07-181Council File #�
Green Sheet # 3C36629
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SAI�AUL, MINNESOTA
RESOLUTION NO.
APPROVING THE PROPOSED ISSUANCE BY THE HOUSING AND
REAEVELOPMENT AUTHORITY OF REVENUE BONDS FOR A
MULTIFAMII,Y HOUSING DEVELOPMENT AND HEALTH CARE
FACILITY FOR THE BENEFTP OF SHOLOM HOME EAST, INC. UIVDER
MINNESOTA STATUTES, CIIAPTER 462C, AS AMENDED DISTRICT 9
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1 WHEREAS, under the terms of Minnesota Statutes, Chapter 462C, as amended (the "AcY'), the
2 City of Saint Paul (the "City") is authorized to develop and administer programs to finance multifamily
3 housing developments and is authorized to issue and sell revenue bonds or obligations which shall be
4 payable exclusively from the revenues of the programs or developments; and
5 WIIEREAS, a housing and redevelopment authority in and for a city may exercise the powers of a
6 city under the Act if the housing and redevelopment authority is authorized by ordinance to exercise, on
7 behalf of the city, the powers confened by the Act; and
8 WHEREAS, Sholom Home East, Inc., a Minnesota nonprofit corporation (the "Company"), has
9 proposed that the Housing and Redevelopment Authority of the City of Saint Paul (the "Authority")
10 undertake a housing program in accordance with the terms of the Act (the "Housing Program") and issue
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Presented by
its revenue bonds under the Act to finance the development described as follows: (i) the acquisition,
construction, and equipping of an approximately 66-unit multifamily housing development for seniors,
approximately 18 units of which will be memory caze units, as well as functionally related facilities (the
`Bentson Family Residence"), to be located at 730 Kay Avenue in the City of Saint Paul (the "City");
(ii) the acquisition, construction, and equipping of an approximately 92-bed skilled nursing facility,
approximately 12 units of which will be hospice care units, as well as functionally related facilities (the
"Shirley Chapman Sholom Home EasP'), to be located at 740 Kay Avenue in the City (the Bentson Family
Residence and Shirley Chapman Sholom Home East are hereinafter refened to collectively as the "Rossy
and Richard Shaller Family Sholom Campus" or the "ProjecP'); (iii) the funding of one or more reserve
funds to secure the timely payment of the Bonds; (iv) the payment of interest on the Bonds; and (v) the
payment of the costs of issuing the Bonds; and
WHEREAS, for the purposes referenced above, the Company has requested that the Authority
issue one or more series of revenue bonds under the Act and the Housing Program to be designated:
(i) Revenue Bonds (Rossy and Richard Shaller Family Sholom East Campus Project), Series 2007A (the
"Series 2007A Bonds"), in the original aggregate principal amount not to exceed $27,000,000; and
(ii) Variable Rate Demand Revenue Bonds (Rossy and Richazd Shaller Family Sholom East Campus
Project), Series 2007B (the "Series 2007B Bonds"), in the original aggregate principal amount not to
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28 exceed $14,500,000 (the Series 2007A Bonds and the Series 2�07B Bonds are hereinafter refened to
29 coliectively as the `Bonds"); and
30 WHEREAS, under the terms of the City Adminisuafive Code, Part IV, Chapter 72, Section 72.04,
31 the City Council of the City has designated the Authority to exercise the powers conferred by the Act on
32 behalf of the City; provided, however, that the Authority may not carry out any specific programs under
33 the Act unless directed and authorized to do so by a resolution adopted by the City Council of the City;
34 NOW, THEREFORE, BE IT RESOLVED THAT:
35 1. Aixthoritv to Undertake the Project. The City Council of the City hereby directs and
36 authorizes the Authority to carry out the Housing Program to finance the Project and to issue the
37 Series 2007A Bonds and the Series 2007B Bonds as zevenue bonds under the terms and conditions of the
38 Act.
39 2. Other Actions. The City Council of the City hereby directs and authorizes the Authority to
40 take any and all actions authorized by the Act to carry out the Housing Program with respect to the Project
41 as determined to be appropriate by the Authority.
Adopted by the City Council of the City of Saint Paul, Minnesota on this Z�S of
���, 2007.
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Requested by Department of. Planning and Economic
Adopted by Council: Date �
Adopttoa-2ertafied y C� cil Se etary
l /
By: C
Approved Date ��
By:
Development
By' - �� � ��--_,
Form App ved ey
By:
Form App e y yo o' ub ' n to Council
By:
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
07-/�'I
PE �
Contact Person & Phone:
Joan Trulsen
66694
Must Be on Council Agenda by (Date;
21-FEB-07
Doc.7ype: RESOLUTION
E-Document Required: Y
Document Confact: Joan Trulsen
ContaM phone: 66694
Green Sheet NO: 3036629
02-FEB-07
0 Iannin & Economic Develo m
1 lamin &EconomicDevel me Llledahl �
2 lannin &EconomicDevelo me Accaantiv 'T<�H� 7.1�
C �
3 lannia &EconomicDevMo me De arimeMD'uector �
4 ' AHOrne
g or's O�ce Ma or/Assistant
7 Clerk Ci Clerk
y
Assign
Number
For
Routing
Order
Total # of Signature Pages _(Clip All l.ocations for
Please put the attached resolution on the coasent agenda for February 21, 2007 for approval of the issuance of bonds for the Sholom
Home East, Inc. Senior Housing Projecct. Disuict 9
Planning Commission
CIB Committee
Civii Service Commission
1. Has this person/firm ever worked under a contract for this department?
Yes No
2. Has this person(firtn ever 6ee� a city employee?
Yes No
3. Does this person/firm possess a skill not normally posseued by any
current city employee?
Yes No
Explain all yes answers on separete sheet and attach to green sheet
Initiating Problem, issues, Opportunity (Who, What, When, Where, Why):
Ciry Council approval is required in order for the IIRA to issue revenue bonds for a multifamily housing development and health caze
facility (Sholom Homes East Campus). This is a component of the Victoria Park Development on W.7th Street and Otto.
Advantages If Approved:
The bonds can be issued.
Di$advantages If Approved:
None
Uisadvantages If Not Approved:
The Senior Housing Project witl aot be cons[ructed.
i oiai Amoun� ot k 1� 500, 000.00 CosURevenue Budgeted:
Trensaction:
Funding Source: ��� ��„� Q Activity Number.
'W .�
Fi nancial Informallon:
(Explain)
RECEN�D
MAYfl�'S O�EICE
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February 2, 2007 11:59 AM Page 1