97-303����� � ����
��a��;u'? .�..c.;�"
�V�l-1en 2 � {��1
��. �-�-�� ��� .�� = ___
Presented By
xeferred 2'0
RESOLUTION
council File # `� d � �� ,
Green Sheet # / �(Y /
ESOTA
Committee: Date
JOINT ISSUANCE BY THE CITY OF MINNEAPOLIS
AND THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF SAINT PAUL, NIINNESOTA OF $20,335,000 SINGLE FANIILY
MORTGAGE REVENUE VARIABLE RATE REFUNDING BONDS
(FHL,MC AND GNiVIA MORTGAGE-BACKED SECURITIES PROGRAM-
SAINT PAUL NIIDDLE INCOME PROGRAM, PHASE III), SERIES 1947
AND THE EXECUTION AND DELIVERY OF DOCUMENTS IN
CONNECTION THEREWITI�
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
WI�REAS, the City of Minneapolis (Minneapolis) and the Housing and Redevelopment Authority of the City of
Saint Paul, Minnesota (the HRA, and together with Minneapolis, the Issuers) haue previously issued their Single Fasnily
Mortgage Revenue Refunding Bonds (FNMA and GNIVIA Mortgage-Backed Securities Program - Home Ownership
Program, Phase II), Series 1996A and Series 1996B (together, the Przor Bonds) to refund certain other bonds and thereby
make available moneys to make below market interest rate mortgage loan financing primarily to persons of low or
moderate income purchasing singie family homes to be used as their principal places of residence and which are located
within the geographic limits of the City of Saint Paul (the City) or the City of Minneapolis; and
WIIEREAS, Minnesota Statutes, Chapter 462C (the HousingAct) and Section 471.59, and that certain Joint Powers
Agreement, as amended from time to time (the JPA), by and between the Minneapolis Community Development Agency
(the MCDA), the HIZA, Minneapolis and the City, authorize the Issuers to jointly issue single family mortgage revenue
bonds and refunding bonds with the approval of the MCDA and Saint Paul; and
WI�REAS, the entire principal amount of the Prior Bonds is now outstanding; and
WFIEREAS, in order to fmance the FII2A's Middle Income Program - Phase III, the HRA has proposed that the
Issuers issue their $20,335,000 Single Family Mortgage Revenue Variable Rate Refunding Bonds (FHLMC and GNMA
Mortgage-Backed Securities Program - Saint Paul Middle Income Program - Phase III), Series 1997 (the Refurzding Bonds)
pursuant to the Housing Act and a Trust Indenture dated as of Aprill, 1447 (the Refunding Iredenfiure) by and between the
Issuers and the Trustee named therein (the Trustee) in the aggregate principai amount not to exceed $20,335,000, and use
proceeds thereof exclusively to refund appm�mately one-half of each series of the Prior Bonds; and
WI-IEREAS, the Refunding Bonds are to be secured by a pledge of certain moneys, mortgage-backed secwities and
other assets in accordance with the terms of the Refunding Indenture, and the principal, premium, if any, and interest on
the Refunding Bonds shall be payable solely from such pledged revenues and assets; and
WIIEREAS, the Refunding Sonds shall be special limited obligations of the Issuers. Neither the Issuers, the
MCDA, the City, the State of Minnesota nor any political subdivision of the State of Minnesota shall be liable on the
March 26, 1997
Sain[ Paui Resolution
15o810S
9� �3
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
bl
62
63
64
65
66
Refunding Bonds except from the trust estate pledged to the payment thereof by the Refunding Indenture, and the
Refunding Bonds shall not be a debt of the Issuers, the MCDA, the City, the State of Minnesota or any political subdivision
thereof within the meaning of any consfitutional or statutory debt Innitation, nor shall the Refunding Bonds give rise to
a chazge against the general credit or taxing power of the Issuers, the MCDA, the City, the State of Mlnnesota or any
political subdivision of the State of Minnesota, nor shall the Refunding Bonds be payable out of any funds or properties
of the Tssuers, other than those provided as security by the Refunding Indenture; and
NOW, Tf�REFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota:
1. The issuance of the Refunding Bonds by the Issuers in the form and on the terms determined by the Issuers is
hereby approved for all purposes.
