90-1962 - JT�/city attny. . . � - p
Council File ,� 9�'' / 1 � �
0 � i � I N A L C�reen Sheet #
RESOLUTION
CITY OF SAINT PAUL, MINNESOT�b►
�
Presented By
Referred To Comm3,ttee: Date
ES UTION AUTHORIZING E:�FCtJTInr�I A•".dD 1�F.LI�1T?'?�'
F FIRST AMENDMENT TO JOINT POWE�tS A��'�'',r�?'�'�?'"
E ING TO THE RIVEPFR�N� REDEVELOPMENT Pp�7JECT
WHEREAS :
. (A) The City of Saint Paul , Minnesota (the� "City") and the
Housing a d edevelopment Authority of the City 'of Saint Paul ,
Minnesota (t e "Authority") have entered into �'� at certain Joint
Powers Ap� ee ent dated as of December 1 , 1987 ( he "Original
Agreemen�` ) relating to the Authority' s Riverfr nt P.edevelopment
Pro j ect . '
(B) The Authorit_y and the City have now determined that it
is necess ry nd desirable for the Authority and the City to
enter int a irst Amendment to Joint Powers Agreement to be
dated as f cember 1, 1990 (the "First Amendm�nt") , in
substanti 11 the form of the First Amendment to Joint Powers
Agreement sub itted to this City Council for approval . '
NOW HE FORE, BE IT RESOLVED by the City Council of the
City of S int Paul , Minnesota, as follows :
I . he irst Amendment to Joint Powers Agreement to be
dated as f ecember 1 , 1990 is hereby approved in substantially
the form ub _itted to this City Council . The rZayor and Director,
Denartmen o Finance and Management Services , of the City are
hereby au horized and directed to execute and d�'liver the First
Amendment upo avnroval of the form hereof by tYie office of the
City Atto ne with onl_y such variations or chan�es from the form
of said d cu...ent submitted to this meeting as m y be necessary
to comnle e said document , or to correct any errjors therein, or
��rith such ot. er c?zanges therein as are, in the apinion of the
City Atto ne.. , not materially adverse to the interests of the
City. In th event of the absence of disa.bility of either of
said offi ers , their designee is hereby authorized and directed
to execu� s id document with the same force and effect as though
the named of icers had executed the same .
�� � IGINAL � � ��� -��°�
_2_
2 . T t e extent required by latv, .the City hereby annroves ,
consents t , nd ratifies �all actions taken by the Authority in
connection wi h the issuance of the 1990 Bonds (as defined in
the First e dment to Joint Powers A,reement) .
a s Absent Requested by Depiartment of:
imon
oswi
on
acca ee �- '
e man
u e �—
z son � BY�
�
Adopted by Council D te
NOV � 3 199p Form Approved by Cit At rney
Adoption Certified by ouncil Secretary By: /r QG'
By° Approv by Mayor for Submission to
PP Y Y �/���9G� N�V � 3 ��unc'
A roved b Ma ors D te ;
By: �l_
i���`�"'' � c_- By'
PUSLlSNEO ���0 V 17 1990
� � � � G� f�-AL _(
' i �Council File # �'(q�!%L
Green Sheet #` --�L�
RESOLUTION
CITY OF SAINT PAUL, MIN SOTA
Presented By r
Referred To Committee: Date
RES UT ON OF THE CITY OF SAINT PAUL AUTHOF.IZING THE }
EXEC N OF FIRST AT��ENDP�ENT TO JOINT P(�AEffS AGREEMENT
IN C N CTION WITH THE RIVF.RFRONT REDEVELOPMENT PROJECT
A�EA AN EVELOPr2ENT DISTRICT
jJHE AS , purs�ant to P�innesota Statutes , Section 469 . 00I through
469. 048 a d 69. 124 hrough �+69. 134, as amended (the "Act") the City
of Saint au , Minnes ta (the "City") has , acting jointly with The
Housing a d . edevelopm t Authority of the City of Saint Paul ,
Minnesota (t e "Authorit ") , undertaken the Riv�rfront RedeveloP-
r.ient Proj ct and Developr_Z t District (the "Project") and has
adopted a P.e evelopment Pla and Development Program therefor
(the "Dev lo ent Pro;ram") ;
- j�IE AS , the purposes of t e Project Redevelonment Plan and
Developme t rogram are (a) to de elon or redevelop sites , lands
or areas ��it in the City which are�,already built uu �ahich qualify
as a rede el pment district under PTi�nesota Statutes , Section
469. 174, . ub ivision I0; and (b) to u�dertake and finance these
actions a _o e project utilizing tax ii�crement financing;
,�
WHE AS , the City has , acting jointly �aith the Authority,
pursuant o he Redevelonment Plan and Development Program and
the provi io s of Minnesota Statutes, Sections 469. 174 to 469 . 179 ,
as amende ( e "Tax Increment Act") created a Cax increment
financing district within the area comprising '�he Project (��ie
"Tax Incr me t District") and has adopted a tax �increment fi,r�an-
cing nlan th efor (the "Tax Increment Plan") ;
ti�IER S , the Tax Increment Plan authorizes certain exnendi-
tures to ina ce certain public redevelonment costs �vithin the
Project a ea, including but not limited to, land acquisition,
relocatio , s ' te preparation, demolition, utilities , construction
of �.�par�;'n� amp and other public improvements (collectively,
th� "Publ' c develovment Costs") and the issuance of tax incre-
ment bonds to finance the same;
.
