Loading...
89-866 WNITE - C�TV CLERK COUflCll y/ PINK -�FIN4NCE /�,/� CANARY - DEPARTMENT G I TY O A I NT PAIT L File NO.�'V r � BLUE - MAVOR Counc l esolution Presented By Referred To Committee: Date Out of Committee By Date RESOLVED, by the City Council of the Ci y of Saint Paul, that in accordance with Laws of Minnesota 1976, Chapter 234, th City Council hereby consents to the issuance of the aforesaid revenue bonds f r he purposes described in the aforesaid Port Authority Resolwtion No. 3107 the e ac details of which, including, but not limited to, provisions relating to maturi ie , interest rates, discount, redemption, and for the issuance of additional bonds re to be determined by the Port Authority, pursuan# to resolution adopted by the Por A thority, and the City Council hereby authorizes the issuance of any additional bo ds ( including refunding bonds) by the Port Authority, found by the Port Authori y o be necessary for carrying out the purposes for which the aforesaid bonds ar i sued. COUNCIL MEMBERS Requested by Department of: Yeas Nays Dimond �ng [n Favo � Rettman �j B Scheibel _�L___ A ga i n s t Y Sonnen Wilson Adopted by Council: Date MAY 1 8 � ' Form Approved by City Attorney Certified Y� •sed by Council Secre ry BY � By Appr e by 1�favor. Dat _ Y 2 �f �� Approved Mayo for S mis 'on to Council g � Pt1B!!Sl�E9 J 11 Pd 31 9 _��t. Paul Port Authorit.v DEPARTME T �� �� N� �6082 J.A. Campobasso , � CONTACT 224-5686 PHONE �y 9� 1989 DATE e e�' . Q, �i ASSIGN NUMBER FOR ROUTING ORDER Cli A]1 Loc i s for Si nature : 1 �partment Director � Director of Managempnt/Mayor ` Finance and Management Services Director � , 4 City Clerk Budget Director _gE; MTCHAFI �H�TrtT�pHFRS(1N-=�l1Bl FASF TO 2 City Attorney GENERAL PUMP & NORAMCO-$67D.�00 TAX EXEMPT & $b90,000 JAXABLE BOND ISSUES WHAT WILL BE ACHIEV D BY TAKING ACTION ON THE TT CHED MATERIAL�? (Purpose/ Rationale) : The purpose of the combined tax exempt and ta ab e revenue bond issues is to finance the constructio►� of a 23,800 square foot facility co taining 5,800 square feet of office and 18,000 square feet of manufacturing and wareh us space on a 128,458 square foot- site in`- Riverview Ind`ustrial Park. �he learse would b with Michael Christopherson with a sublease to General Pump/U.S: Inc. and Noramco. COST BENEFIT BUDGETARY AND PERSONNEL IMPACTS TI IPATED: The amount of the combined revenue bond issues is $1 ,360,000 and will be for a term of 30 years. There will be approximately 15 new jobs create a a result of this project, and the cpmpany has entered into the City's First Source Agreement �'he Port Authority will submit an application or an industrial revenue bond allocation from the State of Minnesota Competitive Poo] as the pr ject is industrial . The City. of Saint P�ul 's entitlement allocation will not be affected by th s application. . FINANCING SOURCE AND BUDGET AC1'IVITY NUI�ER CH GE OR CREDITED: (Mayor's signa- ture not re- Total Amount of "Transaction: N�q quired if, under � �10,000) Funding Source: � � � � � Activity Number: ATTACHMENTS (List and Number All Attachments) : 1 . Staff Memorandum 2. Draft City Council Resolution 3. Port Authority Resolution No. 3107 - cc. J. Shoholm DEPARTMENT REVIEW CITY ATTORNEY REVIEW �Yes No Council Resolution Required? ' Resolution Required? �Yes No Yes X No Insurance Required? Insuranee Sufficient? X Yes No Yes X No Insurance Attached: , , (SEE •REVERSE SIDE FOR I T UCTIONS) Revised 12/84 ; n..