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90-2286 f A � �! �- -. �R' �� s .`�; � Council File # D - ��"►` . , �� a� % Green Sheet # 11222 RESOLU ' CITY OF SAINT PAUL, MINNESOTA Presented By Referred To Committee: Date �z//7 �� WHEREAS,The City's Debt Service fund was approved including the use of interest earnings from the Clawback as a component of the total financing f�the Debt Service,and WHEREAS,C.F. 88•611 diriected the sum of 14.4 million of Sewer Revenue Bonds reimburse past capital expenditures related to sewer construction;and WHEREAS,C.F.89-1607 and C.F.89-2239 did direct that the Clawback funds be used for sewers and flood control;and WHEREAS,$2,219,393 of ahe clawback funds were budgeted in the Sewer Service Fund for 1990 in order to make up the shortfall in Federal financing,and WHEREAS,The use of Sewer Revenue Bonds in the amount of$2,219,393 could be used instead of the same amount of Clawback funds;and WHEREAS,The use of Sewer Revenue Bonds more rapidly than planned will cause a reduction of interest earnings on the remaining portion of the Sewer Revenue Bonds that were to be used to finance construcdon of the Separated Sewers;and WHEREAS,This change in financing will allow the City to use the interest earnings for the budget of the Debt Service fund,and WHEREAS,The Mayor recommends that the following changes be made to the 1990 budget: Financin� Plan Ctiirent Bud�et Chan�e Revised Bud�et 260 Sewer Service Enterprise Fund 22221 Sewer Separation Construction 260-00000-9925 Use of I�etained Earnings 2,909,176.00 2,219,393.00 5,128,569.00 260-22221-7306 Transfet from Capital Proj 2,939,393.00 (2,219,393.00) 720,000.00 260-22221-6201 Bond Sale 4,337,862.00 2,219,393.00 6,557,255.00 All other Financing the S�cne �5.958196.00 Q,QQ �5.958196.00 46,144,627.00 2,219,393.00 48,364,020.00 Spendin� Plan Ctirrent Budget Chan.ge Revised Bud�et 260-22211-0565 Transf�r to Cap Proj 0.00 2,219,393.00 2,219,393.00 All Other Spending the Same 46.144.627.00 �(ZO 46.144.627.00 Total 46,144,627.00 2,219,393.00 48,364,020.00 Page 1 of 2 ,� �, � � L �yG—�� d_-� � � � �� A . Now,therefore,be it RESOLVED,that the City Council adopts the above changes to the 1990 budget,and be it , APPROVED: Budget Director ' tar Finance Management � � FURTHER RESOLVED,� That the Council does reaffirm its policy of having all inter�st earnings from investment of the Clawback bond proceeds de�osited into the General Debt Service Fund in order to reduce property taxes previously certified for general obligation bonds, Page 1 of 2 Requested by Department of: Yeas Nays Absent imon � PubliC WOrkS DEN � � �Iae�a�ee Acttman ��j' Thrina !!/' _ i1 • Wi 1.SOI1 T• �y: ��•"• ' Adopted by Council: Date DE C 2 "� 1990 Form App ove by City Atto ey Adoptio C rtified by Council Secretary By� Approv d y Mayo or Submission to By' Council Approved M yor: Ljate ' �� U ��90 � ,/ � ��, � By: �'�'`�'�"�`'� gy: �� a`�.t��:� .. , .?. � ��.. ��'� � _ ��- S A I N T t'A U L File'�"N O. ��7 — � L.. �`,� � Counci l Reso lution � _ a�� 1 __��nted By 9a � { Referred.To Committee: Date � Out of Committee By � Date BE IT ALSO RE$OLVED , that the fund balance for the HRA Develo�pment Fund be designated ; to include the obligation to provide $2 ,048 , 786 in short term financing to !the Harriet