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90-2066 UKIVIIVHL t ��-�� >° , - �� r �.:�,. - �., �� t.��ti}:� �o- � Council File � a foSO ' Green Sheet # �5 5� � RESOLUTION � CITY OF SAINT PAUL, MINNESOTA � Pres nted By � � < � � Refer�ed To t 1(�/��/_.�J /,./ ��ly ��//� Cormii ttee: Date ( J D jJ - � � _______________________�_____________________________=________--____________�=°'�=-�r--�?__ 1 Whereas, The Board of Water Commissioners has proposed a rate increase in its = 2 water usage rates ta be effective in 1991 and thereafter; and 3 Whereas, Th� City Council would like to propose to the Board of Water 4 �--Commissioners the possibility of establishing a program to encourage water conservation 5 and a study of the rate structure to consider the possibility of implementing a flat rate 6 structure for all water usage rates; now therefore be it 7 Resolved, That the Council of the City of Saint Paul does hereby request that the S Board of Wat�r Commissioners implement a study for the purpose of considerin� the 9 development of a Water Conservation Investment Program, modelled after the e:cistin� 10 Energy Conse�rvation Investment Program, to provide funding to any qualified non-profit 11 organization submitting proposals for water conservation programs, including but not 12 limited to, public e�ucation efforts concernin� water conservation, home or business 13 water conservation audits, and assistance to water users in obtainin; and installing water 14 conservation equipment such as low-flow toilets and restrictive shower heads and 1� faucets; and be it 16 Further Reso�ved, That the Board also study the possibility of adoption of a flat 17 rate structure for water usage for all water users to be effective beginning January 1, 18 1993; and be it 19 Further Reso�ved, That the Board, together with the Department of Public 20 Works, consider the possibility of implementing a permit fee system to fully fund the 21 Utility's costs of implementing the Gopher State One. Call requirements. ✓ - � � �--GLI.C� C�2'� � � C'r��2 ________________________�_____________--------------------------- -----�_______________________________________ _________________�_____-______-_-------- - ----- Yeas Na s Absent Requested by Department of: Dimon Goswitz Lon Maccabee Rettman Thune Wilson By: _________________�____*—______—_________ • ' � Form Approved by City Attorney Adopted by Council: Date Adoption Certified by Cowncil Secretary By, - BY� � Approved by Mayor for Submission to Approved by Mayor: Datq Council By: By: : � _ �..s .�.�l�..er•".�............ J..n.....f�. s. �.�..::zt f ..�.� ;l'.fiY�C..L"...wS. J:W-':l �Y'!'}S„7d 4_rwA ',ro!'i.w."o!fM:.FJ.a+..-J.. _:�t++: •^ . .,.� ..-..":.. . .�.:. ^. 1 ' :;.: .. �,'.. ....� , -... ' . , ... ' . :..r .s.•:t� .a.• r.�e�a.s- . , : .,�- . �::... -:.�� ._; �-- ,.,_: ..... ..,..i ... .., . � �i. .' .,. -:� . . � ...� ..,-.,. . :' . ' � Counci l Fi le # ��' �,��J.��° � �R1�INA " Green Sheet # RESOLUTION CITY O SAINT PAUL, MINNESOTA • a Presented By i Referred To "—�j/ Committee: Date ----------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------- JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL AND THE PORT AUTHORTI'Y OF THE CITY OF SAINT PAUL WHEREAS, the Port Authority of the City of Saint Paul (the "Port Authority") is a body corporate and politic initially created by the Minnesota legislature in 1929, founded in 1932, and subject to the provisions of Minn. Stat., Chapter 469, the Minnesota Economic Development Act (the "Act"); and WHEREAS, since appro�mately 1932, the Port Authority has been using its powers under the Act and its predecessor statutes to cause industrial, commercial and economic development to occur in the City of Saint Paul and its surrounding communities, and in connection with such development, since approximately 1957, has issued its industrial development revenue bonds under the Act to aid in the financing of such development; and WHEREAS, in 1960 the City of Saint Paul (the "City") and the Port Authority jointly undertook the redevelopment of the City's riverfront through the issuance of general obligation bonds supported by tax revenues which in the subsequent 30 years has resulted in the creation of 5,720 jobs, total property taxes of approximately $5 million annually, the location of 65 businesses on the developed land and the removal of blighted land including the City dump; and WHEREAS, since 1974, the Port Authority has been issuing industrial development revenue bonds under its Basic Resolution No. 876, which created a common bond fund and reserve system that enabled the Port Authority to provide long term low interest rate financing in support of its industrial, commercial and economic development activities, and currently has more than $335,000,000 of its industrial development revenue bonds outstanding under Basic Resolution No. 876, providing financing to more than 150 individual projects; and WHEREAS, through the issuance of revenue bonds, the Part Authority has provided a valuable service to the City and its surrounding communities and has promoted the general welfare of the City through the active attraction, encouragement and development of industry and commerce, and