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
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� F��•�,� �-9 �-?� Cit:� o� St o I�2.,Lll�il I �vc� . 2. - I�ac�� i,
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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
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�_� �_7� No . 2 - Local
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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
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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
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„ � �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 .