94-1179 i\ A \J\ ! ,� ` Council File # 4 7 /- 1/
�f
R 1 6 1 N A L 1 , v ' Green Sheet # oq ?c? r- 1 )9
RESOLUTION ca
/ /C TY •i -AINT ' . , MINNESOTA
Presented By Br
Referred To Committee: Date
1 RESOLUTION RE1ITING A PROPOSAL FOR FINANCING
2 A MULTI- FAMILY R NTAL HOUSING DEVELOPMENT PROJECT,
3 APPROVING A HOUSI G PROGRAM THEREFOR AND AUTHORIZING
4 THE HOUSING D REDEVELOPMENT AUTHORITY TO
5 EXERCI.E THE POWERS GRANTED IN
6 MINNESOTA STAT ES, SECTIONS 462C.01 TO 462C.08
7
8
9 (a) Minnesota Sta•utes, Chapter 462C (the "Act "), confers
10 upon cities, or housing , and redevelopment authorities authorized
11 by ordinance to exercis on behalf of a city the powers conferred
12 by the Act, the power • issue revenue bonds to finance a
13 program for the purpose- of planning, administering, making or
14 purchasing loans with r =spect to one or more multifamily housing
15 developments within the of the city; and
16
17 (b) The Housing a d Redevelopment Authority of the City of
18 Saint Paul, Minnesota (.he "HRA "), has received from Care
19 Institute,-Inc.- Highlan•,, an Indiana nonprofit corporation (the
20 "Company "), a proposal ghat the HRA undertake a program (the
21 "Housing Program ") to finance a Project hereinafter described,
22 through the issuance of revenue bonds or obligations in one or
23 more series (collective y, the "Bonds ") pursuant to the Act; and
24
25 (c) The Project t• be financed by the Bonds is the
26 acquisition, construction and equipping of a 106 unit elderly
27 multifamily rental hous facility to be located at 750
28 Mississippi River Boule and in the City of Saint Paul, Minnesota
29 (the "Project "), and wi'1 result in the provision of additional
30 rental housing faciliti:s for elderly persons within the
31 community; and
32
33 (d) The Company's, proposal calls for the HRA to loan the
34 proceeds realized upon 'he sale of the Bonds to the Company
35 pursuant to a revenue agreement or agreements wherein the Company
36 will be obligated to ma e payments at the times and in the
37 amounts sufficient to provide for the prompt payment of principal
38 of, premium, if any, an• interest on the Bonds and all costs and
39 expenses of the HRA and City incident to the issuance and
40 sale of the Bonds; and
ORIGINAL
41 a The City desires to facilitate the development ( ) Y of P
42 multifamily rental housing facilities within..the.City; encourage
43 the development of housing facilities designed for occupancy
44 primarily by elderly persons; and encourage the development of
45 underutilized land within the boundaries of the City; and the
46 Project will assist the City in achieving these objectives; and
47
48 (f) A public hearing on the Housing Program and the Project
49 was held on August 17, 1994, following duly published notice, at
50 which time all persons that desired to speak were heard.
51
52 NOW THEREFORE BE IT RESOLVED by the City Council of the City
53 of Saint Paul, as follows:
54
55 1. The City here approves the Housing Program for the
56 financing of the Project and, pursuant to Section 72 of the Saint
57 Paul Administrative Code, authorizes the HRA to exercise the
58 powers granted in Minnesota Statutes, Sections 462C.01 to
59 462C.08.
60
61 2. Nothing in this resolution shall be construed to
62 require the City or the HRA to approve any element of the Project
63 or the issuance of the Bonds, nor shall this resolution be
64 construed as vesting in the Company any cause of action against
65 the City or the HRA arising from any failure or refusal by the
66 City or the HRA to approve the Project or issue the Bonds.
67
68 3. Nothing in this Resolution or the documents prepared
69 pursuant hereto shall authorize the expenditures of any municipal
70 funds on the Housing Program or the Bonds other than the revenues
71 derived from the Project or otherwise granted to the City or HRA
72 for this purpose. The Bonds shall not constitute a charge, lien
73 or encumbrance, legal or equitable, upon any property or funds of
74 the City or HRA except the revenue and proceeds pledged to the
75 payment t2!ereof, nor shatll the City or HRA be subject to any
76 direct liability thereon. The holder of the Bonds shall never
77 have the right to compel any exercise of the taxing power of the
78 City or the HRA to pay the outstanding principal on the Bonds or
79 the interest thereon, or to enforce payments thereon against any
270255.1
DRIG1NAL H -t I. 9 1
80 property of the City or HRA. The Bonds shall recite in substance
81 that Bonds, including the interest thereon, are payable solely
82 from the revenue and proceeds pledged to the payment thereof.
