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98-549Council File # 8 -S 9 nresencea Referred To Green Sheet # 60597 RESOLUTION � Q CITY OF SAINT PAUL, MINNESOTA � Committee Date 1 RESOLUTION APPROVING COMMUNITY BANK PROPOSALS FOR 2 PILOT NEIGHBORHOOD LENDING PARTNERSFIIP 3 WI�REAS, on December 17,1997, the City Council adopted Resolurion 97-1530, designating $1.25 million from 4 the 1997 Neighborhood Sales TaY Program (STAR) for a pilot neighborhood lending partnership, in which the City 5 would deposit up to $1.25 million with approved Saint Paul lenders to establish direct loan and/or loan guazantee 6 pools for economic and housing development; WI�REAS, the intent of this pilot partnership is to leverage the substan6al commercial and residential lending work already begin done by community lenders and to test a new model for City participation in private lending transactions; 10 WHEREAS, the City issued arequest for proposals (RFP) to community lenders and received proposals from Saint 11 AnthonyParkStateBanktoestablisha$625,OOOdirectloanpool,andUniversityStateBanktoestablisha$625,000 12 loan guarantee pool, respectively; 13 WHEREAS, on May 11, 1997, the PED Credit Committee evaluated the above proposals and recommended City 14 Council approval thereof; 15 NOW, THEREFORE BE TT RESOLVED by the Council of the City of Saint Paul that Saint Anthony Park State 16 Bank and University State Bank each be approved to receive $625,000 in STAR fund deposits to establish direct 17 loan and loan guarantee pools, as proposed, contingent on the negotiauon and closure of partnership contracts. 18 Requested by Department of: By: �/L��' � Approved � Adopted by Council: Date a. ` � Adopt3Qn Certified by Council Se etary , %� -S y9 �NTAC7 PFRSON & PFiONE Bruce R�el 266-6676 4ST BE ON COUNCIL AGHJOA BY (DAT� W h �NIiNTW GREEN SHEET No 60597 June 24, 1 TOTAL S OF SIGNATURE PAGES ■ u �..,�.�, � fc�� U a,,,� _ � ❑ OIYATfOR1EY � + ❑ OIYCli1tK � � ❑ r.uwcw�aEaxcrsnrt � � ❑ wuwcu�aQw.cero ❑ wwrtlaensasux/i � ❑ l/ (CLIP ALL LOCATIONS FOR SIGNATURE) Council approval of $625,000 for Saint Anthony Park State Bank and $625,000 for Universi State Bank in STAR fund deposits to establish direct loan and loan guarantee pools. IDATION AppfoVO (A) of KeJeC[ PLANNING CAMMISSION CIB CAMMITTEE CIVIL SERVICE CAMMISSION WF�at. VJhen. Where. WhY) Ify_1.::A1�y�] SOURCE Has this persoMrm everwalced untler a coriVac[ tathie depaAmeM? VES NO Flae thie pe�soNfirm ever been e cily empbyee7 YES NO Does this De��m 0� a slaN not nwmalNP� M a�Y eutrent cilY emPbYee? YES NO Is ihis persoruTrm a tarpetetl vendoR . YES NO 9ain all vec a�rewe`s on seoa2te sheet arM atlxh to nrean sheet � COSTIREVR7UE BUDIiETED (CIRCLE ONk7 YES NO ACTNITY NUMBER , II:IY.]:i.*.�cF'.^� ol :li�]I:1� Council File # 8 -S 9 nresencea Referred To Green Sheet # 60597 RESOLUTION � Q CITY OF SAINT PAUL, MINNESOTA � Committee Date 1 RESOLUTION APPROVING COMMUNITY BANK PROPOSALS FOR 2 PILOT NEIGHBORHOOD LENDING PARTNERSFIIP 3 WI�REAS, on December 17,1997, the City Council adopted Resolurion 97-1530, designating $1.25 million from 4 the 1997 Neighborhood Sales TaY Program (STAR) for a pilot neighborhood lending partnership, in which the City 5 would deposit up to $1.25 million with approved Saint Paul lenders to establish direct loan and/or loan guazantee 6 pools for economic and housing development; WI�REAS, the intent of this pilot partnership is to leverage the substan6al commercial and residential lending work already begin done by community lenders and to test a new model for City participation in private lending transactions; 10 WHEREAS, the City issued arequest for proposals (RFP) to community lenders and received proposals from Saint 11 AnthonyParkStateBanktoestablisha$625,OOOdirectloanpool,andUniversityStateBanktoestablisha$625,000 12 loan guarantee pool, respectively; 13 WHEREAS, on May 11, 1997, the PED Credit Committee evaluated the above proposals and recommended City 14 Council approval thereof; 15 NOW, THEREFORE BE TT RESOLVED by the Council of the City of Saint Paul that Saint Anthony Park State 16 Bank and University State Bank each be approved to receive $625,000 in STAR fund deposits to establish direct 17 loan and loan guarantee pools, as proposed, contingent on the negotiauon and closure of partnership contracts. 