88-989 wMITE - CITV CLERK ,
PINK - FINANCE G I TY O SA I NT PA U L Council (((//////���
CANARV - DEPARTMENT File NO. ��r��� '
BI.UE - MAVOR
. C c 'l esolution % �� �==���-�
Present By
_��.�� ` — =
Referred To � f*' � ��-�° A� Committee: Date � �' �' ��
Out of Committee By Date
WHEREAS:
1 . On c�1ay 24 , 1988, the Port Authority of the Ctty of Saint Paul adopted Resolutton
No. 2967, giving preliminary approv I to the issuance of tax exempt public airport bonds
in the initiai principal amount of pproximately $2, 135,000 to finance the construction of
a fixed base operation (10,000 squa e foot passenger terminal and 20,000 square foot han-
gar) located on St. Paul Downtown A rport property St. Faul , Minnesota. Milier and
Schroeder Financial has agreed to u derwrite the tax exempt public airport issue for a
term of 20 years.
2. Laws of Minnesota 1976, Ch pter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City of Saint Paul , shall be issued only with the
consent of the City Council of the ity of Saint Paui , by resolution adopted ln accordance
with law;
3. The Port Authority of the ity of Saint Paul has requested that the Clty Council
give its requisite consent pursuant to sald law to facilitate the issuance of said revenue
bonds by the Port Authority of the ity of Saint Paul , subject to final approval of the
details of said issue by the Port A thority of the City of Saint Paul .
RESOLVED, by the City Councll f the City of Saint Paul , that in accordance with Laws
of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the pur oses described in the aforesaid Port Authority Resolu-
tion No. 2967 the exact details of hich, including, but not limited to, provisions relat-
ing to maturities, tnterest rates, iscount, redemption, and for the issuance of addi-
tional bonds are to be determined b the Port Authority, pursuant to resolution adopted by
the Port Authority, and the City Co ncil hereby authorizes the issuance of any additional
bonds ( including refunding bonds) b the Port Authority, found by the Port Authority to be
necessary for carrying out the purp ses for which the aforesaid bonds are issued.
COUNCILMEN Requested by Depa e
Yeas ��� ��ng Nays �
y�f�� Go�taitz � In Fav r
Rettman
Scheibel
Sonnert�"'" � Agains BY �.
r���9� Dimon�
- wilson
Adopted by Council: Date JUN 3 O �98 Form Appr ed by Ci( ty Attomey --''
Certified Ya_ • y �ounc.il Sec ry B
B}�
Appro y Wlavor: Dat _ _JUL ' 7 Appr ved by Mayor for ubm' i o Council
�
PII�LISHED J U L 16 1 88
' , : _ _ ��4,�-�'-�� No 060'76
St. l�aul ,Port 'Aut�eri tX DEPI4RT NT _ _
• � � . , � ,
C.M. Towl�e, E.A. Kraut CONTAC
224-5686 PHONE
May 24, 1988 DATf ��� �e
ASSI6N NUFBER FOR ROUTING ORDER Cl i All L cations for Si nature : � 1 )��
,1 Departa�nt Di rector � Di rector af Management/Mayor �1 ��s�
� Firtance and Management Services Directo � 5 City Clerk
,,,� Budget Director 4 Wm. Wilson, Housina & Econ. Dev.
� City At�orney RE: . M.B.A.G. , INC.
$�,135,OOQ TAX EXEMPT, PUBLIC AIRPORT
AT WItL�BE ACHIEYED Y TAKING ACTION t�l T E ATTACHED MATERIALS? (Purpose/ - BOND ISSUE
Rationale) :
The purpose of.-the: bond issue is to financ the cons�ruction of a �ixed base operation (l0,OD0
square foot passenger terminal and 20,000 quare foot hangar) located on St. Raul Downtown
Airport property in St. Paul , MN
T BENEFIT 6l1�GETARY AI�IO PERSONNEL IMPAC APITICIPATED:
The amount of' the bond issue is $2,135,000 nd will be for a term of 20 years. Approximately
20 new jobs will be created as a result of this project: '
fINRNCING SQURCE AND BUD6ET ACTIVITY NUf�ER CHARGED OR CREDITED: (Mayor's sfgna-
• ture rrot re-
Tota1 Amount of�Transaction: N/A quired if under -
� �10,Q00) _
FuRding Source:
Activity Number: .
