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269428 WHITE - GTV CLERK � � � � PINK - - FINANCE G I TY. OF SA I NT PAU L Council ���C.��"'! �. � CANARV - DEPARTMENT BLUE - MAVOR File NO. Cou �i Res ution Presented By LICENSE COMMITTEE Referred To Committee: Date . Out of Committee By Date RESOLVED: That Application P 17666 for Tree Trimmer and one Vehicle plus four Additional Vehicles, applied for by Bert Sandberg at 21� E. Ninth Street, be and the same is hereby approved. . COUNCILMEN Requested by Department of: Yeas Nays Butler � [n Favor Hozza Hunt p Levine __ Against BY Roedler Sylvester Ted JUL � 9 'I977 Form Approved by City Attorney Adopte y Council: Date C tfied Pa: y Co cret�ry BY Appr e y ;Vlayor: Date ���- 2'2 �977 Approved by Mayor for Submission to Council BY BY . Pus �sHE� J�L 3 01977 , . ,�.; • . .y�_ � " . ,�.,�,,,,r� ., e.�__ : .:�.� �~ � -- = ,.,�.��...��..:� - .. . <: ,� •' , ��� ..: , : _. � ���..�����.�,,,..�i�..���` ', _;�•�' ..� y::�' �J�� _.��_t a ; . w � /� ,. �",_ •y`•?�•�7 • ' . . . V� ��� �/ � . ' � ��� ~ w", . COtAfll�i°e: �St� / � r^.E:;::r,zd To O::i'OE CO:i.t;tli.�e Fif�.--- _ Date .� �—_- . 4��t,_..�5, �.ha i•I�yor, pursu:nt to Sectiv� 10,07,1 0•° tie!= Ch�rter oE ta� City of -.�-_- g_�.�� Paul d�as certify tr�t t��°re aze available for app?�O�Xlw�'_'lOCl �otal retr�nc:2s . .� , yr e�:c_�s oF Chosa est:.n��ec i.c: th� Bu�.�zt; ar.� � f j L•;:�.:.�S, ihe Hous�.�� and P.ed�vetoo�.��� Au_�o_iCl of t'n2 City of Saiet Pz�l, - - a,.a ,�,�_.. to I't ' �+ /.l �iQ.� t0 z2.G�. ZL2 ��.= �1'.L`W:J�Z�''j'�� . l�.=1..__�O`3� t1.-?�5 T2CtL...S�2Ci �._:�� �:t3 C1i:jr CG�=rl�Ji:e`.3 Y�-"*'� . : ;'.ar*_vn-�i.ce Str��� Hausi�.� �ec2l�p.:.ent. �d Czpi.l:o1 Ap�ro�ebt 7�rescre���zts �c.'`�. . : . -�"" r�S, �h� CitJ ;is au'�'e�ti.ze� bJ `Ii�^�ZesoLa Stz�c:t�s, Secti.b� 4&?.SSI, ta r•.s'!.� : ca�L t�T�ut ar� to th� E�esi.�� �ut�.ori�y to �ssis� it in �ts redevzlo��.�n.t. proj2c� : 2nd th= ►Lyar recc�°..�ds t���'�.t�e $1�:,C�O o� ���'i�i.o�l x�Ja�.t;.e, av'ai1a�?e to t:2e � . , Cikg 'v� 2aprm��-��e�..by t�:s C-sty.Cn�i� to be can�ri.�L:��i3, ta �e Autti�-i.ty� ior - t�;7 p,-oj�cC, �� t��. tL�or rec�.^ .°c�ts. tLa� t�= fo1ZaT.r:.z� addi.i.iors bA t*zda to . . . ... thz 2976 Sud;2_: . .: _ : . Fjy'3�{Ci�..�.t�'s S'[.li'.�`�.''�:�..L` . . t . ' ' O�era4io� �� r!�iatcrza�ace � . . � . ' `' � - - � . Ceneral P.eve�� Tu`� Bal��c� . .- ` ,�144,C�Q.00. _ . . . . _ � � . . . . . � . . :� APP�O�DI�?TIG`I StT����.� . : . . ' � � :. Opera tio:t and i'�31L��2i2�C� : ' . ' .� :_ ' � Ce�_ral Gaver��� Accou��s -- ILsc. . . . . . ' : . U9093 --- EP.3 — rr?rion au3 Ric� h�us�.n� . . � � - �� D�velo�°rrt � - � . _ • � . . 545 --- City Contzibu��.ons to Cutsi�s � " � �ffenci°s . �I�,O(1�.0� . . o BE .Ii p.FSOLV�'il �haC. tne Cou�ci.l of the City of Sai�t I'aul., pursu�t to Sec�ian� 1G.07.1 of �hz Sait..*� P2u1 Ci� Cnar��r� and upo� t::= ao�r�-reccr.:�.�udat:a� ar_a certi� catio� o� th�� ?•L3yor, �oes h�reb;,r�a�1ap► t�ae supple�nta2 approgri.a�ioR ar_d a��nc���zt � io tae 1376 ���oet c�. th�_ C;tp as s�t. for�h abave, a�d th� t3.y�r is h�r�bp authori.ze3 ar.� �ir�cted tQ-traas,�.t p�y�-�� to the Hoesino �u� P.e�zv�I4��.�t Autharit,� a.E fi�� s�r. o: �14.-r 000 to aid an3 �ssist ,t'.-ie Aut�ori i.r _t��ir =e�ezra�ca...^�°�t p?'o1�c� as set for� � i t5 ° , . - 2�c�a. �� '. f , �. '? . . - ' . , g� rc�7°�. ��'�;4�.f �./fri-��%�r. ,�2�-a�„ad:Dir. D��t. o� �ira. �: h:�t Szr . •`� C��`_r r.,.�T?� �Q�..r���.sLY�r s --- . C�Ji;t CIL.'.lI Eti . � P.eq��t�.t �y� D�pact:^-sr.E o�: � • . . .. - .. ' x: 2I y. 5 e�� 1a5s . Cyty s:=i�istrare�, iho�s �� ? e E��:i.c Irt Fu�o: . Y��zza - � -. • . . FI•lr.t _ e - . - _ . Le:ir..� Against y — . . P.a=clirr � � � - � - • - . . SJl•r�st_: � . :�_��eico ' Fom R��raved 6y City AtCoca�y . - . � . :1r.'•��,���d �; Cn�:cit: Datr � . • . Cc_•:;�,`:_•:.' P.::sF_d �•.• Co::�ciS Secretacy sy . E:: —.._ G . . . , _. - ' �,1 �C.�� qpprove� b� til:i}or foc S:�S;iissio:� to Co�n�it' _ � ��?��'•_.