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90-195 O R , �� N A L . Council File # 0'"/�-5 Green Sheet # � a RESOLUTION CITY OF SAINT PAUL, MINNESOTA � � . 15 Presented By � Referred To ��.(��Z� t� �(7 � � . Committee: Date ���i ' ��"' �� WHEREAS, by Laws 1988, Chap. 719, Art. 19, Sec. 32, the Minnesota Legislature has authorized Ramsey County to issue $2,000,000 in general obligation bonds to renovate the Union Depot Concourse for exhibition of works of art on condition that $500,000 in operational funding be obtained from non-public sources; and WHEREAS, by Laws 1989, Chap. 335, Art. 1, Sec. 25, the Legislature appropriated $500,000 for a five year, interest free loan to the City of Saint Paul for costs relating to the restoration, maintenance and operation of the Union Depot Cpncourse (the "State Loan") ; and WHEREAS, the Housing and Redevelopment Authority (HRA) has secured an option to purchase the Union Depot Concourse from the owner, the United States Postal Service (the "Option") ; and WHEREAS, the City has received from the Minnesota Department of Trade and Economic Development and there has been submitted to this meeting of the City Council a Loan Agreement ��13061104690 covering the terms and conditions of the State Loan for costs related to the restoration, maintenance and operation of the Union Depot Concourse (the "Project") ; and WHEREAS, the staff has negotiated with the Concourse Task Force, an unincorporated association, and has submitted to this meeting, an agreement entitled, Union Depot Concourse Participation And Grant Agreement whereby the City would make a matching grant to the Concourse Task Force from proceeds of the State Loan to partially finance planning activities as identified in said Agreement for preparation of a plan for renovation, operations, management and programming for the Union Depot Concourse; and WHEREAS, it appears necessary and desirable to approve the State Loan and Concourse Task Force Grant Agreements in order that the Union Depot Concourse Project may be undertaken; now therefore, be it RESOLVED by the Council of the City of Saint Paul as follows: 1. That the Loaiz Agreement for the Union Depot Concourse resolution, M�.intenance and Operation Project is hereby approved on behalf of the City of Saint Paul and the proper City officers hereby authorized to execute the same on behalf� of the City. 2. That the Union Depot Concourse Participation And Grant Agreement is hereby approved on bPhalf of the City of Saint Paul and the pxoper City officers are hereby authorized to execute the same on behalf of the City. RESOLVED FURTHER, that upon recommendation of the Mayor, Council approves the following changes to the 1990 multi-year fund Budget: �� ��� � �� � � � � - . � . . . . �9° 19 5f � Current Amended Financing Plan Bu_� Change Budget Proceeds from Loan from State of Minnesota 155-36921-3499 -0- 500.000 500.000 -0- 500.000 500.000 Spending Plan Urban Development Action Grant Fund (UDAG) Phase I - Union Depot Concour$e Project Feasibility 155-36922-0739 -0- 140,000 140,000 -0- 140,000 140,000 Phase II - Union Depot Concourse Project Implernentation/State Loan Repayment� 155-36922--739 -0- 360,000 360.000 -0- 500,000 500,000 spending plan subject to change depending upon the investment earnings: *If Phase II is not implemented, approximately $360,000 will be used to repay the State Loan. If Phase II is implemented, future Council action will be required to appropriate an alternative source of financing for the State Loan repayrnent. ��$ _ Navs Absent Requested by Department of: zmon ��T— � osw z �- o �� �ann�'n �- pnd n►-r �- acc e --T e ma � une z son '�'�`� � BY' Adopted by Council: Date FE B 2 2 1990 Form Ap e by Ci y At orney Adoption Certified by Council Secretary By: ,� � , L , By� Approve by Mayor for Submission to Council Approved by Mayor: Date � � ��9 � � ,� By: ��/.4�/�'!�-t-Gt/ sy. �'(1�. / �t�l",SHED �`i`,��� - � 1990 . . � �. - � � � . � � �9a-�Q�S DEPARTMENT/OFFICE/OOUNdL OATE INITIATED PEO 1/3/90 GREEN SHEET No. 3 4 6 3 CONTACT PER80N 8 PHONE DEPAH7LAENT DIRECTOR//rN IAU DATE �CITY OOUNCIL INCMUDATE Steve Thompson 321 �� �CITY ATTORNEY i m ar cm c�c MUST BE ON OOUNqL AGENDA BY( T� ROUTINO �BUDOET DIRECTOR �FlN.�MOT.SERVICEB-DIR. . 