01-169'�I�l1��1L
Ar��r.a,�,_ �.b. a�, ao �o,���� File � a.- «q
Resolution #
Green Sheet # �td �►g �
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Presented By
Referred To
RESOLUl'ION AUTHORIZING THE ESTABLISHMENT OF AN
fNTERIM CONSTRUCTION FINANCING PROGRAM
WHEREAS, the City recognizes the need for varied financing tools to support housing and
economic development efforts in our neighborhoods; and
WHEREAS, a key element of every development effort is the availability of interim
construction financing; and
WHEREAS, interim construction financing is typical{y needed on a relatively short term basis,
from 6 to 18 months, and is repaid in full prior to the long term take out financing of a project; and
WHEREAS, participation in the construction financing of a project could not only realize
substantial savings in the short term and be the difference between a project moving forward, but
could also result in long term savings over the life of the projects' end financing; and
WHEREAS, the City does have a unique opportunity to provide short term, interim
construction financing for activities by utilizing the Neighborhood Sales Tax program balances. In
most cases, the programs and projects approved for Neighborhood Sales tax funding are typically
not expended until one to two years after the activity is formally approved by the Mayor and City
Council; now therefore be it
RESOLVED, that upon the recommendation of the Mayor, the Council of the City of Saint
Paul does hereby authorize the staff of the Department of Planning and Economic Development to
investigate the establishment of an interim construction financing program; and be it
RESOLUTION
CfTY OF SAfNT PAUL. MfNNESOTA M
43
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s2
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��IG��I�L
O 1—\!ot
FURTHER RESOLVED, that PED staff is further requested to develop necessary program
guidelines and assurances which wiil insure that any and all projects which wouid utifize interim
construction financing woufd be repaid in such a fashion so that no previously budgeted activity
would be postponed or delayed; and be it
� d�•.1
FINALLY RESOLVED, that PED staff is hereby requested'�return witfi�program guidelines�
Requested by Department of:
Planninq & Economic Development
By : `�-
Form Approve
Adoption Certi£'ed by Council Secretary �
By ' 0.T ,.e �� -- Agproved
Approved by Mayor: Date , (!�l�2/��
By: BY
d by i y i.�to ey
� �� � 1
by Mayor � r Submission to Council
�
Adopted by Council: Date �ax� . e�.� r �00 �
OEPARTMENT/OFFICE/COUNCIL �
Plauning & Economic Development
CONiACTPERSIXJ&PHONE
Amy Filice 66568, B. Hammer 66693
z-ia-zooi 1 GREEN SHEET
I� ��.L_'J�Z':�L_'�`lI•:.I
o�-t�y
No ���68�
In�tlaVDffie
GIYCCI�ICI.. — _ _ _ _ _ _
UfYAiidbFY � ❑ CIIYCLFIIK �_
RMI�CU11.iERVICFBKt ❑ A4pC1�1.i6R19'Al'Gi6
TOTAL# OF SIGNATURE PAGES
YiIYCR(ORI14a4fAHtJ LJ
(CLIP ALL LOCATIONS FOR SIGNATURE)
Approval and signature of tLe attached Council Besolution will allow PED staff to begin the process of developing an Interim
Construction Ftinancing Program.
PLANNING COMMISSION
CB COMMITfEE
CIVIL SERVICE CAMMISSION
Has this pe�sorJGrtn ev�x worked untler a coMiact tcrthis departmeM?
YES WO
Has t�is persoNArm ever been a ciry empbyee7
YES NO
Dces this persoM�m possess a sldll r� namallyposseeeed by a�ry WrteM city employeel
YES NO
�s mis ae�sonlfrm a tar9eted venaon
YES NO
There are signit5cant Cmancial challenges in assembling development packages, including securing appropriate Pmancing at
all stages. This resolution will allow staff to investigate the possibility of creating an Interim Construcfion Loan Program. As
envisioned, the fund wouid be used to provide short term (6 -18 months) construction loans. The funds could be provided
from Sales Tas program balances, and would be guaranfeed to be repaid prior to, or as part of, the projects' long term
financing.
Development projects could experience sign�cant, long term savings from the use oF an Interim ConsttuMion Ftinancing
Program.
None
There will not be an additional development tool available for tlte City to use in Financing projects.
