91-1815 ORIGI�IA L
, , , Council File # - �
Green Sheet #
RESOLUTION �
CITY OF SAINT PAUL, MINNESOTA � .� �
Presented By l�
Referred To � Committee: Date
RESOLUTION RECITING A PROPOSAL FOR A
FINANCING PROGRAM FOR ITS HOUSING AND HEALTH CARE ,
FACILITIES REVENUE BONDS, •
GIVING PRELIMINARY APPROVAL TO THE PROJECT
PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C,
AUTHORIZING THE HOUSING AND REDEVELOPMENT
AUTHORITY TO ISSUE HOUSING REVENUE BONDS
AND AUTHORIZING THE SUBMISSION OF
FINANCING PROGRAM FOR APPROVAL TO THE '
MINNESOTA HOUSING FINANCE AGENCY AND
AUTHORIZING THE PREPARATION OF NECESSARY
DOCUMENTS AND MATERIALS IN CONNECTION
WITH THE SAID PROJECT AND PROGRAM
(THE EPISCOPAL CHURCH HOME OF MINNESOTA PROJECT)
WHEREAS,
(a) Minnesota Statutes, Chapter 462C (the "Act") confers upon cities,
or housing and redevelopment authorities or port authorities authorized by
ordinance to exercise on behalf of a city the powers conferred by the Act, the
power to issue revenue bonds to finance a program for the purposes of
planning, administering, making or purchasing loans with respect to assisted-
living rental senior housing apartment units within the boundaries of the
City;
(b) The Housing and Redevelopment Authority of the City of Saint Paul,
Minnesota (the "HRA") has been designated, by ordinance, to exercise, on
Yea Navs Absent Requested by Department of:
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Adopted by Council: Date SEP i '� 1991 Form Approved by City Attorney
Adoption Certifi by CounciL Sec etary By:
By' Approved by Mayor fo 'ssio to
Approved by y r: Dat� SEP � � � Council
B � BY� �
Y•
� PUeLiSli�� �:;`�;� �r'�1
C)RI��NAI �
Council File # '
Green Sheet #
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By
Referred To Cocmnittee: Date
behalf of the City of Saint Paul, Minnesota (the "City") the powers conferred
by Minnesota Statutes, Section 462C.01 to 462C.08;
(c) The City has received from the Episcopal Church Home of Minnesota
("ECH") and the Episcopal Corporation for the Elderly ("ECE") , both Minnesota
non-profit corporations (collectively, the "Developer") , a proposal that the
City undertake a program to finance a Project hereinafter described, through
the issuance of revenue bonds or obligations (in one or more series) (the
"Bonds") pursuant to the Act; �
(d) The City desires to: undertake a project consisting of the
construction of new facilities to provide assisted-living rental senior
housing apartment units adjacent to and connected to the existing nursing
home, and in connection with the existing nursing home facilities the
Developer has incurred existing indebtedness, bearing undesirable interest
rates and terms which the Developer deems desirable to refinance; and that the
Project will assist the City in achieving these objectives;
(e) The Developer is currently engaged in the business of providing
nursing home care and assisted-living care to the elderly who are no longer
able to stay in their own homes. The Project to be financed by the Bonds is
the refinancing of existing debt and construction of a new facility to provide
assisted-living .rental senior housing apartment units to be built adjacent to
and connected to the existing nursing home, including the renovation and
improvement of the existing nursing home facilities located at 1879 Feronia
Avenue, Saint Paul, Minnesota, which will result in 40 additional assisted-
living rental housing units for the elderly;
(f) The City has been advised by representatives of the Developer that
the Project and all related expenditures are to be financed on a tax-exempt
basis (including the tax-exempt refinancing of the existing indebtedness;
(g) A public hearing on the Project and the financing program therefor
was held on September 17, 1991, after notice was published, all as required by
Minnesota Statutes, Section 462C.05, subd. S, at which public hearing all
those appearing at said hearing who desired to speak were heard and written
comments were accepted and considered;
(h) No public official of the City has either a direct or indirect
financial interest in the Project nor will any public official either directly
or indirectly benefit financially from the Project;
_ _ _ _ _ _. __._
���U�'��..:�a����� '
Council File �`
Green Sheet #
RESOLUTION �
CITY OF SAINT PAUL, MINNESOTA
Presented By
Referred To Committee: Date
(i) The Developer has submitted to the HRA a form of Memorandum of �
Understanding executed by the Developer, expressing certain understandings by
and between the HRA and the Developer pertaining to the Project, and the
financing therefor.