ATTACkIMENTS List and Number Ali Attachr�ent :
1 . Staff Memorandum �
2. Draft City Council Resolution - ,
3. Port Authority Resolution No. �9 ��
cc. J. Shoh�olm
O�RARTMEN� AEVIEGO CITY A�TTORNEY REVIEW.
�Yes No Council Resalution Required? ' Resolution Required? �Xes No
Yes X No Insurance [tequired? Irtsurance Sufficient? �Yes No
Yes X No Insurance Attached:
(5EE •REVERSE SIDE R INSTRUCTIONS) .
�evised 12/84
, ' . . . . , � �'� C�� �
� �P �!�1� 1" , , ,
�' AUTHORITY
OF THE CITY OF ST. PAUL
. emorandum
TO: BOARD OF COMMISSIONERS DAT'� May 20, 1988
(May 24, 1988 Regular Meeti g)
FROM: C.M. Tow I e
SUBJECT: M.B.A.C. I NC.
PUBLIC HEARING - PRELIMINARY ND UNDERWRITING AGREEMENTS
$2,135,000 RESOLUTION 876 TA EXEMPT PUBLIC AIRPORT BOND ISSUE
ST. PAUL AIRPORT
RESOLUTION N0. 2967
PUBLIC HEARING - SALE OF LAN
RESOLUTION N0. 2968
I . �ACKGROUND
The St. Paul Downtown Air ort is outside of the flood control levee and is
subJect to periodic flood ng. As a result of this, the terminal
facflities, hangars and f xed base operations that exist on the northern
and eastern edge of the a rport have been unable to expand or modify their
facilities as the City do s not allow any building permits to be issued.
Due to these conditions nd in an effort to expand the airport and allow
for additional terminal a d fixed base operations and to encourage the
relocation of facilities rom the Minneapolis-St. Paul International Air-
port due to congestlon, t e Metropoiitan Airports Commission will spend
$16 million on the St. Pa I Airport to add runways, taxiways and a new in-
strument landing system.
In addition, they have fi led over 30 acres of property at the south end
of the airrort immediatel east of the Lafayette Freeway to bring this
property above fiood leve s and to permit the construction of a new ter-
minal and hangars for lea e to fixed base operators which will become the
new Metro Business Aviati n Center. This property is ready for develop-
ment and is accessed by E ton Street on the south edge of Riverview In-
dustrial Park under the L fayette Freeway.
Nigel Finney, Deputy Dire tor of Operations of the Metropolitan Airports
Commission has indicated he Commission will exert every effort to en-
courage the relocation of private corporate aircraft to this new facility,
and they will permit no a ditional fixed base operations on Minneapolis-
St. Paul International Ai port property.
! �
I' . ��,f'�'`-��`$
��
BOARD OF COMMISSIONERS
May 20, 1988
Page -2-
2. THE PROJECT
Two of the maJor fixed ba e operations with facltities at the St. Paul
Airport are Sanborn Aviat on Inc. and Executive I. F.T., inc. The
Airport's Commission has pproved 30-year leases to these two companies
for over 25 acres of the mproved property on the south side of the air-
port.
A new company, M.B.A.C., nc. is acquiring ail of the stock of these two
companies and Executive I F.T. will be merged into Sanborn Aviation Inc.
which will in turn sublet to Airfleet Management Inc. This company is a
maJor aircraft operator, hrough a co-op arrangement with membership com-
posed of First Bank Syste s, St. Paul Companies, Green Tree, Midwest
Federal,and Federal Hoffm n (formerly Federal Cartridge), and Minnesota
Power and Light. The co- p has a five-year contract with Airfleet Manage-
ment, Inc. which wlll pro ide $100,000 per year toward lease payments and
other operating expenses. it is expected when they reach full operation,
M.B.A.C. will empioy over 50 people and result in a significant increase
in private aviation activ ties at the St. Paul Airport.
Mr. Donaid Brown is Chair an of Airfleet Management, Inc. and will serve
as President of M.B.A.C., Inc. which wiil operate the entire facility.
Mr. Brown was a founder o Airfleet Management, Inc. and has been the
principal party responsib e for arranging these acquisitions, airport
leases, etc. Prior to hi involvement with Airfleet Management, Inc., he
served as President of Fi st Bank Services Merchant Banking Group and was
a Senior Vice President a d Chief Financial Officer and later President of
Munsingwear, Inc.
