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89-864 WHITE - C�TV CLERK COlII1C11 � C NKARV �EP R MENT GITY OF INT PAUL J[ �p BLUE - MAVOR File �O. V � ��`� � Eastview ��> Council esolution j�� Return copy to: Real Estate Division Rm. 218 Presented By -�T Referred To Committee: Date Out of Committee By Date WHEREAS , the State of Mi n sota quit claimed a part of Trunk Highway No . 212 to the City o aint Paul by Quit Claim Deed recorded as document no . 2215 6 the following described lands : That part of Tract A des r' bed below: Tract A. Lot 1, B o k g , Eastview Addition No . 5 � according t the plat thereof on file and of record in th office of the County Recorder in and for R s y County, Minnesota; which lies northerl o the westerly extension of the south line of Lot 1 , lock 4, Eastview Addition No . 3 and easterly of Lin 1 described below: Line 1. From a poi t n the north line of Block 15 , Auditor ' s Su division 62 , City of Saint Paul, distant 2 7. 5 feet west of the northeast corner of sa ' d Block 15 , run northerly at an angle of 8 d grees 27 minutes 08 seconds from said north bl ck line (when measured from east to north) fo 159• 42 feet; thence deflect to the left t n angle of 04 degrees 06 minutes - 00 second or 181. 18 feet ; thence deflect to the left a angle of 120 degrees 56 minutes 00 second for 1000 feet to the point of beginning f Line 1 to be described ; thence run northeaste 1 along the laat described course for 539 • 3a f et ; thence deflect to the left on a 28 degr e 38 minute 52 second curve (delta angle 58 ' d grees 11 minutes 15 seconds ) for 203 • 11 fe t thence on tangent to said curve for 500 fe t and there terminating. COUNCIL MEMBERS Requested by Department of: Yeas Nays Dimond Firi 1 & Pr��rPG Long In Favor� Goswitz �h�`�� _ Against � By � irector Sonnen � Wilson Form Approved b 'ty Attor ey Adopted by Council: Date �-{�C��c � /� Certified Passed by Council Secretary BY \ ) l�-E/ �'�-Z By Approved by Mavor: Date _ _ Approved Mayo o Submis 'on to Counci v�� By ' r , ��i-�G� DEPARTMENT/OFFICFJCOUNqL� DATE INITI 1'ED GREEN SHEET Finance & Ma.na ement Services 5/1/ 9 , 8 9 4 CONTACT PER30N 8 PHONE INRIAU DATE INITUUDATE DEPARTMENT DIRECTOR �CITY L Dick McCann 298-5317 �� y A�� , MU8T BE ON COUNqL AdENDA BY(DAT� ROUTINO BUDOEf DIRECTOR �I�A T.$�R R. Normal Scheduling nroR�nss�sr�wn ❑ TOTAL�i OF 81G1NATURE PAQE8 2 (CLIP AL L ATION8 FOR 81QNATUR� MAYOR�S O "�R��o: Approve resolution autho 'zi g a release of snow fence easement in the land bounded by J n n Parkway, Conway, Wilson and Etna. REO�AMENDATION3:Approve(A)a ReJect(R) , (�uN h�nEEI�E$EARCFI REPORT L _PUWNINQ COMMISSION _qVIL BERVICE OOMMISSION ��YST PHONE NO. _CIB COMMITTEE _ � �STAFF _ COMM _DISTRICT OOURT _ SUPPORTS WHICH COUNGL 08JECTIVE? Located in Council District 7 INITIATINO PROBLEM,ISSUE,OPPORTUNITY(Who,Wh�t,Whsn,Whsre,Why): The snow fence easement was origin 11 acquired by MN DOT for construction of Highway 212 through the Birmingham co ridor. The highway was never completed, and land for the highway was turne b ck to the City including the snow fence easement which is not needed by th C ty. ADVANTAQE8 IF APPROVED: I94 Highway 61 East ie Center Partnership will have clear title to its ro erty. asY►rnrn�rr�aes iF��ROVeo: DISADVANTAQES IF I�qT APPROVED: The partnership wi 1 ot have clear title to its property. TOTAL AMOUNT OF TRANSACTION : � COST/i�VENUE BUDOETED(qRCLE ONE) YES NO ' ��'!.::'.�si ��@J�c�.t"C�1 CC Clt��' FUNDINO SOURCE --- ACTIVITY NUM�R �wwan�iNr�MnrioN:cexwur� �'�1 r,Y �� i�iS J •�. -� � . NOTE: OOMPLETE DIRECTIONS ARE INCLUDED IN THE GIREEN SHEET INSTRUCTIONAL MANUAL AVAILABLE IN THE PURCHASIN(3 OFFICE(PHON�NO.298-4225). w ROUTING ORDER: Below are preferred routings for the five most frequent rypes of documents: CONTRACTS (assumes authorized COUNCIL RESOWTION (Amend, Bdgts./ budget exists) Accept.