALE� �4R Z'IiIS� ACTION;
Resolution authorizes staff to proceed with the program and to undertake any r�ecessary
neqotiations with bond counsel investment bankers and 1oca1 lenders to implement the
program. Action previously authorized by the Mayor.
ATTACHMENTS:
Council Resolutione
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'��:'��`� - -'.j-�;% DCI��' : Ju1y 16� 1979
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,F�'; O ��;� = C�;`1'3�ii t'�C�'� FINANCE, MANAGEMENT AND PERSONNEL
. � �� T, �,. _
RUBY HUNT , chaifriCn, m�nes fihe fo[ l �.ttr�c�
r�por� on C. F_ � Orctinance
. �9) [� Re�o;:�'ri�n - -
� '. � . • �} U�h2r - .
.� -� �� �� : _ � . .
3he Finance Committee, at its meeting of July 16, 1979, recommended approval of the -
_following: _ � � �
1 . � Resolution establishing title and class specifications for Library Rssistant I
= in Grade 20, Section 3.L tTechnical Group). � - �
2. Resolution establishing-title and class specifications for Library Assistant II .
in Gr.ade 24, Section #.L (Technical Group). . •
� 3. Reso�ution estab7ishing title and class specifications for Library Specialist I -
. , in Grade 3, Section 3.�. (Prof/Adm9n. Non Supervisors Group). � .
. 4. ResoTution establishing title and class speci.fications far Library Specialist II �
in Grade 7, �Section 3.J. (Prof/Admin. Non Supervisors Group). .
- . 5._ Resolution revising minimum qualifications for class of�Affirmative Action
. Techni.cian. �
6. Resolution ta transfer .$181 ,500 of 1979 CI6 Funds for 7ighting projects on Burns �
Avenue and on .Summit Avenue: �
7. Resolution regardi�g action necessary for a bondinq program for single family
rehabilitation. � �
_ 8. Resolution regarding action necessary for a bonding program for multi-family -
rehabilitation. �
9. Resolut�on to eliminate past practice of includ.ing the cost of frirtge benefits
- for special funds in the appropriation for fringe benefits in the general revenue �
� fund.
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