� �,: ���:��: Uate ------r--�—'-- - . . � ey f:;- _ • �;.�.�v.,.. . 4 `y__,.: _ .. . ,. __�,_;_ ..... .....,, �._._�.�.__��,_ p ,.:.,.�.�snr -` �is'mLr _ _,..,�..�.., �_..,.>:,�..,� -»:_,:>...._ _..�..,::_. ��-.:..: .._ ._ ..�.— ..r.Y ,__.,_,. : .°, . . . x: .� i ; � � �iCTii1�CT OP THE t1INUTES•OF TIIE 1:; JIAR MEETII�iG OF TI�: CO�n�IISSIQN�RS OF Th'L' � HOUSING AND IL?n�V�LOP�tE`+T AUiHOttITY � ' OF THE CITY OF SAINT PAUL, MI:r'NESOTA, � . HELD ON 3IT.`�E 23, 1976 VI. IvEW BUSINESS • � -- . � B. P.E NE�JAL . S. API'ROVAL OF CONTRIBUTIO�T TO DEVELOP�SENT OF RICE-.fARION SITE, THO.'��lAS-DALE A report was submitted on the efforts o£ BAR-ETT Construction to obtain financing� for the development o£ the Rice-Marion site. It appear�d approximately $665,000 equity would be required to obtain mortgage approval. It was proposed $120,000 cash equity be supplied by the developer, $225,OQ4 contributed by the Authority �ax Levy fund and $143,000 grant by the City from its or�ginal Capitol Approach funds. It was noted also that the commitment oF these funds by the City and � Authority would satisfy the conditions established by the .State for release of $800,000 of State funds to proceed with additional redeveloprnent in the area, which wauld in turn enhance this development. State Senator Peter Stumpf, William Rupp and Gary Grefenbarg .all appeared to request Authority assistance for the development o£ the site. StafE report also pointed out that about $35,000 to $SO,OOQ would be required to .remedy pbor soil conditions but this amount was an eligible CD program . � :. - .,, ._ _ , - - cost. Af.ter some discussion oF the financing involved, Co�missioner Maddox moved t approval of the $225,000 front end equity commitment to this pro3ect on the ter�s detailed in staff report and exte�{sion of the tentative develaper st�tus to December. 31, •1976. The motion was seconded by Commissioner Butler and it was carried unanimously. ' � � _ . -,; _ ., _ :: .;...: � -; :,. . _ :.�� = . � . ._�_ . . � .:_ _�xs,,,. ._ _, . , , ' ---_-•, - --- F��O�U�l�!G AND REDEVELO � � NT AUTNORITY OF•TI-IE CIT�F $qIR'f �PAUL, P��II�NCSU1�� . � � . � r.% . � --�---.�... f R�F'ORT TO THE COI�IM1SS10NERS . DA"tE . �r�E 21, 1��6 � R E G A R D f.N G RICE r��r.IOiv SITE -- TtI�rIAS Dr,LE . . . . On I'ebruary 4, 1976, FII2�1 I;oard of Cor:u�aissio�lexs desi�nated BA�;-ETT Construction as tentat�,�� develo�er for this site for a period of 1.20 days. Sa.nce. that ti.me, the developer has ner many tines �with the riinnesota Housing Finance A�ency in an attempt to firm up the rsor��a�e anount and the other details of the iiciancind pacl:�ge. It a�Pears tliat total project co�ts � �•7ill be $2,315,0�0 �nd the mlximw-i r,;or.�gage trill be $1,GSO,Q00-- leaving a �equity requircr.z,n1 of $uG5,000. 0£ this $665,000, approximately $G�S,O�Jd is cash equity xequirement and the rer,eaxn ler the normall.y �tllowed builders and developers risk alloc,�ance. This cash equitj• re- quire,:i�nt is prop�s ed to be piovicied in the �ol lowinv manner: • . . . . - 1. $I24,OQ� casn equ"_tY bY tF'e develo�e;,. , 2. . $225,000 equi�y contri.butzon fro:a the H2r� Tax Levy I�und. - � � � � . - �. $143,���J grdn� frotn City �of Sc. Paul ou� o� its original �apital Approach Funds. _ . t � � � . � .. ,A _ - -- --- : ._ An ndditional funding requS,re�ent not included in �he above cos.ts results fro:n the extremely poor soil on a portzon of the site. These. custs, for removing bad soil an3 f�ll an:I replaci.n, it With compacted fill, are expected to be bete•�een $35,000 and $50,00�, and such costs are consa.de-reJ to be eligible site preparat-ion costs under the C�J °rooram. Therefore, it is eYpecteZ th2t City Council ��i11 Le r�quested to a�prove ttie use of CD Fu�ids for this pux-p�se. H�A Staff has a_o;,�n e;taniined the financial s,�ate�e:�ts ot- the developer anci .b�].ieve that the f dev�].a�er has Clte abi:ity to cone up witil $120,OOt� in cash 2nd that it woutd be econo:nicsll.y feasii�l.e �!'or the developer to do this. � . IIPJ', St�i;; Yi1s consulred wi.th the City and it has the $143,000, buC the nechanics oE� ho�o tl�� £un:Is �ro�7.d f1.oz� i.ntc� Ch� project aze noC yct wn�'.:nd uc�l'. 