(3rants) 1. Outside Agency 1. DepartmeM Director 2. Initiating Department 2. Budget Director 3. Ciry Attorney 3. Gty Attomey • 4. Mayor 4. Mayor/Assistant 5. Finance&Mgmt Svcs. Director 5. Gty Council 6. Finance Accounting 6. Chief Accountant, Fin 8�Mgmt Svcs. ADMINISTRATIVE ORDER (Budget COUNCIL RESOLUTION (all others) Revision) and ORDINANCE 1. Activity Manager 1. Initiating Department Director 2. Department Axountant 2. Ciry Attorney 3. Department Director 3. MayodAssistant 4. eudget Director 4. City Council 5. City Clerk 6. Chief Accountant,Fin 8�Mgmt Svcs. , ADMINISTRATIVE ORDERS (ail others) 1. Initiating Department 2. Ciry Attorney 3. MayodAssistant 4. City Cle�k TOTAL NUMBER OF SIGNATURE PAGES Indicate the#of pages on wh�h sig�atures are required and� each of these pages. ACTION RE('�UESTED Describe what the project/request aeeks to accomplish in either chronologi- cal order or order of importance,whichever is most appropriate for the issue. Do not write complete sentenc�s. �gin each item in your list with , a verb. RECOMMENDATIONS Complete if the issue in que�ion has been preseMed before any body, public or private. SUPPORTS WHICH COUNCIL OBJECTIVE? Indicate which Council objective(s)your projecUrequest supports by lieting the key word(s)(HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT, BUDGET,SEWER SEPARATION). (SEE COMPLETE LIST IN IN3TRUC110NAL MANUAL.) COUNCIL COMMITTEE/RESEARCH REPORT-OPTIONAL AS REQUESTED BY COUNCIL INITIATING PROBLEM, ISSUE,OPPORTUNITY Explain the situation or conditlons that created a need br your project or request. ADVANTAGES IF APPROVED Indicate whether this is simply an annual budget procedure required by law/ charter or whether there are speciflc wa s in which the Ciy of Saint Paul and its citizens will beneflt from this pro�ecUaction. DISADVANTA(3ES IF APPROVED What negative effects or mejor changes to existing or past processes might this projecUrequest produce ff R is passed(e.g.,trafNc delays, noise, tax increases or assessments)?To Whom?When? For how long? OISADVANTAGES IF NOT APPROVED What will be the negative consequences if the promiaed action is not approved7 Inability to deliver servic:eT Continued high traffic, noise, a�ideM rate?Loss of revenue? FWANCIAL IMPACT ARhough you must tailor the information you provide here to the issue you are addressing, in general you must answer two questions: How much is it gang to cost?Who is going to pay? � � � � ��G, �� All of the followin escribed tract : Lota 1, , 7 and 8 and all of Lots 3 and 6 which lie a terly of the following described line : Fro point on the north line of Block 15 , Audito ' Subdivision 62 , City of St . Paul , distant 237 05 feet west of the northeast corner of s id Block 15 , run northerly at an angle of 7 egrees 27 minutes 08 seconds with said nort b ock line (when measured from east to north) f r 159. 42 feet ; thence deflect to the left at an angle of 04 degrees 06 minutes 00 secon s or 181 . 18 feet ; thence deflect to the left t n angle of 120 degrees 56 minutes 00 secon s for 349• 42 feet to the point of beginning o the line to be described ; thence deflect t t e right at an angle of 121 degrees 48 minut s 5 seconds for 1000 feet and there terminati g; all in Block 5 , Eastview Addition No . 3 , a co ding to the plat thereof on file and of re or in the office of the Registrar of Titles ; he title thereto being registered as evidenced by Certificate of Title No . 