83 The Bonds shall not constitute a general debt of the City or HRA
84 within the meaning of any constitutional or statutory provision.
4. The Executive Director of the HRA is hereby authorized to execute a
Memorandum of Understanding with respect to the Project in substantially the
form on file with the HRA.
5. Briggs and Morgan, Professional Association, is hereby retained as
Bond Counsel for the issuance. of the Bonds, and A.H. Williams & Co. Incorporated
is selected as the investment banker for the Bonds. Briggs and Morgan and A.H.
Williams & Co Incorporated are hereby authorized to assist in the preparation
and review of necessary documents relating to the Project and the Program therefor,
to consult with the HRA, City Attorney, Company and purchasers of the Bonds as to
the maturities, interest rates and other terms and provisions of the Bonds and
as to the convenants and other provisions of the necessary documents and submit
such documents to the HRA fox final approval.
1
Yeas Nays Abseri
Blakey Requested by Department of:
�/
Grimm I/
Guerin
Harris ✓ ✓✓ .
Me and 411:1 � 1 , Rettman ✓. By: / , � ,,V
Thune ✓✓
Adopted by Council: Date " t'•\ . \- �- 1 9 Form Alai rov • by ' ttorney
Adoption Certified by Council Secretary By: . At
By: Ilk — • ` .��•� ' --_ /8
Approved by M , • • : Date � i � A.. b M l
t arlfait 4- 1
•
7'1f-
DEPARTMENT/OFFICE/COUNCIL L NITIATED N_ 2 9 0 9
PM) - NEIGHBORHOODS it HSG ANIS.94 GREEN sH
{ I,Tt -, R ,
CONTACT PERSON & PHONE W a CITY COUNCIL
Atka CEFISOIfi 2664616 ASIAN i ,r ITY ATTORNEY k plc: v "� � a .
wawa Fort
...
MUST SE ON COUNCIL AGENDA BY (DATE) BUDGET DIRECTOR El FIN. & MGT. SERVICES Der
August 17, 1994 ORDER MAYOR (OR ASSISTANT) gn leetA,441‘ _'17
TOTAL # OF SIGNATURE PAGES Z (CLIP•ALL LOCATIONS FOR SIGNATURE)
ACTION RE-QUESTED:
Sign City Council medullas authorizing HRA to .onsider issuance of up to $13,000,000 of Rider Care Facility
Revenue bonds to construct a proposed 106 unite der care residential facility to be loaded at 750 Mississippi River
REt DATIONS: Approve (A) or Reject (R) PPRSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING Ot/ESTIONS:
PLANNING COMMISSION ._ CIVIL SERVICE COMMISSION 1. Has this person/firm ever worked under a contras for this department?
CIS COMMITTEE YES NO
2. Has this person/firm ever been a city employee?
_ STAFF YES NO
T DISTRICT COURT 3. Does this person/firm possess a skill not rwrmlUy possessed by any curnmt city employee?
SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO
Housing Explain all yes answsre on separate shalt and attach to omen sheet
INITIATING PROBLEM, ISSUE. OPPORTUNITY (Who, What. When. Where, Why)
Care Institute, Inc. . Highland, aka Rosewood Estates, Inc. (Developer) proposes to eantruct a 106 unit cider care
residential facility at 750 Mlssissippi River Blvd. In order for the proposal to be thiandally freak the Devil ar is
seeking favorable financing by requesting the HRA to issue up to $15,000,000 of mnIt*. wily rental housing bends. The
bonds would be repaid solely from revenue and Hind pledges derived lives the project and would not be an oblipeta of
the City or HRA.