'lhe fttt�s �n:��. �,o .,..,- ;� ..,. ..��-- t; -`�r ' . � i'� .�:�.� . . . � LOAN AGREEMENT AGREEMENT made this day of , 1977, by and between RICE-MARION PARTNERSHIP, a 1�Zinnesota partnership consisting of Zollie Baratz and Sid Bader (the "Partnership") and the HOUSING AND � REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA, a public body corporate (the "Authority") . PRELIZdINARY STATEMENT The Partnership. is the redeveloper under that certain "Contract For Sale of Land For Private Redevelopment" executed with the Authority on the day of , 1977, in respect to the purchase of land legally described in Exhibit A attached hereto, and development of a multi-family low and moderate income housing development project (the "Development") . The Development will be constructed with the assis tance of mortgage financing by the PZinnesota Housing Finance Agency (MHFA) under Minnesota Statutes 1976 Chapter 462A pursuant to a Commitment of MHFA dated 1977. The Development requires further public financial assistance with respect to construction development cost not covered by the mortgage or the Partnershig equity contributions which assistance is required to close the Project mortgage : loan. The Authority has determined that the Development is necessary to alleviate a shortage of decent, safe and sanitary housing for persons of � low and moderate income in the City of Saint Paul, Minnesota, and that the Development will best be accomplished in cooperation with the Partnership by provision of the additional financial assistance requested by the Partnership. ` -2- NOW THEREFORE, the parties, in consideration of the premises and of the mutual covenants and agreements hereinafter contained, and intending to be legally bound thereby, agree as follows: 1. The Authority agrees, on the terms and subject to the conditions hereinafter recited, to loan the Partnership the principal sum of $225, 000. 00 (the "Loan") and to fund the same upon which the Partnership is required to deposit with the escrow agent designated by MHFA the total cash requested of the Partnership for initial closing of the Development mortgage loan. Such Loan shall be subordinated to the MHFA mortgage and evidenced by a "Subordinated Note" of the Partnership to be delivered to the Authority on even date herewith which shall be in form as set forth in Exhibit B attached hereto and which� by this reference, is incorporated herein (the "Note") . For the purposes of determining interest under provisions of the Note, the proceeds of the Loan shall be deemed to have been advanced as of the date the same are disbursed by the Authority. 2. Notwithstanding anything in this Agreement or in the Note to the contrary, the Authority shall have no obligation to fund the Loan until it has received written notice from the escrow agent that the partners of the Partnership have deposited with them the equity cash sum of $132, 000. 00 , in addition to the Builders/Sponsor Profit and Risk to be funded from mortgage loan proceeds in the amount of $212,517. 00 , and a cash grant from the City of Saint Paul in the amount of $144,000. 00 , which together with the Loan proceeds constitute the cash requirement for closing the mortgage loan. � 3. In the event of the sale or sales of any partial interest in the Partnership by the Partnership or its partners, the amount of one-half of . ,�„- 1. �3-�7 + . -3- '. all sale proceeds including the cash equivalent of other consideration in excess of the amount of $132,000. 