268952 WH17E - CITV CLERK
PINK - FINANCE GITY OF SAINT PAITL Council ��-'-F.-
� CANqRV - DEPARTMEN 1
� � LUE - MAVO � Flle NO.
, Counci , es ti s
Presented By �
�
Referred To o mitte a
Out of Committee By Date
WH�REAS, the City of Saint Paul and its Housing and Redevelopment
Authority have prepared and approved formal redevelopment plans and
urban renewal plans for the downtown area which identify the property
on _the west side of Wabasha Street between Tenth and Exchange Streets,
k�own as Block 7-A, to be developed primarily as high-density
r�sidential attendant with supportive uses such as commercial, office
and institutional; and
WHEREAS, the City of Saint Paul and its Housing and Redevelopment
Authority have invested urban renew�l funds and made commitments
towards the repayment of additional debt incurred to provide certain
facilities on Block 7-A, including a parking ramp, in excess of
$6,595,706; and
WHEREAS, the City of Saint Paul and its Housing and Redevelopment
Authority proceeded to make financial commitments and investment relying
upon the fact that acceptable mortgage financing would be provided by
the Minnesota Housing Finance Agency for Block 7-A; and
WHEREAS, the City of Saint Paul is extremely concerned about the
deleterious economic effect, given its previous financial commitment
and investment in Block 7-A, if construction of the project fails to
proceed due to lack of acceptable permanent mortgage financing; and
WHEREAS, the Minnesota Housing Finance Agency is a public agency
that was designed for purposes of financing housing development that
meet the goals and objectives of the State and the City in those
instances where such financing was not available from private mortgage
institutions; and
WHEREAS, the Minnesota Housing Finance Agency has provided mortgage
financing for only one City-related, high-density, multi-family project
in the City that is under construction and has made mortgage commitments
for only two other high-density, multi-family housing projects in the City;
COUNCILMEN Requested by Department of:
Yeas Nays
Christensen
Hozza In Favor
Levine �
Pres. Rcedler Against BY
Sylvester
Tedesco
��gt Hunt
Adopted by Council: Date Form Approved by City Attorney
Certified Passed by CounciL Secretary BY
By
Approved by Mayor: Date Approved by Mayor for Submission to Council
By By
WHI7E - CITV CLERK COl1I1C11 y �
P I N K - F I N A N C E � ��'+"I �� J '����.nlVl1
CANARV - DEPAR�TMENT _ GITY OF SAINT PALTL File NO.
�LUE -MAYO � �
� � � :'� Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
-2-
IdOW, THEREFORE, BE IT RESOLVED, that the City Council of the
City of Saint Paul does hereby strongly urge the Minnesota Housing
Finance Agency to approve a feasible mortgage for the construction
of a high-density residential, multi-family development and related
commercial development on Block 7-A.
COUNCILMEN Requested by Department of:
Yeas Nays
Christensen
Hozza In Favor
Levine
Rcedler J Against BY
Pres. Sylvester
��laocc
�� APR 2',6 1977
Adopted b ouncil: Date Form Approved by City Attorney
Ce ' ied Pa s Cou retary BY
By / �
Appro ed by Mayor: Date �R 2�8 Approved by Mayor for Submission to Council
By BX
�UB�ISHED �AY ? 1977