�
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint
Paul, Minnesota, as follows:
l. The City hereby gives preliminary approval to the proposal of the
� Developer that the City undertake the Project, described above, and the
program of financing therefor, pursuant to Minnesota Statutes, Chapter 462C,
consisting of the construction and rehabilitation thereof for use as an
assisted-living housing facility within the City pursuant to the Developer's
specifications and to a revenue agr�eement between the HRA and the Developer on
such terms and conditions with provisions for revision from time to time as
necessary, so as to produce income and revenues sufficient to pay, when due,
the principal and interest on the Bonds in the total principal amount of
approximately $5,250,000 to be issued pursuant to the Act to finance and
refinance the renovation and construction of the Project; and said agreement
may also provide for the entire interest of the Developer therein to be
mortgaged to the purchasers of the Bonds, or a trustee for the holder(s) of
the Bonds; and the City, acting by and through the HRA, hereby undertakes
preliminarily to issue its bonds in accordance with such terms and conditions.
2. At the option of the HRA, the financing may be structured so as to
take advantage of whatever means are available and are permitted by law to
enhance� the security for, or marketability of, the Bonds.
3. On the basis of information available to the City it appears; and
the City hereby finds, that the Project constitutes a multi-family housing
development within the meaning of subdivision 5 of Section 462C.02 of the Act;
that the Project will be primarily occupied by elderly persons who can no
longer stay in their homes; thereby providing opportunities to the elderly in �
the City to maintain independence with the security of readily available
medical care; the Project will be operated in compliance with Minnesota Laws
1990, Chapter 552, Section 7 (to be codified as Minnesota Statutes, Section
474A.047) and applicable federal tax law; the availability of the financing
under the AcG and the willingness of the City to furnish such financing will
be a substantial inducement to the Developer to undertake the Project, and
that the effect of the Project, if undertaken, will be to provide additional
assisted-living rental senior housing apartments to residents of the City.
_.,
_ ._ ,. .,_ . . ._.. . . _ : � . _ _ ;
� q�i .. _ _
�dL������� '
� Council File #
Green Sheet #
RESOLUTION �
CITY OF SAINT PAUL, MINNESOTA
Presented By
Referred To Committee: Date
4. The Project, and the program to finance the Project by the �
issuance of revenue bonds, is hereby given preliminary approval by the City
subject to the approval of the financing program by the Minnesota Housing
Finance Agency ("I�IFA") and subject to final approval by the HRA, the
Developer and the purchasers of the Bonds as to ultimate details of the
financing of the project; and approval by the HRA of the form of offering of
the Bonds for sale.
S. Pursuant to Chapter 72, Saint Paul, Minnesota, Administrative
� Code, the City hereby authorizes and directs the Housing and Redevelopment
Authority of the City of Saint Paul, Minneso.ta (the "HRA") to issue the
housing revenue bonds to finance the Project and to take all actions necessary
or desirable in connection therewith and no further approval or authorization
of the City shall be required. �
6. In accordance with subdivision S of Section 462C.05, Minnesota
Statutes, the Executive Director of the HRA is hereby authorized and directed
to submit the program for financing the project to MHFA, requesting its
approval, and other officers, and employees and agents of the City and HRA are
hereby authorized to provide MHFA with preliminary information as it may
require. "
7. The Developer has agreed and it is hereby determined that any and
all costs incurred by the City or the HRA in connection with the financing of
the Project whether or not the project is carried to completion and whether or
not approved by MHFA will be paid by the Developer.