2, The Mayor, Director, Office of Financial Services and City Clerk (the Authorized Officers) and other
o�cers of the City aze authorized and directed to prepaze and fiunish when the Refunding Bonds aze issued, certified
copies of all proceedings and records of the City relating to the Refunding Bonds and such other affidavits and certificates
(including but not limited to those required by bond counsel} as may be required to show the facts relating to the legality,
continuing tas exemption and mazketabiliry of the Refunding Bonds as such facts appear from the books and records in
said officer's custody and control or as othenuise known to them; and all such certified copies, certificates and �da�its,
including any heretofore fumished, shall consritute representations of the City as to the huth of all statements made on
behalf of the City and contained therein. The Authorized Officers and said other officers aze further authorized to execute
such additional documents as shall be determined to be necessary and desirable to provide for the issuance of the
Refunding Bonds and the transactions related thereto, in forms approved by the Mayor.
3. In the event any of the Authorized OfFicers under this resolution shall for any reason be unable to
authorized to execute documents on behalf of the City, any member of the City Council, or any other officer of the City,
is hereby directed and authorized to do so on behalf of the City, with the same effect as if executed by an Authorized
Officer.
Adopted by Council: Date`(`(� a,L
Adoption Certified by Council Secretary
By:
Approved by Mayor: te � /��7'
BY= � �
Requested by Department of:
� -
� �
irrf/�/�S' ='-'�_
. �
� `
'� �� .
= �._✓ f/...���*►-
_ �,
Approved by yor for Submission to Council
$Y = — ���l�
March 26, 1997
Saint Paul Resolution
1508908
9� ���
iln�4fi
DEPAHiMQl7ADFFICECOUNCIL DATE INITIATED � v.. v�
PED os ll 97 GREEN SHEET
CONTACTPFASON&PHONE �NRI ATE INfT1AVDATE
�DEPARTMENTDIP. �CRYCOUNCIL
Rat Lindblad 266-6614 "�'�" �CRYATfORNEY OCRI'CLERK
MUSTBE ON COUNCIL AGENDA BY (DATE) NUYBER FOA O BUDGET DIREGT O FIN. & MGT. SEFiVICES DIR.
BOUTING
03 26 97 �A�p ���OR(ORASSISTAN'n �/�ary Peltie
TOTAL # OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE) om eyer ,.�
ACTION REQUESTEO:
Approval of issuance.of $20,335,000 million of Single Family mortgage revenue bonds
to finance the third phase of Saint Paul's Niiddle Incose Progra.m.
pEC06tMENDAnONS: Apprave (A) ar Aeject (R) pERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING �UESTIONS:
__ PLqNNINC� CAMMISSION _ CIVIL SERVICE COMMISSION �� Has this persoMirm ever worketl untler a contrect for this department?
_ _ CIB COMMITTEE _ YES NO
_ STAPF _ 2. Has this person/firm ever been a ciry employee?
YES NO
_ �ISTRIGiCOUaT — 3. Does this person/firm possess a skill not nortnally possessed by any curtent ciry employee?
SUPPOFTS WHICH COUNCIL O&IECTIVE? YES NO
Explain all yes answers on separate sheet and atteeh to graen sheet
INITIATING PROBLEM, ISSUE, OPPOfiTUNITV (Who. What, Whan, Where, Why)�
Phase II of the Middle Income Program is running out of funds. Last year the City/HRA
refunded an earlier phase of the joint Minneapolis/St. Paul single family program in
order to be able to fund this new program.
ADVANTAGES IF APPFOVED�
Attractive first mortgage financing available to middle income home buyers to
purchase homes in Saint Paul.
DiSADVANTAGES IF APPROVED:
�3i"68�O9�w v9v�,.,�`�� �&3E�i?:3:z��
^^. � ¢d �
�':�:n`; i,LS'1f}'1
DISADVANTACaES IF NOT APPROVED:
Middle Income Program will be discontinued.
