90-959 � I �� v � �� � Council File # - /3
Green sheet # fO lo �i
RESOLUTION
CITY OF S�AtNT PAUL,, MINNESOTA �
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Presented By `-� _
Referred To Committee: Date
WHEREAS, in 1978, the City of Saint Paul established the
Park Nursery Tax Increment District on the northwest corner of
Jefferson Avenue and Lexington Parkway, and
WHEREAS, 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 projected property taxes within the District, and
WHEREAS, tax increment collections and interest earnings on
investments have exceeded projections and on December 28th, 1988 ,
$100, 000 was distributed proportionately back to Ramsey County,
Independent School District No. 625 and the City of Saint Paul,
and
WHEREAS, 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, and
WHEREAS, in accordance with Minnesota Statutes 469. 176,
� . Subd. 1, and Council Resolution 90-212 adopted by the City
Council on March 29, 1990 and approved by the Mayor on March 30,
1990, the Park Nursery Tax Increment District was terminated as
of February l, 1990,
� NOW, THEREFORE, BE IT RESOLVED, that the City Council, based
on the Mayor's Recommendations pursuant to Section 10. 07. 1 is
amending the 1990 Budget to allow for the distribution of the
existing $322 , 549 . 26 in fund balance, and the City Treasurer
shall distribute a check for $322 , 549.26 to the Ramsey County
Assessor for distribution to Ramsey County, Independent School
District No. 625 and the City of Saint Paul in proportion to
their 1990 tax rates, and be it Further
PAGE 1 of 3
� . � � ��o-q��
RESOLVED, that the City Council approves the following changes to
the 1990 budget.
Current Amended
Budget Changes Budget
------- ------- -------
FINANCING PLAN
968 Park Nursery Development
TIGO Fund
89115 Park Nursery Development
TIGO Debt Service Account
9880 Fund Balance Designated
for Debt Service - 0 - 322 , 549 . 26 322, 549.26
All Other Financing 1, 058,450 (97, 250. 00) 961, 200. 00
---------- ---------- ------------
Total Financing 1, 058, 450 225, 299. 26 1, 283 , 749. 26
SPENDING PLAN
968 Park Nursery Development
TIGO Fund
89115 Park Nursery Development
TIGO Debt Service Account
0527 Distribution of Excess
Tax Increments - 0 - 322 , 549 . 26 322, 549 . 26
0611 Long Term Debt Interest 28,450 2 , 750. 00 31, 200. 00
0621 Long Term Debt Maturity 1, 030, 000 (100, 000. 00) 930, 000. 00
--------- ----------- ------------
Total Spending 1, 058,450 225, 299.26 1, 283 ,749 . 26
PAGE 2 of 3
. . � - `� � � (��a--��s9
AND BE IT FINALLY RESOLVED, that when the City of Saint Paul
eventually receives its excess distribution of tax increments
from Ramsey County, estimated to be $98, 109 .81, that the City
Treasurer deposit the money in the City's General Debt Service
Fund where it can be used to reduce 1991 property tax levies for
previously issued bonds.
APPROVED AS TO FUNDING APPROVAL RECOMMENDED
w �
F NANCE DIRECTOR BUDGET D ECTOR
r2l�C�
S-i�`l�
, PAGE 3 of 3
Y�as Navs Absent Requested by Department of:
imon ��_
owi — �— Finance and Management Services
acc ee �—
e ��an -'� � � n
iuson T— By: C � �.(.l�u
Adopted by Council: Date JUN 7 1990 Form Approved by City torney
Adoption Certified by Council Secretary By. �
By' Ap oved by Mayor for Submission to
ouncil
Approved by Mayor: Date (o/71�Q �UN '7 1990� ? , .,
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J �
By: ���/�--��•� � By: ,�C �
PUBUSNEO J UN 16 1990
.______ _ _ _
— __ __ __ _ _.
_ . _
' ' RECEIVE[� C�Q��" -'�I'L
, DEPARTMENT/OFFICE/OOUNqL DATE INITIATED 10 6 6
Finance & Management Services 05/11/90 GREEN SHEE�(�� ;3 � 1qq�1�. �NiTUUO�7�
CONTACT PERSON�PHONE �DEPARTMENT DIRECfOR �CITY COUNqL
Gary R. Norstrem 292-7016 ��� �Cmr arroRNev
MU8T BE ON COUNCIL AOENOA BY(DATE� ROUTN�Ni 3❑BUDOET DIRECTOR �� .�VICES DIR.
�MAYOR(OR AS818TANT) �
TOTAL�1 OF SIONATURE PAGES (CLIP ALL LOCATIONS FOR SIONATUR�
AC710N RE�UESTED:
Passinq this resolution amends the 1990 Park Nursery Development Tax Increment F`und Budget to provide for the
proportionate distribution of $322,549.26 fund balance to Ramsey Cq31 Nl��pendent School District #625 and
the City of Saint PauL �C���
REOOMMENDATION8:Approvs(AI w ReJeat(F� COUNCIL COMMI7TE AL
_PLANNINQ COMMISSION _GVIL BERVICE COMMISSION ��� ��E�.