WHER� S , on December 22, 1987 , the Authority issued its
$14, 775 , C1 0 T r.inorary Tax Increment Revenue Sonds , Series 1990
, and its $8, 30 , 000 Ta�able Tax Increment Revenue 3onds , Series
I990 (col ect'vely, the "I987 TemAOrary 3onds") to finance certain
nublic re eve ovment costs within� the Project ;
OR�IGINAL ���a-���
_2_
WHERE S , the City and the Authority have heretofore entered
into hat er ain Joint Powers Agreement, dated as of December 1 ,
1990, 'n c nn ction with the Project ;
WHE S , the Authority intends to issue in an amount not to
exceed its .$I , 775 , 000 Temporar_y Tax Increment Revenue Bonds ,
Series 199 ���ta d in an amount not to exceed its $8 ,300, 000 Taxable
Tem�orary a� Increment Revenue Bonds , Series 1990 (collectively,
the� "Serie I �0 Temporary Bonds") to refund a portion of the
1987 Tempo ar �onds ;
WHERE S, the '`�eries 1990 Temporary Bonds are being issued
pursuant t M nneso�a Statutes , Section 469. 178 , sub. 5 in
anticipati n f the issuance by the City of its general obligation
tax increm nt revenue `bonds (the "General Obligation Revenue Bonds")
pursuant t M nnesota Statutes , Section 469:178 , 5ub. 2 ;
WHERE S , it is necess�a�ry to amend the Joint Powers Agreement
to include a inding covena t of the City to issue the General
Obligation Re enue Bonds to y the Series 1990 Temporary Bonds
at their m tu ity, or such dat as they are called for earlier
redemption;
WHERE S , a form of First Amen ment to Joint Powers Agreement
between tk A thority and the City ated as of December 1 , 1990
has been p eu red and reviewed by th City staff and legal counsel ;
NOW E FORE BE IT RESOLVED by tY�e City Council of the
City of Sa'nt Paul, Minnesota, as follo
1. e irst Amendment to the Joint owers Agreement (the
"First Ame dm nt") , in the form submitted t the City at this
meeting is he eby approved. The First Amen�ent is authorized
and direct d o be executed and delivered in �he name of and
on behalf f he City by its Mayor, Clerk, Dir�ctor, Department
of Finance an Management Services and Treasure�.
'�
, �2. T e orm and terms of the First Amendment may be varied
prio� to e ec tion and delivery by the parties thereto , provided
th�.t any s ch variance shall not be, in the opinion of counsel
to the Cit , aterially adverse to the interests of the City.
The execut'on and delivery of the First Amendment 'shall be
conclusive ev' dence of the determination that anv such variance
was not mater'ally adverse to the intexestsof the City.
0 R�I G�o � � L ��o�9�a
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3 . T e erformance of all covenants and agreements of the
City conta ne in the Joint Powers Agreement , as amended by the
First Ame� me t and this Resolution are authoriz�d by the Act ,
the Tax In re ent Act and this Resolution.
4. T e ssuance of the General Obligation Tax Increment
R.evenue Bo ds (the "Bonds") in an amount not to exceed . $23 , 075 ,000
to permane tl �inance the Public Redevelopment Costs is hereby
approved. Th Bonds would be issued no earlier than December l ,
1992, the pt onal redemption date for the Series 1990 Temporary
Bonds , nor la er than December 1, 1993 , the maturity date of the
Series 199 T mporary Bonds . The interest rate, maturity schedule,
optional y de ption provisions , timing of issuance, principal
amount, an o her details of the issuance of the Bonds shall be
consistent wi h the provisions of the First Amendment and as set
forth in a re olution of the City Council to be adopted at the
time of is ua ce of the Bonds .
