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01-1279S� C��r,t �. Q. t Council File # � �" � a.� q — ����o.�o� Y � RESOLUTION Green Sheet # _ ���'�q0 CITY OF SAINT PA�I,, MINNESOTA Presented By Referred To ��n e- �.�'�'ia. 2 RESOLUTION AUTHORIZING RAMSEY COUNTY TO i.JNDERTAKE A MULTI-FAMILY 3 RENTAL HOUSING DEVELOPNIENT IN THE CITY OF SA1NT PAUL, 5 (iJPPER LANDING - AFFORDABLE HOUSING) 7 WHEREAS, 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 (a) Minnesota Statutes, Chapter 462C (the "Act") authorizes cities, or housing and redevelopment authorities or port authorities autharized by ordinance to exercise on behalf of a city the powers conferred by the Act, or a county housing and redevelopment authority created by special law or authorized by its county to exercise its powers pursuant to Minnesota Statutes, Section 469.004, the power to issue revenue bonds to finance a program for the purpose of planning, administering, making or purchasing loans with respect to one or more multi-family housing developments within its boundaries of the city; (b) The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "St. Paui HRA") has been designated, by ordinance, to exercise, on behalf of the City of Saint Paul, Minnesota (the "City") the powers conferred by Minnesota Statutes, Section 462C.01 to 462C.08; (c) The Ramsey County Housing & Redevelopment Authority (the "County FIRA") has scheduled for consideration on December 18, 2001, a resolution authorizing an application to the 1Vlinnesota Department of Finance for an allocation of volume limit to issue private acrivity bonds "bonding authority"; (d) The County I3Rt1 has received from Centex Multi- Family Communiries, L.P. for Chestnut Housing, L.P.(the "Developer") a proposal that the County HRA undertake a program to fmance the Project hereinafter described, through the issuance of revenue bonds or other oblagations (which may be issued in one or more series) (the "Bonds") pursuant to the Act; K:Sf3ARED�PEDlcarlsoap\centex\county res 0 7 9 10 I1 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 5. �aj��.Jo� (e) The City and County HRA desire to: facilitate the development of rental housing within the community; encourage the development of affordable housing opportunities far residents of the City and the County; encourage the development of housing facilities designed for occupancy by persons of low or moderate income; and prevent the emergence of blighted or underutilized land and structures within the boundaries of the City and the County; and the Project will assist the City and County IIRA in acbieving these objectives; ( fl The proposal is for the Ramsey County HRA to issue bonds for the Project, using up to $five million doilars ($5,500,000) of bonding authority provided by Ratnsey County HRA from the housing pool established pursuant to Minnesota Statutes, Chapter 474A; (g) The Developer is currently engaged in the business of real estate development. The project to be fmanced by the Bonds will consist of the acquisition, construction and equipping of a xesidential rental project for low and moderate income tenants located at the west end of the Upper Landing site south of Shepazd Road and west of Washington Street in Saint Paul (the "Project"). (h) The City and the County HRA have been advised by representatives of the Developer that conventionai, commercial financing to pay the capital costs of the Project is auailable oniy on a limited basis and at such high costs of borrowing that the economic feasibility or operating the Project would be significantly reduced, but the Developer has also advised the City and the County that with the aid of municipal financing, and resulting low borrowing costs, the Project is economically more feasible; and (i) No public official of the City or the County has either a direct or indirect fmancial interest in the Project nor will any public official either direcdy or indirectly benefit financialiy from the Project: NOW THEREFORE, BE IT RESOLVED by the City Council of the Cfty of Saint Pau1, Minnesota, that pursuant to Minn. Stat., Section 469.004, subd. 1 a, the City hereby authorizes Ramsey County, acting tluough the Ramsey County HRA, to undertake the Project and financing therefor, subject to the following limitations: a. this authorization relates only to the Project and the financing program for the Project; and 61- �an9 1 b. nothing in this resolution or in the financing 2 program, or in any agreement, indenture, contract or instrument relating to 3 the Project or the Bonds shall authorize or pemvt the Ramsey County 4 IIRA to levy a tas on any tasable property within the city limits of the 5 City of Saint Paul, and 6 7 c. nothing in this resolurion obligates the City to give 8 its approval to the Project and the program of financing therefor, and 9 10 d. nothing in this resolution authorizes the expenditure 11 of any City funds on the Project. 