00, if any, shall upon receipt be forth- with paid to the Authority, as a mandatory partial or complete payment on , the Note. 4. In the event of the sale of the Development, of the entire interest of the Partnership in the Development or of the Partnership, or in the event of the refinancing of the Development, the proceeds of such sale or refinancing, after satis€action of the MHFA mortgage loan if this occurs as a part of the transaction, shall be first applied in mandatory full payment of the Loan. 5. The Partnership agrees to the application by MHFA of one-half of return on equity investments , one-half of interest on the Develo ment � P Escrow Account, one-half of the Partnership share of construction cost savings accruing to the Residual Receipts Account, and one-half of the � amounts accruing annually from operating revenue to the Residual Receipts Account under the terms of the MHFA Regulatory and Building Loan Agreements, to payment of the Note. The Partnership agrees to apply all monies payable • or distributable to the Partnership upon closing, or upon maturity of the MHFA mortgage and the Loan to the paymenf of this Loari and the Note� 6. In the event of non-payment of any annual interest payment on the Loan as provided in the Note , the amount of $5,000.00 of such unpaid interest installment shall be added to the principal of the Loan. Interest payment deficits above $5,000. 00 in any annual fiscal period shall not be added to the principal of the Loan. � 7. Until payment in full of all indebtedness evidenced by the Note, the Partnership shall transmit to the Authority annual statements of gross receipts , operating expense and partnership distributions , and any other reports or statements required by MHFA, at the times such statements are transmitted to MHFA. . 2 �..r %- /?. �'7 _4_ 8. The Partnership represents and warrants as follows: (a) The Partnership is a business partnership presently existing under the laws of the State of Minnesota. (b) This Agreement and the Note are legal, valid and binding obligations of the Partnership and enforce- able against it in accordance with their respective terms. (c) The Partnership shall have marketable title to the Development, subject to no mortgage, lien or other encumbrance except the MHFA mortgage. (d) There are no actions, suits or proceedings pending, or to the knowledge of the Partnership or its partners threatened against or affecting the Partner- ship or Development, before any court or governmental instrumentality, which, if determined adversely to the Partnership, would have• a material adverse effect on its financial condition, or the Development, or the ability of the Partnership to perform this Agreement and the Contract For Sale of Land For Private Rede- � velopment. 9. This Agreement may be executed in any number of counterparts, any of which, when so executed and delivered, shall be an original, but such counterparts shall together constitute on� and the same instrument. 10. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and assigns . � -5- IN WITNESS WHEREOF, the parties have caused this Agre�ment to be executed on the day and year first above written. RICE-MARION PARTNERSHIP By Zollie Baratz, Partner � By Sid Bader, Partner . HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA By Its By Its � � „ . - � ";" ' SUBORDINATED NOTE $225, 000. 00 f 1977 Saint Paul, Minnesota FOR VALUE RECEIVED, the undersigned, Rice-Marion Partnership, a Minnesota partnership (the "Maker") , promises to pay to the Housing and " Redevelopment Authority of the City of Saint Paul, Minnesota, a public body corporate ("Payee") , in lawf ul money of the United States of America, the principal amount of Two Hundred Twenty-five Thousand and no/100 Dollars � ($225,000. 