199775 - WHEREAS , the State of ii nesota also conveyed its right to erect temporary snow fences u on the lands described in said Quit Claim Deed ; and , WHEREAS , this right to e ect temporary snow fences is not needed by the City of Saint P ul ; and , WHEREAS , part of this 1 nd is now owned by I-94 Highway 61 Eastview Center Partnership a Minnesota general partnership (Partnership ) ; and WHER�;AS , the right to us the above described land to erect temporary snow fences is an encumbrance to the title of this property; and WHEREAS , the Partnera ip hereby requests the City to release any interest it may have i t e said snow fence easement to the Partnership ; and THEREFORE BE IT RESOL ED , that the proper City officials are hereby authorized to conve a Quit Claim Deed releasing any and all interest it may have i a easement for temporary snow fences over the following describ d and : Parcel 1 : Lot l , Blo k g , Eastview Addition No . 5 , except the North 300 e t thereof, and except those parts thereof taken b e State of Minnesota for highway purposes , sai arts taken for highway being �1�� - 2 4 . : � ��_�� described as follows : ( 1 except All that part of Lot 1, B ock 9, Eastview Addition No . 5 , according to the pl t hereof now on file and of record in the office o t e Register of Deeds in and for Ramsey County, whi h ies Southeasterly of the following described li e: From a point on the North line of Block 15 , Audi or s Subdivision No . 62 , City of St. Paul , distant 237. 5 eet West of the Northeast corner of said Block 1 , un Northerly at an angle of 87 degree$ , 27 minutes 0 seconds with said North Block line (when measu ed from East to North) for 159• 42 feet ; thence de lect to the left at an angle of 4 degrees , 06 minutes , for 181 . 1g feet ; thence deflect to the left at an angl f 120 degrees , 56 minutes for 1000 feet to the point o beginning of the line to be described ; thence run o theasterly along the last described course for 5 9 • 30 feet ; thence deflect to the left on a 28 degree , 3 inute , 52 seconds curve ( delta angle 58 degrees , 11 m' n tes , 15 seconds ) for 203 • 11 feet ; thence on tange t o said curve for 500 feet and there terminating, and s tuate in Ramsey County, Minnesota and ( 2) egcept That part of Lot l , B oc 9 , Eastview Addition No . 5 , lying South of the No th 576 • 6 feet and East of the West 300 feet thereof a cording to the plat thereof on file and of record in th office of the Register of Deeds in and for Rams y ounty. Abstract Property. Parcel 2 . That part f the North 300•00 feet of Lot 1, Block g , Eastview Add tion No . 5 , that lies East of a line described as fol o s : Beginning at a point on the North line of sai ot 1 that is 487 . 39 feet East �� h t�f',Li � �" ��- WHITE - GTV CLERK Plt�'K - FINANCE GITY OF � S INT PAITL Council CANARV -�dEPARTMENT BLUE - MAVOR File NO. �� Eastview (RM) �0�� O )� • M Return copy to: L �` Real Estate D' ' :� Presented By Referred To Committee: Date Out of Committee By Date of the Northwest corne o said Lot 1; thence Southerly to a point on the Sout 1 ne of the North 300. 00 feet that is 488• 66 feet Ea t f the West line of said Lot 1 and there terminating nd lies West of the Westerly right-of-way of NIinnes ta Trunk Highway No . 