+.. HOW TO USE THE GREEN SHEET The GREEN SHEET has several PURPOSES: � � � � � 1. to assist in routing documents and in securing required signatures 2. to brief the reviewers' of documents on the impacts of approval 3. to help ensure that necessary supporti.ng aaterials are prepared, and, if � required, attached. Providing complete informa'tion under the listed headings enables reviewers to make decisions on the documents and eliminates follow-up contacts that may delay execution. The COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS heading provides space to explain � the- cost/benefit aspects of the decision. Costs and benefits related both to City budget (General F`und and/or Special Funds) and to broader financial impacts (coat to users, homeowners or other groups affected by the action) . The personnel impact is a description of change or shift of Full-Time Equivalent (FTE) positions. � If a CONTRACT amount is less than $10,000, the Mayor's signature is not required, if the department director signs. A contract must always be first signed by the outside agency before routing through City offices. � � Below is the preferred ROUTING for the five most frequent types of dxuments: , CONTRACTS (assumes authorized budget exists) � � l. Outside Agency 4. Mayor 2. Initiating Department 5. Finance Director 3. City Attorney 6. Finance Accounting ADMINISTRATIVE ORDER (Budget Revision) ADMINISTRATIVE ORDERS (all others� 1. Activity Manaqer 1. Initiating Department 2. Department Accountant 2. City Attorney 3. Department Director 3. Director of Management/Mayor 4. Budget Director 4. City Clerk ' 5. City Clerk � 6. Chief Accountant, F&MS COUNCIL RESOT,UTION (Amend. Bdgts./Accept. Grants) COUNCIL RESOLUTION (all others) 1. Department Director 1. Initiating Department 2. Budget Director 2. City Attorney 3. City Attorney 3. Director of Manaqement/Mayor 4. Director of Management/Mayor 4. City Clerk 5. Chair, Finance, Mngmt. & Personnel Com. 5. City Council 6. City Clerk 7. City Council 8. Chief Accountant, F'&MS SUPPORTING MATERIALS. In the ATTACHI�NTS section, identify all attachments. If the Green Sheet is well done, no letter of transmittal need be included (unless signing � such a letter is one of the requested actions) . Note: If an agreement requires eviderice of insurance/co-insurance, a Certificate of Insurance should be one of the attachments at time of routing. Note: Actions which require City Council Resolutions include: 1. Contractual relationship with another govern�ntal unit. 2.. Collective bargaining contracts. • 3. Purchase, sale or lease of'land. 4. Issuance of bonds by City. 5. Eminent domain. 6. Assumption of liability by City, or granting by City of indemnific�tion. : 7. Agreements with State or Feder�l Goverxnnent under which they are providing funding. • 8. Budget amendments. . . i , _^ d..._.._. - ✓'/ /�✓� `� ,. C__`� ` � ., . � � � �V / V lY� . '9 � r �. � FAX (612) 223-5198 PORT AUTHORIN OF THE CITY OF SAINT PAUL TOLL FREE(800) 328-8417 1900 LANDMARK TOWERS • 345 ST. PET ST EEf • ST. PAUL, MN 55102 • PHONE(612) 224-5686 May 9, 1989 Mr. Ken Johnson, Director Planning and Economic Develop n Department City of St. Paul 13th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJEC�: MICHAEL CHRISTOPHER ON SUBLEASE TO GENERAL PU P/U.S. INC. 8 NORAMCO $670,000 TAX EXEMPTiRE ENUE BOND ISSUE $690,000 TAXABLE RE EN BOND ISSUE Dear Ken: We submit herewith for your r vi and referral to the office of the Mayor, City Council and City tt rney's office details pertaining to the issuance of a combined tax ex mp and taxable revenue bond issue in the amount of $1,360,000 to finan e he construction of a 23,900 square foot facility containing 5,800 squ re feet of office and I8,000 square feet of manufacturing and warehous s ace on a 128,458 in Riverview In- dustrial Park. The lease wou d e with Michael Christopherson with a sublease to General Pump/U.S. In . and Noramco. The Port Authority will submi a application for an industrial revenue bond allocation from the Stat o Minnesota Competitive Pool as the proJect is industrial . The C ty of Saint Paul 's entitlement allocation will not be affected by this pp ication. The Port Authority staff has on ucted a thorough evaluation of the firms and/or individuals that ar involved in this project or in whtch the principals have an intere t. This investigation has included EUGENE A.KRAUT,C,I D,� PERRV K FED"eRS.C.P.A. JOHN A. AM BASSO,C.�.D.� iAMES F FAUE.C i.D.' JAMES"t T"eR2EL_.C:C� EXECUTIVE VICE PRESIDENT,C.E.O. ASST.ExEC.VICE PRESIDENT,C.F.O. OIRECTCR NDUST IAL DEV�iOPMEM DIRECTOR REAL ESTATE OPERATIONS CIRECTOR .� ^...