RECEIVED
ADVANTAGES IF APPROVED:
1. The pry an 111111141t houshug niche for Saint Paul AUG $X94
2. The project will add to the City's proprutl tax base. MAYOR'S OFFICE
3. ApprOainnteiy 60 n permanent employment opportunities be created.
4. The project will have a positive impact upon the long tern viability of neighborhood.
DISADVANTAGES IF APPROVED:
Increases Public c C^
costs (water, police,
RECEIVED
t, E
c+ V E Q
AUG 0 9 1994 AUG 0.81994
CITY ATTORNEY
DISADVANTAGES IF NOT APPROVED:
The project couldn't financially be built, therefore possibly the best and highest long term use of the site would not be
realized.
TOTAL AMOUNT OF TRANSACTION $ $15,000,000 COST /REVENUE BUDGETED (CIRCLE ONE) YES NO
FUNDING SOURCE KeVallme hands ACTIVITY NUMBER
FINANCIAL INFORMATION: (EXPLAIN)
CITY COUNCIL OF THE C 1 OF SAINT PAUL, MINNESOTA
REPORT TO THE CITY CO CIL DATE August 17, 1994
REGARDING: Public Hearing Housing and Redevelopment Authority of the City of
Saint Paul, M' esota Elder Care Facility Revenue Bonds (Care
Institute, Inc. - ighland Project) Series 1994
Purpose
The purpose of the public hearing is t consider the proposal of the Care Institute - Highland,
an Indiana non - profit corporation (th "Developer ") that the Housing and Redevelopment
Authority of the City of Saint Paul, 1 esota (the "HRA ") undertake a housing program to
finance the acquisition of land and co l struction a 106 unit elder care residential facility at 750
Mississippi River Boulevard called R • ewood Estate - Highland (the "Project "). Furthermore,
PED staff requests the City Council t consider approval of a resolution regarding the issuance
of up to $15,000,000 of multifamily re tal revenue bonds for said Project, that:
1. Authorizes HRA to issue up t $15,000,000 of multifamily rental revenue bonds for the
above residential facility; and
2. Authorizes the Executive Dir: or of the HRA to enter into a Memorandum of
Understanding with the Devel s per regarding the possible issuance of bonds for said
project; and
3. Approves a "Housing Finance Program" of the Project pursuant to Minn. Stat., Chapter
462C; and
4. Designates Briggs and Morga , professional association as bond counsel and A.H.
Williams, as underwriter for : id bonds.
Background
The Project, an elder care residenti. living facility, to be developed by Care Institute, Inc., an
affiliate of Rosewood Estate, Inc. is . esigned as an affordable housing alternative to nursing
facility care for the frail elderly. Th= Project will be a three story building, approximately 90,000
square feet in size. There will be 23 tudio, 79 one - bedroom, and 4 two- bedroom senior
multifamily rental units. There will ' - an activity room on the second floor and a greenhouse
on the third floor. Several small lou ges are located throughout the building. The building will
have a residential colonial exterior th two large fireplaces in the first floor lounges.
The Project will include a 2,200 squa e foot dining room with space for 100 persons. The site
will be extensively landscaped.
The Developer owns a similar resid : tial facility in Roseville. The Developer also has an
identical residential facility under co struction in Maplewood.
Rental rates for the Project are exp -i ted to be in 1995 dollars in the range of $2,075 to $3,675
per month with the average rent be g approximately $2,500. Each residential unit will include a
full bathroom with roll-in shower un t and a small kitchen containing a range, oven, and
refrigerator. Included in the basic monthly rent will be two meals per day, scheduled
transportation and activities, weekly housingkeeping service, and a 24 hour emergency call
system. Nursing and home health care services are contracted with an outside home health care
agency ( "HHA "). The HHA will maint in 24 hour staffing at the Project site. Residents can
contract with other licensed HHAs. Its ,anticipated that the average monthly HHA cost per
resident will be $750. The Minnesota Public Health Department has stated that the relationship
between the Project and HHA is acceptable and that no license or Certificate of Need is
required.
The total monthly cost to residents is estimated to be $3,250 for the project which compares
favorably to the average nursing care facility rate of $3,300 per month in Minnesota.
Approximately one half of the potential residents will be from nursing care facilities. Current
occupancy rates in area nursing care facilities is 98 percent. The balance will be from
rehabilitation units, personal residence and assisted living facilities.