the corresponding retention and improvement of the City's tax base; and WHEREAS, Port Authority-supported projects currently generate more than $25 million annually in property tax revenues, have created or retained 38,000 jobs in the City and account for almost 30% of the City's commercial industrial tax base; and � Rfi�l � . . (� ,�Q �,�; ,� • \��i7EREAS under i n 4 , Sect o 69.053, Subd. 4 of the Act, the Port Authonty is entrtled to request, and the City is required, upon such request, to levy a ta�c for the benefit of the Port Authority, up to 0.01813 percent of the t�able market value of the property in the City, which sum shall be paid by the City Treasurer to the Treasurer of the Port Authority, to be spent by the Port Authority (the "T� Levy"); and WHEREAS, members of the City Council of the City have suggested that it is not in the best interests of the taxpayers of the City to allow the Port Authority to use the Tax I.evy for purposes of paying operating or other costs attributable to existing projects, funded either under Basic Resolution No. 876 or otherwise, and have suggested that the Port Authority's right to use that Tax Levy should be restricted by the legislature to avoid such use; and WHEREAS, the City Council of the City and the Port Authority have agreed that the best interests of the City, and its taxpayers, would be served by encouraging the Port Authority to continue to provide for new economic development opportunities, and to that end that the T� Levy continue to be available to the Port Authority for that purpose; and WHEREAS, the Port Authority similarly believes that it is important to the City and its ta�cpayers that it continue to provide economic development support to the area through the use of the Tax Levy and otherwise, and is willing to restrict its use of that Tax Levy to pay for or support future economic development; and WHEREAS, Port Authority staff has identified plans for the use of the Tax Levy in support of new business development which (a) call for the issuance of revenue bonds in the approximate amount of $8,280,000 (the "Reserve Bonds") to capitalize a new $61,000,000 Business Development Program (the "Business Development Program") to directly assist in financing projects which add to the job and t� base of the City; (b) require the Port Authority's commitment to request the Tax Levy in each year for at least 20 years beginning in 1990, to secure those bonds or any other obligations entered into by the Port Authority in furtherance of the purposes to be served by the Job Creation Fund described below; (c) allow the Port Authority to transfer earnings from the Business Development Program, as well as portions of the Tax Levy not needed to support the Reserve Bonds referred to in clause (a), to a job creation fund (the "Job Creation Fund") to be used by the Port Authority only to (i) support the acquisition of land for new development, (ii) support a small business loan guaranty program or other similar program, which does not compete with existing programs, (iii) provide direct subsidies to attract or retain businesses in the City; and (iv) to undertake other new economic development activities; (d} result in the leveraging of the T� Levy to support future economic development in an amount far greater than that which would be supported by the direct use of the Tu� Levy; (e) call for the Business Development Program to be used to assist projects generally in the $3,000,000 to $5,000,000 range consistent with the Port Authority's existing mission statement and loan criteria; (� result in the generation of estimated annual real estate ta.�ces which will exceed the amount of the annual Taac Levy within six years, and will be double the amount of the annual Taac Levy within ten years; and (g) preclude the use of the T� Levy to pay debt service on existing bonds or otherwise to support existing projects or staff costs; and WHEREAS, the City Council and Port Authority both agree that the implementation of such a plan should be pursued, for the benefit of the City and its t�payers. NOW, THEREFORE, IN CONSIDERATION OF THE ABOVE REPRESENTATIONS, IT IS HEREBY JOINTLY RESOLVED by the City Council of the City of Saint Paul and the Board of Commissioners of the Port Authority of the City of Saint Paul as follows: 1. The Business Development Program and the Job Creation Fund as generally described in this Resolution are hereby approved. The Board of Commissioners of the Port Authority hereby understand and agree that the Port Authority shall (a) use the Tax Levy, (b) issue the Reserve Bonds; (c) issue obligatipns to fund loans made to businesses (the "Development Obligations"); and �� i �'�i f`� � � -' .� �,'�7(�✓' ' (d) issue other obligations to serve the purposes of the Job Creation Fund, only in keeping with the purposes described in the eleventh Whereas clause of this Resolution. In furtherance of these purposes, the Board of Commissioners of the Port Authority further agrees to (x) develop guidelines for implementation of the Business Development Program and Job Creation Fund; (y) make such guidelines available to the public, District Councils and the City Council of the City; and (z) report annually on the use of the Tax Levy, Business Development Program earnings and Job Creation Fund, and the real estate taxes generated through such programs. 