90-212 O � IrINAL � �� � ' 1
� Council File # � o?/o�
Green•Sheet # /Q,�.�
RESOLUTION --��.
ITY OF SAI PAUL, MINNESOTA �(p `
,
r n
Pre ented By
eferred To Committee: Date �-�'�!�
WHER�AS, in 1978, the City of Saint Paul established the Park Nursery
Tax Increment District on the northwest corner of Jefferson Avenue and
Lexington �arkway, and
WHERE�S, the City of Saint Paul issued $2,065,000 in general obligation
bonds to finance the activities within the District, and
WHEREAS, the bond issue was scheduled with final maturity in 1994
based on pXojected property taxes within the District, and
WHERE�S, tax increment collections and interest earnings on investments
have exceeded projections to the degree that in 1989, $100,000 was distributed
proportion�tely back to Ramsey County, Independent School District No. 625
and the City of Saint Paul, and
WHEREd1S, tax increments and interest earnings have been irrevocably
deposited in the appropriate debt service fund which are sufficient to
provide for the payment of all outstanding debt, therefore, be it
RESOLpED, that in accordance with Minnesota Statutes 469.176, Subd. 1,
that the P�rk Nursery Tax Increment District is terminated as of February 1,
1990 and swbsequent to that date the proper City officials shall determine
the debt s$rvice fund balance over and above the amount needed for debt
service an� transmit said amount to the Ramsey County Assessor for distribution
to Ramsey Qounty, Independent School District No. 625 and the City of Saint
Paul in proportion to their 1990 tax rates.
--- �� �. f'7JClLfl..t' .
.
mon as -Navs- Abse1�- Requested by Department of:
oswi �— �—
on _ � Finan nd Mana em ervices
acca e _�_
e ma
�u e � �
�z s�"ron B • r
� ��
, ��� �J
Adopted by Council: '� Date
MAR 2 9 199U Form Approv by City A orney
Adoption Certified �y Council Secretary By:
BY° � ��"��� Approve y Mayor for Submission to
PP Y Y M1AR 3 0 1990 Council
A roved b Ma or: D�te �
g �.�j/��.G,��� gY' ,d!�ili� /
Y�
C�►°`,� ._'
I
. . � �o-ai�
.
DEPARTMENTlOFFI(�JOOUNqL DATE INITIATED
Finance anu Manaqement S rvices Ol/05/90 GREEN SHEET N�. � O��
CONTACT PERSON Q PHONE INfMLI DATE INITIAUDATE
�DEPARTMENT DIRECTOR 5 �CITY COUNqL
Gary &. Norstrem x 0�6 N�� m CITY ATTORNEY ��CITY CLERK
MU8T BE ON COUNGL AOENDA BY(DA ROUTINO �BUOQET DIRECTOR m FlN.d NK3T.BERVICES DIR.
MAYOR(Op A881$TANn �
TOTAL�OF SIGNATURE PAO 0� (CLIP ALL LOCATIONS FOR 8KiNATUR�
ACT10N REGUESTEO:
Pass City Council Resolu ion closing out the PARK NURSERY TAX INCREMENT DISTRICT. REeE�V
�a
��� � ��
RECOMMENDATIONB:MP�(�)o►R (R� COUNCIL COMMITTECJRE8EARCH i� ONAL .
_PLANNIN(i()OMMISSION _ L SEFIVICE COMMISSION ��YST `�, OF .BHONE NO.
_GB COMMITTEE �A� �. O 19 �EPqRT �HE t3rR
COMMENT8:
—sT� — ,�;g ; �" �TT 0��)�� "AGE""FryT s�RV�CE
_asrAicr oou� — S
SUPPORTS WHICN COUNqL OBJEC7IVE?
INITIATINO PFiOBLEM,188UE,OPPORTUN (1Nho,What,When,Where,Why):
This District was oriqin lly scheduled to be closed in 1994 when the last bond from a 1978 issue in the amount of
$2,065,000 matures. Exc ss Tax Increments and excess i n�e in s are available to call the Bonds
maturing in 1992, 1993 d 1994, defease the Bonds matu��/199�������bt service for 1990.
d � �v�i�E+�
v�A� 1 � �I`���
�iTY �t_� _a �.��e��Y
ADVANTA(iE3 IF APPROVED: .__�_ , j
Allows City to close out the District four years early. t �
C�
RECEIVEt� JA/jl��
� ,
A N 2 5 1990 �vOG,,�- ,`�
t7f���f
���v�s oFF�c�
DISADVANTAOES IF APPROVED:
NONE
DI8ADVANTAQES IF NOT APPROVED:
The fund balance would c tinue to earn excess interest eamings which annually would be returned to the
taxing District and woul delay the closing of the District for at least another year.