TOTALAMOUNTOFTRANSAC710N $ ZO t8X eX2mpt COS7/REVENUEBUDGE7ED(CIFiCLEONE) YES NO
/ L � as / A ( � ,, � j �I
FUNDIfdG SOURCE �� �-�*A< � A�t— TT �T� ACTNITY NUMBER ( v/ �
FINANCIAL INFORFnATION: (EXPLAIN) � /�.�
����� � ����
��a��;u'? .�..c.;�"
�V�l-1en 2 � {��1
��. �-�-�� ��� .�� = ___
Presented By
xeferred 2'0
RESOLUTION
council File # `� d � �� ,
Green Sheet # / �(Y /
ESOTA
Committee: Date
JOINT ISSUANCE BY THE CITY OF MINNEAPOLIS
AND THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF SAINT PAUL, NIINNESOTA OF $20,335,000 SINGLE FANIILY
MORTGAGE REVENUE VARIABLE RATE REFUNDING BONDS
(FHL,MC AND GNiVIA MORTGAGE-BACKED SECURITIES PROGRAM-
SAINT PAUL NIIDDLE INCOME PROGRAM, PHASE III), SERIES 1947
AND THE EXECUTION AND DELIVERY OF DOCUMENTS IN
CONNECTION THEREWITI�
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
WI�REAS, the City of Minneapolis (Minneapolis) and the Housing and Redevelopment Authority of the City of
Saint Paul, Minnesota (the HRA, and together with Minneapolis, the Issuers) haue previously issued their Single Fasnily
Mortgage Revenue Refunding Bonds (FNMA and GNIVIA Mortgage-Backed Securities Program - Home Ownership
Program, Phase II), Series 1996A and Series 1996B (together, the Przor Bonds) to refund certain other bonds and thereby
make available moneys to make below market interest rate mortgage loan financing primarily to persons of low or
moderate income purchasing singie family homes to be used as their principal places of residence and which are located
within the geographic limits of the City of Saint Paul (the City) or the City of Minneapolis; and
WIIEREAS, Minnesota Statutes, Chapter 462C (the HousingAct) and Section 471.59, and that certain Joint Powers
Agreement, as amended from time to time (the JPA), by and between the Minneapolis Community Development Agency
(the MCDA), the HIZA, Minneapolis and the City, authorize the Issuers to jointly issue single family mortgage revenue
bonds and refunding bonds with the approval of the MCDA and Saint Paul; and
WI�REAS, the entire principal amount of the Prior Bonds is now outstanding; and
WFIEREAS, in order to fmance the FII2A's Middle Income Program - Phase III, the HRA has proposed that the
Issuers issue their $20,335,000 Single Family Mortgage Revenue Variable Rate Refunding Bonds (FHLMC and GNMA
Mortgage-Backed Securities Program - Saint Paul Middle Income Program - Phase III), Series 1997 (the Refurzding Bonds)
pursuant to the Housing Act and a Trust Indenture dated as of Aprill, 1447 (the Refunding Iredenfiure) by and between the
Issuers and the Trustee named therein (the Trustee) in the aggregate principai amount not to exceed $20,335,000, and use
proceeds thereof exclusively to refund appm�mately one-half of each series of the Prior Bonds; and
WI-IEREAS, the Refunding Bonds are to be secured by a pledge of certain moneys, mortgage-backed secwities and
other assets in accordance with the terms of the Refunding Indenture, and the principal, premium, if any, and interest on
the Refunding Bonds shall be payable solely from such pledged revenues and assets; and
WIIEREAS, the Refunding Sonds shall be special limited obligations of the Issuers. Neither the Issuers, the
MCDA, the City, the State of Minnesota nor any political subdivision of the State of Minnesota shall be liable on the
March 26, 1997
Sain[ Paui Resolution
15o810S
9� �3
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
bl
62
63
64
65
66
Refunding Bonds except from the trust estate pledged to the payment thereof by the Refunding Indenture, and the
Refunding Bonds shall not be a debt of the Issuers, the MCDA, the City, the State of Minnesota or any political subdivision
thereof within the meaning of any consfitutional or statutory debt Innitation, nor shall the Refunding Bonds give rise to
a chazge against the general credit or taxing power of the Issuers, the MCDA, the City, the State of Mlnnesota or any
political subdivision of the State of Minnesota, nor shall the Refunding Bonds be payable out of any funds or properties
of the Tssuers, other than those provided as security by the Refunding Indenture; and
NOW, Tf�REFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota:
1. The issuance of the Refunding Bonds by the Issuers in the form and on the terms determined by the Issuers is
hereby approved for all purposes.