2. In order to enable the Port Authority to fulfill the purposes of the Business Development Program and the Job Creation Fund described in this Resolution, the City Council of the City hereby agrees that it will not take any action, except as provided in this paragraph 2 or in paragraphs 4 through 6, to eliminate or modify the Taac Levy which is to be pledged thereto, and that it will actively oppose any such action proposed by the legislature or any other party. Should the City Council and the Port Authority determine that the goals of the Business Development Program and Job Creation Fund, as described in this Resolution or reported by the Port Authority pursuant to paragraph 1, above, are not being met, the Business Development Program can be terminated. If the Business Development Program is so terminated, the Reserved Bonds shall be redeemed from the proceeds thereof originally deposited in a reserve for the Business Development Program (the "Reserve") and the Tax Levy shall be terminated. Notwithstanding the foregoing, however, the City Council and Port Authority both understand and agree that, if the Port Authority has issued Development Obligations which are secured by the Reserve: (a) such Reseroe must be maintained in an amount sufficient to continue to support such outstanding Development Obligations (currently estimated to be 20% of the outstanding principal amount of the outstanding Development Obligations); (b) the principal amount of the Reserve Bonds to be redeemed must be reduced accordingly; and (c) the Port Authority shall continue to request the Tax Levy in an amount sufficient to pay debt service on the Reseroe Bonds still outstanding. 3. The Port Authority is hereby authorized and directed to immediately proceed to structure and sell Reserve Bonds in a principal amount which will result in average annual debt service of no more than $1,050,000 (estimated to be $8,280,000 of Reserve Bonds) and to deposit the proceeds of such Reserve Bonds in the Reserve to capitalize the Business Development Program. 4. The Port Authority is hereby authorized and directed to request a Tax Levy in each of the first five years of the proposed Economic Development Program, beginning with the Tax Levy made in 1990 (and payable in 1991), in an annual amount of $1.3 million, �rovided that, during the first five years of the Economic Development Program any portion of such annual $1.3 million Ta.�c Levy which is both (a) in excess of $1,050,000 and (b) determined to be in excess of the City's levy limits, shall not be included in the Tax Levy without specific approval of the City. To the extent that the Tax Levy made during the first five years of the Economic Development Program exceeds the amount necessary to pay debt service on the Reserve Bonds, such amount shall be deposited in the Job Creation Fund and used only for the purposes described in the eleventh whereas clause of this Resolution. 5. In addition to the Tax Levy requested under paragraph 4, above, the Port Authority is hereby authorized and directed to request a Tax Levy in each of the sixth through twentieth years of the proposed Economic Development Program, beginning with the T� Levy made in 1995 (and payable in 1996) in an annual amount sufficient to pay debt service on the Reserve Bonds. In addition, during this period the Port Authority may increase the amount of the annual Tax Levy requested by up to an additional $250,000 per year if the Port Authority's budgeted uses of such additional amount have been approved by the City Council by Resolution prior to submission of the request. 6. Notwithstanding any of the foregoing, the Tarc Levy shall be applied solely to pay debt service on the Reserve Bonds, or on other obligations issued to serve the purposes of the Job Creation Fund, to the extent that such application is necessary to allow the Tax Levy to be exempt � ��G I N A L . . �.�� f� ' ' �from levy limits now or hereafter applicable to the City, and in this regard the City Council and Port Authority both further agree that they shall not take any action to disqualify the Ta�c Levy from the exemption from levy limits available under eacisting law, and that they will actively oppose any action proposed by the legislature or any other party to so disqualify the Tax I.evy, or to eliminate such exemption. 7. The Board of Commissioners of the Port Authority hereby agrees that for the next 20 years there will be no request for a Tax Levy under Minnesota Statutes 469.053, Subdivisions 4 and 5 except as identified by'this Resolution, except that in 1990 an additional $66,159 will be levied under Subdivision 4 to repay loans made for the purpose of paying debt service on Port Authority Bonds issued pursuant to Minnesota Statutes Section 469.60. 8. The Port Authority hereby agrees that it will not request a discretionary T� Levy pursuant to Minnesota Statutes Section 469.053 Subdivision 6 for 20 years unless such request is approved by a resolution of the City Council. Adopted by the Port Authority of the City of Saint Paul on , 1990. Chair Attest Secretary ___________________________________________________________________________________________ ------------- ------- ------ --------- Yeas Na s Absent Requested by Department of: Dimon v Goswttz `� Lon `�. Macca e Rettman '.