1@ ASAP ��,voR�oR�sr�wn � nt TOTAL#►OF SIGNATURE PA (CLIP ALL LOCATION8 FOR SKiNATURE) ACTION REQUESTED: Council Resolution authorizes execution of a Loan Agreement with State for funding of costs related to Union D pot Concourse Project and approves a Participation and Grant Agreement with Coneourse Tas Force. REOOMMENDATIONS:MP►�W a► (� COUN FJRESEARCN REPORT OPTIONAL _PLANNINQ COMMI8810N GVIL BERVIf�COMMISSION '�LYB PNONE NO. _CIB OOMMITTEE _STAFF _DIBTHIC'i COURT 8UPPORTSWHIChIOOUNqLOBJE ��B�YC1�S O���CE Economic Developme t iNmnn�a�e�M,�ssuE,o�o Nmr Nvno,wn.e,wn.�.wn.r..wnr): HRA has recieved a option to purchase the Depot Concourse from the U.S. Postal Service. Ramsey Gounty has ecieved G.O. bonding authority to provide funds for renovation. Development of a plan of reuse for property is prerequisite to the HRA and Ramsey County proceeding. Parti ipation with Concourse Task Force advances this planning effort. Funding of these a tivities would be from proceeds of a $500,000 loan appropriated by the 1989 State Leg slature for these purposes. ADVANTAOES IF APPROVED: Acceptance of $500, 00 zero interest, five—year loan from State provides funds for developing a plan f reuse for historic Depot Concourse. Loan repayment through completion of planning phase is assured through net—funded investment by City. RECEIVED DISADVANTAOEB IF APPROYED: �J:�i d � None O�F►CE OF TNE D►�ECTOR pE��!u�� �EPARTMENT OF FINANCE ;:,.ND MANAGEMENT SEf�VlCES JNN z 21990 pU'p(sE"� 0��tC� DISADVANTAQE8 IF NOT APPROVED: Opportunity would b lost to explore means to reclaim important historic structure. REC�IVED �uu��,cEt F�esearcn Genter J���� JAN 2 5199p CITY Cl.ERK by Resolution TOTAL AMOUNT OF TRANSACTI s 500,OOO CpgT/REVENUE BUDOETED(dRCLE ON� res No FUNDINO SOURCE State L an Proceeds ACTIVITY NUMSER FlWWdALINFORAMTION:(EXPWN) Phase I planning activities budgeted at approximately $140,000, with Phase II imple entation contingent on success of Phase I, or otherwise for Loan Q/� repayment. �,{=y�a_ '9.� . ; � �: ,;>��3�� '` . � CITY OF SAINT PAUL ��a`�� m��l` OFFICE OF THE CITY COUNCIL CITY HALY.-7th FLOOR- SAINT PAUL, MINNESOTA 55102 � Rr�y{,�.L� 612-298-5506 TOM DIMOND COUNCILMEMBER ���� 5��q� �.i� Members: �t.i, Tom Dimond, Chair Dave Thune, Vice-Chair �! � � ���``,� Paula Maccabee Date: February 14, 1990 COMMITTEE REPORT HOUSING AND ECONOMIC DEVELOPMENT COMMITTEE 1. Apnroval of the Minutes of the January 24, 1990. Committee meeting. COMMITTEE RECOMMENDED APPROVAL, 3-0. 2. 630 Bu�lin�ton Road -- Plat Proposal COMMITTEE RECOMMENDED THE PRELIMINARY PLAT BE APPROVED, TO GO TO FULL COUNCIL FOR A PUBLIC HEARING ON MARCH 1, 1990. 3. A repo�t on Roomin� House definitions for all departments, b�Wendy Lane. NO COMMITTEE A�TION REQUIRED. 4. 730 N. Fairview -- for discussion. COMMITTEE RECOMMENDED APPROVAL OF A RESOLUTION ASKING THE MAYOR TO DIRECT PED STAFF TO PROVIDE ADDITI4NAL INFORMATION AND ALTERNATIVES ON ACQUIRING AND UTILIZATION OF THE PROPERTY. 5. Resolu ion 90-195 -- Authorizin ro er Cit officials to execute a Loan A reem nt and a Union De ot Concourse Partici ation and Grant A reement and a rov n chan es to the 1990 Multi-Year Fund Bud et. CO ITTEE RECOI¢MENDED APPROVAL, 3-0. 6. Downto�qn T.I.F. -- for discussion. NO COMMITTEE A�TION REQUIRED. chr Chair, Housing and Redevelopment Authority, Comrnittees: Public Works; Housing and Economic Development; Finance. 100%Recycleable •s�s ' • i � � � �� � � . � � � � � �goiq� ..�� : _ CITY OF SAINT PAUL INTERDEPARTMENTAL MEMORANDUM DATE: Jlanuary 16, 1990 TO: Council President William Wilson � IWlembers of the City Council FROM: Warren Hanson, Acting Director � Department of Planning and Econo c Development RE: Resolution Authorizing Execution of a Loan Agreement With the State of 11rlinnesota for Funding of Costs Related to the Union Depot Concourse Project and Approval of a Participation and Grant Agreement With the Concourse Task Force In its 1989 session, the Minnesota Legislature appropriated $500,000 for a five-year (i.e. due June 30, 1994), zero interest loan to the City for costs related to the restoration, maintenance, and operation of the Saint Paul Union Depot Concourse. The Union Depot Concourse is the former train waiting area connected to the Union Depot, and is listed on the National R�gister of Historic Places. The Saint Paul HRA has secured a three-year option to purcl�ase the property from the U.S. Postal Service. In its 1988 sessibn, the Minnesota Legislature authorized Ramsey County to issue general obligation bonds in the amount of$2 million