2, The Mayor, Director, Office of Financial Services and City Clerk (the Authorized Officers) and other
o�cers of the City aze authorized and directed to prepaze and fiunish when the Refunding Bonds aze issued, certified
copies of all proceedings and records of the City relating to the Refunding Bonds and such other affidavits and certificates
(including but not limited to those required by bond counsel} as may be required to show the facts relating to the legality,
continuing tas exemption and mazketabiliry of the Refunding Bonds as such facts appear from the books and records in
said officer's custody and control or as othenuise known to them; and all such certified copies, certificates and �da�its,
including any heretofore fumished, shall consritute representations of the City as to the huth of all statements made on
behalf of the City and contained therein. The Authorized Officers and said other officers aze further authorized to execute
such additional documents as shall be determined to be necessary and desirable to provide for the issuance of the
Refunding Bonds and the transactions related thereto, in forms approved by the Mayor.
3. In the event any of the Authorized OfFicers under this resolution shall for any reason be unable to
authorized to execute documents on behalf of the City, any member of the City Council, or any other officer of the City,
is hereby directed and authorized to do so on behalf of the City, with the same effect as if executed by an Authorized
Officer.
Adopted by Council: Date`(`(� a,L
Adoption Certified by Council Secretary
By:
Approved by Mayor: te � /��7'
BY= � �
Requested by Department of:
� -
� �
irrf/�/�S' ='-'�_
. �
� `
'� �� .
= �._✓ f/...���*►-
_ �,
Approved by yor for Submission to Council
$Y = — ���l�
March 26, 1997
Saint Paul Resolution
1508908
9� ���
iln�4fi
DEPAHiMQl7ADFFICECOUNCIL DATE INITIATED � v.. v�
PED os ll 97 GREEN SHEET
CONTACTPFASON&PHONE �NRI ATE INfT1AVDATE
�DEPARTMENTDIP. �CRYCOUNCIL
Rat Lindblad 266-6614 "�'�" �CRYATfORNEY OCRI'CLERK
MUSTBE ON COUNCIL AGENDA BY (DATE) NUYBER FOA O BUDGET DIREGT O FIN. & MGT. SEFiVICES DIR.
BOUTING
03 26 97 �A�p ���OR(ORASSISTAN'n �/�ary Peltie
TOTAL # OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE) om eyer ,.�
ACTION REQUESTEO:
Approval of issuance.of $20,335,000 million of Single Family mortgage revenue bonds
to finance the third phase of Saint Paul's Niiddle Incose Progra.m.
pEC06tMENDAnONS: Apprave (A) ar Aeject (R) pERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING �UESTIONS:
__ PLqNNINC� CAMMISSION _ CIVIL SERVICE COMMISSION �� Has this persoMirm ever worketl untler a contrect for this department?
_ _ CIB COMMITTEE _ YES NO
_ STAPF _ 2. Has this person/firm ever been a ciry employee?
YES NO
_ �ISTRIGiCOUaT — 3. Does this person/firm possess a skill not nortnally possessed by any curtent ciry employee?
SUPPOFTS WHICH COUNCIL O&IECTIVE? YES NO
Explain all yes answers on separate sheet and atteeh to graen sheet
INITIATING PROBLEM, ISSUE, OPPOfiTUNITV (Who. What, Whan, Where, Why)�
Phase II of the Middle Income Program is running out of funds. Last year the City/HRA
refunded an earlier phase of the joint Minneapolis/St. Paul single family program in
order to be able to fund this new program.
ADVANTAGES IF APPFOVED�
Attractive first mortgage financing available to middle income home buyers to
purchase homes in Saint Paul.
DiSADVANTAGES IF APPROVED:
�3i"68�O9�w v9v�,.,�`�� �&3E�i?:3:z��
^^. � ¢d �
�':�:n`; i,LS'1f}'1
DISADVANTACaES IF NOT APPROVED:
Middle Income Program will be discontinued.