� _"�'.'E�-." tAWRENCE H.LANGER,P E. RICHARD A.GiERDAL PATRICK E.DEAN,C.P. . ROBERT A MI?TE? CPA. KAMERON L CARLSON,C,PA. WIL��Afd':E "��cGIVE2N CHIEF ENGINEER PROPERTV MANAGER FINANCE DiRECiOR ASST FINA�dCE DIRECTOR ACCOUNiING MANAGER DiREC'J��JB�iC�:.A�����^+S COMMISSIONERS: GEORGE W.WINTER WILLIAM R PETERSON HOWA D M UTHMANN JEAN M WEST VICTOR P,REIM JAMES SCHEIBEL ROBERT C LONG P(7ESIDEN? VICEPRESIDENi SECRE RV �SST SECRE�ARV TREASURER ASST�REASURER _�.:1':59�"dEr • 'C.I D CERTIFIE INDU TRIAL DEVELOpER �4 � `��� Mr. Ken Johnson May 9, 1989 Page -2- detailed credit analysis, Dun nd Bradstreet reports, direct communica- tion with representatives of f na cial institutions with whom the par- ticipants have done business a d ata base checks to determine if any principal (s> have been in any ay involved in legal proceedings as a result of securitles traud, ex or ton, embezzlement or financial mis- representation. In addition to the staff inemor nd m, we are attaching a draft copy of the proposed City Council reso ut on and a copy of Port Authority Resolution No. 3107 which auth ri ed the sale of the combined revenue bond issues in the amount of $ ,3 0,000. Your expeditious handling of t is matter will be appreciated. You� truly, / / / �'����,� ���`'��" F'erry K. Feders Acting Executive Vice President PKF:ca cc. Mayor imer . - • ��V��� 559A Resolution No . 3107 RES LU ION OF THE PORT AUTHORITY F THE CITY OF SAINT PAUL WHEREAS, one of th p rposes of Minnesota Statutes , Sections 469 . 152 through 469 . 16 (hereinafter called "Act" ) , as found and determined by t egislature is to promote the welfare of the state by the a t ve, promotion, attraction, encouragement and development o economically sound industry and commerce to prevent so fa s possible the emergence of blighted and marginal lands a d areas of chronic unemployment and to aid in the development o existinq areas of blight, marginal land and persistent ne ployment; and WHEREAS, factors ne es itating the active promotion and development of economical y ound industry and commerce are the increasing concentrat 'on of population in the metropolitan areas and the ra id y rising increase in the amount and cost of governmental ervices required to meet the needs of the increased populat ' o and the need for development of land use which will provide a adequate tax base to finance these increased costs and acce s to employment opportunities for such population; and WHEREAS, the Port Au ho ity of the City of Saint Paul ( the "Authority" ) has rec iv d from Michael Christopherson (hereinafter re er ed to as "Christopherson" ) a request that the Authority iss e ts revenue bonds (which may be in the form of a single not ) o finance the acquisition, installation and construction f acilities for the manu- facturing, assembly, packaging n distribution oE cleaning and pump components (hereinafte ollectively called the "Project" ) at Riverview Industr' a Park in the City of St . Paul, all as is more fully desc i ed in the staff report on file; and WHEREAS, the Authorit d sires to facilitate the selective development of the co u ity, to retain and improve � . . ���`O�l� its tax base and to help it r ide the range of services and employment opportunities req i d by its population, and said Project will assist the City i achieving that objective . Said Project will help to in r ase the assessed valuation of the City and help maintain a p sitive relationship between assessed valuation and debt n enhance the image and reputation of the City; and WHEREAS, the Proje t to be financed by revenue bonds will result in substantial e p oyment opportunities in the Project; WHEREAS, the Autho i y has been advised by repre- sentatives of Christopherso t at conventional, commercial financing to pay the capita c st of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibili y f operating the Project would be significantly reduced; WHEREAS, Miller & Sc roeder Financial, Inc . ( the "Underwriter" ) has made a p op sal in an agreement ( the "Underwriting Agreement" ) r la ing to the purchase of the revenue bonds to be issued o inance the Project; WHEREAS, the Auth ri y, pursuant to Minnesota Statutes , Section 469 . 