to provide funds for the renovation of the Depot Concourse. As a prerequisite to the purchase of the property by HRA, and to the issuance of the bonds to provide funds for renovation by Ramsey County, it is necessary that a plan of renovation, managernent, operations, and programming for the Depot Concourse be dieveloped. This plan should demonstrate that operations of the building can be self-supporting (i.e. non-governmentally funded) on an ongomg basis as a community resource. The State has npw provided a form of Loan Agreement in anticipation of disbursing the $SOO,OOO loan. Staff proposes that proceeds of the State Loan be applied in two phases. The first phase would be the Feasibility Phase in which outside consultants would be retained to assist in developing a pl�n of reuse, operations and management of the Depot Concourse. The budget for this phase would be approxirnately $140,000 plus investment interest on unexpended balrances. The remainmg amount would be invested by the City Treasurer such that the initial principal, together with interest to accrue through June 30, 1994,would equal the $500,400 repayment obligation. The exact amount of the feasibility phase budget, and the,investment amount, would be determined when the investment was purchased. The second pha�e, or Implementation Phase, use of loan proceeds, would be dependent upon two event�. First, a plan of reuse, operations, and management for the Depot Concourse wou�d have to be accepted by the City. Second, the City would have to identify and ap�ropriata alternate sources of repayment to meet the June 30, 1994 repayment obligation. ' . � � � �� � � . � � � � � U— �o -�95" January 16, 199i0 Page 'I�vo Private sector interest and sup ort for restoration of the Depot Concourse has been manifest in the form of a task�orce consisting of representatives of the business, professional and cultural communities. Chaired by Mr. Bill Sands, Chairman of Western State Bank, and Ms. Molly Culligan, Chairman of the Board of Minnesota Museum of Art, the Concourse 'Task Force has been meeting since June of 1989 to consider how the Concourse shou�ld be used. For fundin of its planning activities, the Task Force has secured a loan in the amount of$50,00� from St. Paul Progress, on the condition that it be matched on a dollar for dollar basis by the City from the proceeds of the State Loan. Staff proposes Chat $50,000 of the proceeds of the State Loan, from the Feasibility Phase budget, be applied to a joint effort with the Task Force toward development of a plan of renovation, operations, management, and programming for the Depot Concourse. The attached City Council Resolution authorizes execution of the Loan Agreement with the State of Mi�nesota for the Union Depot Concourse Project and approves a Participation arld Grant Agreement in the amount of$50,000 with the Concourse Task Force for a joir�t undertaking of this planning effort. I would request that this Resolution be placed on the Agenda of the Ciry Council. ��PJm 13/dianec/ST-W�i cc: Steve Thompson ; � �. . � . . � . � � � �Co -,�4,s TH� UNION DEPOT CONCOURSE: BACKGROUND AND STATUS OCTOBER, 1989 The Union De�DOt Concourse is the former train waiting area connected to the Head . House of the downtown St. Paul Union Depot. Supported by steel columns, the Concourse is located in air rights over Kellogg Boulevard and the train platform to.the south. The stnucture is approximately 80 feet wide on the south, 130 feet wide on the north, and 42� feet long. The structure includes a second story on the north containing ap�roximately 15,660 square feet, with the main leve! containing approximately 39,200 square feet, for a total building area of approximately54,860 square feet. TV�e main floor consists mostly of a large 80 foot clear span space with approximately 37 foot ceiling height which served as the passenger waiting room for the trains belouv. The waiting ropm has terrazzo tile floor, brick walls with arched windows, and a decorative arch plaster ceiling. The inside walls are finished with a terra-cotta cornice frieze portrayir�g the progress of transportation. Constructed in 1917, the Concourse was placed on the National Register of Historic Places in 1974. As the rail passenger and mail transfler center of the upper midwest, the Union Depot and Depot Concourse once accommpdated as many as 149 passenger trains and over 1,300 tons of mail each day. � The last train d�eparted f�om #he S#. Paul Union �epot in May, 1971. Abandc�ned by i�;e railroads, the �epot Con�ourse and the train platform south of Kellogg were acq���r?