8. Faegre & Benson, acting as bond counsel and underwriter's counsel,
and Briggs and Morgan, acting as special counsel to the HRA, and such �
investment bankers as may be selected by the HRA upon the recommendation of
the Developer, are authorized to assist in the preparation and review of
necessary documents relating to the Project and the financing program
therefor, to consult with the City Attorney, special counsel to the HRA, �
Developer and purchasers of the Bonds (or trustee for the purchasers of the
Bonds) as to the maturities, interest rates and other terms and provisions of
the Bonds and as to the covenants and other provisions of the necessary
documents and submit such documents to the HRA for final approval.
9. Nothing in this Resolution or the documents prepared pursuant
hereto shall authorize the expenditure of any municipal funds on the Project
other than the revenues derived from the Project or otherwise granted to the
City or the HRA for this purpose. The Bonds shall not constitute a charge,
lien or encumbrance, legal or equitable, upon any property or funds of the
ORIGINA� � �i-��r3�'
City or the HRA except the revenue and proceeds pledged to the payment
thereof, nor shall the City or the HRA be subject to any liability thereon.
The holder of the Bonds shall never have the right to compel any exercise of
the taxing power of the City or HRA to pay the outstanding principal on the _
Bonds or the interest thereon, or to enforce payment thereon against any
property of the City or the HRA, except such property as may be expressly
pledged for the security of the Bonds. The Bonds shall recite in substance
that Bonds, including the interest thereon, are payable solely from the
revenue and proceeds pledged to the payment thereof. The Bonds shall not
constitute a debt of the City or HRA within the meaning of any constitutional
or statutory limitation.
10. In anticipation of the approval by MHFA and the issuance of the .
Bonds to finance all or a portion of the Project, and in order that completion
of the project will not be unduly delayed when approved, the Developer is
hereby authorized to make such expenditures and advances toward payment of
that portion of the costs of the Project to be financed from the proceeds of
the Bonds, as the Developer considers necessary, including the use of interim,
short-term financing, subject to reimbursement from the proceeds of the Bonds
if any when delivered but otherwise without liability on the part of the City
or the HRA. -
Ye Navs Absent Requested by Department of:
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Adopted by Council: Date SEP � � 1991 Form App ed by Cit ey
Adoption Cer ifi d by Coun ' S.�cretary By.
By: ✓ V
�, Approv by Mayor for Submiss' n to
Approved by Mayor: Date
SEP 2 3 coun •
��'
By: BY'
' P�ll�fD c��-c� �-j r. ;,,,,
G'4� 9 tJ I�� �
�/!�/" /✓
DEPARTMENT/OFFICE/COUNCIL DATE INITIATED
P.E.D. GREEN SHEET N° - 13636
CONTACT PER30N&PHONE INITIAt/DATE MITIALJDATE
�DEPARTMENT DIRECTOR �CITY COUNCIL
.�-
Cid Peltier 228-3351 A$$��'N �CITYATfORNEY �CITYCLERK
NUMBER FOR
MUST BE ON COUNCIL AOENDA BY(DATE) ROUTING �BUDGET DIRECTOR �FIN.&MGT.SERVI
C �� ORDER �MAYOR(OR ASSISTAN� � G� BOStY'O
d
TOTAL#OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNA • eyer .�-�
ACTION REQUESTED: ���j E I VED
Adoption of attached Resolution by City Council gEp i 2 �991
SEP j 01991
RECOMMENDATIONS:Approve(A)or ReJect(R) PERSONAL SERVICE CONTR S IYY�9NJ I�1�J�(��!1 f''
_PLANNING COMMIS310N _CIVIL SERVICE COMMISSION �• Has this personlfirm ever worked under a contract for this dep�F�nl? /1�� � ���N�sY
_CIB COMMITTEE A HED YES NO
2. Has this personHirm ever been a city employee?
A STAFF _
— YES NO
_DIS7RIC7 COURT _ 3. Does this person/firm possess a skill not normally possessed by any curreM city employee?