Island projects ; and BE IT ALSO RE50LVED, that the Administratioa is requested to prepare , for City Council a,�proval , appropriate grant applications to obtain • permanent financin�g for the Harriet Island Park , Park Harbor, Public Marina , Flood Cont,'rol and Esplanade projects ; and BE IT ALSO RESOLVED, that the CIB Committee be given the opportunity to review the compjrehensive financing plan at their December, 1989 meating and make upda ted �ecommenda tions as part of the 1991 budge t process ; and BE IT FURTHER RESOLVED , that when the City begias to receive Metro Parks moaey for t�pe Riverfront Development, the first priority for repayment of cash � flow loans will be Clawback Financing for sewers , the =� second priority b@ CIB bonds , and the third priority be the HRA. Development Fund ; and ia the 1�nlikely event Metro Parks Grants are not received , the City can considar the following additional permanent financing sources : � Riverfront Tax Incremeat Financing i CIB Bonds HRA Development Financing Port Authority Financing �� RESOLVED , that the Council does reaffirm its policy` of having a 11 int,�eres t ea rnings from inves tment of the CLawback bond proceeds deposite!d into the General Debt Service Fund in order to reduce property taxes p�eviously certified for general obligation bonds . wp50/9001-89A/Harriet.Res p a g e 4 o f 4 � COUNCILMEN ; Requested by Department of: Yeas Dimond Nays � . Goswitz � D Long In Favor . Rettman " Against BY Scheibel . � Sonnen � Adopte by Council• D�te �r' , '� �� Form Approv by City Att y (�'�nified Pas e � un il $ tar By `�Bl � � Approved 1�1a r• te • ��, � � �g�� Approved by Mayor for Submission to Council By � `' "� gy . ��D U E C 2 31985 � _ . . . . . .. _ __.: . _ � .. .._.. ,. . --- " I '. . � MNlrl �Ct�� CLtM11 ' / � ��v` �• , � ri«� -.�w.��■ (��TY �1I ►S�A I NT I A tl L C��) �I � .t�M�n�_ow�w*��Mt r � �I�f N0r � j •wt� ��vew � � Council Resolution ;� ; . � ��., , Prosented By `�� Reterrcd To Com�nittee: Date � ��w� Out ol Commiller By po�� 4 -- � ; ' ��NCfi;�i fi �_. E'i:l.I 1 M 1�Jlih''i 1•.'F:',(!i ll I 1�.�N ., 1�.i++H ',t W��k {1t Vi r�UL lii_�P,,� ( ,��i.i► , � • j . �1HFf�tEb_�_� tif• t. �'t�r l.�wn� i 1 .iri ►iY. � �1 .t1�•� v.�� i ��.1�, ��.'�r� r,} � fllndif_ i��t:I��T( Ity_fi.,rr ��f.---Il.i• ',► �i.rn__W ��r__ �r�ct . �r�; L �r.�!__ .w'.'�. �;;�.`� . �iP�r,�lt,�Ufl'��!��.Ui 1'cJf11.jR_�if.�l . . ._ _ _ .. _. _,..� �� .. . b ,r5�*� ; WHkkEj�1`',�_tY�r?l.uunc i i h �S r.r,n�,1 u�fF��i tr,.:�r t ►�� i�5:� .�f `�� w.•r ' ,'� � R@VPr'IIJP E�c>�id�. tu f f ra�n�.e_t��F ,F_w. r.�`-_H��dr.,Y i�i��_f,r5'.'y�'i 1__C��_.,t_ ii�F•s*__ • "'` the fq_I Ic�w�iriy_F�ul i�_y ut�c�r,CtyF_�s:. � ' >r � . �t �wl I I :�I Ipw irnma�_ii�t_N_i�tE�re�f ir�f tu �i�y_ <,nw�r • �. use!rg anU pr�ov(de3_(��►, r�;j1�_�t�il;i i Ity_ in tl��_(�jtu�N;_ ' .,._ ,___ _ _ -- - � s It �c�re;ervFS the C(t.y's .,it.�( I i„t.y_ t��;r��,r��rr.il i ��G I'i g�t i on rJe bk _f��r�nr�r�r:�_�_t (;.i��i l.i 1 l m� r'vvrmrr�t_ � F'rc�,jects:. _ _ s � , , �t �,ls �_��uit�t�lc! Iri tt��t__(t E�rqv_id��:� r� � �,n,-ib�_. ,. cJi ��it It��.tlUn of c�u��ts tu l�Nnf�ficf,jrit�s in r��:ifl�_�n • - - - - ; _ . ._ _. : tu the " 1 I fe" Uf hl�e J�r_c�,1NC.t� , ._. _� —___-------- l�r ov f c1N5 H p«�rm.inF�r�t I �n_g--t�•rm t 1 r►�nc, i na c�1 ar�;. It_��_I lowg_the_�.in_f�,�ue <>�,�.,ur run_rr� tu rPaciclrA.s jn• i�,r� �!"