12 , according to the recor ed plat thereof, and situate in Ramsey County, Minneso a. Abstract Property. COUNCIL MEMBERS Requested by Department of: Yeas Nays Dimond Lo� In Fa or � Reaman B � � Sc6eibel � Agai t Y � Sonnen Wilson Adopted by Council: Date MAY ] 8 Form Approved by City Attorney C � Certified •:sed by Cou cil Secr tary BY gy. Q�ti� Appro d by Mavor: Date FIHY � � Appcoved by Mayor for Submission to Council By • �p1181154�D JUN - 31 89 WNITE - CITV CLERK PINK - FINANCE G I TY O A I NT PA U L Council �, CANARV - DEPAFTMENT 1 � �j BLUE - MAVOR � Flle NO• `� � � Councz esolution �o�� , Presented By Referred To Committee: Date Out of Committee By Date WHEREAS, the Council of the City of S in Paul on February 7, 1989, approved Council Resolution #88-1918 which ado te all of the Saint Paul Capital Allocation Polic ; 1990-1994 except or he attached Financial Policies Section 3.3 for use in the Unified api al Improvements Program and Budget Process; and WHEREAS, the 1989-1990 calendar for th U ified Capital Improvement Program and Budget Process (UCIPBP) directs th t he Saint Paul Long Range Capital Improvement Budget Committee prepare i s ecormnendations for the 1990-1991 Capital Improvement Budget on June 27, 19 9; and WHEREAS, the Financial Policies (Secti n .3) of the Saint Paul Capital Allocation Polic : 1990-1994 will be se by the Saint Paul Long Range Capita Improvement Budget Committee t p epare its recommendations for the 1990-1991 Capital Improvement Budget; nd WHEREAS, Council Resolution #88-1918 r so ves that the City Council study the Financial Policies (Section 3.3) of th S int Paul Ca ital Allocation Polic : 1990-1994 and adopt them by May 26, 19 9; NOW, THEREFORE, BE IT RESOLVED, that t e ouncil of the City of Saint Paul hereby adopts the Financial Policies ( ec ion 3.3) of the Saint Paul Capital Allocation Policy: 1990-1994, as amen ed; and BE IT FURTHER RESOLVED, that the City oun il directs transmittal of the amendments to the Financial Policies ( ct'on 3.3) of the Saint Paul Capital Allocation Polic : 1990-1994 to the N ,'gh orhood Contact L�st , the Long Range Capita Improvement Bu get Committee an i s task forces, the Saint Paul Planning Commission and appropriate cit s aff persons. COUNCIL MEMBERS Requested by Department of: Yeas Nays _ Dimond � (� — �ng � In Favor Goswitz Rettman Scheibel � Against BY Sonnen Wilson �Y 2 5 � Form Approve City Attorn Adopted by Council: Date - Certifie P�ssed by Council Sec tary BY— , , i gy, �'� ' A►pprov 1Aav : t� _ Z 6 � Approv d y Mayor for Submission to Council B}� � — � , _ �, �--- B Y PIIQIISlif6 �:;"? _ � g . • . � Q ��" d lD� Revisions to Financial Policies from Saint Paul Capital Allocation Policy: 19 -1994 Recommended by Finance Committe POLICIES F3 AND F9 AMENDED F3: Bond Financing a. ��re-�ot�r�-De�b�-A�v�ser�}-E ��ce-rceo-��xda�iofrs-a��lav�-��e sa-�e-e�f--x�-�o-��3;a09;00a�-E it �-�x�pFO�e�reir�-Bet�d�-tx-��et�d ��4;58(�,-000-��r-�99�. The 198 Jo nt Debt Advisor Committee ro'ects the sale of u to 14 00 00 in Ca ital Im rovement B nds in 1 90 and 14 800 000 in 1991. Th CIB Committee and Ma or are re ested to r ommend a it 1 d ets limitin CIB bondin o �► 12 000 000 in 1990 and 12 6 0 0 0 in 1991. The bud ets for 1 0 and 1991 bondin should be r du ed because the Cit issued n extra 10 500 00 in un lanned en r 1 obli ati n ond in 1989 f r mo Conserv or and Warner Sh ar Ro d in order to have stat loans for sew r aration for iv n T e Coun il ma increas hi mount if• 1 h r i dition 1 na i ated revenu si n • 2 the 1 Pr ert T x Lev f r e G n r 1 Fund er in B d e i 1 s h h 1 9 1 v f r 'u m n f r infl tion• r n com in i n f 1 or 2 Th C ommittee should r nk ro'ects u to a m ximum limit of 14 00 0 in case the ouncil is able to in r ase the CIB fun in lim' . b rvice for an General li ati n Bonds issued for s we r ' cts shall be financed b sewer u er revenues in tead of tax 1 vi . b. The city will issue up to $4 00 ,000 per year in special street assessment revenue bonds to ina ce 1990-1991 street paving work to be paid by benefitted propert o ners. The exact amount of bonding will be determined