RfCEiVED �uur�cit I�ESearch �:enter
�'E8�1�� JAN 2 61990
ClTY CLERK
TOTAL AMOUNT OF TRAWSACTION COSTJREVENUE BUDGETED(CIRCLE ON� YE8 NO
FUNDINQ SOURCE Park Nurse Debt Service Fund (#968) ACTIVITY NUMBER
FlNANpALINFORMATtON:(IXPWN) Af r February 1, 1990, we will determine amount necessary to defease the out"standing
Bonds (if any) and send cess balances to Ramsey County for distribution. ^`
�!�
, _ _ _ - ' - �yp-o�?/•�
:O:
CITY OF SAINT PAUL
INTERDEPARTMENTAL MEMORANDUM
March 16, 1990
TO: Finance, Management and Personnel Committee
FROM: Gary Norstrem�����j`«""�
RE: Park Nursery Tax Increment District Close-out and
Distribution of Excess Increments to Taxing Units
The Park Nursery Debt Service Fund Balance prior to debt payments
on 2-1-90 !was 51,380,910.62.
On February l. 1990 debt was paid as follows:
$218,�450.00 2-01-90 Principal & Interest
100,b00.00* 2-01-91 Principal
200,p00.00 2-01-92 Principal (called)
220,p00.00 2-01-93 Principal (called)
220,b00.00 2-01-94 Principal (called)
-----�-----
$958,+�50.00
*The City advertised an offer to buy the $200,000
2-1-51 maturities from the bondholders (these bonds
were not callable) . Only $100, 000 of the 1991 bonds
were available for the City to buy back. There remains
$100, 000 in outstanding bonds maturing on 2-1-91.
Fund Balan�e has been set aside and invested to cover the August
1, 1990 interest payment ($2,750.00) and the February 1, 1991
principal �nd interest payment ($102,750.00) on these outstanding
bonds.
The attach�d sheet shows distribution of the fund balance.
SD:aw -
attach. '
parkexc.mern/b:aw7
�, . • ��� "�zi�
� a
pARR NIIRSERY TA% INCREMENT DISTRICT
Fund BalanCe 2-2-90 $ 422,460.62
Taxes 2�5-90 4,785.76
Interest 2-15-90 4,390.17
Int�rest 3-2-90 362 .08
Interest 3-2-90 1,426.64
Fund BalanCe 3-5-90 . $ 433,425.27
Debt Servi�e 8-1-90 $ 2,750.00
Debt Servi�e 2-1-91 102,750.00
Total Reserve for
Debt Service ($ 105,500. 00)
Estimated Balance for Distribution
to �axing Entities $ 327,925.27
Shirley Davis
March 6, 1,990
- -
/sd/pnclos�e ,
i
� C��o ,ai�
�„�,,,y,,, CITY OF SAINT PAUL
e�u t n i�
OFFICE OF THE CITY COUNCIL Members:
Janice Rettman, Chair
Roger Goswitz
Paula Maccabee
JANICE RETTMAN � COMMITTEE REPORT
Counc�person �
� FINANCE, MANAGEMENT AND PERSONNEL COMMITTEE
MARCH 19, 1990
1. ApprovaY of minutes of March 12 1990 meeting
Approved
2. Resolution 90-213 - placing the $10,000 allocated to the Child Care
the Child Care Initiative in Contingency to be moved to Community
Services. (Referred from Council 2/8/90)
Resolution approved with direction that two policy issues would go
to the I�uman Services Committee for discussion: 1) Notification process for
Child C�re Partnership Program; 2) Status report of Child Care Financing
Program through PED.
3. Resolution 89-2147 - amending the Civil Service Rules concerning
Examination Procedures. (Referred from Council 12/7/89)
Laid ov�r one month
4. Resolut�on 90-179 - authorizing payment in the amount of $2,250 to Robert P.
Kunz, J�. from the Judgment and Compromise Fund in settlement of claim.
�Referr�d from Council 2/1/90)
Approved
5. Resolution 90-227 - amending the 1990 budget by adding $9,292 to the Financing
and Spending Plans for Police Special Projects Accreditation Program.
(Referred from Council 2/13/90)
Substitute resolution approved
6. Resolut on 90-212 - terminating the Park Nursery Tax Increment District
effecti e February 1, 1990, in accordance with state statutes. (Referred
from Co ncii 2 8 90
Approve�
CTTY HALL ROOM NO.718 SAINT PAUL,MINNFSOTA 55102 612/298-5289
:�se
7. Resolution 90-228 - amending the 1990 budget by adding $223,000 to the
Financing and Spending Plans for Public Works Engineering Fund. (Referred
from Council 2/13J90)
Approved
8. Policy discussion and direction for the 1991 and 1992 Budget.