95-437Council File # 9S �3 �
ORIGI�IAL
Presented by
Referred To
Green Sheet # 28151
1 WHEREAS, the Community Reinvestment Act has successfully channeled billions of dollazs of loans into
2 communities traditionally deprived of them; and
3 WHEREAS, many of our residents and many of our neighborhoods continue to have significant unmet credit
4 needs; and
5 WI�REAS, capital deprivation is an essential cause ofurban decay; and
6 WHEREAS, without access to needed credit families cannot buy homes, and would-be employers cannot
7 open or expand businesses; and
8 WHEREAS, when individuals aze denied mortgages that would enable them to purchase homes, they are also
9 denied equity that could fund later investments in further education, needed transportation or small
10 enterprises; and
11 WI3EREAS, Congress is considering legislation that would weaken the Community Reinvestment Act by
12 adding "safe harbor" provisions and small bank exemptions, or even repeal the Act in its entirety; and
13 therefore be it
14 RESOLVED, that the Saint Paul City Council will go on record in support of a strong, effective Community
15 Reinvestment ACT; and be it
16 FURTFIER RESOLVED, that the City Council is opposed to any changes that would weaken CRA; and be
17 it
13 FURTI�R RESOLVED, that the City Councit urges the state Congressional delegation to oppose any such
19 changes; and be it
20 FURTHER RESOLVED, that in case CRA is weakened or repealed, the City Council will consider
21 developing and enacting local ordinance to restrict the deposit of city funds to those banks with the best
22 possible community reinvestment record.
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA I-S
�I�=5�
�
Appi
�
Requested by Department of.
�
Form Approved by City Attomey
�
Approved by Mayor for Submission to Council
�
Adopted by Council: Date � �
)
Adoption Certified by Council Secret
�� 5�3 7
�EPARTMENT/OFFlCE/COUNCIL DATE INITATED 1 V� 2 8151
CityCouncil 4-26-95 GREEN SHEE
CONTACTPERSON&PHONE �DEPARTMENTDIRE OCITYCOUNpL n
JerryBlakey6-8610 pS51GN �CINATTORNEV OCITVCLERK
MUST BE ON COUNCIL AGENDA BY (OATE) pO��FOP O BUOGET DIRECTOR � FIN. & MGT. SERVICES DiR.
OROER . O MpYOR (OR ASSISTANn �
TOTAL # OF SIGNATURE PAGES (CLIP ALL LOCATIONS POR SIGNATURE)
ACTION REQUESTED:
Support the Communiry Reinvestment Act; take steps before the state Congessional delegation to oppose changes to the CRA; consider
developing and enacting local ordinance in case CRA is weakened or repealed, to support conununity reinvestrnent.
RECOMMENDATIONS: Approve (A) or Fieject (p) pERSONAL SERVICE CON7RACTS MU57 ANSWER TME FOLLOWING QUESTIONS:
_ PLANNING COMMISSION _ CIVII SERVICE CAMMISSION �� Has this personRirm ever worked under a contract for this tlepartment?
_ CIB COMMITfEE _ YES NO
_ STAFF 2. ka5 th5 P¢f50nHiRn Bv¢I been a Clty e1T{110yEe?
— YES NO
_ oiS7HICT couRi _ 3. Does this person/firm possess a skill not normally possessed by any current ciry employee?
SUPPOHTSWHICHCOUNCILOBJECTIVE? YES NO
Explain all yes answers on separate sheet anC attach to green sheet
INITIATING PFtOBLEM, ISSUE, OPPORTUNIN (Who, What, When. Whare, Why)�
The Community Reinvestment Act may be weakened or repealed as a result of legislation considered by Congess.
ADVANTAGES IF APPROVED.
The CotnmuniryReinvestrnent Act may not be weakened or repealed as a result of municipal and state opposition to the legislation considered
by Congress.
DISADVANSAGES IF APPROVED.
None.
DISADVANTAGESIFNOTAPPROVED:
$d�+a6P ��.:'w"', F v�9',i,���
Capita] deprivation to many residents and neighborhoods will continue to increase urban decay.
AP€� 26 1995
TOTAL AMOUNT OF TRANSACTION $ COST/REVENUE BUDGETED (CIRCLE ONE) YES NO
FUNDIfdG SOURCE AC7IVITV NUMBER
FINANqAL INFORMATION: (EXPLAIN)