154, ub ivision 4 did publish a notice, a copy of which with proof f ublication is on file in the office of the Authority, of a ublic hearing on the proposal of Christopherson that the u hority finance the Project hereinbefore described by t e issuance of its industrial revenue bonds; and WHEREAS, the Auth r' ty did conduct a public hearing pursuant to said notice, at w ich hearing the recommendations contained in the Authority' taff inemorandum to the Commissioners were reviewed, nd all persons who appeared at 'the hearing were given an o p rtunity to express their views with respect to the proposal . NOW, THEREFORE, E T RESOLVED by the Commissioners of the Port Authority of t ity of Saint Paul, Minnesota as Lollows : 1 . On the basi o information available to the Authority it appears, and he Authority hereby finds, that said Project constitutes p op rties, used or useful in connection with one or mor r venue producing enterprises engaged in any business wi hi the meaning of Subdivision 2 of 2 � . . ,� ' ���-��� Section 469 . 153 of the Act; h t the Project furthers the purposes stated in Section 4 9 . 153 of the Act, aild that the effect of the Project, if un e aken, will be to encourage the development of economically o nd industry and commerce and assist in the prevention of h emergence of blighted and marginal land, and will help t prevent chronic unemployment, and will help the City to re a ' n and improve its tax base and . provide the range of service nd employment opportunities requir_ed by its population, n will help to prevent the movement of talented and edu a ed persons out of the state and to areas within the state wh r their services may not be as effectively used and will re u t in more intensive �'�velopment and use of land within the C ' t and will eventually result in an increase in the City ' s ta ase; and that it is in the best � interests of the port distri t and the people of the City of Saint Paul and in furtheranc f the general plan of development to� assist Christ p erson in financing the Project . 2 . Subject to th utual agreement of the Authority, Christopherson, a d the purchaser of the revenue l�onds as to the details of t e lease or other revenue agreemerit as defined in the c , and other documents necessary to evidence and effect the f'' n ncing of the Project and the issuance of the revenue bond , the Project is hereby approved and authorized and the issua c of revenue bonds of the Autliority (which may be in t e form of a single note) in an amount not to exceed approxi a ely $1 ,360 , 000, approximately $6i0 , 000 �of which will be ta - xempt ( the "Tax-Exempt Bonds " ) and approximately $690 , 000 of hich will be taxable ( the "Taxable Bonds " ) ( other tha s ch additional revenue bonds as are needed to complete the Pro ect) is authorized to finance the costs of the Project an t e recommendations of the Authority ' s staff , as set f rt in the staff inemorandum to the - Commissioners which was pres n ed to the Commissioners , are incorporated herein by refe en e and approved. 3 . In accordanc w th Subdivision 3 of Minnesota Statutes , Section 469 . 154 , he Executive Vice-President of the AUTHORITY is hereby authori ed and directed to submit the proposal for the above desc ib d Project to the Commissioner of Trade and Economic Devel pm nt, requesting his approval , and other officers , employe s nd agents of the AUTHORITY are hereby authorized to provid t e Commissioner with such preliminary information as e ay require. 