�� by the United �tates Po�tal Service in 1977 to augment operations of the adjacent Post Office. Since th�en, the main level of the DE�ot Concourse has been used for storage by the Post Office. The second level, accessed through the second floar of the Union Depot Head House, was leased in 1985 for Continental Cablevision's production studios as part of Continental's lease in Union Depot Place. The main level has been vacant for the last se�,reral years. Since the resungence of interest in downtown St. Paul's historic Lowertown d�strict in the late 1970's, reclamation of the Union Depot and Depot Concourse has figured prominently in �he plans of the City and the non-profit Lowertown Redevelopment Corporation. Substantial renovation of the Depot Head House as an office/restaurant complex was accomplished by a private partnership in 1983. The subsequent failure of two restaurant tenants and a lease dispute with the principal office tenant, Continental Cal�levision, resulted in the partnership's default on revenue bond mortgage obligK�tions in June, 1987. According to partnership disclosure documents, the lease dispurte with Continental included the partnership's failure to acquire title to the Depot Concourse, as atlegedly required under the lease. The Union Depot is currently in the process of foreclosure by f=irst Trust Co., as trustee for the revenue bonds. In March, 1987, City staff contacted the U.S. Postal Service regarding the acquisitior of the Union Depot Concourse. These discussions were initiated in response to a proposal that a series of exhibitions of American contemporary art from the internationally recognized Panza collection be installed in the Concourse. This proposal was advanced by a locally based non-profit corporation organized for purposes of tha exhibition. This original priWate initiative has broadened in scope and evolved under the guidance of a task force aonsisting of representatives of the business, professional, and cultural communities. This task force, chaired by Mr. Bill Sands, Chairman of Western State . � � � � � � � . � � � � � �►� �'o-���� Bank, and Ms� Molly Culligan, Chairman of the Board of Minnesota Museum of Art, is currently orga�izing a feasibility study to determine an organizational structure, a marketing and programming approach, and an economically viable plan for returning the Depot Co course, and the Union Depot, to active public use. The preliminary conclusion of he task force is that the Concourse should be maintained for large scale rotational exhi itions or other temporary uses by cultural and community organizations � or business. ' An arciiitectur�l feasibility study of a restoration of the Concourse was commissioned by the private support group in 1988. According to the consultant, the architectural firm of Meyer, �cherer & Rockcastle, Ltd., renovation of the Depot Concourse could be accomplished for approximately $2 million. Estimated operating costs range from $20,000 per month for an international scale cultural exhibition, to $6,000 per month during interim periods of vacancy. In August, 198A, City staff reached agreement with the U.S. Postal Service on a proposal that links the construction of a skyway connectior to the downtown Post Office with an pption for the City to acquire the Depot Concourse. The economic affect of the agreem�nt is that the City and the Post Office would share the cost of the � skyway bridge, estimated at $285,000 each, and the City would consummate a purchase of the Concourse for $136,200. Necessary access and utility easements #rom the Union� Depot would be granted in exchange fo� granting an option to piircrase the sPcond level portion of the Concourse occupied by Continental Caalevision. Add�ti�n�l r�ovemmental support for restoration of the Uni�� Depot Gonco!�rse �ti�as given by the Minnesota State Legislature in the 1988 and 1989 legislative sessions. In 1888, the iPgislature granted Ramsey County special capital bonding authority of $2 mi�lion to provide funds for ttie renovation of the Concourse. In 1989, the legislature auihorized a $�00,000, five-year, interest free loan to the City to s�!