273800 WHITE - C�TV CLERK COUI1C11 ./! /��■(�
PINK - FINANCE GITY OF SAINT PAUL �
CANARV - DEPARTMENT �W W t tl
BLUE �� - MAVOR File NO•
.��At�'`'� �a _ nc ' Reso ution
Presented By °
Referred To Com tee: Date
Out of Committee By Date
RESOLUTION GIVING PRELIMINARY APPROVAL TO A HOUSING
DEVELOPMENT PROJECT AND ISSUANCE OF REVENUE BONDS IN
CONNECTION THEREWITH; RETAINING A BOND UNDERWRITER;
AND AUTHORIZING OTHER ACTIONS
WHEREAS, the City desires to encourage the development of new
housing in and adjacent to the area of the Shepard Park West
Redevelopment Project; and
WHEREAS, the provision of additional new rental housing units
is necessary and desirable to alleviate a growing shortage of such �
units within the City; and
WHEREAS, the financial feasibility of t�re provision of new
rental units is dependent upon public financing assistance and the
developer has groposed development of 208 rental apartment and 37
rental townhouse units in a block bounded by Stewart, Alton, Madison
and Rockwood Streets, financed by City of Housing and Redevelopment
Authority of the City of Sai.nt Paul, Minnesota revenue bonds.
NOW THERETORE, BE IT It�OLVEII b�r. the Cpuncil of the City of Saint
Paul as follows:
a. The firm of Juran & Moody, Inc, is retained to act as
underwriter of a revenue bond issue.
b. The Department of Planning and Economic Development, in
consultation with the bond underwriter, is authorized to develop
details of the bond issue.
c. The City Attorney is authorized and directed to retain
bond counsel and to prepare a preliminary agreement and other necessary
documents for the issuance of housing development revenue bonds, and to
submit the same to the City Council for approval.
COUNCILMEN Requested by Department of:
Yeas Nays
In Favor Planninct and Economic Development
-- Against BY � ����
Form Appro by City Attor ey
Adopted by C ouncil: Date
Certified Passed by Council Secretary BY
By.
Flpproved by Mavor: Date _ A ro by Mayor or m sion to Council
BY — BY
WH17E - CITV CLERK �����
PINK - FINANCE � COUACII
CANARV - DEPARTMENT G I TY OF SA I NT PAIIL File NO• t
BLUE - MAVOq
�` r Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
2.
d. The revenue bonds shall be issued pursuant to Chapter 260 ,
� Laws 1975, and City Ordinances adopted implementing Chapter 260,
pursuant to Chapter 462A or Chapter 462C, Minnesota Statutes, or a
combination thereof.
COUNCILMEN Requested by Department of:
Yeas Hozza Nays �
Hunt Planning and Economic Development
Levine
In Favor
Maddox 0
Mc1�Iahon - -- Against BY —p
Showalter �1 a �7 A.1`#TIC.�V
Tede o � HvA/r� Form Approved by City Attorney
Adopted oun '1: Date ���
Ce ied P- ed by uncil Se�retar BY
�.� �
t� ro d by iNavor: e _ UC` � Appr ve b Mayor for Sub i si to Council
By By
ptt�.lS��o 0 CT 13 1979