SUPPORTS WHICH COUNCIL OB,IECTIVEI YES NO
Explaln all yas answers on separate ahest and attach to green sheat
INITIATINa PROBLEM,ISSUE.OPPORTUNITY(Who,Whet,When,Where,Why):
Preliminary approval for HRAt� issue revenue bonds fc)r assisted-living rent�!���
housing project (Episcopal Church Home) .
SEP 11 1991
� MAYOR'S OFFICE
ADVANTACiES IF APPROVED:
Construction of 40 assisted-living elderly units. Developer pays all City/HRA costs,
and ongoing fee. '
DISADVANTAGES IF APPROVED:
���'
NONE
��� �
DISADVANTAOES IF NOT APPROVED:
Loss of additonal units.
TOTAL AMOUNT OF TRANSACTION � Up t0 $5�250�000 COST/REVENUE BUDQETED(CIRCLE ONE) YES NO
FUNDING SOURCE � , ���`��� �—� ACTIVITY NUMBER
FINANCIAL INFORMATION:(EXPLAIN) � � �/�
�
NOTE: COMPLETE DIRECTIONS ARE INCLUDED IN THE GREEN SHEET INSTRUCTIONAL
MANUAL AVAILABLE IN THE PURCHASING OFFICE(PHONE NO.298-4225).
ROUTING ORDER:
Below are correct routings for the five most frequent types of documents:
CONTRACTS(assumes authorized budget exists) COUNCIL RESOLUTION (Amend Budgets/Accept. Grants)
1. Outside Agency 1. Department Director
2. Department Director 2. City Attorney
3. City Attorney 3. Budget Director
4. Mayor(for contracts over$15,000) 4. Mayor/Assistant
5. Human Rights(for contracts over$50,000) 5. City Council
6. Finance and Management Services Director 6. Chief Accountant, Finance and Management Services
7. Finance Accounting
ADMINISTRATIVE ORDERS(Budget Revision) COUNCIL RESOLUTION (all others, and Ordinances)
1. Activity Manager 1. Department Director
2. Department Accountant 2. City Attorney
3. Department Director 3. Mayor Assistant
4. Budget Director 4. City Council
5. City Clerk
6. Chief Accountant, Finance and Management Services
ADMINISTRATIVE ORDERS(all others)
1. Department Director
2. City Attorney
3. Finance and Management Services Director
4. City Clerk
TOTAL NUMBER OF SIGNATURE PAGES
Indicate the#of pages on which signatures are required and paperclip or flag
each of thesa pages.
ACTION REQUESTED �
Describe what the projecUrequest seeks to accomplish in either chronologi-
cal order or order of importance,whichever is most appropriate for the
issue. Do not write compiete sentences. Begin each item in your list with
a verb.
RECOMMENDATIONS
Complete if the issue in question has been presented before any body, public
or private.
SUPPORTS WHICH COUNCIL OBJECTIVE?
Indicate which Council objective(s)your projecUrequest supports by listing
the key word(s) (HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT,
BUDGET,SEWER SEPARATION). (SEE COMPLETE LIST IN INSTRUCTIONAL MANUAL.)
PERSONAL SERVICE CONTRACTS:
This information wili be used to determine the city's liability for workers compensation claims,taxes and proper civil service hiring rules.
INITIATING PROBLEM, ISSUE, OPPORTUNITY
Explain the situation or conditions that created a need for your project
or request.
ADVANTAGES IF APPROVED
Indicate whether this is simply an annual budget procedure required by law/
charter or whether there are specific ways in which the Ciry of Saint Paul
and its citizens will benefit from this projecVaction.
DISADVANTAGES IF APPROVED
What negative effects or major changes to existing or past processes might
this projecVrequest produce if it is passed(e.g.,traffic delays, noise,
tax increases or assessments)?To Whom?When?For how long?