18 Requested by Department of: By: �/L��' � Approved � Adopted by Council: Date a. ` � Adopt3Qn Certified by Council Se etary , %� -S y9 �NTAC7 PFRSON & PFiONE Bruce R�el 266-6676 4ST BE ON COUNCIL AGHJOA BY (DAT� W h �NIiNTW GREEN SHEET No 60597 June 24, 1 TOTAL S OF SIGNATURE PAGES ■ u �..,�.�, � fc�� U a,,,� _ � ❑ OIYATfOR1EY � + ❑ OIYCli1tK � � ❑ r.uwcw�aEaxcrsnrt � � ❑ wuwcu�aQw.cero ❑ wwrtlaensasux/i � ❑ l/ (CLIP ALL LOCATIONS FOR SIGNATURE) Council approval of $625,000 for Saint Anthony Park State Bank and $625,000 for Universi State Bank in STAR fund deposits to establish direct loan and loan guarantee pools. IDATION AppfoVO (A) of KeJeC[ PLANNING CAMMISSION CIB CAMMITTEE CIVIL SERVICE CAMMISSION WF�at. VJhen. Where. WhY) Ify_1.::A1�y�] SOURCE Has this persoMrm everwalced untler a coriVac[ tathie depaAmeM? VES NO Flae thie pe�soNfirm ever been e cily empbyee7 YES NO Does this De��m 0� a slaN not nwmalNP� M a�Y eutrent cilY emPbYee? YES NO Is ihis persoruTrm a tarpetetl vendoR . YES NO 9ain all vec a�rewe`s on seoa2te sheet arM atlxh to nrean sheet � COSTIREVR7UE BUDIiETED (CIRCLE ONk7 YES NO ACTNITY NUMBER , II:IY.]:i.*.�cF'.^� ol :li�]I:1� Council File # 8 -S 9 nresencea Referred To Green Sheet # 60597 RESOLUTION � Q CITY OF SAINT PAUL, MINNESOTA � Committee Date 1 RESOLUTION APPROVING COMMUNITY BANK PROPOSALS FOR 2 PILOT NEIGHBORHOOD LENDING PARTNERSFIIP 3 WI�REAS, on December 17,1997, the City Council adopted Resolurion 97-1530, designating $1.25 million from 4 the 1997 Neighborhood Sales TaY Program (STAR) for a pilot neighborhood lending partnership, in which the City 5 would deposit up to $1.25 million with approved Saint Paul lenders to establish direct loan and/or loan guazantee 6 pools for economic and housing development; WI�REAS, the intent of this pilot partnership is to leverage the substan6al commercial and residential lending work already begin done by community lenders and to test a new model for City participation in private lending transactions; 10 WHEREAS, the City issued arequest for proposals (RFP) to community lenders and received proposals from Saint 11 AnthonyParkStateBanktoestablisha$625,OOOdirectloanpool,andUniversityStateBanktoestablisha$625,000 12 loan guarantee pool, respectively; 13 WHEREAS, on May 11, 1997, the PED Credit Committee evaluated the above proposals and recommended City 14 Council approval thereof; 15 NOW, THEREFORE BE TT RESOLVED by the Council of the City of Saint Paul that Saint Anthony Park State 16 Bank and University State Bank each be approved to receive $625,000 in STAR fund deposits to establish direct 17 loan and loan guarantee pools, as proposed, contingent on the negotiauon and closure of partnership contracts. 18 Requested by Department of: By: �/L��' � Approved � Adopted by Council: Date a. ` � Adopt3Qn Certified by Council Se etary , %� -S y9 �NTAC7 PFRSON & PFiONE Bruce R�el 266-6676 4ST BE ON COUNCIL AGHJOA BY (DAT� W h �NIiNTW GREEN SHEET No 60597 June 24, 1 TOTAL S OF SIGNATURE PAGES ■ u �..,�.�, � fc�� U a,,,� _ � ❑ OIYATfOR1EY � + ❑ OIYCli1tK � � ❑ r.uwcw�aEaxcrsnrt � � ❑ wuwcu�aQw.cero ❑ wwrtlaensasux/i � ❑ l/ (CLIP ALL LOCATIONS FOR SIGNATURE) Council approval of $625,000 for Saint Anthony Park State Bank and $625,000 for Universi State Bank in STAR fund deposits to establish direct loan and loan guarantee pools. IDATION AppfoVO (A) of KeJeC[ PLANNING CAMMISSION CIB CAMMITTEE CIVIL SERVICE CAMMISSION WF�at. VJhen. Where. WhY) Ify_1.::A1�y�] SOURCE Has this persoMrm everwalced untler a coriVac[ tathie depaAmeM? VES NO Flae thie pe�soNfirm ever been e cily empbyee7 YES NO Does this De��m 0� a slaN not nwmalNP� M a�Y eutrent cilY emPbYee? YES NO Is ihis persoruTrm a tarpetetl vendoR . YES NO 9ain all vec a�rewe`s on seoa2te sheet arM atlxh to nrean sheet � COSTIREVR7UE BUDIiETED (CIRCLE ONk7 YES NO ACTNITY NUMBER , II:IY.]:i.*.�cF'.^� ol :li�]I:1