AMOUNT OF TRANSACTION
(IXPWN)
COST/REVENIfE 9UDGETED (CfRCLE ON� YES NO
ACTJVIT'NUMBER
Co�c� Research C�nter
�E� � £? 2�0�
'�I�l1��1L
Ar��r.a,�,_ �.b. a�, ao �o,���� File � a.- «q
Resolution #
Green Sheet # �td �►g �
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Presented By
Referred To
RESOLUl'ION AUTHORIZING THE ESTABLISHMENT OF AN
fNTERIM CONSTRUCTION FINANCING PROGRAM
WHEREAS, the City recognizes the need for varied financing tools to support housing and
economic development efforts in our neighborhoods; and
WHEREAS, a key element of every development effort is the availability of interim
construction financing; and
WHEREAS, interim construction financing is typical{y needed on a relatively short term basis,
from 6 to 18 months, and is repaid in full prior to the long term take out financing of a project; and
WHEREAS, participation in the construction financing of a project could not only realize
substantial savings in the short term and be the difference between a project moving forward, but
could also result in long term savings over the life of the projects' end financing; and
WHEREAS, the City does have a unique opportunity to provide short term, interim
construction financing for activities by utilizing the Neighborhood Sales Tax program balances. In
most cases, the programs and projects approved for Neighborhood Sales tax funding are typically
not expended until one to two years after the activity is formally approved by the Mayor and City
Council; now therefore be it
RESOLVED, that upon the recommendation of the Mayor, the Council of the City of Saint
Paul does hereby authorize the staff of the Department of Planning and Economic Development to
investigate the establishment of an interim construction financing program; and be it
RESOLUTION
CfTY OF SAfNT PAUL. MfNNESOTA M
43
�
45
46
47
48
49
50
51
s2
53
��IG��I�L
O 1—\!ot
FURTHER RESOLVED, that PED staff is further requested to develop necessary program
guidelines and assurances which wiil insure that any and all projects which wouid utifize interim
construction financing woufd be repaid in such a fashion so that no previously budgeted activity
would be postponed or delayed; and be it
� d�•.1
FINALLY RESOLVED, that PED staff is hereby requested'�return witfi�program guidelines�
Requested by Department of:
Planninq & Economic Development
By : `�-
Form Approve
Adoption Certi£'ed by Council Secretary �
By ' 0.T ,.e �� -- Agproved
Approved by Mayor: Date , (!�l�2/��
By: BY
d by i y i.�to ey
� �� � 1
by Mayor � r Submission to Council
�
Adopted by Council: Date �ax� . e�.� r �00 �
OEPARTMENT/OFFICE/COUNCIL �
Plauning & Economic Development
CONiACTPERSIXJ&PHONE
Amy Filice 66568, B. Hammer 66693
z-ia-zooi 1 GREEN SHEET
I� ��.L_'J�Z':�L_'�`lI•:.I
o�-t�y
No ���68�
In�tlaVDffie
GIYCCI�ICI.. — _ _ _ _ _ _
UfYAiidbFY � ❑ CIIYCLFIIK �_
RMI�CU11.iERVICFBKt ❑ A4pC1�1.i6R19'Al'Gi6
TOTAL# OF SIGNATURE PAGES
YiIYCR(ORI14a4fAHtJ LJ
(CLIP ALL LOCATIONS FOR SIGNATURE)
Approval and signature of tLe attached Council Besolution will allow PED staff to begin the process of developing an Interim
Construction Ftinancing Program.
PLANNING COMMISSION
CB COMMITfEE
CIVIL SERVICE CAMMISSION
Has this pe�sorJGrtn ev�x worked untler a coMiact tcrthis departmeM?
YES WO
Has t�is persoNArm ever been a ciry empbyee7
YES NO
Dces this persoM�m possess a sldll r� namallyposseeeed by a�ry WrteM city employeel
YES NO
�s mis ae�sonlfrm a tar9eted venaon
YES NO
There are signit5cant Cmancial challenges in assembling development packages, including securing appropriate Pmancing at
all stages. This resolution will allow staff to investigate the possibility of creating an Interim Construcfion Loan Program. As
envisioned, the fund wouid be used to provide short term (6 -18 months) construction loans. The funds could be provided
from Sales Tas program balances, and would be guaranfeed to be repaid prior to, or as part of, the projects' long term
financing.
Development projects could experience sign�cant, long term savings from the use oF an Interim ConsttuMion Ftinancing
Program.
None
There will not be an additional development tool available for tlte City to use in Financing projects.