• .�, f�u�irJ i n�a �fPC i�.i Vns i n { i�Jt�t �,t cur,t��rit r.i��iU i t i��r�s � th�!re1,�Hl Ic�winl_t:r�i_ tt,r'--�r�h�ir�cNm��l ,�t th_y_�:i�ty�5 ,;,.. ��i_p 1 ta 1 I m�?r ovr�ni�•nt F�r�r:�m t-,nc] �t►i��G�r K.�rtun i� t��r 1 f mi�.��:i_�_'�_„F,�r�ty`t .�.K r N 1 i��f'�thp��f�forr�_ b�• i t ;�� - --- � �UNCIL MBMBE� Requtat�d bp D�p�rtment d: � d�...� �� In Favo� ; ' � re� __ Against er C- , ' llo�ne� ' � 's , r 1�YbM � � _ ; F«� �paor�a ey cuy ��o� : , ! Adopled by Council: � Dne /�j�r��,� � CeHi(ied Nuwrcd by Cou�c�) kcKtory �r � '�` �� _. � ay ' ' Appruved F�y 1Nwor. D�te — •— Appro by M�ya tor SuAinlsaion to Cow�eil � ' eY a - ._ ey_ ,, . .,�.,,.... ____`` ; ! , � �x. :i��,'. . �� • ... � � ,� � �a �� y wNi�� - c��r C4<AA i P1yM wI�N�NCf � 1 •-l��l- Y/"� ��«�w�ap��w�4a�t � �iITY n� SAiNT i'�crL C��" � •wa• ..w.ow rl�� NQ. �; Council Resolution Prosen�M By � Referrod To ; � Canmltlee: D�te ; k Out of Commitlee 8 Date 3- . °� i1F';,(JI.Vt�.l . t1i,iT f nr t..l�� ,�� {�n,�� if t�anclf n�� tll�� 1_ I t v S1� �1 .• .;t t f�r• E: St'Ot"111 W�ItPt' hl� a,.�r�ft�ry ',�+W�+f �.P�.rrfl,lf jr;�fl (�1-�r�-)Prffll• ( f�►• l.�)Ufl�, l l �,f f►�p Clty ��F ;r.iin {��ul {n ��cc�,rcl.in� r Nit•h ��t�c.r�q,r i.�t.• a t n t u t n r-v .�r�;t *^�-�---� chyrter E�rov�slc�n cion�, h��r.�t,v r)IvN �,rwi imin.�i y r►��i�r��v��I fc�r t►�N � . �riCU��r1CA ()f �f�WPr' krr+vNriU� k�(.11l�.f°. 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UpN:�t tmpnt of F inance ancf , �. � Mdnayem�nt S .rvi�p�. tn �o�x�iindt(on wttt� P} f@C'C(JtJ C(ty d��artmc�ntg. � � of f i ces ancf ' taf f. l� h�r•et��ut►�r�r i xE•d to I n i t i.�tN :�1 I n�res�.�r y � ' � 9CtIOf�S� �ook�nr� ke �f.t��.Cf� �.�lr� uf- t�ie �foi'emNntiur�••cl b�n�is .ind to ' rNr,or t 'Co t.t�i� Cuunc�i I tt�r�i r I'rCCrRNllt!fl�l<�t I uns f��r t t�r i�f fr�r i�g ,�riif �,��1.+ ' nf sr�id bancil� w(thin thirfy ( tU� d<jys frvm tt�e U.�re ctii �:�dGr�tt�,n �,t � this pre�i imin�ry rasC�lutic�n. ; � � . ; : ; j , . � ' �� I `, � ' i � � � y � i COUNCIL MBMBERS t� � N�,, � ReawseM br D�p�nwent ot: ��,''"� + � In Favor IMn�w� • . i �� Against ey . _ �� MAY —5 1999 y F'oen� Approved b City Attaney � � � Adopled Ay Council: ' ��te � ! Certif�ed {'u�x oun�il .e r By � i � 8�. � �PP bY M.vw: � �PP� a M.ra fa Su asion�to Couneil • � - - — 9 � � � -'l-� � � ��p Ml1Y 1 1 1988 � . .. �.,_. ...A_ _�;�—� ' � , � Y4� ;'r r» w. �� :I�i � _- - - _ _--- - . _ �� .. . ,. . � • �a_aa�� SV1�,'�ITV'�IERK � ��UnCll /j �fNK F�N.~�E . CITY OF SAINT PAUL / . C♦ v DEP�RTMEN�7 • O / M_VF. w�.�vVq '� Flle NO• � _ C ncil Resolution �, . ,_ ,,- -��) '� ,/� � �sented By ' '�� / � ,. / � �/�=—,�I l�e o -t -� •� ��';'�'- - Commi ttee: Date Out of Committee By � Date � . f WHEREAS, the C�ty of St. Paul is in year 4 of a 10 year capital improvement project to separate storm and sanitary sewers at an estimated total cost of $154 million; and WHEREAS, in 19�88 the project was refinanced through the sale of $78.450 million in Sewer Revenue Bdnds; and WHEREAS, C.F. $8-611, adopted May 5, 1988 directed the sum of$14.4 million of Sewer Revenue Bond pr�ceeds representing reimbursement for past capital expenditures related to sewer separat�on