� T une �, 41i son BY� ________________________�____—_______=_ Adopted by Council: Date DEC g �ggp Form Approved by City Attorney f.-° Adoption Certified by Council Secretary By. � /��'�°�/�!J t ' , _� BY' Approv by Mayor for Submission to Council Approved by Mayor: Date By: By: Approved without the signature of the Mayor pursuant to Section 6.0�, of the City Charter. PIIA1_��Q u�� 1 5 �99Q �� qo -�� LAW OFFICE S B13IGGS AND M013GAN PEOFESSIONAL ASSOCIATION 2200 FI$ST NATIONAL BANH BUILDING SAINT PALIL,MINNESOTA bb101 TELEPIiONE (618) 291-1216 � '� TEI.ECOPIEA (612) 828-4071 �?�^`..��;�� d f ` INCLUDIN6 THE FORMEI4 FIEM OF ��",�4� ��``•� LEVITT� PALME$,BOWEN, EOTMAN 8e SFiABE ni•r�; ,.,, ', �,.. i 1 lr%.`��i{ � WEITEB'S DIAECT DIAL NUMSEH: 223�64OU . � January 17; 1991 Mr. Albert B. Olson Clerk City of Saint Paul 386 City Hall Saint Paul, Minnesota 55102 Dear Mr. Olson: Enclosed for your file is a copy of the Joint Resolution fully executed on behalf of both the City Council and the Port Authority. I have kept a copy of this resolution in my file. Thanks for your help. Very truly yours, � Q.L�.�,�..�,_. o ansen RH:jI Enclosure ' cc: James Hart w/enc. SP70 MN WOBYD TBADE CENTER 8200 FIBST NATIONAL B9NH BUILDIN6 2400 I D S CENTEH S6INT PAUL�MINNESOTA 68101 SAINT PAUI.�MINNESOTA 66101 MINNEAPOLIS�MINNESOTA 65408 181E)281-1216 '�, 1612�EB1-1216 (919�339-0691 F ��7� , /y . � : ; � ' Counci I Fi te # D°,�� / Green Sheet # I RESOLUTION !� CITY O �INT PAUL, MINNESOTA Presented By , Re�ferred To Committee: Date ______________________�__________________________________________________________________ ' JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL AND THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS, Che Part Authority of the City of Saint Paul (the "Port Authority") is a body corporate and politic initi�lly created by the Minnesota legislature in 1929, founded in 1932, and subject to the provisions of Minn. Stat., Chapter 469, the Minnesota Economic Development Act (the "Act"); and WHEREAS, since �pproximately 1932, the Port Authority has been using its powers under the Act and its predecessor s�atutes to cause industrial, commercial and economic development to occur in the City of Saint Paul �nd its surrounding communities, and in connection with such development, since appro�imately 1957, has issued it� �n.�»�+�-�' ' ' revenue bonds under the Act to aid in th� fina�cing of suc- �o� � �i�� l�� WHEREAS, in 1960 the City o hority jointly undertook the redevelop�ent of the � �� / eneral obligation bonds supported by tax r�venues whic �� S- � in the creation of 5,720 jobs, total property taxes of app — �n of 65 businesses on the developed land and the remov; tp; and WHEREAS inc 1 �-�� !� �� -� , s e 974, the Por velopment revenue bonds under its Basic Res�olution No. ! � G I and reserve system that enabled the Port Authority to pro� � T� Z � '� ° b"� in support of its industrial, commercial and economic d� I iore th an $335,000,000 of its industrial developm� ic Resolution No. 876, providing financing to more than ] WHEREAS, through the issuance ___ .,u«��y nas provided a valuable service to the City and its surr�U��umg communities and has promoted the general welfare of the City through the aGtive attraction, encouragement and development of industry and commerce, and the corresponding retention and improvement of the City's tax base; and WHEREAS, Port Authority-supported projects currently generate more than $25 million annually in property tax revenues, have created or retained 38,000 jobs in the City and account for almost 30% of the City's commercial industrial tax base; and ' r � � , � �+ � WHEREAS, under Section 469.053, Subd. 4 of the Act, the Port Authority is entitled to �'request, and the City is required, upon such request, to levy a tax for the benefit of the Port Authority, up to 0.01813 percent of the taxable market value of the property in the City, which sum shall be paid by the City Treasurer to the Treasurer of the Port Authority, to be spent by the Port Authority (the "Tax Levy"); and ' WHEREAS, members of the City Council of the City have suggested that it is not in the best interests of the tax�ayers of the City to allow the Port Authority to use the Tax I.evy for purposes -� of paying operating, or other costs attributable to existing projects, funded either under Basic Resolution No. 876� or ot�erwise, and have suggested that the Port Authority's right to use that Tax Levy should be restricted by the legislature to avoid such use; and WHEREAS, the City Council of the City and the Port Authority have agreed that the best interests of the City, and its taxpayers, would be served by encouraging the Port Authority to - continue to provide for new economic development opportunities, and to that end that the T� Levy continue to be available to the Port Authority for that purpose; and WHEREAS, the Port Authority similarly believes that it is important to the City and its taxpayers