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262662 WHITE - CITY CLERK � -J["^y��r'y�� PIN�C - FINANCE GITY OF SAINT PAITL Council jViJR+IJ l� CANARV -D�PARTMENT BLUE - MAYOR 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 eity of St. Paul ; providing for and authorizing said city to issue its general obligation bonds for urban renewal development purposes and for rehabilitation loans ; amending Laws ig63, Chapter 881, Sections 1, 2 and 3 as amended; and repealing Laws 19?3, Chapter 395 , Section 2. " and recommends the same to the Ramsey County Senate and House delegations . _� COUNCILMEIV Requested by Department of: Yeas �� Nays Konopatzki � In Favor Levine Meredith � Against BY 3� ��.�' Tedesco Mme.President� �� Adopted by Council: Date N OV 3 0 19� Form Approved�y i.y rney Certified ` d by Counc' ecr r BY ^;` By � U Appro d by Mayor: Approved by Mayor for Submission to Council By By pU6USHED DEC 0 8 1973 ' � . ��\ . ,..� - ., 2����� . �� . �, � , � � An act relating to the c�.ty of St . Paul; providing for and authorizing said city to issue its general ' � obliga�ion h�r�ds for ��rb�n �:enewa� deve].opment • ` purposes and f'or rehabilitation loans ; amending Laws 1963, Chapter 881 , Sections 1, 2 a.nd 3 as . ' amended; and repealing Laws �1973, Chapter 395 , . Section 2 . ; IIe it enacLed by the Legislature o�' �;he State of Minnesota: � Section 1. Laws 1963, Chapter 881, Sectior. 1, as ' amended by Laws 19G7 , Chapter u99 , SecLion l , Laws 19bg, Chapter 923, Section 1 , La�•�s a.971, Chupter 321 , Sec- tion 1, and Laws 1973, Chapter 395s 'Section 1, is • . amended to read: �� - � , . . . . � . ! .. . Section 1. �St . Paul, city of; urban renewal ; rehabili- taLion loans ; bonds . Subdivision 1(a) . The city of Saint Paul may issue its ge�neral obl3gation bonds for the purpose of arid in L'ne ar;:ounLs necessary fo?, paying no� to .exceed onr� L-hird of the net proj ect- cost of each of the urban rene�•ral developmen� or code enforcement pro� ects heretofare _ designated by th� hous�ng and redevelopment authority of ` the city of Saint Paul or the city of Saint Pau1 as the Downtown, Cathedral, Riverview, Concord Terrace, Summit- University , and Phalen Area projects and such �addi��.onal projects which may be approved in the manner provided by 1aw, and for paying any remaining costs of municipal. build- ings and improvements to be constructed within or ad�acent , to the project area and for paying relocation costs required to be paid by the Housing and Redevelopment } .. ` ' '. . . ��ltlaf-��'{'�' - . . � � Y�1�s'�_���1�y ; , . • � , o ' . . � . . . � . . �; . f � Authority pursuant to the provisions of Section 1� . � M. S. The net pro� ect cost referred to in this act is _____- the public redevelopment cost of the pro�ect less its # capital proceeds , as those ter.ms are defined in Minnesota � . � Statutes , Section 462 . 5�►5 , and in subdivision 2 , and as the amounts thereof are estimated by the city council � ` . � � � • � prior to the delivery of each series . of bonds . �}�e-�e�a� � ; � ex�e�r��-e�-he���-�t��l�e���e�-ke�e��-�����-be-�����e�-�e � � $��-��Fg9;889- � � • . (b) It 3.s hereb�� declared that there exists in - ' urban renewal and code enforcement areas within the city a seziously inadequate supply of safe and sanitary dwelling � accomodations for persons and families of lova and moderate income , that such shortage consti'cutes an emergency and a menace to� the health safet morals welfare and comfort of citizens of the city • that there exist a number of dwellings which are inadequate , unsafe or unsanitar,y by � reason of the absence of roper heatin or lumbing facili- � ties or by reason of the necessit for elimination of con- � ditions dan erous to human life or detrimental to health . which conditions can be corrected and which dwellin�s can be made ade uate safe and sanitar b the installation of � a ro riate heating and plumbin� facilit3.es and by rehabili- � tation and b the elimination of such inade uate unsafe and : .. J . . . . . . . ' . ;. i � unsanitary c�nditior.s ; such rehabilitation cannot readily � be provided by the ordinary unaided operation of private , enterprises without public aid in the form of loans to owners of such dwellings for the purpose of accomplishing necessary rehabilitation; that the ins_tallation of proper , heating and plumbing f acilities in