4 . There has he et fore been filed with the Authority a form of Prelimi ar Agreement between the Authority and Christopherso , elating to the pro�osed 3 � � ������� construction and financing f he Project and a form of the Underwriting Agreement . Th f rms of the agreements have been examined by the Commissione s . It is the purpose of the agreements to evidence the o itment of the parties and their intentions with respect to he proposed Project in order that Christopherson may proceed it out delay with the commencement of the acquisition, install ti n and construction of the Project with the assurance ha there has been sufficient "official action" within th m aning of the Internal Revenue Code of 1986 , as amended, t a low for the issuance of industrial revenue bonds ( i cl ding, if deemed appropriate, any interim note or notes t p ovide temporary financing thereof) to finance the ent ' re cost of the Project upon agreement being reached as o he ultimate details of the Project and its financing. Sa d Agreements are hereby approved, and the President an Secretary of the Authority are hereby authorized and direc ed to execute said Agreements . 5 . Upon executi n f the Preliminary Agreement by Christopherson, the staff o t e Authority is authorized and directed to continue negoti ti ns with Christopherson so as to resolve the remaining issue n cessary to the preparation of the lease and other documen s ecessary to the adoption by the Authority of its final bond re olution and the issuance and delivery of the revenue bon s ; provided that the President (or Vice-President if the Presi en is absent) and the Secretary (or Assistant Secretary if 'he Secretary is absent) of the Authority, or if either of uc officers (and his alternative) are absent, the Treasurer o t e Authority in lieu of such absent officers, are hereby au horized in accordance with the . provisions of Minnesota Sta ut s , Section 475 . 06 , Subdivision 1, to accept a final offer f he Underwriter made by the Underwriter to purchase sai b nds and to execute an . Underwriting Agreement sett 'ng forth such offer on behalf of the Authority. Such accept c shall bind the Underwriter to said offer but shall be subj c to approval and ratification by the Authority in a formal s pplemental bond resolution to be adopted prior to the del ' e y of said revenue bonds . 6 . The Tax-Exem onds ( including any interim note or notes ) and interest th reon shall not constitute an indebtedness of the Authori r the City of Saint Paul within the meaning of any constitutio al or statutory limitation and shall not constitute or giv r se to a pecuniary liability of the Authority or the City o a charge against their general credit or taxing powers and e ther the full faith and credit nor the taxing powers of th A thority or the City is pledged for the payment of the Tax-E e pt Bonds (and interim note or , • �O 7 ��1� . notes ) or interest thereon. T e Taxable Bonds ( including any interim note or notes ) and i t rest thereon shall not constitute an indebtedness o he City of Saint Paul within the meaning of any constitut o al or statutory limitation and shall not constitute or give r ' se to a pecuniary liability of the City or a charge against ' i s general credit or taxing � powers and the full faith an redit and the taxing power of the City is not pledged for h payment of the Taxable Bonds (and interim note or notes ) r ' nterest thereon. 7 . In order to f ci itate completion of the revenue bond f.inancing herei c ntemplated, the City Council is hereby requested to conse t, pursuant to Laws of Minnesota, 1976 , Ctiapter 234 , to the is ua ce of the revenue bonds ( including any interim note r otes ) herein contemplated and any additional bonds which t e uthority may prior to issuance or from time to time thereaf er deem necessary to complete the Project or to refund such re en e bonds; and for such purpose the Executive Vice President of the Authority is hereby authorized and directed to f rw rd to the City Council copies of this resolution and said re iminary Agreement and any additional available informa io the City Council may request . 