Financing
The sources and uses of financing for the Project is as follows:
SOURCES OF FUNDS
Bond Proceeds
1994A Series A Tax- Exempt Bonds $13,685,000
1994B Series B Taxable Bonds 475.000
Total Bond Proceeds 14,360,000
Interest Earnings 507.828
TOTAL SOURCES OF FUNDS $11,867.828
USES OF FUNDS
1994 Project Fund Deposits
Construction Costs 7,122,000
Land Acquisition 1,070,000
Development Overhead 1,200,000
Predevelopment & Marketing 240,000
Working Capital Account 500.000
Total Project Costs $10,132,000
1994 Reserve Fund Deposits $3,800,975
Delivery Date Expenses 935.053
TOTAL USES OF FUNDS $14.867.828
The revenue bonds will have a term of 30 years. The interest rate on the tax- exempt revenue
bonds will be 8.5 %. The interest rate Dn the taxable revenue bonds will 10 %. The taxable
bonds will be used to pay the costs of ssuance outside the federal statutory limits.
I I
!,I
Neighborhood Review & Plann I ng Commission Review
The District 15 Planning Council supp • s the development of the Project. The Planning
Commission unanimously recommend • • rezoning of the Project site from OS -1 (commercial), I-
1 (industrial), and P -1 (parking) to R 2 (residential multifamily) on May 26, 1994 to allow
development of the Project. The City ouncil unnanimously concurred with the Planning
Commission's recommedation on June •, 1994.
Public Purpose
The Project potentially will achieve th_ following public purposes:
1. It allows elderly Saint Paul resi •ents to remain in an independent living situation, yet
have access to convenient hom l health care. The Project is an alternative housing
option not currently available ' the area.
2. It will provide approximately 6 full-time permanent jobs.
3. The Project strengthens the ed :es between the residential and commercial land uses in
the area which is consistent wi '� the Housing Policy of the 1990's that states land use
conflicts that have a negative ' pact on the quality of the residential environment should
be eliminated.
4. Under the Project's current t. status it will generate an estimated $170,000 in annual
property taxes which is double the amount of current property taxes of the site.
However, the Developer will • - seeking property tax exemption as a 501(c)(3) nonprofit
corporation providing housing . nd health care services.
Staff Recommendation
PED Staff recommends the City Cou cil consider approval of the attached resolution which:
1. Authorizes HRA to issue up t • $15,000,000 of multifamily rental revenue bonds for the
above residential facility; and
2. Authorizes the Executive Dir or of the HRA to enter into a Memorandum of
Understanding with Rosewoo Estate, Inc. (the "Developer ") regarding the possible
issuance of bonds for said pr • ect; and
3. Approves a "Housing Financ Program" of the Project pursuant to Minn. Stat., Chapter
462C; and
4. Designates Briggs and Morga , professional association as bond counsel and A.H.
Williams, as underwriter for -lid bonds.
Allen Carlson, 266 -6616
Neighborhoods & Housing
file :K: \SHARED \APC \HIGHBOND \REPORT.
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AFFIDAVI OF PUBLICATION
I
STATE OF MINNESOTA I
COUNTY OF RAMSEY
!
Dawn Thompson , being
duly sworn on oath, says: that he is, and during
I all times herein stated has been, Clerk of
Northwest Publications, Inc., publisher of the
newspaper known as the Saint Paul Pioneer
j Press, a newspaper of general circulation within
840 Nonces 1 the City of St. Paul and the County of Ramsey.
hr
Notice . f Public H OW !
PROPOSAL FORA HOUSING'' That the Notice hereto attached was cut from the
-''
PROGRAM AND THE ISSU- °'' '
ANCE OF REVENUE BONDS columns of said newspaper and was printed and
TO FINANCE A MULTIFAMILY -
RENTAL HOUSING DEVELOP* published therein on the following dates:
MENT(CARE INSTITUTE INC., -,,' p
/ HIGHLAND _PROJECT
TO WHOM IT MAY CONCERN
Notice is hereby given that -th
City Council of the City 0 '
Saint Paul, 'Minnesota, will'
meet on the ,Third Floor,' itN
Room .330 at'the City Hall, 15' , I 2 9th day of day , 19
West Kellogg Boulevard,' l ,in'
sot (the City-of City at 3:30pr
on Wednesday, August 17 I day of , 19
1994, to consider the proposek
of Care Institute, Inc. -High
land, an .Indiana non- profit; I.