�port the renovation and reuse of the Concourse. "To capitalize or� the opportunities presented by this private sector and governmental s�apport, two additional tasks must be accomplished. First, site centrol of the Concourse must be secured from the U.S. Postal Service. This may be achieved by the City's ratifiaation of the agreement linking the Post Office skyway bridge project with the option to purchase the Concourse. Second, a feasible plan for marketing and management o�the Concourse must be developed. The Concourse Task Force is now proceedin� with this attempt. - The accomplishment of these tasks lays the foundation for future redevelopment of the Depot Concourse, restructuring of the Union Depot Place Project, and extension of the do��rntown skyv�ray system to both Union Depot and the main Post Office. Ranking ��igh among these benefits is the reclamation of a unique historic space having deep nersonal significance for many long time residents of the City of Saint Paul and the upper midwest �region. Steve Thompsan � Project Manager Department of Pianning and Economic Development ' �. � � ' � � . � � - � (� 90-��.� UNION DEPOT CONCOURSE PARTICIPATION AND GRANT � AGREEMENT This �,greement, entered into as of this � day of � � , 1990, by and with the Concourse Task Force (the "Task � Force") , and the City of Saint Paul, Minnesota, (the "City") . WITNESSETH; Where�s, the Minnesota Legislature in its 1988 legislative session authorized the County of Ramsey to issue general obligation bonds in the amount of $2 , 000, 000 to provide funds for the renovation of the former train waiting area connected to the Union Depo� in downtown Saint Paul ("Union Depot Concourse") for the exYiibi�ion of works of art on condition that $500, 000 in operational funding has been obtained from non-public sources (Laws 1988, chap. 719 , art,_ 19, sec. 32) and, in its 1989 legislativQ session (L�ws"�1989, chap. 335, art. 1, sec. 25) , appropriat�d the amount of $500, 000 for a five year, interest free loan to the City of Saint Paul for costs re,�ating to the � restoration, maintenance and operation o.f the Union Depot � Concourse �the "City Loan") ; ancl WHEREAS, the Housing and Redevelopment Authority of the City of Sa�nt Paul (the "HRA") has secured an option to purchase the Union Depot Concourse from the owner, the United States Postal Service; and WHEREAS, the development of a plan of renovation, . management, operations, and programming for �he Depot Concourse which demonstrates that'operations of the building can be self-suppo�ting on an ongoing basis as a community resource is a prerequisi�e for purchase of the property by the HRA, and issuance o� the bonds to provide funds for renovation by Ramsey County; and � WHEREA�S, the Concourse Task Force is an association of persons cor�sisting of representatives of the business professional and cultural communities which has undertaken to develop a plan of re-use, operation and management of the Depot Concourse; and WHEREAS, the Concourse Task Force has secured a loan in the amount of $50, 000 from St. Paul Progress for funding of these planning activities on the condition that it be matched on a dollar for dollar basis by the City from proceeds of the City Loan. NOW, THEREFORE, in consideration of the mutual promises contained herein, it is agreed: Scope pf Activities. In consultation with the Department of Planning and Economic Development of the City of Saint Paul ("PED") , The Task Force shall secure the services of independent .. , . . . � � C� 9� _ i�� consultants to analyze, prepare recommendations and data in the � following areas relating to the restoration, maintenance and operation of the St. Paul Union Depot Concourse: 1) Programming, Operations and Marketing in connection . with potential uses and users of the Depot Concourse; � 2) Legal and Organizational Structures in connection with leasing, ownership, operation and management of the �epot Concourse; 3) Architectural and Engineering Studies of the Concourse, including refinement of the 1988 renovation feasibility study and cost estimate prepared by Meyer, Scherer & k2ockcastle, Ltd. , specific facility or equipment needs . for specific uses, and further analysis of operating �osts: The T�sk Force shall"�then prepare its conclusions and recommenda�ions with respect to a plan of re-use for the Depot Concourse �nd shall provide these to the HR.A, toaether with copies of all work performed by outside