00) , together with interest on the principal balance of the Note outstanding from time to time (hereinafter called the "Principa]. BaZance") , in like money, from the date of this Note to and including Maturity Day, at the rate of six percent (6�) per annum as follows, and subject to the conditions and limitations hereafter set forth: .. Commencing with the end of the first annual fiscal period of Niaker following final closing of the mortgages , and continuing annually thereafter until the indebtedness of this Note is fully paid, one-half (1/2) of all Distributions of income or assets from the Develapment to the Maker (before any redistri- bution is made of said Distribution to any partner of Maker) for each annual fiscal period up to an amount equal to the sum of six percent (6g) of the initial equity investment of the Maker in the Development (as determined by MHFA) shall be paid to the Payee herein, such annual payments being first applied to interest at the rate of six percent (60) per annum on the principal sum or so much thereof as sha11 from time to time remain unpaid and the balance thereof shall be applied on account of principal. In any event, the Principal Balance (if any) remaining unpaid plus interest accrued thereon, shall be due and and payable on Maturity Day. With interest to any annual fiscal period in which no Distribution or Distribution insufficient to : pay the maximum annual installment herein set forth, the obliga- tion of the Maker to pay the principal of such annual installment shall be cumulative. Interest deficits, if any, up to the first Five Thousand Dollars ($5, 000. 00) in interest payments due in each annual fiscal period shall be cumulative. Interest deficits , if any, over the first Five Thousand Dollars ($5, 000.00) in interest payments due in each annual fiscal period shall not be adde.d to the Principal Balance. � The following terms as used in this Note shall have the following meanings: "MHFA" means the Minnesota Housing Finance Agency, and its successors. "Mortgage" mearis the mortgage instrument securing the MHFA note in the principal sum of $1,814,335. 00, evidencing the mortgage financing the Development. -2- "Development" means the multi-family housing development for persons and families of low and moderate income identified as MHFA Development No. "Regulatory Agreement" means the MHFA Regulatory Agreement Limited Dividend Rental Housing Development of even date between the Maker and MHFA respecting the Development. "Final Closing of the Mortgage" means the final act of , and date upon which said act is taken, of MHFA in closing the mortgage and loan secured thereby for the Development. "Maturity Day" means the maturity date of the mortgage. "Loan Agreement" means that certain agreement dated even date herewith by and between the Maker and Payee in respect to the indebtedness evidenced by this Note. "Distribution" means a1.1 distributions provided for in Section 10 of the Regulatary Agreement, including income and assets of the Development from the Operating Receipts and Account and income accrued from investment of funds in the Development Cost Escrow Account, and operating receipts payable to the Residual Receipts Account established in Section 4.b. of the Regulatory Agreement, as said Accounts and fiscal periods are defined and provided for in the Regulatory Agreement. Maker covenants with Payee that so long as a Principal Balance of this Note remains outstanding and unpaid, Maker shall forebear transfer to its partners of Distributions of income or assets of the Development in any annual fiscal period of more than one-half (1/2) of available Distributions -. until a full annual installment payment has been made to Payee upon the . indebtedness of this Note. Maker hereby agrees to the appZication by MHFA of one-half of the Residual Receipts Account under the Regulatory Agreement in payment of principal and interest due under this Note. Maker further covenants that, ` if prior to Maturity Day, any partnership interest or interests are sold as provided in Paragraph 3 of the Loan Agreement, or the Development is sold or the Mortgage thereof refinanced as provided in Paragraph 4 of the Loan Agreement, the net proceeds from such sale or refinancing shall first be applied by Maker in the further reduction of the Principal Balance hereof, to the extent of such net proceeds before any Distribution thereof is made by Maker to its partners . � The term "net proceeds of sale of a partnership interest" as used in this paragraph shall mean proceeds remaining after payment of the sum of $132, 000. 