TOTALAMOUNTOFTRANSAC710N $ ZO t8X eX2mpt COS7/REVENUEBUDGE7ED(CIFiCLEONE) YES NO
/ L � as / A ( � ,, � j �I
FUNDIfdG SOURCE �� �-�*A< � A�t— TT �T� ACTNITY NUMBER ( v/ �
FINANCIAL INFORFnATION: (EXPLAIN) � /�.�
����� � ����
��a��;u'? .�..c.;�"
�V�l-1en 2 � {��1
��. �-�-�� ��� .�� = ___
Presented By
xeferred 2'0
RESOLUTION
council File # `� d � �� ,
Green Sheet # / �(Y /
ESOTA
Committee: Date
JOINT ISSUANCE BY THE CITY OF MINNEAPOLIS
AND THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF SAINT PAUL, NIINNESOTA OF $20,335,000 SINGLE FANIILY
MORTGAGE REVENUE VARIABLE RATE REFUNDING BONDS
(FHL,MC AND GNiVIA MORTGAGE-BACKED SECURITIES PROGRAM-
SAINT PAUL NIIDDLE INCOME PROGRAM, PHASE III), SERIES 1947
AND THE EXECUTION AND DELIVERY OF DOCUMENTS IN
CONNECTION THEREWITI�
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
WI�REAS, the City of Minneapolis (Minneapolis) and the Housing and Redevelopment Authority of the City of
Saint Paul, Minnesota (the HRA, and together with Minneapolis, the Issuers) haue previously issued their Single Fasnily
Mortgage Revenue Refunding Bonds (FNMA and GNIVIA Mortgage-Backed Securities Program - Home Ownership
Program, Phase II), Series 1996A and Series 1996B (together, the Przor Bonds) to refund certain other bonds and thereby
make available moneys to make below market interest rate mortgage loan financing primarily to persons of low or
moderate income purchasing singie family homes to be used as their principal places of residence and which are located
within the geographic limits of the City of Saint Paul (the City) or the City of Minneapolis; and
WIIEREAS, Minnesota Statutes, Chapter 462C (the HousingAct) and Section 471.59, and that certain Joint Powers
Agreement, as amended from time to time (the JPA), by and between the Minneapolis Community Development Agency
(the MCDA), the HIZA, Minneapolis and the City, authorize the Issuers to jointly issue single family mortgage revenue
bonds and refunding bonds with the approval of the MCDA and Saint Paul; and
WI�REAS, the entire principal amount of the Prior Bonds is now outstanding; and
WFIEREAS, in order to fmance the FII2A's Middle Income Program - Phase III, the HRA has proposed that the
Issuers issue their $20,335,000 Single Family Mortgage Revenue Variable Rate Refunding Bonds (FHLMC and GNMA
Mortgage-Backed Securities Program - Saint Paul Middle Income Program - Phase III), Series 1997 (the Refurzding Bonds)
pursuant to the Housing Act and a Trust Indenture dated as of Aprill, 1447 (the Refunding Iredenfiure) by and between the
Issuers and the Trustee named therein (the Trustee) in the aggregate principai amount not to exceed $20,335,000, and use
proceeds thereof exclusively to refund appm�mately one-half of each series of the Prior Bonds; and
WI-IEREAS, the Refunding Bonds are to be secured by a pledge of certain moneys, mortgage-backed secwities and
other assets in accordance with the terms of the Refunding Indenture, and the principal, premium, if any, and interest on
the Refunding Bonds shall be payable solely from such pledged revenues and assets; and
WIIEREAS, the Refunding Sonds shall be special limited obligations of the Issuers. Neither the Issuers, the
MCDA, the City, the State of Minnesota nor any political subdivision of the State of Minnesota shall be liable on the
March 26, 1997
Sain[ Paui Resolution
15o810S
9� �3
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
bl
62
63
64
65
66
Refunding Bonds except from the trust estate pledged to the payment thereof by the Refunding Indenture, and the
Refunding Bonds shall not be a debt of the Issuers, the MCDA, the City, the State of Minnesota or any political subdivision
thereof within the meaning of any consfitutional or statutory debt Innitation, nor shall the Refunding Bonds give rise to
a chazge against the general credit or taxing power of the Issuers, the MCDA, the City, the State of Mlnnesota or any
political subdivision of the State of Minnesota, nor shall the Refunding Bonds be payable out of any funds or properties
of the Tssuers, other than those provided as security by the Refunding Indenture; and
NOW, Tf�REFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota:
1. The issuance of the Refunding Bonds by the Issuers in the form and on the terms determined by the Issuers is
hereby approved for all purposes.