such d�aellin�s or other rehabiiitation for occupancy by persons of low and moderate income as provided in the re�;ulations to be adopted as hereinafter provided is a public use and a public purpose .for which public money may be loaned; that such conditions . require the rehabilitation loan pro�ram herein enacted.; . and the necessity in the. public interest for this program is hereby declai ed as a ���at�er cf leg�slative determina`i�n. Ther. efore , in the event that the city , by resolution of . the cit,y council , determines .that sufficient money� is not " .available from the United Sta��s gover. nment , pursuant to the provisions of Section 312 , Title III of the Federal . Housing Act of 196� , and act or acts supplemental thereto, . for the pulpose of making rehabilitation loans in urban � renewal and code enforcement areas from time to time desig- nated pursuant to the provisions of subdivision 1(a) hereof, � then the city may from time to time issue iLs g�neral obli- � ga�ion- bonds in an amount not to exceed $1,000 ,000 during a specified 12 month period, herein designated the annual • ' • ,�\ . �����♦�� � � ���, ._�,e, . . . ,:� _ . increment period for the purpose of making such rehabilita- tion loans . Prior to maki•ng any rehabilitation loans , the city council or its designee shall adopt regulations which � comply substantially �aith �he pr.ovisions of the said . Section 312, insofar as that section rel.ates to the . • determinations to be made as a condit3_on precedent to . L-he makin�; of such loans . • (c) Not�vithstar�din� the provisions of subdivision 2 of this section if, in anv annual increment period, a11 or an� � part of the two-thirds share of capital �rant monies are not provided by the United States of America pursuant to � Title I of the T'ederal Housin� Act of 19�19 and acts � , amendatcry thereof, for an� urba.n rer.e,val pro�ject or . pr�jPCts f`�^om t�me to time desi�nated pursuant to Subdi- vision 1(a.) hereof, then the citv may from time to time —_ � r �issue 3_ts�ei�eral obli�ation bonds in a total a�gregate arnounL of not to exceed $10 ,000 �000 for the purposes of paVin� all or anv part of the capital �raht monies not so . . provided by the UnS.ted States of America. � � - (d) The total. am,ount of bonds authorized to be issued for all pur�oses described in this subdivision 1 shall not exceed i.n the a��zre�ate �45 , �+00 ,000 . _ • Subd. 2 . Federal grants . The general obligatiori bonds authorized in subdivision 1(a) for paying not to exceed - -= one third of the net project eost of urban renewal � . � ,� J . . ���,t��'�� ' . s development or code enforcement pro�jects shall be issued � E � � only in the event the secretary of the department of ': � housing and urban development obligates the United States . ` G. of America under authority of Title I of the Iiousing Act � . � of 1949 , and acts amendatory thereof, Lo make a capital # grant to the urUan renewal redevelopment or code enforcement project or projects in an amount of two thirds of the neL project cost . In� the event the required federal capital ' grant is authorized under Part A of said Title I in the - amount of two thirds of the net project cost for the entire pro� ect , the b onds may be issued from ti.me to time in amounts � as in the determination of the city council are necessary to the undei �aking and completion of the project . In the event � the required capital grant is authorized under Part B af said Tit1e I in the amount of two thirds of the net pro� ect cost calculated on the basis of public redevelopment costs _ incurred less capital �roceeds ,(including falr market value of property in the project area acquired by the housing and redev�lopment authority but not sold or leased) derived on account of the project or projects during e a� . �articular spe����e�-��-x�e���-pep�e�;-l�e�e��-c�es���a�e�-as ��e annual increment period for the pro� ect or projects , � e�-a»-e�e��ge�-a��t���-�-He�et�e��-ge��e�-He�-�e-e�eee�-€��te . . , - � 3�ea�es the bonds issued pursuant to subdivision 1(a) during any such annual e�-��e�a�e� increment period shall not ex- ' ceed, (a) . one third of net pro� ect cost for such period aR� . �.. . . . . . .... . . �. . ' . . . � . . f. _ . .. � .. . . �' . � . . . . ��. 4' f _ ' " . �����`�c7� ; . . �G . j+ � � . � . . " ' . � • • !.