by the spe ifi projects scheduled and will be contingent on the amount of ed ral, state and city construction money available for sewer se ar tion. c. The city may issue up to � ,�� ,4A0 $9.000,000 in 1990 and �3;��8;000 $5.000.000 in 19 1 i �,S� Municinal State Aid project bonds in order to finance MS e i ible street work on ma'or arterials bein re aved durin sewer s a ation and to assist in the widenin and reconstruction of Warner an She ard roads. d. The use of revenue bonds f nance public improvement , commitments for economic d vel pment projects is preferred over other financing sources. The cit may consider using tax increment, taxable bonds, or tax-exempt 'rev nue bonds in 1990 or 1991 for the following projects: 1. Riverfront develop en ; 2. Downtown parking ro osals; 3. Other project-speci ic public redevelopment costs which leverage significant p iv e investment or investment by the State of Minnesota. .r. _ _ _-- --�--._�.��....fir+!/ � ��'� ,� ' � �o��mercial rehabilitation 1 an , which return to the CDBG program � 34 t�rogram income, shall b a propriated from thc program income i �inc item to provide ncw loa s s the original loans are rcpaid. � , " F8: Sale/Leaseback Arl'vre any sale/leaseback ag eemonts wili be approved by City � C�►uncil resolution, the foilo i conditions must be met. a. 'I�he feasibility of thc pro os 1 must be analyzed by an independent � ��acal consultant chosen by the city. Costs for such analysis must be b�►rne by the initiator of th pr ject if other than a city agcncy. b, vice of ths L g Range Capital Improvement Budget � The ad �`�►rnmittee must be obtaine . �• 1 f the repurchase of the ci ity is part of the proposal, the package � s��uld be structured to min mi e repurchase costs and financing must br. feasible. � F9: 11 UAG Reinvestment A Ap indicated by City Coun il esolution No. 279820 (dated February � K, 1983) all Urban Devc p ent Action Grant (UDAG) program ��c;ome, shall be distribute as follows: Fifty percent of the program 1i��ome from an individu DAG shall be set aside for eligible I►�o jects within the distric (s) in which the UDAG is located. The � �e�maining fifty percent of the program income shall be deposited in �I�c citywide UDAG Revol in Loan Fund to be used for economic �tevelopment purposes. UD G program income is that percentage of � u��y income earned by th c ty from the disposition of property n�quired with UDAG mon , e repayment of any loans made with 111)AG money, or any othe re enues defined by the grant agreement �. ua program income. A I I UDAG program inco e is administered according to HUD � Kuidelines (Uniform Adm nis rative Requirements for Grants and - A ids to State and Local ov rnments). In accordance with these �uidelines, proposals for r -us of program income are rcviewed by �I�c HRA Board and admini ter d by HRA staff. F10: '1'nx Abatement II�e city will not consi er tax abatement as a development/ rcdevelopment tool unless o etermined by the Mayor, and by City l'ouncil resolution, and wit t exception of tax abatement assistance 1'or low income rental h us' g development. (Council File Na �76807). F1 i: Multi-Year Projection of C pit 1 Financing Sources Appendix F is a projecti n f all capital improvement financing nources for the years 199 t rough 1994. The five-year tentative �►rogram included in tht bi nn 1 capital budget shall not exceed these I'unding projections. 26 � d" �— �fo� Such bond issues may b ge eral obligation bonds if there is a dedicated revenue sourc to cover the interest and principle payments and if there is backup f na ingother than property tax revenues to cover the debt service. F9: UDAG Reinvestment . it3diea�ed-b;}-Et��o a' Ikesd��t�o�r-AFo--�'�95�.