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89-2180 M/HITE - CITV CLERK � , PINK - FINANCE G I TY O F A I NT PA U L Council /� �f CANARV - DEPARTMENT �%/ /��( " Bl_UE - MAVOR File �0.� • �__ /v � Council esolution �� Presented By eferred To Committee: Date �'�` �� Out of Committee By Date WHEREAS, the Housing and Redevelopment Aut ority of the City of Saint Paul, Minnesota, by its Resolution No. 89-11/9-2 adopted on November 9, 1989, amended the financing and spending plan in the Downto and Seventh Place Tax Increment District to include financing from the proceeds of Tax Increment Revenue Bonds Series 1989 A, B, and C, and also the use of fund balance in the City's Downtown and Seventh Place Tax Increment Debt Service F nd for redevelopment pro�ects in the district; and WHEREAS, the Mayor, pursuant to Section 10 07.01 of the City Charter, does certify that there are available for appropriation fund balances in excess of those estimated to be reserved for the 1990 Debt Service; and WHEREAS, the Mayor recommends the followin changes to the 1989 Downtown and Seventh Place Tax Increment Debt Service Fund budg t: Current Amended Budget Changes ud et FINANCING PLAN Use of Fund Balance 967-00000-9890 $ -0- $2,675,515 $2,675,515 $ -0- $2,675,515 $2,675,515 SPENDING PLAN Transfer to HRA Downtown and Seventh Place Tax Increment Redevelopment Fund 967-89110-0537 $ -0- $2,675,515 $2,675,515 $ -0- $2,675,515 $2,675,515 RESOLVED, that the City Council approves t ese changes to the 1989 budget. Ap roval Recommended ��. � Budget i ector COUNCIL MEMBERS Requested by par nt of: Yeas Nays �, Dimond �� _ In Favor _Geew+ie � Rettman Sc6eibel � _ A gai n s t BY �6ensee Wilson '�f+ 2 8 '� Form Approved b City Attorney Adopted by Council: Date �1 r Certified Pa s ou cil ret BY • By� Approve Ytavor: Da e 2 9 � Ilf. Approv Mayor for Submi i n to ouncil B p�g�Ep J A N 6 199Q ' � � _ � C� 8 l—�/ �C� $��_= o. . � ; � , � �� ; CITY OF SAINT PAUL � �� ' DEPARTMEN OF PLANNING AND ECONOMIC DEVELOPMENT r �r 0 ,.6+ GEORCE u�rtMER KENNETH R.JOHNSON, DIRECTOR MAYOR 25 West Fourth Sueet,Saint Paul,Minnesota 55102 612-228-3200 November 29, 1989 Council President Jim Scheibel Councilmember Bob Long Seventh Floor City Hall Saint Paul, Minnesota 55102 Gentlemen: The enclosed City Council Resolut'on completes a series of actions by the City and FiRA regar ing the Downtown and Seventh Place Tax Increment Bonds. The H completed its actions on November 9, 1989 with the bond re olution 89-11/9-2 . The proposed budget amendment tra sfers $2, 675,515 from the City's Downtown and Seventh Place Tax Increment Debt Service Fund to the HRA Downtown and Seventh P ace Tax Increment Fund. The budget transfer allows the City t be in compliance with arbitrage regulations governing t e debt service fund. The action does not commit the H or City to any particular project which will be financed fr m the bonds or fund transfer. Budget Director Greg Blees or Bob Geurs of my staff can answer any questions regarding this matt r. Sincerely, d� V \ Kenneth R. Johnson Director KRJ/lle enclosure k:bg-schei � � . . - � 8��/ �� PARTMENTlOFFlCEIOOUNpL ' DATE INITUITED Planning & Economic Development 11/27/89 REEN SH No. 4 814 CONTACT PERSOM 8 PHONE �N INfIIAUDATE a DEP ENT DIRECTOR �CITY COUNCII Bob Geur - - Nu��on �crn 1TORNEY �GTY CLERK MUST BE ON COUNqL AOENDA BY(DAT� ROUTINO �y BU DIRECTOR �FlN.Q MOT.BEfiVICEB AIR. December m N�Y (OR ASSISTAN � TOTAL#�OF 816NATURE PAGES (CLIP ALL LOCATION FOR 81QNATUR� ACTION REOUE8TED: Approval of Council Resolution to amend the 198� budget to authorize a transfer of funds fram the Downtown & 7th Place Tax Tncrement Debt Ser�vice Fund to the HRA Downtown & 7th Plac Tax Increment Redevelopment Fund in accordance w th HRA Resolution 89-11/9-2. RECOMMENDATION3:Approw(/U a RaJect(f� COUNCII.COMM ESEARCH REPORT OPTIONAL ANALYST PH�IE NO. _PLANNINO COMMISSION _dVIL 3ERVICE WMMIBSION pc/�p{/R� IfWc�s�.