corporation (the "Company'
That the Housing and Aedevelm ) I day of 19
apment'Authority of the City
of Saint Paul Minnesota (the'
"Authority") ';undertake a
housing . program , to finance
the Project hereinafter 4e- I day of , 19
scribed, pursuant to Minneso=
to Statutes Chapter 4620, by
the Issuance of ?venue obll=
gatione: °'t.Nx1i�^� day of , 19
Description of the Pr
The' project consists of thhe ac=
qulaition 01 land and the.colo ; 1
'*ruction and'9quipping of a-
106 , Unit,, elderly: multifamily day of , 19
rental housing facility, along
with related improvements,'tp,,
be located at 750 Mississipgiq
River Boulevard in the. City.,
The Project will be, owned by I day of , 19
the company. " ''-
Subsequent to approvai of the
housing, program, the Authori-
ty may issue revenue bonds to
finance the housing program.
Said bonds or other oblige -
tions, as and when issued,
not 11.464d
not constitute a charge, lien ien
or encumbrance • upon any
property of the Authority of 1
the City, except the Project
and the revenues to be de-
rived from the Project. Such
bonds or obligations will not Subscribed and sworn to be me this
be a charge against the Au-
thority's or City's general:
credit or powers but- ,I 29th day of July 19 94
are payable from sums to be,
paid by the Company pursuant,;
to a revenue agreement --
The maximum aggrregate esti -,
'principal 'amount oQ=} �, ` / / / ///
bonds or other obligations tb
be Issued to finance the Pro-
Jett pursuant - to -the housing j
pproyyram'is $1.5,000,000.4 t-urtherInformation concerning Notary Public
the housing program and the, y
Project may be obtained from,'
the Authority during normal.
business hours. ' _,„ I Washington
At the time and place fixed of County, Minnesota
this public hearing the CitY
Council will give all person&
who appear at the hearing aft'
opportunity o express their: I
views with respect , to the: My commission expires January 31 , 20 00
housing plan and. the financing
of the Project pursuant to the
housing program. Written,
comments will be considererrrddr}}����
if submitted to the Authorit
on or before the date of th 1
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•
HOUSING AN' REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL, MINNESOTA
HOUS G FINANCE PROGRAM
CARE INSTI , INC. - HIGHLAND PROJECT
This housing finance (the "Program ") is undertaken
by the Housing and Redeve'•pment Authority of the City of Saint
Paul, Minnesota (the "Aut•rity ") to finance a Project (as
defined and described in is document) to be owned by Care
Institute, Inc. - Highlan•, an Indiana nonprofit corporation (the
"Company "). The Project ••nsists primarily of the acquisition of
land and the construction and equipping of a 106 unit elder
multifamily rental housin• facility, along with related
improvements, to be locat = at 750 Mississippi River Boulevard in
the City of Saint Paul (t e "Project "). The expected base
monthly rental fees for a Residential Studio Unit will be $2,075,
a Residential One-Bedroom 'Unit will be $2,425, and a Residential
Two- Bedroom Unit will be '3,675. The Project will be operated as
a multifamily rental hous ng development within the meaning of
Minnesota Statutes, Section 462C.05, Subd. 4. The Authority will
issue multifamily housing revenue bonds (the "Bonds ") pursuant to
Minnesota Statutes, Chapt:r 462C.07, Subd. 1, and loan the
proceeds of the Bonds to 'he Company to finance the Project.
The Authority will ssue the Bonds to finance the Project
in the principal amount n't to exceed $15,000,000. The Authority
will loan the proceeds frim the sale of the Bonds to the Company
• ` - \ VRg
• pursuant to a revenue agreement (the "Loan Agreement ") by and
between the Authority and the Company. The Company will be
required, pursuant to the Loan Agreement, to make payments
sufficient to pay when due the principal of, premium, if any, and
interest on the Bonds. The Bonds may be structured so as to take
advantage of whatever means are available or necessary and are
permitted by law to enhance the security for and marketability of
the Bonds. Substantially all of the net proceeds of the Bonds
(the initial principal amcunt thereof, less amounts deposited in
a reasonably required reserve or paid out as costs of issuance of
the Bonds) will be used tc pay the costs of the Project,
including any functionally related and subordinate facilities.