DISADVANTAGES IF NOT APPROVED
What will be the negative consequences if the promised action is not
approved? Inability to deliver service?Continued high traffic, noise,
accident rate? Loss of revenue?
FINANCIAL IMPACT
Although you must tailor the information you provide here to the issue you
are addressing, in general you must answer two questions: How much is it
going to cost?Who is going to pay?
t� . �i i�is'
,.
:0:� �� ,
CITY OF SAINT PAUL J
INTERDEPARTMENTAL MEMORANDUM
DATE: September 9, 1991
T0: Molly 0'Rourke, City Clerk
FROM: Gary Peltier ��l "
SUBJECT: Episcopal Church Home Project
The attached notice of public hearing was published on 8/31/91 for a City
Council Public Hearing on 9/17/91.
Also attached is a copy of the resolution that is to be considered for
approval at the same Council meeting on 9/17/91. For your information, HED
has approved the project and authorized setting the public hearing.
Please call me at extension 3351 if you have any questions.
GAP:dmc
, ` i �,LC ��SAINT iPAU /
_.�y .4 �-�_��ls
; � �-:+�� Notices.-.;._ ,,.
� `'+fa NOTICE OF PUBLIC "-.
HEARING ON PROPOSALYr
F4 A PROGRAM TO
f, FINA�CE°A HOUSING AN[}'
; HEALTH CARE FACILtTY`>:
; TFiE EPISCOPAL'CHURCH
•,HOME OF MINNESOTA_
�o whPROJECT •' J�
dm it may concern ..
ptice is�herebY,ptven
fha��h� CitY Counefl Of fbe
, Git�pf^SafM Peul Minnesota
w'iltameef in the EifY Councif.
C�mba[s at fhe City Hall In
tpe-Cifv-of Saint Paul Mfm
nesQta;at 10:00 o'etoc(c a.m:
oq=SeDtember�17.�:1991;�to
consWer the;Propsal.of ihe
! De�ebaer"�.identified bebw
(fhe�ld Developer'),'.that;the
iCity u�dertake a proorertl to
�finan��•the,�,developmenf
herB�haRer.deu�ibedP pursu-;
,- anf o'ihe'Gity s housFnO D�an
� u nnesota• Statufesr
i C. ��62C"�bY�tZhe�is-°
suartc�of,;f�gvenue-++oblt9a=;
; fions�c �)��d�
T�iB QevNoPment. .l ����� .
e ; y'j' e,;development=cron �j.
i ' i� "of a fhe,,4o�strue
� f�apProzimatelY
` its';pffi:'ass(strid
' �� rental�houS nOs �F
�elderH,adiacent
i . "existin0xnunin9
�F;;topether �wlfh
n renovation`and i`
� � ptbvement,� of�:..,the��,,,
hy home and refi ���
n9"'of�exisfinp
p •home'dindebf�
:+�Wftich:nursfny
�i;located at 1879 �_
}1. a`AvenuerSaint�i
'Minnesota.`Ap �
afelY 72.5 per
f the units in the��"'.
pmenf wiU ,bff�
_ room�nits and,'K;
cenf. of�,th �a::
� U{,be�efflti�
. r �' Ther�,�assisted��v,
ecflifi are.not
� �` ' �eeed�48;000
� �,, e'�e�1�Pr'The
t� �II:'be�;4i�me�bY: ,;
+ ' olseopel?'Chureh`s
d °�of� Mfnne fa
piscopaI�Car�
�' ;tor ihe Elderlv
� Minnesota��r 11on-
Ycorp6rofions
aMially�i a�l�t(90><�
Ut.of fAe,fac10 �
� , naoter5,bY fhe
or othei'oblioa g`
�t: ' 10`conslsf M�he
homef;and re
rental+tkhoustn
t nctlonaliy relat� ';
es:��'"•�,.