�r _CIB COMMITTEE _ WMMENTB: _ST'►� — NOV 3 01989 _DI8TRICT COURT _ SUPPORTS WHICH COUNqL OBJECTIVE7 INITIATIN(i PROBLEM,183UE,OPPORTUNITY(Who,Wh�t,Whsn.When,Why): HRA Resolution 89-11/9-2�which author�.zed tfie s e o� tatx inc�ement revenue bonds and established the financing and spend�ng plan in t e Aowntown and 7th Place Redevelopment Pro�ect, included financing of $2,675,515 th�ou a transfer from the City's Downtown and 7th Place Tax Increment Debt Service Fund. Thi transfer is also necessitated in order to comply with arbitrage regulations for previ s City tax increment general obligation bond issues of the Downtown and 7th Place Tax I crement District. ADVANTAOEB IF APPROVED: Approval of this budget amendment wi11 comply w th HRA Resolution 89-11/9-2, provid� needed financing for public improvements in the Downtown and 7tfi Place Tax Increment District, and a11ow tfie City to be in complianc with arbitrage regulations. REC DISADVANTAOES IF APPROVED: DECp�� None. Cf� Y �LERK DISADVANTAOES IF NOT APPROVED: Needed finaneing would not be obtained for publ'c �np�raVements in the Downtown and 7th Place Tax Tncrement District and the City would be �equired to rebate interest earnings in the Downtown and 7th Place Tax Tncrement Ae Service Fund. Counci� Research Center, �� 0�1989 TOTAL AMOUNT OF TRANSACTION i 2,6 7 5,515 /REVENUE BUDOETED(CIRCIE ONE) YES NO Downtown and 7th P1ace Tax Incremen ��i�� Debt Service Fund CTIVITY NUMBER 967�89110 �-ry=,, FlNANCIAL INFORMATION:(IXPIAIN) � 'V . � , �-��ai�b 8. Resolution 89-2088 - amending the 1987 CIB budget by Laid over adding $8,000 to construct a fenc along the north side of Wood Street to reduce the amount of dumping taking place in a ravine borderin Wood Street. (Referred from Council November 3 ) 9. Resolution 89-2148 - amending the 1989 budget by Approved transferring $3,490,270 from Conti gent Reserve Specified ($3,378,879) , Contingent Reserve General ($21,391) and Work Simpler Program ($90,000) to activities as listed for salary ne ds, and adding $211,179 to the Spending and Finan ing Plans for 1989 salary needs. (Referred from Council December _ _ . _ _ .. _ . ..._ __...._,_. _ . _. 7 . �.,___-- --- )_.___._� __-. . �..,..v. --. �,,�� ' `:�. �� 10. Resolution 89-2180 - amending the 989 budget by Approved � transferring $2,675,515 from the D wntown and 7th `��; Place Tax Increment Debt Service f nd to the HRA �' Downtown & 7th Place Tax Increment edevelopment �"r� � � ,.:_ fund. (Referred from Counci l Dece er 14� _ ,.�.�_....- - ' 11. Resoluti�n 89-2181 - amending the 1 89 budget by Approved adding $30,000 to the Financing and Spending Plans for City Attorney Tort Liability se tlements. (Referred from Council December 14) 12. Ordinance 89-1917 - amending Sectio 125.02(a) of the Laid over Legislative Code pertaining to stre t obstruction permits. (Referred from Council Oc ober 24, laid over November 13) 13. Ordinance 89-2123 - amending the Ad inistrative Code Laid over by adding a new chapter governing so icitation by city officers and employees. (Referred f om Council November 13) 14. Ordinance 89-2164 - amending Chapter 5 of the Adminis- Laid over trative Code to reflect current depa tment organization and to include Cable Communications nto Citywide Information Services, Property Manag ment into the Municipal Assessments and Real Estat Division, and to create a new Risk and Employee Benefi Management Division. (Referred from Council Dec mber 12) 15. Resolution 89-2090 - approving the re ppointments of Approved Merrill Robinson, Tom Gmeinder and To i Baker and the appointments of Paul Savage, Andrea H rt Kajer and George Johnson to serve as members of the St. Paul Long Range Capital Improvement Budget Committee, terms to expire November, 1992. (Referred rom Council November 30) 16. Resolution 89-2051 - establishing a s lary range under Approved the 1989 Fire Supervisory Standard Ra es and establish- ing rate of pay for Fire Dispatch Supe visor in the Salary Plan and Rates of Compensation esolution. (Referred from Council November 21, la'd over December 4)