8 . The actions o t e Executive Vice-President of the Authority in causing public notice of the public hearing and in describing the general n ture of the Project and estimati�ig the principal amou t of bonds to be issued to finance the Project and in pr p ring a draft of the proposed application to the Commission r of Trade and Economic Development, State of Minneso a for approval of the Project, which has been available for ' n pection by the public at the office of the Authority from n after the publication of notice of the hearing, are in a 1 res ects ratified and confirmed. ,�" z:- Adopted �-'�,� 1989 �- � ��� Attest '�----- - �Pres d t The o Authority of the City of S in Paul Se tary 5 � . . � PORT ���G� AUTHORITY OF THE CITY OF ST. PAUL M m rondum TO: BOARD OF COMMISSIONERS DATE: Mdy 5, 1989 ( May 9, �989 Special Meetin ) FROM: J.A. Campobasso �; SUBJECT: MICHAEL CHRISTOPHERSON WITH A UB EASE TO GENERAL PUMP/U.S. INC. & NORAMCO PUBLIC HEARING - PRELIMINARY A D NDERWRITING AGREEMENTS $670,000 TAX EXEMPT REVENUE BO D SSUE $690,000 TAXABLE REVENUE BOND SS E RIVERVIEW INDUSTRIAL PARK RESOLUTION N0. 3107 PUBLIC HEARING - SALE OF LAND RESOLUTION N0. 3108 I . _THE COMPANY General Pump/U.S. Inc. was fo nded in 1982 by Michael Christopherson, the owner and President, of the' co pany. The company is the exclusive United States agent and distributo o Interpump P.A. of italy. The high pres- sure pumps are used primarily y the cleaning industry. The company also distributes a variety of ac es ories for the pumps. Since its inception, Genera P mp has worked toward adding additional value to its product line. Th y presently assemble and package a combina- tion of components to accom an the pumps. In December of 1988, Michae C ristopherson acquired B & K Automatics and formed a new corporation ca le Noramco (North American Components). Noramco is a machine shop t at manufactures various components related to the cleaning industry. General Pump is located in 1, 00 square feet of space in Eagan, and Noramco is in 3,000 square ee of space in Blaine. The companies propose to relocate in order to exp nd and consolidate their operations. They presently have 25 employees an anticipate creating 15 new jobs within the next three years. General um has signed a First Source Agreement and is interested in working with he City's Job Creation and Training Office. � � ������ BOARD OF COMMISSIONERS May 5, 1989 Page -2- 2. IHE PROJECT General Pump and Noramco pr po e to consolidate their operations into a new 23,800 square foot taci it in Rlverview Industrial Park. The build- ing will contain approximat ly 5,800 square feet of office and 18,000 square feet of manufacturin a d warehouse space. The plans allow for an addition of up to 10,000 sq ar feet to be constructed to the south as the company continues to grow. Total construction cost for th new facility is $1, 166,000 or ap- proximately $49 per square oo including over $7.00 per square foot for soil correction. Based on he significant cost of the soil correction, it is recommended that the 128 45 square foot site be leased to the company for one dollar annually. General Pump is extremely i te ested in taking advantage of the benefits of the Foreign Trade Zone a d s such has requested that the Zone be relo- cated to include their prop se new site. The Greater Metropolitan For- eign Trade Zone Commission as approved the concept of the move and upon approval of the project will r uest realignment of the Zone at the federal levei . 3, f INANCING The proposed financing woul b done as a 876 industrial development revenue bond issue with a 3 y r term. A $670,000 tax exempt bond wiil be issued to fund the porti the facility that is related to manufac- turing. In addition, a $69 ' 00 taxable bond will cover construction costs not eligible for tax e em t financing. Proceeds from the combined bond issues would be as foll ws: Construction $1, 181,844.00 Construction Period Intere 't 5 Months 54,656.00 Debt Service Reserve 64,500.00 Issuance Expense 31,800.00 Bond Discount 27,200.00 TOTAL $1,360,000.00 The company will submit a c h eposit of $80,000 to fund a portion of the debt service reserve. Total project costs are $1 ,4 0, 00.00 of which the company is contributing equity of 5.6�. The Port Au ho ity will receive sinking fund earnings as well as its customary fiscal an administrative fees based on a formula of .42� per million per year fo t e first ten years, .54$ per million per year for the second ten year a d .66� per million per year for the final ten years. The company will re eive the earnings on that portion of the debt service reserve they fu de annually. � U"l!