�;• estfmafed vrfntipal
�t�be�dissued fohfl'
�:DevebpmenY,will
� 55.250,000.�•7he
othee oblipations
(,•w iied bY the HOUSin9
" e� elopment Aufhorf-
t fy Citr of Sainf Paul,
e (the','HRA")a:'� `
bonds or other ob-
� II as� and:whee: is-
11 not coosfitute.b
,'len or encumbronce
�'u v oroperfv`of fhe
?.C he HRA excepf fhe
�D ent and ihe reve-
derived from the
� .D `enf. Such bonds or
o s will nof be"a
i �9a(osf the Gfv'S,or
`.;.H rol credif or fax-
' i s but are paYable
� ir s to be paid by the
� fhe Devetopment
fo r.evenue, afl�ee-
� ��,�
fher ��ormation
` n the elopmenf,
nanef�pro9rams
��t max:be<obtained
`-fr Neiphborhoods-and
H Dlvialon,c Depart-
m Planninpp and_;EcotY-
.H Xvelol2th��Hoor�i25
:W h Streef. Saint �aul,
M (tekphone 292-
I�e time and vlace
. fl fhe Public hearinpp,
�'f uncil of fhe.{ify
°r�of aul;Minnesofpapweafll
t ao ry�a v� st h
re to, tbe�proposal,
W mmenfav'wiB -be
,.r.ifaP wbmitted�to:
F`th hborho0ds and
H ivisbnj,on or pHor
,fo of fhe hearinp
D. 31�+Y;of AuOUSt;
( �R�p :THE�CIT'Y
IL'OR•THE.CITY
INT PAUL„ IN-;,
Tpys�'�'•k:`sf
',B Ofson City Clerlt
ess Aup 31 Nor259w.
q�j���is
�� a.v aa-at{'y1�..tS�@ '�",�,'s,$",o7 ..�- ...a �rne,`7-kyR�� ;:�'"�4;Y':.ii``1�C.��v��E:;i:
5�� .. .. . ...��r„1...... . .. -....;, � ..' �F- . -:
�� ' NOTiCE.OF PUSLIC HEARII�TG�ON PROPOSAi.�FOR�A PROGRAM �-�"'-T=!''
TO FINANCE A HOUSIN(i AND HEAI:TS CARE FACII.ITY ',;, �r, '.'��
. ,i �}�,�'".Jl A '> 7 � .�': ,Y�2"' Y:�i i�.�.'*'f� .f:.:.�S ♦ .%, u y`�' .
..: .'' d s :v, �.�.
T�EPISCOPAL CHURCH HOME OF v ' P� ak""
,,� . a � ,...4 �� �:�, •s, - ,_ �, xMIIV1vE30TAPROJECT° � _
. ..�. :�, ' . : k�:i;.y�K ;F,;i�sy r �_> ,7ai�<;'i xt �'.-��.
. '�.'r:'�ai rr�"LrR':xf13� x.:i�� y: i n?k�±1,f r I,;�rt??:£ �i � . ..� � ,d'.�->:�
' ,.•_� ,;i. _
To whom it may concem i-:, f ,�t, � � >=,�g,Y �� ��,.� n.�
, ,:�r,�-
`Nottce is hereby given that the City Council of the City of Saint Paul Mirinesota wlll'�
meet in the City Council Chainbers at the City Hall�in the Cifq of Saint Paul Minnesota�
at 10:00 o'clock a rri:on Se tember 17;1991,to con',sider the proposal of the'Developer" �
i en e e ow(the Deve oper ;Cit}i'undertake'�a'program fo`�$nance the�'�
, deyelopment hereinaiter.described,,pursuant to tYie`Cfty s housing plan under Minne;�'�
sota Statutes, Cnapter 462C,�by the issuance of revenue obligattions y.`,�
The Development �a�., `y �„ :: .i s 1,� � :� q��;� � .