The Project will be Lndertaken to further the policies and
goals stated in the Authority's Housing Plan, under Minnesota
Statutes, Chapter 462C and is consistent with the Authority's
Housing Plan. The Authority has adequate existing capacity to
administer, monitor and supervise the Project in order to insure
that the Project will be consistent with the Authority's Housing
Plan. The Company will coistruct the Project in compliance with
all applicable development restrictions, and all new construction
and rehabilitation of the existing buildings is subject to
applicable state and local building codes. The Company will be
required to operate the Project in accordance with state and
local anti - discrimination laws and ordinances.
moms 2
The costs of the Project and the Program undertaken to
finance the Project, including specifically the costs to the
Authority, will be paid or reimbursed by the Company.
26929m 3
z �
SAINT Interdepartmental Me orandum
PAU L
,411011 CITY OF SAINT PAUL
*AAA
mow
DATE: August 15, 1994
TO: Councilmember Harris
FROM: Allen Carlson, Neighb• hoods and Housing- -
RE: Care Institute Inc. - H' . and Project
Item number 20 on th=' City Council Agenda for August 17
Attached is an amended City Council esolution for the above multifamily rental revenue bond
financing proposal. The amended res ►lution includes language authorizing the Executive
Director of the HRA to enter into a emorandum of Understanding with the developer and
designates Briggs and Morgan as bon' counsel. I would appreciate it if you could introduce the
amended resolution at Wednesday's 11y Council meeting.
In the past when the HRA always ha. two meetings on each action item, these authorizations
would be included in a preliminary re olution approved by the HRA.
If you have any questions please cont.'ct me at 266 -6616. Thank you.
cc: Tony Shertler
attachment
file:apc\bondhigh\harris.mem
II
.
Council File # "Li - trig
Green Sheet #
ESOLUTION
Al C 0 S ' INAUL, MINNESOTA
Presented By / / / AvreJ. ! / ■
Referred To Committee: Date
1 RESOLUTION RECI ING A PROPOSAL FOR FINANCING
2 A MULTI- FAMILY REN AL HOUSING DEVELOPMENT PROJECT,
3 APPROVING A HOUSING PROGRAM THEREFOR AND AUTHORIZING
4 THE HOUSING AND REDEVELOPMENT AUTHORITY TO
5 EXERCISE THE POWERS GRANTED IN
6 MINNESOTA STATUT :S, SECTIONS 462C.01 TO 462C.08
7
8
9 (a) Minnesota Statues, Chapter 462C (the "Act "), confers
10 upon cities, or housing a d redevelopment authorities authorized
11 by ordinance to exercise •n behalf of a city the powers conferred
12 by the Act, the power to issue revenue bonds to finance a
13 program for the purposes •f planning, administering, making or
14 purchasing loans with res.ect to one or more multifamily housing
15 developments within the ••undaries of the city; and
16
17 (b) The Housing and Authority of the City of
18 Saint Paul, Minnesota (th: "HRA "), has received from Care
19 Institute, Inc. - Highland, an Indiana nonprofit corporation (the
20 "Company "), a proposal th -t the HRA undertake a program (the
21 "Housing Program ") to fin - a Project hereinafter described,
22 through the issuance of r =venue bonds or obligations in one or
23 more series (collectively the "Bonds ") pursuant to the Act; and
24
25 (c) The Project to •- financed by the Bonds is the
26 acquisition, construction land equipping of a 106 unit elderly
27 multifamily rental housin• facility to be located at 750
28 Mississippi River Bouleva in the City of Saint Paul, Minnesota
29 (the "Project "), and will result in the provision of additional
30 rental housing facilities for elderly persons within the
31 community; and
270255.1
32 (d) The Company's p oposal calls for the HRA to loan the
33 proceeds realized upon th sale of the Bonds to the Company
34 pursuant to a revenue agr ement or agreements wherein the Company,
35 will be obligated to make payments at the times and in the
36 amounts sufficient to pro ide for the prompt payment of principal
37 of, premium, if any, and nterest on the Bonds and all costs and
38 expenses of the HRA and tie City incident to the issuance and
39 sale of the Bonds; and
40
41 (e) The City desire to facilitate the development of
42 multifamily rental housin. facilities within the City; encourage
43 the development of housin. facilities designed for occupancy
44 primarily by elderly pers..ns; and encourage the development of
45 underutilized land within the boundaries of the City; and the
46 Project will assist the C ty in achieving these objectives; and
47
48 (f) A public hearin. on the Housing Program and the Project
49 was held on August 17, 19 4, following duly published notice, at
50 which time all persons th desired to speak were heard.