12 13 14 15 16 f� 1- � 3-'�1 Requested by Department of: Adoption Certified by Council Secretaxy 1 � . - �� �/ i'%�� �'''�' � BY: Form App oved 1 City o y By: Approved b Mayor for Submission to Council � By. ///j/ U Adopted by Conncil: Date „���. �1 � .�,. ., . _ ✓ DEPARTMENT/OFFICE/COUNCIL: PED CONTACP PERSON & PHONE: Allen Carlson, 266-6616 MUST BE ON COUNCQ. AGENDA BY (DATE) December 12, 2001 � 2 GREEN SHEET No.: l � � 290 p����1 � V av, mnTwunn� � 1 DEPART'MEN1' DIIt. �_ CITY CAUNCIL ASSIGN ? CI7'YATTORNEY_McCall CITYCLERK NUMBER FINANCL4L SERV DIR. FINANCIAL SERV/ACCTG gpR 3 MAYOR (OR ASS'I.) _ CIVII. SERVICE ROIITING COMMISSION ORDER TOTAL # OF SIGNATURE PAGES _1_(CLIP ALL LOCATIONS FOR SIGNATiTRE) ACTION REQiTESTED: Approve the attached resolution authorizing Ramsey County IiRA to issue revenue bonds to finance the construction of 75 affordable rental housing units by Centex Multi-Family Communities LP and Common Bond Communities on the Upper Landing site. Neither the Ciry or City HRA would be using its bonding allocation authority on this project. Approve (A) or Reject (R) PLANNING COMMISSION CIB COMIvIITTEE CIVIL SERVICE COMMISSION PERSONAL SERVICE CONTRACTS MI1ST ANSWER 1'HE FOLLOWING QUESTIONS: 1. Has this person/fum ever worked under a conh�act for this depazlment? Yes No 2. Has this persot✓fi`m ever been a ciTy employee? Yes No 3. Does tlus pe�son(fimi possess a skill not nocmally possessed by any cuttent c�ty employee? Yes No Explain aIl yes answers on separate sheet aud attach to green s6eet IN717ATING PROBLEM, ISSUE, OPPORTIJMTY (Who, What� Wheu, Where, Why): Pursuant to the Redevelopment Agreement between Centex Mulri-Family Communiries and Saint Paul HRA, Centex is obligated to provide at least 72 units of affordable rental housing on the Upper Landing site. Centex has entered into an arrange with Commonbond to construct and manager said units. In order to fmance the construction of said units, Commonbond would like to use tas exempt revenue bonds which would qualify the project for ]ow income housing taac credits. The tax credits would generate 1'vnited partner equiry to fmance at least one-third of the projecY s cost, thereby avoiding the need for other subsidy fmancing. ADVANTAGES IF APPROVED °q , Si'��" 1. Sevenly-five units of rental housing affordabel to households at or below 50% of the azea median in �csn�d be created, thereby adding to the City's goals for affordable housing. 2. City would not be using its bonding allocation authority. �� ��-�?' DISADVANTAGESIFAPPROVED: DISADVANTAGES IF NOT APPROVED: Commonbond would have to seek altemative sources of financing which may or may not be avaIlable. The affordable units may not be able to be constructed. TOTAL AMOIJNT OF'I`RANSAGTION: N/A FUNDINGSOURCE: FINANCIAL IlVFORMATION: (EXPLAII� The County HItA woould be applying to the Stace bonding pool. COST/REVENUE BUDGETED: ACfIVITY NUMBER: � � � [� � � E D �ov � o Z�tiS � � ' ■ ol- �a�t9 interdepartmental Memorandum CITY OF SAINT PAUL T0: Council President Bostrom FROM: Allen Cazlson�fL/ /1 SUBJECT: December 12�' Council Agenda Item Number 20 RESOLUTION: RESOLUTION AUTHORIZING RAMSEY COUNTY TO UNDERTAKE A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT IN THE CITY OF SAINT PAUL (UPPER LANDING - AFFORDABLE HOUSING) The Ramsey County HRA has asked me to make two changes to the proposed resolution referenced above. The first change is to delete under (d) reference to Common Bond and to insert the actual name of the project which is Chestnut Housing L.P.. The second change is under (fl which is to up the bond amount from $5,000,000 to $5,500,000. Passage ofthis resolution has no impact upon the City's financial resources. The County would be