-0-Fdated-�e�b a-�y 8-,--I- �-a-1-�-{�Fba�-De�el p� ��-Ae�ie��a�fft{{�D�G}�ro �x t�reo��; a��-�e-di�s��ib � s-�'o��e�: The Cit 's olic vernin the use of o ram inco e f om Urban Develo ment ction Grants �� as ado ted b uncil R ol tion #279820 dated ruar 8 1983 is � ' �1 amended to no lo er re ir that fifty percent the program �- J� f, income from an indi ' u 1 DAG s�ra�� be s aside for eligible Y1'-�'� �'�` projects within the distr (s) in which th DAG is located. ��re � � ��i-a��rg-f-t€��-�Fe�x�o - All pro am income shall be deposited �/ ��:� H - � � in the citywide UDAG R vol i n Fund �o and will be used for �p/1 citvwide nriorities for ec no ic lopment �a-r-�oses. UDAG �,tr� G program income is that pe ce age of income earned by the city �' from the disposition of pr e ty acquire ith UDAG money, the repayment of any loan de with UDAG m ey, or any other revenues d�fined by e g an agreement as prog m income. All UDAG pr ram incom is administered according t UD guidelines niform Admi ist ative Requirements for Gra s and Aids to ate and Local G ver ments). In accordance with th guid nes, proposals for r -us of program income are reviewed the RA Board and admin ste ed by HRA staff. NEW POLICIES: F 12 - F 14 F12: Rain Leader DisconnectIon n ity Facilities In order to abate storm wat r o erflows into the Mississippi River, capital improvement money'wi be appropriated to disconnect rainleaders from City build ng and other facilities, including recreation fields. In 1989, p t $250,000 may be appropriated and, in 1990 through 1995, up to $2 0,0 0 may be annually appropriated for rainleader disconnects. Dep nd ng on facility type and location, the following revenue sources y e used for financing: capital improvement bonds, CDBG on y, t , and/or other unanticipated available revenue sources fr m ity funds. F13: Priorities and Procedures fo Di bursing Capital Improvement Project Financing In order to maximize allowa 'le i terest earnings on cash investments, fund and activity managers nd he departmental accountants will conform with the following he paying bills for capital projects: a. An interdepartmental nv ice for transfer of money between funds will accompany eac pay voucher which equals or exceeds $50,000; 2 � � , �� b. An interdepartmental i voi e for transfer of money betwcen funds will be complete at he end of each month to cover all pay vouchers which tot lle less than $50,000; c. If a capital project has ul iple sources of financing available, spending wili be charge a ainst funds in the following order, subject to the qualifica 'on listed below: 1) Reimbursable gr nt unds--these funds should be spent first with promp re uest for reimbursement; 2) Bond funds sold n 1987 or after; 3) Cash grants whi h ve interest limitations; 4) Bond funds sold ri r to 1987; 5) Cash grants whi d not have interest limitations. The following qualifica io should also be applied: -- Grants with tim res rictions should be spent within the allowable period -- If the budget for a oject exceeds the project's final cost, cash grants ho ld be used to the full extent allowable, leavin o er financing sources available for reappropriation. F14: Reappropriation of Delayed Ca it Project Financing The following reporting requir me ts will be applied to capital projects to help assure maximu b nefit from capital appropriations: a. A status report must be re ared and presented to the Saint Paul Long-Range Capit 1 I provement Budget Committee at the end of each budget ea for all capital improvement projects and programs hic received financing for that budget year if the proje t o program has not been initiated. b. Financing