00 to the partners; and the term "net proceeds of sale of the Development or mortgage refinancing" mean the entire proceeds of sale or refinancing. . -3- In the event of a pre-payment or pre-payments of part of the Principal Balance, in the first annual fiscal period following such part payment the amount of principal and interest payments due during such fiscal period and thereafter during the term of the Note shall be recalculated to reflect such pre-payment or pre-payments upon the Principal Balance of the Note. Maker further covenants that upon Maturity Day, all monies and accaunts reserved under the Regulatory Agreement which become payable to the D3aker, including the Development Cost Escrow, shall be first applied in payment of any remaining Principal Balance hereof, if any, upon their receipt by the Maker. Time is of the essence hereof . A default under the Mortgage or under the Note secured thereby shall constitute a default under this Note. If any event of default shall occur and be continuing under the terms of the Mortgage or the Note secured thereby, then, Payee, at its option, and with- out further notice, demand or presentment for payment to Maker may declare immediately due and payable the Principal Balance and interest accrued thereon to the date of declaration of default, together with reasonable attorneys' fees incurred by Payee in collecting or enforcing payment thereof, whether suit be brought ar not. Maker waives presentment for payment, dema�d, notice of demand, notice of non-payment or dishonor, protest and notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note. Payee shall not be deemed, by any act or omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by Payee, and then only to the extent specifically set forth in such writing. A waiver with reference to any one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. No partner of the Maker shall have any personal liability for payment of this Note. IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has duly executed this Note on the day and year first above written. � RICE-MARION PARTNERSHIP By _ Partner By Partner � �, _.. ._ ____ .___ _ _. � � • • ___ � . . _ -_ __ . ___ _- - - � 'Amortr'zation Schedule �oArv tvo. • ' �I AMOUNT OF LOAN INTEREST PRINC. AND INT. TERM OF INSURANCE RATE °b PAYMENT LOAN TAXES TOTAL PAYMENT 219!$�0��0 6��0 14608�25 Prefiared by Mid-West Finance Publishing Co., Minneapolis, Minnesota ANNUAL 053$3 PAYMENT MEMO RE�ORD OF PAYMENT NUMBER INTEREST PRINCIPAL BALANCE DATE CHECK NO. 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'��.a��.�"�"—.��-'� ..__._...._._._.- _ . ��......-. .�t!r..a.�,n ..�.r.,±lr�sar..���::_'w�c' "r".= . ."',�5 `.�rb�,...ai. r�`.»rr _. ..-i�±.r5---�'.�'° '�+..w:m n taYia�S°.�^.'.�r�.�.� . HOUSING ANp REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA �., REPORT TO THE COMMiSSIONERS DATE JULY 19, i9» R E G A R D I N G RICE/MARION PHASE I HOUSZNG PROJECT The staff of the HRA has reviewed the final drawings for the Rice/Marion Phase I Housing Project consisting of sheets A1, AlA through AlE, A2 through A27, E1 through E1Q, and MI through M6 dated Map 2b, 1977 on the cover sheet. Staff finds these drawings to be consistent with the Redevelopment Plan for District 7 and consistent with. previously ' .approved prelineinary drawings. Staff recommends Board approval of these drawings. � : �- . :. . � ... , :, r . < . . ' . �... . � . k�a. . . . .. .. . . . . . : . . ..�: . .. - . . . ... � ... ... ..�. . . . . . .. . '_. . . . :.'" � ( . .. . . . . . . . : . . . � . . � . .' � . ' . . ..