08-247Council File # �g' � ��
Green Sheet # 3050713
RESOLUTION 1 �
OF SAINT PAUL, MINNESOTA
Presented by
2 RESOLUTION APPROVING THE CHANGE IN TERMS OF
3 NEIGHBORHOOD STAR PROGRAM FUNDS
4 FOR THE WTNNIPEG APARTMENTS GREEN ROOF PROJECT IN WARD 5
6 WHEREAS, on September 19, 2007 via Resolution #07-865, the City Council of the City of Saint
7 Paul reviewed and approved loan and grant financing of Spards Neighborhood STAR proposal for a green
8 roof on the Winnipeg Apartment Green Roof Project located at 135 Winnipeg Street and 850 Rice Street;
9 and,
l0
t 1 WHEREAS, on February 13, 2008, the Neighborhood STAR Boazd reviewed a request from Sparc
12 to amend that awazd for the Winnipeg Apartments Green Roof Project by (i) revising the approved
13 $149,022 STAR Crrant to a Loan, (ii) amending the approved $200,000 STAR Loan terms, and (iii)
]4 allowing Sparc to transfer this STAR financing to Winnipeg Apartments Limit Partnership who is the
15 current owner of the Property (collectively the "Amendments"); and
16
17 WHEREAS, the STAR funds will continue to be used for the intend purpose to fund the Green
18 Roof on the Winnipeg Apartments Project; and
19
2o WHEREAS, the Neighborhood STAR Board has reviewed the requested modifications and
21 recommends approval by the Mayor and City Couxcil;
22
23 NOW, THERFORE BE IT:
24
25 RESOLVED, that upon the recommendation of the Mayor, and the Neighborhood STAR Board,
26 the Council of the City of Saint Paul does hereby approve the Amendments requested by Sparc; and be it
27
28 FURTHER RESOLVED, that the STAR Financing and Spending Plan for Account Code #77823
29 be revised as follows:
30
3� 1. Amend the $149,022 STAR Grant to a$149,022 STAR Deferred Loan with a Maturity Date of
32 August 20, 2049 at an interest rate of zero (0%) percent;
33
34 2. Amend the $200,000 STAR Loan of 15 years with an inYerest rate of zero (0%) percent to a
35 $200,000 STAR Deferred Loan with a Maturity Date of August 20, 2049 at an interest rate of zero
36 (0%) percent; and be it.
37
38 FURTHER RESOLVED,
39
40 3. The Council authorizes and directs the appropriate City officials to execute the appropriate loan
41 documents to implement this Resolution, subject to approval by the City Attorney and Winnipeg
42 Apartments Limited Partnership, a Minnesota limited partnership; and
6$ -1-��
43
44 4.
45
46
47
The Council authorizes and directs the staff of the Department of Planning and Economic
Development to proceed with all other action necessary to implement this Resolution.
Yeas Nays Absent
Bostrom ✓
Carter ✓
Harris ,/
Helgen ✓
Lantry ✓'
Stark i/
Thune ✓
�
Adopted by Date
Council: �'�� ���jJ�
Adoption Certified by Council Secretary
BY� /l /l//!/�ii./'� Or�
Approved by Date 3� � ��
Mayor: � �
By:
Requested by Department of:
�
Form Approved by City Attorney
By:
Form Approved by Mayor for Submission to
Council
:
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
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CO �ouncil
Contact Person & Phone:
Jenn'rfer Dunn
6-8651
Must Be on Council Agen
Doc. Type: RESOLUTION
E•Document Required: N
Document Contact: Donna Sanders
ContaM Phone: 6-8650
04MAR-08
y
Assign
Number
For
Routing
Order
Total # of Signature Pages _(qip All Locations for Signature)
Green Sheet NO: 3050713
0 ouncil
1 ouncil De ar[ment INector
2 ' Clerk
3
4
5
Resolution approving the change in tenns of Neighborhood Star Program funds for a project in Wazd 5.
itlanons: npprove (w) or rte�ect (rt): rersonai sernce concrac[s must wnswer me rouowmg �tuesnons:
Planning Commission 7. Has this person/firm ever worketl under a contrect for this department?
CIB Commiriee Yes No
Civil Service Commission 2 Has this person/firm ever been a city employee?
Yes No
3. Does this person/firm possess a skill not normally possessed 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):
Advantages lf Approved:
DisadvanWges If Approved:
Disadvantages If Not Approved:
Total Amount of
Transaction:
Funding Source:
Financial 1 nformation:
(Explain)
Activity Number:
CosURevenue Budgeted:
March 4, 240810:07 AM Page 1