for any capit 1 i provement project or program which has not shown su sta tial progress toward completion at the end of the second y r fter the year in which an appropriation was recei ed, will be sub ject to reappropriation. The department or agen y r sponsible for implementing the project will be asked to ust fy continuation of the project to the CIB Committee. Th CI Committee will make a � recommendation to the ay r and City Council as to whether the project or program s ou d be allowed additional time for implementation or whet er he project or program should be abandoned and financin r appropriated to other priority needs. �3 . r . � ,.. � �-�,.�-�� . - . � � . : ,, ; � CITY OF AI T P/1UL ' � INTERDEP,,RTMEN AL MEMORANDUM ..ft�E�:s.".1`.yS�`��,t_�.��Y'�Ci��'�"'t,..o---r "'�.-k.�•"'"^"'..:'��;�.�._,� TO: �,Counc�.lmember �Robert.�Lo g, Chair Members of the Saint Pa 1 City Council Finance & Management Committee � FROM: Greg Blees, Budget Dire t r � i��, DATE: April 4 , 1989 RE: 1990-1991 Capital Allo t on Policies: Financial Policy Revisions � Four suggested revisions to the p o osed Financial Policy Section of the 1990-1991 Capital Allocation o icies are attached for your \ consideration: • F3 : Bond Financing - revisions F4: Tax Increment Financin - revisions � F12: Rainleader Disconnecti n in City Buildings - new policy F13 : Priorities and Procedu e for Disbursing Capital Improvement Project i ancing - new policy F14 : Reappropriation of Del y d Capital Projects - new policy Staff from the Planning Division a the Budget Office will be at .the April 17 , i989 Finance Committee � m eting to respond to your questions. Mark VanderSchaaf will prepare t e appropriate Council Resolution for your approval. GB: fs � � � Attachments cc: Tamsen Aichinger . Jim Bellus Ken Johnson � Al Lovejoy Gary Norstrem Gene Schiller . • Jim Snyder � Kathy Stack � Mark VanderSchaaf � _... ___.....__..,.._,_........._..�.___._...._. , _._..:.,..:.�,..,�.a...e..Y..-.�......�. ..,,.�,�.,,�.,�,v,.�..,.Y�.,.;..., r.<:.:s.t. ,:. .:.^..:�......_---�-y- ,.,,.,...,.. .... . . . .,-.° � :... . �5�� ,_,.. .. _..,. . . _ ... . . .. . . � . ' F3 : Bond Financing ��-° �� , . • a. The Joint Debt Adviso y ommittee recommendations allow the saie of up to $13,700 00 in Capital Improvement Bonds in 19 9 0 and $14,5 0 0,0 0 0 n 9 91. '�� '�i�� {„'�: ��;�i� Y . Y {•• �.�•�R;ry•r,.}%MY��.. jfi}::� 'T�k4:}}rv4riY.0.'4. . � •�.'�}��{C}vWT' .j :• ,..� . �� ,Gr� `�. .+:0., {A� :� }� ..ig. .::�,i'.�: ��'`. '�' �''•.i: }:� . ' '.::> ' �''�.'..�'T`y,;�i� . . �...,..�th:.:�:. vu.�,•;Yr•;',��.�,.;�• �i7'.,,, , 0 ihfs','a�C"�,.•. .,rw� rk:;..:.• y�''h�'•. v �y�µ ;�� L��`•. �> �y: 3 �p, ,y� y��``��o a� .. '�i7'.:�7:.'."'��•'i��'.�'�. 'ki:��Ai�',.. S?{•:��:� ' 'l"��,�'.' ::"4:i�' :'��''�� ,�,�:: .�.tiiF��Vk'� '��At1�U.�S+t � �C:::�:;�.�:•::;:• `�:"2;• ):.o.';;;;;2.�.'.,;:�:`•.�.•.�.�;•�•;',,•�'�^x,.,.,,�'v;� :'{�QC �•�`<'•• ,v^^ZY..;?'.}.;��.�y '•'a;a,�� •i';Pn. <;:, ��e.�.(.�wy......•:. ..3'•i;'::' �. s�t'e`�:: +��F '�` �.�. . y' .�3!,�f. ,•. '"'C'.•`•``�;. •.i:;C.;.4Q:`i� rYGl: ��.i�.Q.��'.�T'.;Q'��{'.'��J�4 i�,[•�: C. �• t'•i•.:?••.• ��:.�. .`C �ti �.iS�\..'.. �'.;;>;;:�'}ti,j:,�.....+�+..,v,•T;o:.;::•:.;!{:i•:,:R(t;'..., .,.}:r�{;�,w•:;:;:.x..•7 . . . . �[�C� �.�1��E�l��;Q�c�';�i�� i;:i• � . ., . .: . •... . • . ,. , . . .r..;: �>�. � � b. The City will issue u t $4,000,000 per year in special street assessment rev nu bonds to finance 1990-1991 street. paving work to be pai b benefitted property owners. The exact amount of bondi g ill be determined by the specific projects scheduled an w'll be contingent on the amount of federal, state and ci y onstruction money available for sewer separation. c. The cit ma issue u to -98� �>'�fit�:1��"`�:��3 in 1990 and Y Y P �'':�'e, ;�:,:<::r::.;:..:::::>:K�;�>ri::,;n.