� x �ir .....�:.. -
The development consists of the construction of apprwcimately 40 units of �r ���
- 'assisted living"rental housing for the elderly adjaeent to an eadsting nursing
' _home together with certain�renovarion and improvement of the nur�ing home'��'-`�'�
and iefinancirig:of eads#irig nursing home`indebtedness;.yvhich nuising home�'�� !
� `is located aY 1879 Feronia Avenue,Saint Pau1�Minnesota Approidmately 72 5 z;�r , ,j
:,.percent of the uniLs in the development wlll be one bedrooin'unifs`and 27 5 `�`;*,-�
`�percent of the'units will�be efl3ciency units The�`assisteii living",facilities aie ```
,not to exceed 48 000 square feet in size.The�Developm�nt properties�will be`��`:`
;;owned l�y The;EpiscopaI Church Home of Minn,esota and EpiscopagCorpoya„�,ri,; .;
�;fton for the Elcierly botYi Minnesota non-proflt corporatlons'Substaiitially all� -- �
{(90 percent)of the�facilitles financed�b}i the bonds.o�r;o,ther obHgations wlll '������
a A s. si t^^" r:
s consist:of ihe�nursing home and related rental.�housing�and:func�ona�ly�,._.-
related facilities: � ��_�v ' � ;: > t�,�� 't « ; �` -.�
'.The estimated rinci .<.f;��at�r�� #:r3c"�.�,�.�rn r��;.j
„ p , pal amount of bonds or other obligations to be issued to ��
F;finance.ihe Development:wl�l not exceed g5,250 000��„sThe�bonds qrw.other ��,
;obllgattons will be�ssued by the Housirig and Redevelopment Authority of the ' �
v,City of Sainf�Paul.Minnesota(the"HRA") �,�,�.x �,�� r-._ * ' , ��`'��
3�*�a� v�Y�'. r .'�� '�'c•,t�:a- ,� ,--
'.Said bonds:or�other,obligations, as,and when=issued, wlll not consptute � ,s�;:7
:_charge,lien or,encumbrance upon any property of the;City or,the.HF2A.except :: ; .;�
:;,tYie Development and the revenues to be derived from the Developmerit:Such . "
� ' bonds or obligattons w1ll not be a eharge against the City s or.Hl2A s general �:'�
�credit•or taldng powers but are payable from sums to be paid Uy the owner of ,r
the Development pursuant to revenue agreements =! t�.: - _ .".:. � ,,;^i„
; �Further informarion'eonceming the Dev,elopment,and the financing progams���. 'y�
�therefor: may;be.obtained,from the Neighborhoods•and Housing Division �-,;,�
F ' r-Deparhnent of Planning.and Economic,Development,yCity Hall Annex �:12t,h ,.�;�
, .;floor,25;West 4th Street,"�aint Paul,Minnesota 55102(telephone 292,w3361) t ,�x;;•
��At the time and place'fixed for,the�public hearing,the City,Councll of the Cityy��:;.;
_ � of Saint.Paul,1Vlinnesota will give all persons who appear at the hearin an "'i
� . . . , ., g .�_�;�:-
� •;.oPPo��ty to_eacpress.iheir vlews with respect to the proposal ,Written��;.;
� -- comments wlll be considered if submiEted to the Nei borhoods and�-iousin � ��
� : Division on or prior to the date of the he �- � -' �,F`�:" '".' �'� °}
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- Dated,this 31 day of August;`1991. ;� n '
s• ,. �.�ca>�rF�
(BY.ORDER qF THE CI1Y COUNCIL :-. ...t..<�:.._.Yw:�_. ,`�.
` OF THE CITY OF SAINT PAUL;MINNESOTA):;� ,:.;.: r ,r r .,�
� BY:ALBERT.OISON,CITY CLERK _. V - ` •
_ .:,
, --'s,�1;3 :..(Aug. 3,1)...� �;, + .` _ -r ) ;�
� . Y..n_.....J+.� .F: �`.\}i , .te�.�.'lt'S. xi,7.