improvements be placed in a separate account in the capital ', improvement fund' and frozen pending further Council action; and ' WHEREAS, C.F.,'88-1205, C.F. 88-1206 and C.F. 88-1207 have been adopted authorizing $2.5 million of saiid proceec�s be dedicated for Riverfront improvements in the 1990-91 CIB schedule, th� expenditure of $1 million for design work at Harriet Island and the levee and $500,OQb for the reconstruction of Kellogg Park; and , • WHEREAS, this ''program was designed as a joint partnership with the federal and state governments with! an annual commitment of $5.8 million and $4.8 million, �respectively; ' and ' WHEREAS, this; federal and state funding is essential to complete this project in the established 10 yelar time frame; and WHEREAS, in u990 the federal grant is projected to be $1.9 million, in 1990 no federal grants will be i�sued and the future of state support is uncertain and dependent on legislative action; and WHEREAS, th�re will be an estimated shortfall of $3.9 million in 1990 and greater amounts beginniing in 1991; and —_ --- ' ' COUNCIL MEMBERS Requested by Department of: . Yeas Nays Dimond � ' �ng In Favor j Goswitz ' Rettman Scheibel _ A gai n s t BY Sonnen Wilson Form Approved by City Attorney Adopted by Council: Dlate .rtified Yassed by Council �ecretary BY . B� Approved by Ylavor: Date �— Approved by Mayor for Submission to Council By .�—_ By � � � ��-�� ERK. • � , � . - - , • , � .a(N�NCE DE�4RTMENT ' . ' GITY -OF SAINT PAUL FlecitNO. O!�� — MI,VOp Council Resolution �sented By Referred To , Committee: Date Out of Committee By Date . f � ' WHEREAS, there �yvill be an increase in sewer rates for 1990 estimated at 15%; now, therefore, be it RESOLVED, that the City of St. Paul recognizes that the federal government will no longer participate i� the financing of the sewer separation project, that the commitment of the State of Min�esota is totally dependent on the whims of the state legislature and that it can no long�r continue to raise sewer rates to help finance the sewer separation project; and b�e it fiirther ' � RESOLVED, that t�he city will return the funds, both principal and accrued interest, that remain of the $14.4� million previously dedicated for riverfront development to the sewer separation prqgram;in an effort to stabilize the sewer iates and hold down projected overall increases in groper�y taxes, assessments and fees for services.' � COUI�ICIL MEMBERS Yeas Nays Requested by Department of: I',:�rnrtl �'� In Favor Goswitz ' Rettman Scheibel ; _ rlgainst BY ! Sonnen I Wilson " Form Approved by City Attorney : Adopted by Councit: Date � f C�(ied P:lssed bk Coun��l ca.,retary By j ' I � Approved by �lavor. Date _ , _ Approved by Mayor for Submission to Council By _,_ By f��f' ,/I , a + � • . , a �r'' o� /�� 7� TMENTlOFFICE/COUNCIL �• DATE INI7IATED c�ty coun��l s-�i-s� GREEN SHEET No. �' �� INITIAU DATE INITIAL/DATE CONTACT PERSON 6 PHONE ' �DEPAHTMENT DIRECTOR �CITY CAUNCIL , lV i 11 i am IV 1 1 S 011 A��C'N CITY ATTORNEY CITY CLERK NUMBER FOR � � ST 8E ON COUNCIL A(3ENDA BY(DATE) ROUTING �BUDGET DIRECTOR �FIN.6 MOT.SERVICES DIR. _ — G�� ' OHDER �MAYOR(OR ASSISTANn � J TOTAL M OF SIGNATURE PAGES (CLIP ALL LOCATIONS FOR SIGNATURE) ACTION REOUESTED: Approval of a resolution requiring the return