`� , , $5,000, 000 in 1991 in Municipal State Aid project . }::{:;i;+:•::::}:{rn;.•r,:.};. •:.�:.v::.nv�::r:.. .; ..... ::.,. .3':{:n:.•;: v :?!s4:?•i:t::;:. ;.}•.}:.;;:.}•:::.r•.y,�yy,r:ry;.;..y{.};.}�.;.}•;.v :•v..::: ;f.,;,Y�jt' 1:jnvii ::::}a} :•.,$::+.;....:��{�i}'v:, • bonds<:;:::;.::.:<::;;:,:..::. :::<:>::.��::.��::.:.::: :�:�: :.::: :.`:::;�;:;.��:�:� ��f�:: :1�>:;<: :::::�� .�n. �a�� .r� ��u.�..t�� ts�:.�::��;; :�:b�;:�:,:;�;��;��:�:.,�:�..:�:.:� ...�na�:�� ::>:..:::�.:::.:.:...:...::::::.;: :;�... ..�.... ..:�:v. ,. :.: :.>:.:.�:::. .. . ............... ..v:. ::..�:.:. .. .::>:... . ,.<n:.. :..�.. .:.:r.;:::<:.;;:.;.:::.;:<:>�:•:;�:�;�; •'•:•>:C.,::.:.:�:x:.;F..�: .w:.,.::.::::•.:;:��;•:,.• .,...:.:.......:..:.: ...:....:.:..:::.::.::••::.::::..;;.::.: .::•>:%:;:>r:�::•::•.. .. •..,..........., ..,,..s:�>::r:::�•.:. .. ..:.;•.:..•:c::..::..:.�:;:.::::.,,:.:t�:....:..,:.�...:-,.::.:•::.'•.,•�.:...:..:...:. :. .:•'•.:":...;:;:,.:;•:;^:.:::.::.::.:;:..::..:,.....:.....,.d::':::r:::;:.w:....,: ....�:::>c....;.:::n:+..: :.::.:::.:.:.;:::.:,..,...:.a.:..:>•�., :�r��Y.:a�;:�::,:l�e�.n. ::.::r�.:au..d ur.�n h,s:��x:��;�� :�ra:�i�n>�nd:::<:<��x;{>�:;a:ssis,. :•:�.::::::r::•.�.:•::::•:•: ::.�.::.v•r:::.W:..x:x::x}n••:.:.�::•::�:::.:.x.^•.�::::::::::�:r:::.�::::::::..:::.�:::•.�::}rhr:.-0rxxv.v� r...:i':::.i•::::::::v.i:i•ii:i^T::v:.v::;::::::::oi ..... .:v:....�.�::r ......v ...r.4. . ..... .::::::.�:/.:::.....::::::?v::::.:::.. �:.::.::::........ .....:n :..rO:^i�.:C^i}•.;: . ,,.. ^:�v...:..:::..n.......;.:.:'. {.:$.:::•;r;•yi:: . ;.:..:•::::..:•<:•:.;.;;�,. ;. .. . . . f:;;:•.::•L:,:�,:• f++•'•:::. .4:.;. ' �•.^;.:1... �y . >�: :��<th:��>:�>�>�:��r�:a:� �f��<1 r�. .��;�:':��:�it�•��:�#��:��hW�:�;�"�'`� :�� v��: �r�: �...��:•:::..........yniva:,.,;s'.t::::a<s:..:;u•:t?.;�:N..f•.xca""`��:.•;`.•.:::r..:r.:.x.,'f,•,::.r•.xb�.d.eO.�aSxx;w+c:Fi.ta•�b;a„<u:ax°a.+?�..x�C.� �u�a<�;E.,..:<.»u:...l,'!`6.aaa:ow: . . . �rC)�iI�S�. d. The��use of revenue bo ds to finance public improvement commitments for econo i development projects is preferred � over other financing o ces. The city may consider using tax increment, taxabi nds, or tax-exempt revenue bonds in 1990 or 1991 for the ollowing projects: 1. Riverfront develo m t; 2. Downtown parking r osals; � 3 . Other project-spe i ic public redevelopment costs which levera e si nific n rivate:�`':�:::�:;:s��:�:�::��:��::>:�:�'��`��:�i�er�i�� .. 9 9 P ..�;..;:.:;::<:;;.::;<.;�;«�:;:��::.::.;:.>:.;�.;::<�:;:::::.:::::::.:::::: , . .. . ...,................. investment . ' � Such bond issues may be g n ral obligation bonds if there is a �.:�r::r..rz.,.;.;.t . dedicated revenue =_� `�;:��i:��i�� to cover the interest and ........,. ::::.:..::...:...�<:...,. .. ..• :;.:>:: .., . . , p p p y �� a;�:�1::��:�t�St�::� financing rinci le a ments and if t ere is � � other than property tax r v nues to �= �:�:�u��:��the `��'��`::m:e�:i:�:v�`;Q:f ......,..........:.:.�. �<..:.:�.:�.,.:;:«.,�,x�,..�..... :........:..:.: debt service. �limiting CIB bonding to $12,000,00 . e Council will increase this amount if: (1) there is additional unanti 'pa ed state revenue assistance; (2) the 1990 Property Tax Levy for the Gen al Fund Operating Budget is less than , the 1989 levy after adjustment for 'nf ation; or (3) any combination of 1 or 2. The CIB Cocignittee should rank oj cts up to a maximum limit of $14,000,000 in case the Council is able to inc as the CIB f�nding limit. . . �� :�� :::� . ::�:> Q? 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