that it continue to pravide economic development support to the area through the use of the Tax Levy and otherwise, and is willing to restrict its use of that Tax Levy to pay for or support future economic development; and WHEREAS, Port Authority staff has identified plans for the use of the Tax Levy in support of new business development which (a) call for the issuance of revenue bonds in the approximate amount of $8,280,000 (the "Reserve Bonds") to capitalize a new $61,000,000 Business Development Program (the "Business I�evelopment Program") to directly assist in financing projects which add to the job and tax bas�e of the City; (b) require the Port Authority's commitment to request the Tax L,evy in each year for at �east 20 years beginning in 1990, to secure those bonds or any other obligations entered into by the Port Authority in furtherance of the purposes to be served by the Job Creation Fund described below; (c) allow the Port Authority to transfer earnings from the Business Development Program, as well as portions of the Tax Levy not needed to support the Reserve Bonds referred �o in clause (a), to a job creation fund (the "Job Creation Fund") to be used by the Port Authori;ty only to (i) support the acquisition of land for new development, (ii) support a small business �loan guaranty program or other similar program, which does not compete with existing programs, (iii) provide direct subsidies to attract or retain businesses in the City; and (iv) to undertake other new economic development activities; (d) result in the leveraging of the Tax Levy to support future e¢onomic development in an amount far greater than that which would be supported by the direct use of the Tax Levy; (e) call for the Business Development Program to be used to assist projects generally in the $3,000,000 to $5,000,000 range consistent with the Port Authority's existing mission statement and loan criteria; (f� result in the generation of estimated annual real estate ta.tces which will exceed the amount of the annual Tax Levy within six years, and will be double the amount of the annual T� Levy within ten years; and (g) preclude the use of the Tax Levy to pay debt service on existing bonds or otherwise to support existing projects or staff costs; and WHEREAS, the City Council and Port Authority both agree that the implementation of such a plan should be pursued, for the benefit of the City and its taxpayers. NOW, THEREFO�tE, IN CONSIDERATION OF THE ABOVE REPRESENTATIONS, IT IS HEREBY JOINTLY RESOLVED by the City Council of the City of Saint Paul and the Board of Com.missioners of the Port Authority of the City of Saint Paul as follows: 1. The Business Development Program and the Job Creation Fund as generally described in this Resolution are hereby approved. The Board of Commissioners of the Port Authority hereby understand and agree that the Port Authority shall (a) use the Tax Levy, (b) issue the Reserve Bonds; (c) issue obligations to fund loans made to businesses (the "Development Obligations"); and { r � �d) issue other obligations to serve the purposes of the Job Creation Fund, only in keeping with the � �purposes described in the eleventh Whereas clause of this Resolution. In furtherance of these purposes, the Board of Commissioners of the Port Authority further agrees to (x) develop guidelines for implementation of the Business Development Program and Job Creation Fund; (y) make such guidelines available to the public, District Councils and the City Council of the City; and (z) report annually on the use of the Tax Levy, Business Development Program earnings and Job Creation Fund, and the real estate taxes generated through such programs. - ' 2. In order to �nable the Port Authority to fulfill the purposes of the Business Development Program a d the Job Creation Fund described in this Resolution, the City Council of the City hereby agrees th�at it will not take any action, except as provided in this paragraph 2 or in paragraphs 4 through 6, �o eliminate or modify the Tax Levy which is to be pledged thereto, and that it will actively oppose any such action proposed by the legislature or any other party. Should the City Council a�d the Port Authority determine that the goals of the Business Development � Program and Job Creation Fund, as described in this R,esolution or reported by the Port Authority pursuant to paragraph 1,:above, are not being met, the �Business Development Program can be terminated. If the Busin�ss Development Program is so terminated, the Reserved Bonds shall be redeemed from the proceeds thereof originally deposited in a reserve for the Business Development Program (the "Reserve") �and the Tax Levy shall be terminated. Notwithstanding the foregoing, however, the City Counc�l and Port Authority both understand and agree that, if the Port Authority has issued Development Obligations which are secured by the Reserve: (a) such Reserve must be maintained in an amount sufficient to continue to support such outstanding Development Obligations (currently estimated to be 20% of the outstanding principal amount of the outstanding Development Obligations); (b) the principal amount of the Reserve Bonds to be redeemed must be reduced accordingly; and (c) the Port Authority shall continue to request the Tax Levy in an amount sufficient to pay �debt service on the Reserve Bonds still outstanding. 