2, The Mayor, Director, Office of Financial Services and City Clerk (the Authorized Officers) and other
o�cers of the City aze authorized and directed to prepaze and fiunish when the Refunding Bonds aze issued, certified
copies of all proceedings and records of the City relating to the Refunding Bonds and such other affidavits and certificates
(including but not limited to those required by bond counsel} as may be required to show the facts relating to the legality,
continuing tas exemption and mazketabiliry of the Refunding Bonds as such facts appear from the books and records in
said officer's custody and control or as othenuise known to them; and all such certified copies, certificates and �da�its,
including any heretofore fumished, shall consritute representations of the City as to the huth of all statements made on
behalf of the City and contained therein. The Authorized Officers and said other officers aze further authorized to execute
such additional documents as shall be determined to be necessary and desirable to provide for the issuance of the
Refunding Bonds and the transactions related thereto, in forms approved by the Mayor.
3. In the event any of the Authorized OfFicers under this resolution shall for any reason be unable to
authorized to execute documents on behalf of the City, any member of the City Council, or any other officer of the City,
is hereby directed and authorized to do so on behalf of the City, with the same effect as if executed by an Authorized
Officer.
Adopted by Council: Date`(`(� a,L
Adoption Certified by Council Secretary
By:
Approved by Mayor: te � /��7'
BY= � �
Requested by Department of:
� -
� �
irrf/�/�S' ='-'�_
. �
� `
'� �� .
= �._✓ f/...���*►-
_ �,
Approved by yor for Submission to Council
$Y = — ���l�
March 26, 1997
Saint Paul Resolution
1508908
9� ���
iln�4fi
DEPAHiMQl7ADFFICECOUNCIL DATE INITIATED � v.. v�
PED os ll 97 GREEN SHEET
CONTACTPFASON&PHONE �NRI ATE INfT1AVDATE
�DEPARTMENTDIP. �CRYCOUNCIL
Rat Lindblad 266-6614 "�'�" �CRYATfORNEY OCRI'CLERK
MUSTBE ON COUNCIL AGENDA BY (DATE) NUYBER FOA O BUDGET DIREGT O FIN. & MGT. SEFiVICES DIR.
BOUTING
03 26 97 �A�p ���OR(ORASSISTAN'n �/�ary Peltie
TOTAL # OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE) om eyer ,.�
ACTION REQUESTEO:
Approval of issuance.of $20,335,000 million of Single Family mortgage revenue bonds
to finance the third phase of Saint Paul's Niiddle Incose Progra.m.
pEC06tMENDAnONS: Apprave (A) ar Aeject (R) pERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING �UESTIONS:
__ PLqNNINC� CAMMISSION _ CIVIL SERVICE COMMISSION �� Has this persoMirm ever worketl untler a contrect for this department?
_ _ CIB COMMITTEE _ YES NO
_ STAPF _ 2. Has this person/firm ever been a ciry employee?
YES NO
_ �ISTRIGiCOUaT — 3. Does this person/firm possess a skill not nortnally possessed by any curtent ciry employee?
SUPPOFTS WHICH COUNCIL O&IECTIVE? YES NO
Explain all yes answers on separate sheet and atteeh to graen sheet
INITIATING PROBLEM, ISSUE, OPPOfiTUNITV (Who. What, Whan, Where, Why)�
Phase II of the Middle Income Program is running out of funds. Last year the City/HRA
refunded an earlier phase of the joint Minneapolis/St. Paul single family program in
order to be able to fund this new program.
ADVANTAGES IF APPFOVED�
Attractive first mortgage financing available to middle income home buyers to
purchase homes in Saint Paul.
DiSADVANTAGES IF APPROVED:
�3i"68�O9�w v9v�,.,�`�� �&3E�i?:3:z��
^^. � ¢d �
�':�:n`; i,LS'1f}'1
DISADVANTACaES IF NOT APPROVED:
Middle Income Program will be discontinued.
TOTALAMOUNTOFTRANSAC710N $ ZO t8X eX2mpt COS7/REVENUEBUDGE7ED(CIFiCLEONE) YES NO
/ L � as / A ( � ,, � j �I
FUNDIfdG SOURCE �� �-�*A< � A�t— TT �T� ACTNITY NUMBER ( v/ �
FINANCIAL INFORFnATION: (EXPLAIN) � /�.