consultants. Amouni� of Grant. City shall pay one-half of the costs of consultant services for the activities described herein up to a maximum grant amount of $50, 000 from proceeds of, and to the extent of the availability of, the State loan. Method of Payment. Disbursements under_ this Agreement shall be based on invoices submitted and certified to by the Task Force and supported by evidence of: (a) prior payment; or (b) �mounts currently due under the terms of consultant �ervices contracts or agreements. Copies of all such �ontracts or agreements shall be provided to the City prior to request for payment or reimbursement. Term. Consultant services to be paid or reimbursed under the terms of this Agreement shall be limited to the period July 1, 1989 th�ough December 30, 1990. Indep�ndent Contractor. No member of the Task Force or Consultant retained thereby shall be considered an employee of the City for the purposes of workers compensation or unemployment compensation insurance or for any other purpose. The Task Force shall hold the City harmless and defend and indemnify it against any claims, actions or judgments arising out of or substantially related to the performance of the Task Force under this Agreement. � Nondi�crimination. The Task Force will comply with all applicable federal, state, and local laws, including those prohibiting discrimination. , C�go 'i�s-- IN WI7CNESS WHEREOF, the Task Force and the City have executed tl�is Agreement as of the date first written above. CONCOURSE TASK FORCE � � By: THE CITY OF SAINT PAUL, MINNESOTA . By: _ .�.. Its Director, Department of Planning and Economic Development By: Its Mayor BY= Director � Department of Finance and Management Serv'ices of the City of Saint Paul APPROVED AS TO FORM: By: By: Directo� of Human Rights Y STATE OF MINNESOTA C� �� /9� DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT � COMMUNITY DEVELOPMENT DIVISION Loan Agreement #13061104690 This Agreement is made between the State of Minnesota, acting through the � Department of Trade and Economic Development (hereinafter the Loaner) and the City of St. Paul , MN (hereinafter the Loanee) . Pursuant to Mi�nnesota Laws, 1989, Chapter 335, Article 1, Section 25, Subdivision (6) , the Loaner has been allocated funds by the Legislature of the State of Minn�sota to loan to the Loanee for costs relating to the Restoration, Maintenance, and Operation of the St. Paul Union Depot Concourse, (hereinafter the Project). In consideration of mutual promises set forth below, the parties agree as fol l ows: The Loaner shall loan to the Loanee the total sum of FIVE HUNDRED THOUSAND OOLLARS ($500,000) , which shall be State funds appropriated by the Legislature of the State of Minnesota. Funds made available pursuant to this Agreement shall be used ONLY for costs relating to the Restoration, Maintenance and Operation of the St. Paul , MN Union Depot Concourse as described herein and in Minnesota Laws 1989, Chapter 335, Article 1, Section 25, Subdivision (1). Accountin . For all expenditures of funds made pursuant to this agreement, t e Loanee shall keep financial records, including properly executed contracts, invoices, and ',other documents sufficient to evidence in proper detail the nature and propriety of the expenditure. The Loanee must account for the Loan pursuant to Minnesota �aws, 1989, Chapter 335, Article 1, Section 25, Subdivision (6). �Re�ortin�. The Loanee shall submit an annual expenditure report to the Loaner on Tow e lo�n allocation was spent. The report must also specifically identify the �NTEREST ACCRUED on the loan and its expected expenditures. The annual expend ture report period will be July 1 to June 30. The annual report will be due o July 25 of each year. � Affirmative A tion. A Loanee that receives state money for any reason is encourage to prepare and implement an affirmative action plan for the employment of minority persons, women, and the disabled and submit the plan to the commissio er of human rights. Provisions fo Contracts and Su� bgrants. The Grantee shall include in any contract an $u grant, in�dition to provisions to define a sound and complete agreement, suCh provisions as to assure contractor and subcontractor compliance with applicable state and federal laws. Payment. The Loaner shall loan $500,000 to the Loanee in the fiscal year 1990. Payments will ' be based on a payment request prepared by the Loanee