3. The Part A�ithority is hereby authorized and directed to immediately proceed to structure and sell Reserve Bonds in a principal amount which will result in average annual debt service of no more than �1,050,000 (estimated to be $8,280,000 of Reserve Bonds) and to deposit the proceeds of such Reserve Bonds in the Reserve to capitalize the Business Development Program. 4. The Port Authority is hereby authorized and directed to request a Tax L,evy in each of the �rst five years of the proposed Economic Development Program, beginning with the Tax Levy made in 1990 (and payable in 1991), in an annual amount of $1.3 million, nrovided that, during the first five years of the Economic Development Program any portion of such annual $1.3 million Tax Levy which is both (a) in excess of $1,050,000 and (b) determined to be in excess of the City's levy limits, shall not be included in the Tax Levy without specific approval of the City. To the extent that the Tax I.evy made during the first five years of the Economic Development Program exceeds the amount necessary to pay debt service on the Reserve Bonds, such amount shall be deposited in the Job Creation Fund and used only for the purposes described in the eleventh whereas clause of this Resolution. 5. In addition to the Tax Levy requested under paragraph 4, above, the Port Authority is hereby authorized and directed to request a Tax Levy in each of the sixth through twentieth years of the proposed Economic Development Program, beginning with the Tax Levy made in 1995 (and payable in 1996) in an annual amount sufficient to pay debt service on the Reserve Bonds. In addition, during this period the Port Authority may increase the amount of the annual Tax Levy requested by up to an additional $250,000 per year if the Port Authority's budgeted uses of such additional amount have been approved by the City Council by Resolution prior to submission of the request. 6. Notwithstanding any of the foregoing, the Tax Levy shall be applied solely to pay debt service on the Reserve Bonds, or on other obligations issued to serve the purposes of the Job Creation Fund, to the extent that such application is necessary to allow the Tax Levy to be exempt , , .� . , � �oiri'lgvy limits now or hiereafter applicable to the City, +and in this regard the City Council and � -Port Authority both furthier agree that they shall not take any action to disqualify the Tax Levy from the exemption from levy �imits available under existing law, and that they will actively oppose any action proposed by the legislature or any other party to so disqualify the Tax Levy, or to eliminate such exemption. 7. The Board af Commissioners of the Port Authority hereby agrees that for the next 20 years there will be no request for a Tax Levy under Minnesota Statutes 469.053, Subdivisions 4 and �� 5 except as identified by this Resolution, except that in 1990 an additional $66,159 will be levied under Subdivision 4 to r�pay loans made for the purpose of paying debt service on Port Authority Bonds issued pursuant to Minnesota Statutes Sect�on 469.60. 8. The Pqrt Authority hereby agrees that it will not request a discretionary Ta�c Levy pursuant to Minnesbta Statutes Section 469.053 Subdivision 6 for 20 years unless such request is � approved by a resolution of the City Council. ; Adopted by t�e Port Authority of the City of Saint Paul on,�L�.c�,,l.� �� , 1990. air Attest I cM Secr ary ____________________________________________________________________________________ ________________________________________ -- ----------- Yeas Na s Absent Requested by Department of: Dimon Gosuttz Lon � Macca e � Rettman � Thune � LJi son � BY� _________________�____-_�____-_________ Adopted by Council: Date �G� 6 1994 Form Approved by City qttorney � Adoption Certified by Council Secretary gy. �� j� i'Z -G _ >'J r BY° Approv by Mayor for Submission to Council Approved by Mayor: Date By: By: Approved without Che signature of the Mayor � �$�EQ u�C 1 � 1994, � pursuant to Sectidn 6.08 of the City Charter. C� �'b -�.v�� f piTT Ol�i CITY OF SAINT PAUL ' " OFFICE OF THE CITY ATTORNEY : �;',�"'� : RECEIVED r AO • �••• �('KjQ�QQo JANE A. MC PEAK, CITY ATTORNEY ��'f V �� 647 City Hall,Saint Paul,Minnesota 55102 JAMES SCHEIBEL CITY CLERK 612-29s-5121 FAX 612-298-5619 MAYOR 12-28-90 To: Al Olson Fr: Jim Har Re: Joint R solution of the City Council and the Port Authority; C.F. 90-2067 Enclosed is a copy of Resolution C.F. 90-2067 signed by the Port Authority Chair and Secretary. Would it be possible to get two copies of the Resolution with adoption and approval signatures on behalf of the City which could be sent to the Port Authority for signature by its officers with one fully signed copy returned for your file? If so, please provide me with the copies and I will arrange for Port Authority signatures. � � , . Cancil File tt a Grepn Sheet # RESOLUTION RESOLUTION N0. 3290 CITY OF SAINT PAUL, MINNESOTA Presented By Referred To Cortmittee: Date DEC 2 7 1990 JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAINT PAUL AND THE �, k' �e ;' i ��,��.