� . .. • . . _ . .... . . . . . � .. . � � . . . . . - Y . � ,. Renewal:Design:GRC . RESOLUTION NO. 77-7/19- - RESOLUTION APPROVING CONSTRUCTION PLANS AND AUTHORIZING EXECUTION OF DISPOSITION AND LOAN DOCUMENTS, PARCEL 56A, COMMUNITY DEVELOPMENT DISTRICT 7, RICE-MARION PARTNER- SHIP MARKET RENT HOUSING DEVELOPMENT PROJECT WHEREAS, under the Neighborhood Development Program, Thomas- Dale Area, Minn. A-1-3, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (HRA) had acguired and cleared conditions of blight from property identified as Parcel 56A in the Thomas Dale Area and made said Parcel available for rental housing redevelopment by pr.ivate enterprise, which redevelopment did not occur for lack of conventional and public mortgage financing; and � WHEREAS, on February 4, 1976 the HRP, Board of Commissioners by Resolution No. 76-2/4-6 selected Bar-Ett Construction Company as tentative redeveloper of Parcel 56A, Thomas Dale-Capitol Area Community Development Program District 7, and instruted HRA staff to negotiate wi th this Company provision of public financial assis- tance in the construction of a housing development project on Parcel 56A; and WHEREAS, on June 23, 1976 the HRA Board of Commissioners considered financing of a housing development project for Parcel 56A financed by a mortgage from the Minnesota Housing Finance Agency (MHFA) , a redevelopment project grant, a housing development project loan, and private equity capital, and approved a commitment for a housing development project Ioan in the amount of $225,000 subordinated to a MHFA mortgage and extension of the tentative redeveloper status of Bar-Ett Construction Company to December 31, 1976; and WHEREAS, on August 26, 1976 the Council of the Gity of Saint Paul by Resolution, Council File No. 267770, appxoved the transfer of funds in the amount of $144,000 to the HRA pursuant to provision of Minnesota Statutes Section 462.5$1 as a contribution in aid of the Rice Marion Housing Development and CapitoZ Approach Improvement; and WHEREAS, on October 6, 1976 Bar-Ett Construction Company sub- mitted a mortgage application �to MHFA for the Rice Marion Housing Development Project, and on October 20, 1976, received a feasibility approval from I�IHFA for a mortgage in the amount of $1,814,335 towards the project development cost of $2,389 ,684; and on January 7, 1977 Bar-Ett Construction Company submitted a proposal for redevelopment of Parcel 56A by Rice-Marion Partnership as redeveloper proposing financing of the project development cost in excess of the mortgage commitment by redeveloper's equity contribution of $344,000, redeve7.- opment project grant of $144,000 and housing development project-3oan in the amount of $225, 000; and . -2- . WHEREAS, on January 26, 1977 the City Council as the Board of Commissioners of the HRA approved the redevelopment proposal and authorized the execution of a Contract For Sale Of Land with Deeds Of Conveyance to Rice-Marion Partnership, and on April 21, 1977 MHFA approved a mortgage commitment on the project to Rice-Marion Partner- ship, both of which approvals were subject to concurrence of the " Department of Housing and Urban Development (HUD) to the Contract and Deed disposition documents and terms and HUD approval for Federal Section 8 housing assistance payments to assist low and moderate income families to pay market rentals in the project and to HRA and MHFA approval of construction- plans; and h�iEREAS, the HUD approval of disposition documents and commit- ment for Section 8 ,financial assistance have been received, construa- tion plans submitted and favorably reviewed by HRA staff, a Loan _ Agreement, Subordinated Note, and revised Contract For Sale Of Land For Private Redevelopment between Rice-Marion Partnership, a Minnesota general partnership, consisting of Zollie Baratz, Sidney Bader, Gerald M. Singer, Russell M. Spence, Kenneth Meshbesher, Ronald I. Meshbesher, Norman Perl and Richard Hunegs , partners, have been submitted for Board consideration with opinion of HRA counsel, and the Board of Commissioners having considered said documents and the redevelopment and housing development project undertaking therein contained. NOW THERE�ORE, BE IT RESOLVED by the City Council as Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota as follows: � 1. That the Housing Assistance Plan for the Community Develop- ment Program demonstrates that there exists within the City of Saint Paul, Minnesota a shortage of decent, sate and sanitary 'low or moderate income rental housing for persons of lower income and their families which is not being met in existing housing or by new construc- tion financed by private or conventional financing, and that a need exists to alleviate this housing shortage within said City and State. 