%O f�� � BOARD OF COMMISSIONERS May 5, 1989 Page -3- The Port Authority will subm t his project to the State of Minnesota's revenue bond competitive pool f r allocation as an industrial project. The company will submit a I� de osit to secure this allocation which will be refunded at the time of c osing of the project. The proposed financing would be structured as a lease to Michael Chris- topherson with subleases to en ral Pump/U.S., Inc. and Noramco. The bond issue would be guaranteed by Mr Christopherson individually as well as corporate guarantees from Ge er I Pump and Noramco. In addition, the lease will include a prohibi iv covenant requiring General Pump to main- tain a net worth of $I ,000,0 0. 5. UNDERWRITING Miller 8 Schroeder Financial ha agreed to underwrite the 30-year bond issue at a rate to be set at th time the bonds are sold. We anticipate that the bonds will be sold t ur regular May Board meeting. 6. OPTIONS TO PURCHASE The term of the lease would e or 30 years with options at 10, 20 and 30 years based on 10� of the or gi al bond issue plus the outstanding prin- cipal balance. 7. RECOMMENDATIONS Staff has interviewed office s f the company and reviewed the company's financial statements. We ha e Iso discussed the project with District 3, and they were supportive. S af recommends approval of Resolution Nos. 3107 and 3108 . JAC:ca � . ���=��� � . COMMITTEE REPORT - Housing and Econom'c evelopment Committee May 10, 1989 Page T�ao 6. Resolution supporting the locatio o future state office expansion to be in and near the Capitol area and en ral core, requesting City administration work with state of ic als to foster said expansion into the targeted area and requesting the ta e to formally establish policy giving priority consideration to locatin s ate offices in the target area (C.F. 89-572) COMMITTEE RECOMMENDED LAYOVER 7. Resolution amending the CDBG Year X and XII programs by transferring $288,000 from Year XII Rental Reh bi itation to Year XI Housing Development Opportunity for the a qu sition of property for low income rental housing (C.F. 89-664) COMMITTEE RECOMMENDED APPROVAL 8. �,p..�of Revenue Bond Issue fo 6 neral Pump/U.6. Inc. Referred by Port Authority 4/26/8 COMMITTEE �RECOMMENDED APPROVAL (original resolution attached) . . G�0 % ���1� Members: �` Biil Wilson, chair � � GITY OF S INT PAUL Tom Dimond �A,'��'ti{ � Kiki Sonnen OFFICE OF FI CITY COIINCIL F � Date: May 10, 198 WILLIAM L. WILSON COm it ee Report MARK VOERDING Councilman Leaislacive Aide • To: aint Paul City Counci From : Housing and Econ mic Development Committee Bill Wilson, Chair 1. Approval of Minutes Minutes of APRIL 12, 1989, meeti g ere APPROVED. 2. Ordinance amending the Legislati e ode by adding a new chapter pertaining to replacement housing (C.F. 89 54 ) COMMITTEE RECOMMENDED WITHDRAWAL OF HE ORDINANCE 3. Resolution establishing policy s at ent pertaining to replacement housing (C.F. 89-662) CO�IITTEE RECOMMENDED WITHDRAWAL F HE RESOLUTION 4. Administrative Ordinance enactin a eplacement housing policy and providing procedures for its imp me tation (C.F. 89-760) COMMITTEE RECOMMENDED APPROVAL, TH AMENDMENTS (amended ordinance attached) SUSPENSION ITEM: Resolution asking the HRA and Por A thority to consider adopting replacement housing policies and ro edures COMMITTEE RECOMMENDED APPROVAL (original resolution and green sh et attached) S. Resolution amending the 1989 budg t y adding $9,000 to the Financing & Spending Plans for PED to hire co su tant to conduct intensive survey of the Lower Bluff and Swede Hollow re s to determine eligibility for possible national register and/.or lo al heritage preservation district ' designation. (C.F. 89-498) COMMITTEE RECOMMENDED APPROVAL - COTIUED - CITY HALL SEVENTH FLOOR S INT PAUL, MINNESOTA 55102 612/298-4646 46