=r-�:�; PC)RT AUTHORITY OF THE CITY OF SAINT PAUL � + `` WHEREAS, the Fort Authority of the City of Saint Paul (the "Port Authority") is a body corporate and politic initially created by the Minnesota legislature in 1929, founded in 1932, and subject to the provisions of Minn. Stat., Chapter 469, the Minnesota Economic Development Act (the "Act"); and WHEREAS, since approximately 1932, the Port Authority has been using its powers under the Act and its predecessor statutes to cause industrial, commercial and economic development to occur in the City of Saint Paul and its surrounding communities, and in connection with such development, since approximately 1957, has issued its industrial development revenue bonds under the Act to aid in the financing of such development; and WHEREAS, in 19I60 the City of Saint Paul (the "City") and the Port Authority jointly undertook the redevelo�ment of the City's riverfront through the issuance of general obligation bonds supported by tax �revenues which in the subsequent 30 years has resulted in the creation of 5,720 jobs, total property taxes of approximately $5 million annually, the location of 65 businesses on the developed land and the removal of blighted land including the City dump; and WHEREAS, since 1974, the Port Authority has been issuing industrial development revenue bonds under its Basic Resolution No. 876, which created a common bond fund and reserve system that erabled the Part Authcrity tG pr6�zd� long terrr� iow interest ra�e financing in s�p�,�rt �f its industrial, commercial and economic development activities, and currently has more than $335,000,000 of its industrial development revenue bonds outstanding under Basic Resolution No. 876, providing fin�.ncing to more than 150 individual projects; and WHEREAS, through the issuance of revenue bonds, the Port Authority has provided a valuable service to the City and its sunounding communities and has promoted the general welfare of the City through the active attraction, encouragement and development of industry and commerce, and the corresponding retention and improvement of the City's tax base; and WHEREAS, Port Authority-supported projects currently generate more than $25 million annually in property taac revenues, have created or retained 38,000 jobs in the City and account for almost 30% of the City's commercial industrial tax base; and . - _ _ . .. ..._..,..�_v_,..__�.,..�.......��,�.�....:__...�....�..,.�.�._:�,....�._...-_,.��..��-.z_�r_.,,__._,�-.,-�-:.. ___ _- . . � � (d) issue other obligations to serve the purposes of the Job �reation Fund, only in keeping with the purposes described in �th�e eleventh Whereas clause of this Resolution. In furtherance of these •� purposes, the Board of Commissioners of the Port Authority further agrees to (x) develop guidelines for implementation of the Business Development Program and Job Creation Fund; (y) make such guidelines available to the public, District Councils and the City Council of the City; and (z) report annually on the use of the Tax Levy, Business Development Program earnings and Job Creation Fund, and the real estate taxes generated through such programs. 2. In order to enable the Port Authority to ful�ll the purposes of the Business Development Program and the Job Creation Fund described in this Resolution, the City Council of the City hereby agrees that it will not take any action, except as provided in this paragraph 2 or in paragraphs 4 through 6, to eliminate or modify the Tax Levy which is to be pledged thereto, and that it will actively oppose any such action proposed by the legislature or any other party. Should the City Council and the Port Authority determine that the goals of the Business Development Program and Job Creation Fund, as described in this Resolution or reported by the Port Authority pursuant to paragraph 1, above, are not being met, the�Business Development Program can be terminated. If the Business Development Program is so terminated, the Reserved Bonds shall be redeemed from the proceeds thereof originally deposited in a reserve for the Business Development Program (the "Reserve"} and the Tax Levy shall be terminated. Notwithstanding the foregoing, however, the Lity Council and Fort Authority both understand and agree that, if the Port Authority has issued Development Obligations which are secured by the Reserve: (a) such Reserve must be maintained in an amount sufficient to continue to support such outstanding Development Obligations (currently estimated to be 20% of the outstanding principal amount of the outstanding Development Obligations); (b) the principal amount of the Reserve Bonds to be redeemed must be reduced accordingly; and (c) the Port Authority shall continue to request the Tax Levy in an amount sufficient to pay debt service on the Reserve Bonds still outstanding. 3. The Port Authority is hereby authorized and directed to immediately proceed to structure and sell Reserve Bonds in a principal amount which will result in average annual debt service of no more than $1,050,000 (estimated to be $8,280,000 of Reserve Bonds) and to deposit the proceeds of such R�serve Bonds in the Reserve to capitalize the Business Development Program. 