09-1057Susuension 9/23/2009
Council File # 09-1057
Green Sheet # 3051356
RESOLUTION
Presented by
OF SAINT PAUL, MINNESOTA
1 RESOLUTION APPROVING AND AUTHORIZING ASSUMPTION OF CITY LOANS BY EAST
SIDE COMMONS, AND MODIFICATIONS AND EXTENSIONS OF SUCH LOANS
WHEREAS, Twin Cities Housing Development Corporation and East Side Neighborhood
Development Company are forming a new limited partnership called East Side Commons, LLP
(`'Developer") to acquire, preserve and substantially rehabilitate three existing affordable housing
developments, namely Bradley Terrace Townhomes, York/Sims Towhhomes and the G.A. Johnson
building (the "ProjecP'), and
10 WHEREAS, there are outstanding loans on the Project payable to the Housing and Redevelopment
I 1 Authority of the City of Saint Paul, Minnesota ("HRA"), and to the City of Saint Paul ("City"), which
12 loans are more fully described in the staff report accompanying this Resolution ("Loans") and the
13 Developer has requested the HRA's and City's consent to assume the Loans and to modify and extend their
14 terms and the City is willing to do so on the terms and condirions stated in this Resolution; and
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16 WHEREAS, the HRA has approved the assumption, modification and extension of the Loans by
i 7 separate action.
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NOW, THEREFORE, BE IT RESOLVED by the Saint Paul City Council that:
I. Subject to the Developer being awarded sufficient 9% Low Income Housing Tax Credits
from Minnesota I�ousing Finance Agency or City of Saint Paul for the Project no later than
December 31, 2010, the City Council hereby approves the Developer's assumption of the Loans
and the Director of Planning and Economic Development ("PED") is hereby authorized and
directed to negotiate and execute the assumption documents on behalf of the City. The PED
Director is further authorized to negotiate and agree to any amendments, modifications or
extensions of the Loans provided that such amendments, modifications or extensions are acceptable
in form and substance to the Saint Paul City Attorney.
09-10�
?9 2. The PED Director, staff and legal counsel for the City are further directed and authorized to
30 take all actions necessary to implement this Resolution, and the PED Director is authorized to
31 execute any documents and instruments in connection therewith.
Bostrom
Carter
Harris
Helgen
✓
✓
Absent I
—� Requested by Department of: Planning and Economic
Development
By:
Approved by the Office of Financial Services
B
Approved by City Attorney
� i i % I cs p By:
Adopted by Council: Date ���/��/J�/ Approved by Mayor for Submission to Council
Adoption Certified by Council ecretary g
Bv: �
Approve by yo : Date � 2— (? -
By.
09-1057/
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
; co _ co����i
Contact Person 8 Phone:
Scott Renstrom
6-8661
i Must Be on Councii Agenda by (Date}:
Doc.Type:RESOLUTION
'� E-DOCUment Required: Y
, Document Contact: Scott Renstrom
23SEP2009 I Green Sheet NO: 3081356
� i 0
t
Assign Z
Number 3
For
Routing 4
Order � g
� ContaM Phone: 6-8667 I I
r . ___ � _--__
'�, Total # of Signature Pages _(Clip All Locations for Signature)
�� Action Requested: �� �
'�, Resolution Approving and Authorizing Assumption of City Loans by East Side Commons, and Modifications and Extensions of
� Such Loans
Recommendations: Approve (A) or Re�ect (R):
Planning Commission
CIB Committee
Civil Service Commission
Personal Service Contracts Must Answer the Following Questions:
7 Has ihis person/irm ever worked under a contract for this department?
Yes No
2 Has this person/firm ever been a city employee?
Yes No
3. Does this person/firm possess a skill nol normally possessed by any
current city employee?
Yes No
Explain all yes answers on separate sheet and attach to green sheei.
Initiating Problem, Issues. Opportunity (Who, What, When, Where, Why):
�I AdvaaWges If Approved:
I
Disadvantages If Approved:
Disadvantages If Not Approved:
Total Amount of
Transaction:
Funding Source:
Fi nancial Information:
(Explain)
CostlRevenue Budgeted:
Activity Number:
September 23, 2009 127 PM Page 1