01-1279S� C��r,t �.
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Council File # � �" � a.� q
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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,
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(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
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(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
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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
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7 c. nothing in this resolurion obligates the City to give
8 its approval to the Project and the program of financing therefor, and
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10 d. nothing in this resolution authorizes the expenditure
11 of any City funds on the Project.
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Requested by Department of:
Adoption Certified by Council Secretaxy
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BY:
Form App oved 1 City o y
By:
Approved b Mayor for Submission to Council
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By. ///j/
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Adopted by Conncil: Date „���. �1
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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. ��
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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
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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 _ `
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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
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