4. The Fort Ajuthority is hereby authorized and directed to request a Tax Levy in each of the first five years of th� proposed Economic Development Program, beginning with the Tax Levy made in 1990 (and payable in 1991), in an annual amount of $1.3 million, nrovided that, during the first five years of the Economic Development Program any portion of such annual $1.3 million Tax Levy which is bot� (a) in excess of $1,050,000 and (b) determined to be in excess of the City's levy limits, shall not b$ included in the Tax Levy without specific approval of the City. To the extent that the Tax Lew''made during the first five years of the Economic Development Program exceeds the amount necessary to pay debt service on the Reserve Bonds, such amount shall be deposited in the Job Creation Fund and used only for the purposes described in the eleventh whereas clause of this Resolution. 5. In addition to the Tax Levy requested under paragraph 4, above, the Port Authority is hereby authorized and directed to request a Tax Levy in each of the sixth through twentieth years of the proposed Economic Development Program, beginning with the Tax Levy made in 1995 (and payable in 1996) in an annual amount sufficient to pay debt service on the Reserve Bonds. In addition, during this pe�iod the Port Authority may increase the amount of the annual Tax Levy requested by up to an additional $250,000 per year if the Port Authority's budgeted uses of such additional amount have been approved by the City Council by Resolution prior to submission of the request. 6. Notwithstanding any of the foregoing, the Tax Levy shall be applied solely to pay debt service on the Reserve Bonds, or on other obligations issued to serve the purposes of the Job Creation Fund, to the �actent that such application is necessary to allow the Tax Levy to be exempt . ...__.. ..,.._:.._,._— ._...,._,.._ .__..._.. _ ..;--....,,..,. _._y�.�e.._..�:�a�.�.e•.>-^s^'�'�'�!lY�,:..e.-�',nT3�T...f�-`-. Ts..,�.n:-,-�••!u,�n. � .. _. . - .. . ... ._ -.. . .',__ . .. . ....-�.-� ..,-r....__.. .., . ... �+;�'f � � from.levy limits now or hereafter applicable to the City, and in this regard the City Council and � Port Authority both futther agree that they shall not take any action to disqualify the Tax Levy from � the exemption from levy limits available under existing law, and that they will actively oppose any action proposed by the legislature or any other party to so disqualify the Tax Levy, or to eliminate such exemption. 7. The Board of Commissioners of the Port Authority hereby agrees that for the next 20 years there will be no request for a Tax Levy under Minnesota Statutes 469.053, Subdivisions 4 and 5 except as identified by this Resolution, except that in 1990 an additional $66,159 will be levied under Subdivision 4 to repay loans made for the purpose of paying debt service on Port Authority Bonds issued pursuant ta Minnesota Statutes Section 469.60. 8. The Port Authority hereby agrees that it will not request a discretionary Tax Levy pursuant to Minnesota Statutes Section 469.053 Subdivision 6 for 20 years unless such request is approved by a resolution of the City Council. ; 9. Nothing herein is intended to affect the Port Authority's ability to levy under Minnesota Statutes Section 469.060 Subdivision 6 to pay debt service on Port Authority general obligation bonds. Adopted by the Port Authority of the City of Saint Paul on�i��:�,,,G.u.-�y , 1990. Chair Attest 1 �m Secr a ___________________________________________________________________________________________ ______________________________ _________ Yea Na s Absent Requested by Department of: Dimond Goswttz lon Macca e Rettman Thune By. uilson ________________________________________ Form Approved by City Attorney Adopted by Council: Date Adoption Certified by Council Secretary gy. By: Approved by Mayor for Submission to Council Approved by Mayor: Date BY= By: , : . �� -�� Councilmember Dave Thune's Office City of Saint Paul Seventh Floor, City Hall Saint Paul, Minnesota 55102 (612) 298-4151 - MEMORANDUM DATE: .�uiy is, 1992 RECEIVE�7 TO: Molly 0'Rourke, City Clerk •lU� 161992 ClTY CLEftK FROM: ;T im Murp y SUBJECT: Items Re r ed to Committee Attached is a list of the matters referred to the Public Works Committee. Upon review by the City Council and administration, it was determined that all items on this list, with referral dates between January 1, 1988 through December 31, 1991, can be withdrawn except for the following items: • �esolution - 89-1172; GS-45 • Ordin�nce - 89-2108; GS-1539 • Ytesoluttion - 90-1849; GS-5341 • Resol�tion - 90-1823; GS-2564 • Resol�tion - 90-2066; GS-59 • Resol tion - 91-859; GS-15729 • Resol tion - 91-900; GS-15128 • Resol tion - 91-531; GS-10237 • Resol, tion - 91-1318; GS-15735. Also, all request�s to appear before the Public Works Committee, with referral dates betwee� Janlµary 1, 1988 through December 31, 1991, can be withdrawn. Item ��2 on the Jualy 15� 1992 Public Works Committee agenda recommends the withdrawal of these it�ms. All of the previdusly referenced items have been highlighted in yellow on the attached list. � Enclosure: cc: City Councilmembers Lou Cotron�o RECEIVE�� C1TY C�.ER�C � I I