2 . That there is not available Federal grant, mortgage or mortgage insurance financing or assistance to HRA tc� construct and - operate a_ housing development project to meet this need. � _ 3. That mortgage financing for new construction to meet this need is available to a non-profit or limited profit developer entity from the Minnesota Housing Finance Agency pursuant to provision of Minnesota Statutes Chapter 462A supplemented by Federal housing assistance payments pursuant to Section 8 of the U. S. Housing Act of 1937, enacted by the Housing and Community Development Act of 1974. . 4. That MHFA has issued a mortgage commitment to Rice-Mar�on Partnership in an amount approximating seventy-six percent (76�) of the development cost of the Rice Marion Project upon terms limiting the developer's return to less than the statutory maximum of six percent (6$) of equity investment, and that the amount of equity contribution for the remainder of project development cost and limited investment return permitted thereon make the project infeasible without the provision of additional public financial assistance -3- � . reducing the developer' s risk investment to an amount justified by th e amount of return permitted by the mortgage commitment conditions. 5. That Rice-Marion Partnership and its partn�rs are wiTling - to make an equity contribution in the amount of $344,000 and that HRA is willing to commit $144, 000 by grant and $225,000 by loan ta cover project development costs of the Rice Marion Housing Development Project over the NII3FA mortgage commitment amount as necessary to accomplish the undertaking and compl.etion of the project in accord with the objectives of the Redevelopment Plan For Thomas-Dale Area, Minn. A-1-3, and Community Development Program For Saint Paul. 6. That the Department of Housing and Urban Development and Minnesota Housing Finance Agency have determined the level of income - constituting low and moderate family income limits and maximum rentals which such families can afford in connection with the HUD Section 8 housing assistance payments and MHFA mortgage loan programs which income limits and maximum rentals are adopted by HRA for the Rice Marion Housing Development Project, and that the Rice-Marion Partnership as a condition of the mortgage loan will enter into a Housing Assitance Payments Contract with HUD and a Regulatory Agree- ment with NgiFA obligating the Partnership covering income limits and ' rentals for admission to and occupancy of the Project. 7. That the revised Contract For Sale Of Land For Private Redevelopment, Loan Agreement and Subordinated Note and the sale of Parcel 56A, project grant and project loan therein provided for are hereby approved and the proper officers of the HRA are hereby authorized to execute the same on behalf of the HRA and the Acting Executive Director and General Counsel are hereby authorized ta carry out all- necessary actions to accornplish the purpases of this Resolution. 8. That the construction plans and drawings, consisting of -Sheets Al, AlA throu�h AlE, A2 through A27, E1 through E10, and M1 through M6, dated May 26, 1977, for the Rice-Marion Development Project are hereby approved as in conformity with the Redevelopment Plan For Thomas-Dale Area, Minn. A-1-3, and Thomas �Dale-.Capitol Area Community Development Program �District 7, and consistent with �previously approved preliminary drawings.