5 . A 1 ctions of the inembers , employees and staff of the
City heret fo e taken in furtherance of the Project and the Tax
Increment is rict are hereby approved, ratified and confirmed.
6. T e ayor and City Clerk and other officers of the City
are author ze and directed to prepare and furnish certified
copies of - II proceedings and records of the City relating to
the First me dment and such other affidavits and certificates
as may be eq ired to show the facts relating to, the legality
of the Fir t endment as such facts appear from the books and
records in sa d officers ' custody and control or as otherwise
known to t em and all such certified copies , certificates and
affidavits i cluding any heretofore furnished, shall constitute
representa io s of the City as to the truth of all statements
made by th C ty and contained therein.
7 . I a y provision of this Resolution sha1l be held or
deemecl to e r shall, in fact, be inoperative or unenforceable
as applied in any particular case in any jurisdiction or juris-
dict,.i�ons o i all jurisdictions or in aIl cases because it
cor�flicts it any provisions of any constitution or statute
or rule or pu lic policy, or for any other reason, such circum-
stances sh lI not have the effect of rendering the.provision in
question i op rative or unenforceable in any other case or
circumstan. e, or of rendering any other provision or provisions
herein con ai ed invalid, inoperative or unenforeeable to any
extent wha so ver.
C
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ORIG � i�IAL � �-yo�y��
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8 . I t e event any of the officers of the, City authorized
to execute o uments on behalf of the City under this resolution
shall for ny reason be unable to do so , any mem er of the City, -
. or any oth r ..fficer of the City, is hereby dire�ted and authorized
to do so o b half of the City, with the same ef�ect as if executed
by the off' ce authorized to do so in this resolution.
,
9. T is Resa,�ution shall take' effect i�ediatel_y.
�.
�``�
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ea Navs Absent Requested b �Department of:
imon
oswitz �CG� `�
on
acca ee
,�
ettman _
une +
i son By: �
i
Form Approved byl' C� Attorney
Adopted by Council�: D te
Adoption Certified y ouncil 'Secretary gy:
BY= Appr ed by Maya'r for Submission to
Cou il `
Approved by Mayor: D te '
/ .
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By: y� �
' �..
..� � �"��—l�j(o�-
DEPARTMENT/OFFICE/COUNqL DATE INITIATED �
PE� 1 G . EEN S� EE No. 4�N��4
OONTACT PERSON d PHONE ENT DIRECTOA m CITY COUNqL
BOb Geur'S X3LL1 �� AITORNEY �cmc�wc
MUST BE OOUNqI A(iENDA BY(D ROUTINO BUDCiET DIRECiOR FIN.8 MOT.SERVICES DIR.
�O v � Q MAYOR(OR ABSIST
TOTAL#�OF SIGNATIlRE PA (CLIP ALL LOCATIONS FOR SIGNATUR�
ACTION REQUESTED: Cl ty d t ori zes modi f i cati on to Joi nt Powers Agreemen wi th HRA to refund Ri ver-
front Bonds by 1 dging City General Obligation takeout in 199 . Resolution will be
recommended for a op ion on Novemner 13, 1990, onl if referr refundin method with
Fu�i Ban does o w rk out.
RECOMMENDATIONS:Approve(/q a Re (F� COUNCIL COMMITTEE/RESEARCH F�PORT OPTION
_PLANNINO COMMISSION VIL CE COMMISSION ��YHT PHONE NO.
_CIB COMMITTEE
COMMENTS:
_STAFF
_DISTRICT COURT
SUPPORTS WHICH COUNCIL OBJE
INITIATIN(i PROBLEM,ISSUE, N Whet,When,Where,Why):
Refunding of Ri e fr nt Bonds must be concluded by 12/1/90. T e resolution is needed
onl as a conti nc lan.
ADVANTAOES IF APPF�VED:
Keep HRA from d f ul ing on bonds.
DISADVANTA(iE8 IF APPROVED:
Would obligate i y issue G.O: Bonds in 1993 for Riverfront to cover projected
def i c i ts. RECEIVED
NOV021990
DISADVANTAOES IF NOT APPROVED:
If contingency e olu ion is needed and not appr.oved, HRA woul default on 1990 Bonds.
. . Q�e.��e�
H4 , 2�°t��
TOTAL AMOUNT OF TRANSACTI : M C08T/REVENUE BUDOETED(CI E ON� YES NO
FUNDINGt SOURCE A ACTIVITY NUM9ER
FlNANGAL INFORMATION:(IXPWN)
(�W