_c�s coMMirree _ dIRECTOR
_sTn� _ co�eNrs: RTMF.NT Of
_������� OEPP► cMEIdT SERVICES
— �:ND MA�lAG�
SUPPORTS WMICM COUNCIL OBJECTIVE?
INITIATIN(i PROBLEM,ISSUE,OPPORTUNfTY(1Nho,WhM,When,Where,Why):
In accordance with State statute, Park Nursery Tax Increment District vras closed out on February 1, 1990 (four
years earlp) and excess fund balance should be distributed to the taxinq entities in a timelp manner.
ADVANTAOES IF APPROVED:
Budqet amendment provides the spending authority necessary to fulfill the City's obligatfon under State law.
DISTRIBUTION MILL RATE
Citp of Saint Paul (30.417�) $ 98,109.81 31.422
Ramsey County (29.321�) 94,574.67 30.290
Independent School District #625 (40.262$) 129,864.78 41.592
322,5 9.2
DI8ADVANTA(iE3 IF APPROVED:
None
RECEIVED
'�� ..,.._.
�fAY 1� 1990
BUDGE7 OF�lCE
DISADVANTAOES IF NOT MPROVED:
City would not be fulfillinq its obliqations under law. RECF�uFn
Mp,Y 311994
��u,+�,�i ���searcn t;ent�r
C11" C�.ERi�
�aY 3 ��o
...AA
225 296.26
TOTAL AMOUNT OF TRANSACTION : � C08T/REVENUE 8tlDOETED(GRCLE ONE) YES NO
FUNDtNQ SOURCE Park Nursery Development Tax Increment Fund ACTIVIT Y NUMBER 89115
FlNANqAL INFORMATION:(EXPLAIt�
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NOTE: COMPLETE DIRECTIONS ARE INCLUDED IN THE GREEN SHEET INSTRUCTIONAL
MANUAL AVAILABLE IN THE PURCHASING OFFICE(PHONE NO.298-4225).
ROUTIN(3 ORDER:
Below are preferred routings for the flve most frequent types of documents:
CONTRACTS (assumes authorized COUNCIL RESOLUTION (Amend, Bdgts./
budget exists) Accept.Grants)
1. Outside Agency 1. Department DireCtor
2. Initiating Department ' �'t, � 2. Budget Director
3. Gty Attorney 3. Ciry Attomey
4. Mayor 4. MayodAssistaM
5. Finance&Mgmt Svcs. Directof � ; 5. City Council
6. Finance Accounting .. 6. Chief Accourrtant, Fln 8�Mgmt Svcs.
ADMINISTRATIVE ORDER •.,{Budgef CAUNCIL RESOLUTION (all others)
'Revisioh) and ORDINANCE
1. Activity Manager " - , � 1• Initiating DepaRment Director
2. DepartmeM Accountant 2• ` City Attomey
3. Department Director 3. MayoNAseistaM
4. Budget Di�ector 4. City Council
5. Ciry Clerk
6. Chief Axountant, Fin&Mgmt Svcs.
ADMINISTRATIVE ORDERS (all othe►s)
1. Initiating Department
2. City Attorney
3. Mayor/Assistant
4. City Clerk
TOTAL NUMBER OF SIGNATURE PAGES
Indicate the#of pagea on which signatures are required and paperclip
each of these p ges.
ACTION REQUE3TED
Describe what the projecUrequest seeks to accomplish in either chronologi-
cal order or order of importance,whichever is most appropriate for the
fasue. Do not write complete sentences. Begin each item in your list wIM
a verb.
RECOMMENDATIONS
Complete if the issue in questbn has been presented before any body, public
or private.
SUPPORTS WHICH OOUNCIL OBJECTIVEI
Indicate which Council obJective(s)your project/request supports by IisUng
the key word(s)(HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT,
BUDGET, SEWER SEPARATION). (SEE COMPLETE LIST IN INSTRUCTIONAL MANUAL.)
COUNCIL COMMITTEEIRESEARCH REPORT-OPTIONAL AS REQUESTED BY COUNCIL
INITIATING PROBLEM, ISSUE, OPPORTUNITY
Expla�n the situation ar conditiona that created a need for your project
or request.
ADVANTAGES IF APPROVED
,Indicate whether this is simply an annual tsudget procedure required by iaw/
charter or whether there are speciflc wa s in which the City of Saint Paul
and its citizens wlll benefit from this pro�ecUactfon.
DISADVANTAGES IF APPROVED
What negative effects or maJor changes to existing or past processes might
this projecUrequest produce if it is passed(e.g.,traffic delays, noise,
tax increases or assessments)?To Whom?When?For how long?
DISADVANTA(3ES 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 revenue7
FINANCIAL IMPACT
Although you must tailor the information you provide here to the issue you
are addreesing, in general you must answer two questions: How much is it
going to cost?Who is going to pay?