AMOUNT OF TRANSACTION
(IXPWN)
COST/REVENIfE 9UDGETED (CfRCLE ON� YES NO
ACTJVIT'NUMBER
Co�c� Research C�nter
�E� � £? 2�0�
'�I�l1��1L
Ar��r.a,�,_ �.b. a�, ao �o,���� File � a.- «q
Resolution #
Green Sheet # �td �►g �
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
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19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
Presented By
Referred To
RESOLUl'ION AUTHORIZING THE ESTABLISHMENT OF AN
fNTERIM CONSTRUCTION FINANCING PROGRAM
WHEREAS, the City recognizes the need for varied financing tools to support housing and
economic development efforts in our neighborhoods; and
WHEREAS, a key element of every development effort is the availability of interim
construction financing; and
WHEREAS, interim construction financing is typical{y needed on a relatively short term basis,
from 6 to 18 months, and is repaid in full prior to the long term take out financing of a project; and
WHEREAS, participation in the construction financing of a project could not only realize
substantial savings in the short term and be the difference between a project moving forward, but
could also result in long term savings over the life of the projects' end financing; and
WHEREAS, the City does have a unique opportunity to provide short term, interim
construction financing for activities by utilizing the Neighborhood Sales Tax program balances. In
most cases, the programs and projects approved for Neighborhood Sales tax funding are typically
not expended until one to two years after the activity is formally approved by the Mayor and City
Council; now therefore be it
RESOLVED, that upon the recommendation of the Mayor, the Council of the City of Saint
Paul does hereby authorize the staff of the Department of Planning and Economic Development to
investigate the establishment of an interim construction financing program; and be it
RESOLUTION
CfTY OF SAfNT PAUL. MfNNESOTA M
43
�
45
46
47
48
49
50
51
s2
53
��IG��I�L
O 1—\!ot
FURTHER RESOLVED, that PED staff is further requested to develop necessary program
guidelines and assurances which wiil insure that any and all projects which wouid utifize interim
construction financing woufd be repaid in such a fashion so that no previously budgeted activity
would be postponed or delayed; and be it
� d�•.1
FINALLY RESOLVED, that PED staff is hereby requested'�return witfi�program guidelines�
Requested by Department of:
Planninq & Economic Development
By : `�-
Form Approve
Adoption Certi£'ed by Council Secretary �
By ' 0.T ,.e �� -- Agproved
Approved by Mayor: Date , (!�l�2/��
By: BY
d by i y i.�to ey
� �� � 1
by Mayor � r Submission to Council
�
Adopted by Council: Date �ax� . e�.� r �00 �
OEPARTMENT/OFFICE/COUNCIL �
Plauning & Economic Development
CONiACTPERSIXJ&PHONE
Amy Filice 66568, B. Hammer 66693
z-ia-zooi 1 GREEN SHEET
I� ��.L_'J�Z':�L_'�`lI•:.I
o�-t�y
No ���68�
In�tlaVDffie
GIYCCI�ICI.. — _ _ _ _ _ _
UfYAiidbFY � ❑ CIIYCLFIIK �_
RMI�CU11.iERVICFBKt ❑ A4pC1�1.i6R19'Al'Gi6
TOTAL# OF SIGNATURE PAGES
YiIYCR(ORI14a4fAHtJ LJ
(CLIP ALL LOCATIONS FOR SIGNATURE)
Approval and signature of tLe attached Council Besolution will allow PED staff to begin the process of developing an Interim
Construction Ftinancing Program.
PLANNING COMMISSION
CB COMMITfEE
CIVIL SERVICE CAMMISSION
Has this pe�sorJGrtn ev�x worked untler a coMiact tcrthis departmeM?
YES WO
Has t�is persoNArm ever been a ciry empbyee7
YES NO
Dces this persoM�m possess a sldll r� namallyposseeeed by a�ry WrteM city employeel
YES NO
�s mis ae�sonlfrm a tar9eted venaon
YES NO
There are signit5cant Cmancial challenges in assembling development packages, including securing appropriate Pmancing at
all stages. This resolution will allow staff to investigate the possibility of creating an Interim Construcfion Loan Program. As
envisioned, the fund wouid be used to provide short term (6 -18 months) construction loans. The funds could be provided
from Sales Tas program balances, and would be guaranfeed to be repaid prior to, or as part of, the projects' long term
financing.
Development projects could experience sign�cant, long term savings from the use oF an Interim ConsttuMion Ftinancing
Program.
None
There will not be an additional development tool available for tlte City to use in Financing projects.
AMOUNT OF TRANSACTION
(IXPWN)
COST/REVENIfE 9UDGETED (CfRCLE ON� YES NO
ACTJVIT'NUMBER
Co�c� Research C�nter
�E� � £? 2�0