of the funds that remain of the $14.4 million "Clawback" from the sale of sewer revenue bonds to the sewer . f separation prog�aM RECOMMENDATIONS:Approve(A)a Rljsct(R) COUNCIL COMMIttEElRESEARCH HEPORT OPTIONAL ' _PUNNING COMMISSION _CIVII S�RVICE COMMISSION ANALYST PHONE NO. _CIB COMMITTEE _ — COMMENTS: _STAFF _ _DISTRICT COURT _ F SUPPORTS WHICH COUNCIL OBJECTIVE7 INITUTINO PROBIEM,ISBUE,OPPOR7UNITY I o,Wh�t,WMn,WMn,Why): , The federal go�ernment has withdrawn its commitment to the 10-year separation program and th� state commitment remains uncertain. By returning the .funds to the program se�ver rates can be stabilized and reduced significantly from those � proposed for 11990. � ADVANTAOES IF APPROVED: City can main�ain its commitment to hold down property taxes, fees and assessments by stabilizing sewer rates and reducin� future increases significantly. DISADVANTAOES IF APPROVEO: Other fundin� for redevelopment of the riverfront must be found. DISADVANTAGES IF NOT APPRONED: Sewer rates will increase 15% for 1990 and higher for the remaining years of the separatilon project in order to cover shortfalls created by the loss of federal and;state support. ;,U',°:a�� r@S��i�ch Center. 5�P 1'i��9 TOTAL AMOUNT OF TRANSACTION : COST/REVENUE BUDGETED(CIRCLE ONE) YES NO FUNDIN(i SOURCE ACTIVITY NUMBER FINANCIAL INFORMATION:(EXPLAIN) 11 PINK � - FINANCE�^ I ' ,L3�:NE�r'�.'MAVVORTMENT CITY OF ►.�AINT PAUL FtlecilNO. �)y ' .�7.��.f . _ , Council Resolution ��z�� (Qresented By � � � Referred To Committee: Date Out of Committee By Date WHEREAS , both the Saint Paul Riverfront Commission and the Long-Range Capital Improvement Budget Committee in April of 1989 recommended that the $10 , 202 ,000 balance from the 1988 Sewer :tevenue Bond Issue's $ 14 ,402,000 Clawback Re.financing be used to f.inance Phase I of the Harriet Island Park Development ; and bot�i' committees �have made r�commendations supporting a compreheasive .Riverf��on�t Redevelopment Program which includes marinas , harbors , esplanade, activa and passiva pa�k areas , and flood control ; and Mayor Latimer forcaarded their r.ecommendations to the City Council in the form of a budget amendment ; and . WHEREAS , . the Saiat Pau1 City Council on October 12 , 1989 passed Council �tesolutioa 89- 1551 which. acknowledged and received the July 1989 Market Study for' the Harriet Island and Watergate Marinas , and requested the Administration� to present a financing plan for both Harriet Island Development Phase I and the Harriet Island Marina which is acceptable to the City . Council ; and WHEREAS , City Council members have expressed to the i4ayor their desire to use at least ha;lf of the available $10 , 202 ,000 Clatvback proceeds to help finance se�ver projects required to meet federal and state mandates for r abating sGwage flqwing into the Mississippi River by 1995 , and WHEREAS , the ' Budget Director presented the Mayor's Recommended Financing ,Plan of November 14 , 1989 for Harriet Island Park, Flood Control , Marina , Esplanade and Riverfront Development to the Council's Community and Human Services Committee on November 15 , 1989 ; and WHEREAS , the' Mayor's plaa identified cost el�ments totaling $52 ,434 ,786 , with' reliance on state and federal grants of $41 , 744 ,000 to finance 79 . 