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90-959 � I �� v � �� � Council File # - /3 Green sheet # fO lo �i RESOLUTION CITY OF S�AtNT PAUL,, MINNESOTA � , ; � y { 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� ? , ., �- -- i . 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� � �:� � . . . . , 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?