51
52 NOW THEREFORE BE IT ESOLVED by the City Council of the City
53 of Saint Paul, as follows
54
55 1. The City hereby approves the Housing Program for the
56 financing of the Project nd, pursuant to Section 72 of the Saint
57 Paul Administrative Code, authorizes the HRA to exercise the
58 powers granted in Minneso a Statutes, Sections 462C.01 to
59 462C.08.
60
61 2. Nothing in this resolution shall be construed to
62 require the City or the 1• to approve any element of the Project
63 or the issuance of the Bolds, nor shall this resolution be
64 construed as vesting in tie Company any cause of action against
65 the City or the HRA arisi from any failure or refusal by the
66 City or the HRA to approv the Project or issue the Bonds.
67
68 3. Nothing in this Resolution or the documents prepared
69 pursuant hereto shall autiorize the expenditures of any municipal
70 funds on the Housing Prog am or the Bonds other than the revenues
71 derived from the Project .r otherwise granted to the City or HRA
72 for this purpose. The Bods shall not constitute a charge, lien
73 or encumbrance, legal or quitable, upon any property or funds of
74 the City or HRA except th revenue and proceeds pledged to the
75 payment thereof, nor shal the City or HRA be subject to any
76 direct liability thereon. The holder of the Bonds shall never
77 have the right to compel •ny exercise of the taxing power of the
78 City or the HRA to pay th outstanding principal on the Bonds or
79 the interest thereon, or o enforce payments thereon against any
270255.1
• y a
80 property of the City or HRA. The Bonds shall recite in substance
81 that Bonds, including the interest thereon, are payable solely
82 from the revenue and proc'eds pledged to the payment thereof.
83 The Bonds shall not const4tute a general debt of the City or HRA
84 within the meaning of any' or statutory provision.
85
86 4. The Executive Director of the HRA is hereby authorized
87 to execute a Memorandum of Understanding with respect to the
88 Project in substantially he form on file with the HRA.
89
90 5. Briggs and Morgan, Professional Association, is hereby
91 retained as Bond Counsel For the issuance of the Bonds, and A.H.
92 Williams & Co. Incorporated is selected as the investment banker
93 for the Bonds. Briggs ani Morgan and A.H. Williams & Co.
94 Incorporated are hereby authorized to assist in the preparation
95 and review of necessary d >cuments relating to the Project and the
96 Program therefor, to consilt with the HRA, City Attorney, Company
97 and purchasers of the Bonis as to the maturities, interest rates
98 and other terms and provisions of the Bonds and as to the
99 covenants and other provisions of the necessary documents and
100 submit such documents to he HRA for final approval.
Yeas Nays Absizint Requested by Department of:
Blakey
Grimm
Guerin
Harris
Megard
Rettman B y .
Thune 1
Adopted by Council: Date Form Approved by City Attorney
Adoption Certified by Council Secretary By:
By:
Approved by Mayor: Date Approved by Mayor for Submission to Council
By: By:
•
r.
STATE OF MINNESOTA )
COUNTY OF RAMSEY ) ss.
CITY OF ST. PAUL
I, Molly O'Rourke, City Clerk of the City of Saint Paul,
Minnesota, do hereby certify that I have compared the attached
copy of Council File No. as as adopted by the City Council
on August _ , 1994 and aprroved by the Mayor on August _ , 1994
with the original thereof on file in my office.
I further certify thalt said copy is a true and correct copy
of said original and the Ihole thereof.
WITNESS, my hand and the seal of the City of Saint Paul,
Minnesota this day of , 1994.
City Clerk
270255.1