6% of the estimated project costs ; and it would have made available $6 , 202 ,ID00 in Clawback Proceeds for sewer construction projects by 1995 ; and ' page 1 of 4 COUNCILMEN Requested by Department of: Yeas Nays . In Favor � Against BY ` � Form Approved by City Attorney Adopted by Council: Date �� t�fied Passed by Council Secretary BY \ r By Approved by Mavor: Date Approved by Mayor foc Submission to Council BY BY J �- ! � F � �9- ?? 3`l .; ��a�� WHEREAS, the C'lty Council, after considering alternatives to the Mayor's Recommended Plan, decided upon a Comphrehensive Riverfront ( .Financing Plan option which eventually uses all $14 , 402, 000 of clawback �` proceeds for sewers and flood control; NOW THEREFORE, BE IT RESOLVED, by the Council of the City of Saint Paul, upon re�commendation of the Mayor, with the positive advice of the Capital Improvelment Budget Committee, that the Capital Improvement Budgets as heretofare adopted and amended by the Council, are hereby further amended in the following particulars: CURRENT AMENDED BUDGET CHANGE BUDGET FINANCING PLAN: 807-62913-9820 (Clawback) -0- + 1,704,820 $ 1, 704, 820 C87-2T900-7399 (Clawback) -0- + 8 ,497 , 180 8 ,497, 180 -0- +10, 202 , 000 10,202, 000 SPENDING PLAN: C87 Capital Projec�s Ledger Flood Control Loca�. Share (High Bridge To Foundry) -0- + 800, 000 800, 000 Riverfront Developfient Loan Until Metro Parks Grant Is Received � (Eventual Sewer Financing) -0- + 7, 182 , 607 7, 182 , 607 _ Sewer Constructior� Financing Available for 1�'90 Program + 2 , 219 , 393 2 , 219 , 393 • -0- +10,202, 000 10, 202, 000 SPENDING PLAN AUTHORIZED IN COUNCIL FILES 88-1206, 88-1207, ' 88-1917 and 89-149 BE AMENDED: Harriet Island Pa�tk Design $ 450,000 - 450, 000 -0- Park Marina Desig� 250, 000 - 250, 000 -0- Levee Flood Wall Design 300,000 -0- 300, 000 Kellogg riall Park Reconstruction 500,000 - 500, 000 -0- Harriet Island Adiventure Playground 300,000 - 300, 000 -0- Levee Flood Wall-;�-Harriet Island Reach 1, 234 ,000 -0- 1, 234, 000 Levee Flood -Wall--Downstream 1, 166,000 -0- 1, 166, 000 Flood Control Cor�struction Local Share -0- +1. 500, 000 1, 500, 000 Clawback Proceeds Previously Allqcated 4, 200, 000 -0- 4, 200, 000 �� . page 2 of 4 � �r : � . � � # y,��{� ?7 '�-r l� 1 � SPENDING PLAN: RIVE�2FRONT 9'Q�� TAX INCREMENT DISTRZCT 1987 TIF BOND PROCEiEDS Warner-Shepard Road Park Improvements 4 , 000, 000 -4, 000, 000 -0- Harriet Island Parlc Design -0- + 450, 000 450, 000 Park Marina Design -0- + 250, 000 250,000 Harriet Island Adventure Playground -0- + 300, 000 300, 000 Harriet Island Park Improvements -0- +3 , 000, 000 3 . 000. 000 4 , 000, 000 -0- 4 , 000, 000 FINANCING PLAN: DOWNTOWN AND 7TH PLACE TAX INCREMENT DISTRICT CAPITAL PROJECT FUND , (684-70201-9890) Undesignated Fund Balance -0- +4 ,500, 000 4,500, 000 SPENDING PLAN: DOW�ITOWN AND 7TH PLACE TAX INCR�EMENT DISTRICT CAPITAL PROJECT FUND Kellogg Mall Park Reconstruction ('Reimbursement of Clawback) � (684-70201-0537�69119) -0- + 500, 000 500, 000 Warner-Shepard Road Park Improvement� (684-70201-0537-�69118) -0- +4 , 000, 000 4 ,000, 000 -0- +4 , 500, 000 4 ,500, 000 AND BE IT AL�O RESOLVED, that the City Council 's Riverfront Development Financing Plan of December 8, 1989 be included in the five-year tentative program of