� • � t �lus the remaining costs of municipal� improvements under- , t , �; ,taken in such � period: , or (b) one third of the avera�;e riet � , . ; pro,ject costs during any tvro or more, but not more �han five � � F consecutive annual increment �eriods , one of ti;hich shall be - - � ; the annual incrernent periad in which the bonds are issued . : . � 4. : (provided that the a.mount so corrputed sha�l not , when added � . , � to the amou.nt of bor.ds issued duri� thelyears upon_�vhich such � � i at�erage is computed , exceed in dollar amounL one half of the � � capital �rants made and obligated to be made b,y the United . States of America under Title I of the Housin� Act of 19�+9 ' as amended for urban renet�Tai develo.nment or code enforcement . projects durin�; such years ) plus the rema�_nzng costs of . - � � mun:icipal im�rover�ents underta:ten in the annual �ncrement � � eriod in which t�he b onds are issued. � . � Section 2 . Lavas 1963 Cha ter 881 S ' � . , P , ection 2, is . � ; - amended to read : � • � � . . °. � � 1 Sec . 2 . Bonds; r�anner of issuance . ��ek The bonds ;' described in Section 1 hereof may be authorized, issued, '� and sold without a vote of Lhe elector. ate by resolution or ' � resolutions of the city council in accordance cvith the provisions of Minnesota Statutes, . Sections 475 . 54 to �75. 56 , 475 . 60 to 475 . 7�2, and 475 .�74 , notwithstanding� any other provision of law or of the city charter or ordinances . The amount• thereof shall be excluded €�e� � _in the computation of the net d�bt of the city as defined _ � . . . . _. _ . _ _ _ . . . ... _ i . ' • , ..\� . ��,` @ 4�7� � - fv,�`i,�,''w��.8`�.'�'f�;. � � ' � "s '� ' � ' #� � F4�x�eee�a �statute; or charter dee��er�-��gT��; � - � ; . ; S�t�����s�e�-� . � • , �;� - � . , � p Section 3. Laws 1963, Chapter 881, Section 3, is � � � I amended to read: � � ! Sec . 3. Sinking fund; tax increments . Subdivision . ; 1. The city ee���as�e�e�-e€-��r�a�ee,--#�e�e���e�-w���-�ke . . - � ^_ . P • . - ; s�r�l���3�-�t���-e�e���d�ee�-�s-g�a�t����-��--sesb�er�-��8-a� � � ��ae-e���de�-e�-��e-�x��-e€-ba���-�a��; Director of Finance and P�Iana ;ement Services shall maintain a common sinking . ' . fund, in accordance with MinnesoLa Statutes , Section 475 .66 , ' for the pa3►ment of p rincipal .and interest on all urban renewal bonds issued pursuant to �his act , and no others . When such bonds have been issued, �he city council may each year in its discretion direct the county treasurer to set aside and pay over to the ee���ss�e�e�-e�-���a�ee Director of Fir.ance and Pfanagemen'c Services for credit to � this s�nking fund, instead of crediting to the special. . benefit tax fund described in Minnesota SLatutes , Section 462 . 5�+5 , Subdivision 5, all or part of the tax revenue derived in the following year � from real estate and permanent ' structures and improvements thereon, situated within any pro j ect area (whether• or not f inanced by s uch bonds) , in excess of the tax revenue derived therefrom in the year immediately preceding that in vrhich the acquisit3on of such property by the housing and redevelopment authority - � of the city of Saint Paul first commenced; provided that r . .- `r . . � . t. 5. .. . °a . . ��li�� . �r. . , . 2�w`��:'� � � ' r ; � , i the total amount so directed to be set aside shall not ` ' ; exceed the sum of all taxes levied and appropriated by the ; � . , city counc�l to the sinking fund, which are to be collected in such year . . - , Subd . 2 . The cif, Director of Finance and Mana�'emen� Services shall maintain a comMOn sinlcin� fund in accordance 1; i �aith Minresota Statutes 475 6G for the paym°nt of th� � � � ; -------- ; principal and interesL on all bonds issued to finance rehabilitation loans pursuan� to section 1(b ) hereof, and � I70 Ot".r1E'?'S . � Sec . 4 . Sections � and 5 , Laws. l973, Chapter 395 , are repealed. Sec . 5 • This act shall become effective only after ' • its approval by a majority of t;he governin� body of the city of Saint Paul and upon compliance w.;.th the provisions of AZinnesota Statutes ,�Section 6�15 .G21. . � , _ , ._ ` - ._. ' s • t ` t � � i ;� l , �_l � '� l � , �IJ 1_) ! J,1( �4 � (��'�{, ( ,.1 I. i, t. � l . !1 �. /� � f.1 s '� � ..�i� 1 [. ..'� � �,1�! !,�.l.:T , i `R. I 1 i �.. � t ' _ � �! � `�1 �1 ,' � � n � ���� ( � � ` . . .. _. 1 .�k. , i�.. . .. �. � f ., . 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