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260885 WH17E -�.rCITY CLERK PINK - FINANCE � COUI1C11 B�UERY- M/.YORTMENT GITY OF SAINT PAITL File NO. ���"��,.�,.��� Council Resolution Presented By Referred To Committee: Date Out of Committee By Date RESOLVED, that the Council of the City of Saint Paul hereby approves : "A bill for an act relating to the city of Saint Paul , providing for and authorizing said city to issue its general obligation bonds for urban renewal redevelopment purposes ; amending Laws 1963, Chapter 881, Section 1, as amended, and adding aections . " and recommends the same to the Ramsey County Senate and House delegations . COUIVCILMEIV Requested by Department of: Yeas �tler Nays -�kurt— Konopatzki _� In Favor Levine Meredith o Against BY �p�r�€ka Roedler Tedesco Mme.President Be�er Htlti'� MAR 211973 Fotm A ove City o Adopted by Council: Date � Cer ified sed by '1 tary BY By Appro d by M or: Date Approved by Mayor for Submission to Counc' gy By �uBUSN�o MA 31 � 73 f � F��•�,� �-9 �-?� Cit:� o� St o I�2.,Lll�il I �vc� . 2. - I�ac�� i, . ��.�" � �� � -�S A ��ill for an act re.la�;ir?g to the city ot SainL Pa,ul , providing f'or and a.uthor. izin� sai.d. cit,y to issi�e its general ohli�aLion bonds for urban renewal r. edevelo��ment purposes ; atnending Laws 1g63 , Ct1ap-ter 881 , Sectioz� 1 , as amended, ancl adding sect;ions . BL IT ENACTLD I3� TI�L: LEGISLATURE OP TI�E STATE OF MIN?�TESOTA: Sec-tion 1 . Laws sg63 , Chap�;er 881 , Seci�ion 1 , as amende� , by La���s 1967 , Chapter Lt99 , Section 1 , La��s 1.�69, Chapter ��2� , . S�:ctic�n 1 , and La.�,�s 1�71 , Chap ter 321 , Section 1 , is amended to iead : . Se c t i.on 1 . �T, PAUL, C ITY OF; URBAN RENE�y'AL; � BONDS_7 Subdivision 1 . The city of Saint Paul may i�sue its general obligation bonds for the purpose o� and in the amounts necessary for payin� n��t tc� exceed one-ti�ix•d oi t'rie riet pro,jec�t cos L of each oi tl�e urban retie�aal development or cade enf.orcement projects heretofore desi�riated by the housing and redevelopment autliority o� the city of Saint Paul qr the city of' Saint Paul as the Downtown, C�t-heciral , Riverview, Concoid Terraces ��� Summit- Universit3T, and Phalen Area projects and such additional projects which may be approved iri the manner provided by law, and for payirg any retnaining costs of municipal b�zildings a,nd improvemez�ts to be constr.ucted �c�ithiil or adjacent to the project area. Th� net project cosi� referred to in this aet is tYie public redevelopment cost of the projec�t less its capital proceeds , as those terms aie defi_ned in rlinnesot�, Stat,t�tes , Secti:on 462. 545 , and in suUdivi_si_on 2, and as tl�e amourl�s tllereoi are es�imated by the city counci.l I�ri_or i,o tl�e delivex�y of each sei°i_es of bond.s . TYie total ar,•►�urit 1 ti , �_� �_7� No . 2 - Local . of bonds authorized herein shall be limited to �3�;49H-,A88 �,1f , 1i OO� OOO. Subd. 2 . �EDEI�,AL G�tAi�TTS�7 The general G�JZ�g�tlOTl borids � authorized in subdivision 1 shall be issued only in the event the secretary of the depart�!ient of housing and urban developtnent obligates tlie United SLates o� Auierica uncler authority oi Title I of i;he H011Slllb Act oi 1y1f9 , and acts amendai;ory thereof , to make a �apital grant to the urban renewal redevelopruent or !�ode enfoi°cement l�roject or projects ii1 an amount of two thirds oi' the net project cost . In the event the requj.red federal capital gran�; is authori-zed under Part A of said Title I in tYie amount of tsvo thirds of the net projec� cos � f�r the entire project, the bonds may be issued rroin time to time in amounts as in the determination of the city counci.-1 are neces.ary to tiae utidertakiilg and cor�pletion of i;he project . In the e�ent the required capital grant is authorized under Part B of said Title I in the amount of two thirds of the net projec�t%ost calculated on the basis of public redevelopment costs incurred less capital proceeds (including �air market value of property in the project area acquired by the housing and redevelopment authority but not sold or leased) derived on account of. the project or projects during a specified 12 month period , herein designated as the annual incremen.t ��eriod for the project or. projects , or an avera.�ed annual incr. ement , pPriod not to eYCeed five ��ears , the bonds issued pursuant to subdivision 1 during any such annual or aver.a�ed increment period shall not eYCeed one third of net project cost for such period and the remaining casts of niunici_pal improvements 2 � / „ � �R�v. 3-13-'73 �i11.N�.; . 2 - Local undertaken in sucli perioc3., ' Sec . 2 . Laws 1963 , Chapter. 881 , is i'urther amended to �dd there�;o as Secl,ions 4 and � the �'ollowing : Sec . 4 . Notwi.�:hstandin� the provisions of section 1 hereof' , except as said sect;ion 1 limits �lie clolla.r amoullt of bondin� authorirat,ion. �nd in the event �hat; there is not firs t; avai.laY�7 e under Section 312 , Tit;le III of the Housin� Act of 1964 , . rehal�i l i tatzon 1_oan money, theri the ci�;y r.nay =i.ssue borid� in an amounl; not, to exceed �1 , 000, 000 per �nnual inerement ;�eriod for the ��urpose of makin�* such rehabili.tati_on loans as provided in said Section 312 , for urban renewal develo�7ment and coc�e eni'orcement areas as provided in section 1, ���ith the determina-tion provisions oj' said section vested i.n t,he coune:i3. of the ci_t;y or it;s desi��nee . Sec . 5 . Notwi.th.5tandin�� any contr�.ry provisions contained in section 9_ hereof , e�cept a.s said section limits the aollar amotznt of bondin� alzthorization, and in the event ttlere is not i first avai. l.�.ble in any annual increment period under Title I of the Housin�; Act of ig49, arid ac1;s amendatory thereof, sufficient urban renewal development, �a;�ital. �rant mone,y, then the cit,y may issue bonds under the act , as necessarv, in an amount not to exceed �10. 000, 000 for the pur�ose of payin� up to the entire pro,ject cost for any urban renewal devel.opment pro,ject desi�nated under the provisions of section 1 . Sec . 3. This aci; shall become effective only after i�;s approval by a ma,jorit.y of the �overriin� body of the cit,y of Sain� Paul and upon compliance with the provisions of Minnesota Statutes , Seci,ion 645 . 021 .