the 19�0 Capital Improvement Budget document, and is attached to this resolution for reference; and ' BE IT ALSO RESOLVED, that the City Council has not authorized spending authority to cons�ruct the Harriet Island Marina, and will consider financin options to do so �as part of the 1991 budget process; and BE IT ALSO R�SOLVED, that the City Council has not authorized spending authority to desi�gn or construct the Esplanade, as its financing is subject discretionary fed�eral and state grants; and BE IT ALSO RESOLVED, that the Division of Parks and Recreation must obtain City Counail 's approval on the final design of the Harriet Island Picnic Pavilion, ,as the Council is currently undecided as to whether the present structure should be rehabilitated or replaced; and BE IT ALSO RESOLVED, that the Director of Planning and Economic Development and �he Mayor propose amendments to tax increment plans in order . to transfer the $4 , 000, 000 obligation for Warner/Shepard Road from the �`�`'Riverfront Tax Imcrement District to the Downtown and Seventh Place Tax � Increment Distri�t and finance the $500, 000 Kellogg Mall project with tax increment financ$ng, either from the Downtown District or the Riverfront District; and page 3 of 4 , , . . PINK - FINANCE R COl1AC11 ��MAiWY�-�OEPARTMENT � � GITY OF SAINT PALTL File N0. �`7 - � �- �� lUE-' „q MAYOR _ � � � � Council Resolution - _ a�� 9a � Presented By { Referred To Committee: Date Out of Committee By Date BE IT ALSO RESOLVED , that the fund balance for the HRA Develo�pment Fund be design� ted to include the obligation to provide $2 ,048 , 786 in short term financing to the Harriet Island projects ; and BE IT ALSb RE$OLVED , that the Administratioa is requested to prepare , for City Council a�proval , appropriate grant applications to obtain � permanent financin� for the Harriet Island Park , Park Harbor, Public Marin3 , Flood Contxol and Esplanade projects ; and BE IT ALSO RE50LVED , that the CIB Committee be given the opportunity to review the comprehensive financing plan at their December, 1989 meeting and make updated recommendations as part of the 1991 budget process ; and BE IT FURTHER RESOLVED , that when the City begins to receive Metro Parks money for the Riverfront Development, the first priority for repayment of cash flow loans will be Clawback Financing for sewers , the =_ second priority be' CIB bonds , and the third priority be the HRA Development Fund ; and in the unlfkely event Metro Parks Grants are not received , the City can consider the following additional permanent financing sources : Riverfront Tax Increment Financing CIB Bonds ' HRA Development Financing Port Authority Financing AND BE I'T FINALLY RESOLVED , that the Council does reaffirm its policy of having a 11 interes t ea rnings f rom inves tment of the Clawback bond proceeds deposited into the General Debt Service Fund in order to reduce property taxes pr�viously certified for general obligation bonds . wp50/9001-89A/Harriet.Res p a g e 4 o f 4 Yeas CD�aLME Nays Requested by Department of: _ Goswitz � � In Favor w Long /, Rettman � Against BY 1 Scheibel - Sonnen Adopte by Co ncil: Dat�e �� 1 '� �� Form Approv by City Att y �'�*tified Pas e � un il S tar BY ��gy. . 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