and approved by the Loaner. -1- � ��� -/q.5 Term & Re a nt. The Loanee shall perform the activities that are specified iFerein ur�ng t e period from July 1, 1989 through May 30, 1994. The Loanee shall repay the Loaner the total sum of the Loan, without interest, by June 30, 1994, as stat�d by 1989 Minnesota Laws, Chapter 335, Article 1, Section 25, Subdivision (6) . The Loaner will consider a request for extension of this repayment term if the project is not complete as of June 30, 1994. � Proposed Budg�et Activities ACTIVITY ESTIMATED COST 1. Operation and Management $ 150,000 a. programming/operations/marketing b. legal,/organization c. architectural engineering _ 2. Project Implementation $ 350,000 a. prepare renovation plans/specifications/bidding b. renovation c. comme�nce operations Termination Clause. If the Loaner finds there has been a failure to comply with t e provis�ons�—this Agreement, or that the purposes for which the funds were loaned to the Loanee, the Loaner may take action to protect the State of Minnesota, in�cluding the IMMEDIATE repayment of the loan. Audit and �Ins� e�ction. Accounts and records related to the funds provided under t�Agreemer�t��'f be accessible to authorized representatives of the Loaner for the purpases of examination and audit. In addition, the Loanee will give the State of Minnesota, Department of Trade and Economic Development, Legislative auditor, and State Auditor' s Office, through any authorized representativ�es, access to and the right to examine all records, books, papers, or documents related to the loan for inspection and audit. Amendments. Any amendments to this Agreement shall be in writing, and shall be execute y either the same persons who executed the original Agreement, their successors in office, or by those persons authorized by the Loanee through a formal resolution of its government body. Antitrust. Contractor or subcontractor hereby assigns to the State of Minnesota an�all claims for overcharges as to goods and/or services provided in connection with this contract resulting from antitrust violations which arise under the antitrust laws of the United States and the antitrust laws of the State of Minnesota. Successors arld Assi nees. This agreement shall be binding upon any successors or assignees of t e parties. -2- . , . _ . , ��9a-��s- Notice to Loanee You are required by Minnesota Statutes, Section 270.66, to provide your Minnesota tax id�ntification number if you do business with the State of Minnesota. This information may be used in the enforcement of federal and state tax laws. ' Supplying these numbers could result in action to require you to file state tax returns and pay delinquent state tax liabilities. � This contract wi�l not be a roved unless these numbers are �rovi�ded. fi�ese num ers w�i"(T �e avai a e to e eral a�n state tax aut orFi—ities and � state personnel tinvolved in the payment of state obligations. Minnesota Ta�c ID 8025095 Federal Emplpyer ID 41-6005521 The Loaner and Lioanee acknowledge their assent to this agreement and . agree to be bound by its terms through their signatures entered below. This Agreement is effective upon execution by the Commissioner of Finance or its designee. APPROVED LOANEE: I have read and I agree to aT��-the provisions of this Commissioner of Administration agreement. BY BY ayor Date Date By Director, ept. o P ann�ng Date and Economic Development . APPROVED By irector, epartment o Date) Commissioner of Finance. Finance and Management Services By � Approved as to form: Date ssistant ity ttorney Date APPROVED AS TO �ORM AND EXECUTION: STATE OF MINNESOTA by and through , t��epartment�-Trade and Economic Attorney Genera1 Development By By Date Title Date 2 SP STPAUL -3- . . . � �Q-,g� RESOLUTION AUTHORIZING EXECUTION OF AGREEMENT Be it resolved that the City of St. Paul enter into a loan agreement with the State of Minnesota for the project entitled Restoration, Maintenance, and � Operation of the St. Paul Union Depot Concourse. is hereby authorized to execute such tit e o aut orized o icia agreements as are necessary to implement the project on behalf of the City of St. Paul . I certify that the above resolution was adopted by the � executive o y ' of grantee on ate SIGNED: WITNESSED: signature signature t�t - tit e date date �Si ned and' Witnessed showld be of ersons other than the official authorized to si gn t e. co tract .