issuing the bonds from the State bond pool, not our local allocation. Nancy Anderson states that you need to sign the revised resolution and suxnit the first two pages to her. Thank you for your assistance. Council File # � � " � Oi.n _ ` r, "-, � -_` �:���Stf`t� RESOLUTION CITY OF SAINT PAUL, MINNESOTA Presented By Referred To Comxnittee: Date m RESOLUTION AUTHORIZING RAMSEY COUNTY TO UNDERT RENTAL HOUSING DEVELOPMENT IN THE CITY OF SAINT P: (iJPPER LANDING - AFFORDABLE HOUSING) WHEREAS, Green Sheet # ��_q��Q A MU1,TI-FANIILY (a) Minnesota Statutes, Cha er 462C (the "Act") authorizes cities, or housing and rede lopment authorities or port authorities authorized by ordinance o exercise on behalf of a city the powers confened by the Act, r a county housing and redevelopment authority create by special law or authorized by its county to exercise its powers ursuant to Minnesota Statutes, Section 469.004, the powe o issue revenue bonds to finance a program for the purpose planning, administering, making or purchasing loans with spect to one or more multi-family housing developments with' ts boundazies of the city; (b) e Housing and Redevelopment Authority of the City of Saint ul, Minnesota (the "St. Paul HRA") has been designated, ordinance, to exercise, on behalf of the City of Saint Paul, Mi esota (the "City") the powers conferred by Minnesota Statute Section 462C.01 to 462C.08; (c) The Ramsey County Housing & Redevelopment thority (the "County HRA") has scheduled for consideration on ecember 18, 2001, a resolution authorizing an application to the Minnesota Department of Finance for an allocation of volume limit to issue private activity bonds "bonding authority' ; (d) The County HRA has received from Centex Multi- Family Communities LP and Commonbond Communities (the "Developer") a proposal that the County IIRA undertake a program to finance the Project hereinafter described, through the issuance of revenue bonds or other obligations (which may be issued in one or more series) (the "Bonds") pursuant to the Act; K�SHARED�PED\carlsoap\centex\counry res (e) The City and County HRA desire to: facilitate the �, _ I a �� development of rental housing within the community; encourage the development of affordable housing oppornxnities for residents of the City and the County; encourage the development of housing facilities designed for occupancy by persons of low or moderate income; and prevent the emergence of blighted or underutilized land and structures within the boundaries of the City and the County; and the Project will assist the City and County HRt� in achieving these objectives; ( fl The proposal is for the Ramsey County to issue bonds far the Project, using up to $five million do s ($5,000,000) of bonding authority provided by Rams County IIRA from the housing pool established pursuant to innesota Statutes, Chapter 474A; (g) The Developer is currently en ged in the business of real estate development. The project to financed by the Bonds will consist of the acquisition, con ction and equipping of a residential rental project for low an moderate income tenants located at the west end of the Upper L ding site south of Shepazd Road and west of Washington Stree n Saint Paul (the "Project"). (h) The City and the ounty IIRA have been advised by representatives of the Deve per that conventional, commercial financing to pay the capital sts of the Project is available only on a limited basis and at such igh costs of bonowing that the economic feasibility or o erating the Project would be significantly reduced, but the Devel er has also advised the City and the County that with the d of municipal financing, and resulting low borrowing costs, th roject is economically more feasible; and (i) o public official of the City or the County has either a dire or indirect financial interest in the Project nor will any public fficial either directly or indirectly benefit financially from the roiect: W THEREFORE, BE IT RESOLVED by the City Council of the City of S' t Paul, Minnesota, that pursuant to Minn. Stat., Section 469.004, subd. 1 a, the ity hereby authorizes Ramsey County, acting through the Ramsey County H , to undertake the Project and financing therefor, subject to the a. this authorization relates only to the Project and the financing program for the Project; and �