The Metro Business Aviati n Center will initially have a 10,000 square
foot terminal which will ave offlces to support the operation, a 20,000
square foot hangar and ap roximately seven acres of surfaced area (tarmac)
for handiing aircraft and supporting vehicles. M.B.A.C., Inc. will assign
approximately seven acres of property to the Port Authority which will in
turn sublet to the borrow ng entity wlth the balance of the property under
lease held for expansion f additional hangar and maintenance facilities.
3. FINANCING
M.B.A.C., Inc. is request ng financing and Port Authority issuance of
$2,135,000 in Public Airp rt Bonds and the principals of M.B.A.C., Inc.
will provide over $600,00 in equity to the proJect. Equity is 22� of
proJect costs which total $2,725,600. A Sources and Uses of Funds is as
follows:
. • I . . •: • � . � � (. ��Q� ' �V •
`/I
•
i
BOARD OF COMMISSIONERS
May 20, 1988
Page -3-
SOURCES
Bond Proceeds $2, 124,400
Equity Funds 601,200 $2,725,600
USES OF BOND PROCEEDS
Leasehold Acquisition $ 500,000
Tarmac 220,000
Parking and Landscaping 90,000
Terminal 400,000
Hangar 460,000
FFB,E 220,000
Design Fees 80,000
Accounting/Organizational 30,000
Capitalized Interest 82,000
2� Underwriting Discount 42,000 2,124,000
,
USES OF EQUITY FUNDS
Sanborn Business Acquisiti n $ 100,000
IFT Business Acquisition 150,000
Working Capital 100,000
Debt Service Reserve 200,000 '
Bond Counsel 8 Issuance Co ts 51,200 $ 601,200
A review of the financial tatements by Stirtz, Bernards and Company of
the various entities invol ed in M.B.A.C., Inc. indlcates there is more
than adequate cash flow to support lease payments for the Metro Business
Aviation Center. The corp rate entities involved have an operating his-
tory that reflects collective sales in excess of $3 million per year. Ad-
ditional security will be rovided by various assignments of Airport's
Commission leases and othe operating agreements.
The Port Authority will r eive earnings on the sinking funds and a fiscal
and administrative fee of I� of the bond issue per annum for the life of
the bonds.
4. TERMS OF THE LEASE
The term of the lease will be for 20 years with options to purchase at 10
and 20 years for 10� of th bonds being issued plus the balance of bonds
outstanding.
5. UNDERWRITING
Miller b Schroeder Financi I has agreed to underwrite the 20-year tax ex-
empt bond issue at an inte est rate to be set at the time the bonds are
sold which we anticipate t be at our regular June meeting.
1 • � • �� �
, _i_ . , • ��..
.
BOARD OF COMMISSIONERS
May 20, 1988
Page -4-
6. RECOMMENDATIONS
Staff has conducted extensive interviews with the principals involved and
reviewed the financing sta ements. District 3 has expressed no concerns
about the project, and the principals have agreed to execute a First
Source Agreement. Staff r commends approval of Resolution Nos. 2967 and 2968
which will make the new Me ro Business Aviation Center a reality and be
the first phase in the red velopment of the south side of the airport.
CMT:ca
Attach.
* � . . . ��� ���
: -
5510
Resolution No. e�
ESOLUTION OF
THE PORT AUTHORI Y OF THE CITY OF SAINT PAUL
WHEREAS, the purpose of Minnesota Statutes, Chapter
469 (hereinafter called " ct" ) as found and determined by the
legislature is to promote the welfare of the state by the
active promotion, attraction, encouragement and development of
economically sound industry and commerce to prevent so far as
possible the emergence of blighted and marginal lands and
areas of chronic unemplo ent and to aid in the development of
existing areas of blight, marginal land and persistent
unemployment; and
WHEREAS, factors necessitating the active promotion
and development of econo ically sound industry and commerce
are the increasing conce tration of population in the
metropolitan areas and t e rapidly rising increase in the
amount and cost of gover mental services required to meet the
needs of the increased p pulation and the need for development
of land use which will p ovide an adequate tax base to finance
these increased costs an access to employment opportunities
for such population; and
WHEREAS, the P rt Authority of the City of Saint
Paul (the "Authority" ) h s received from MBAC, Inc. , a
Minnesota Corporation (h reinafter referred to as "Company" ) a
request that the Authori y issue its public airport facility
revenue bonds (which may be in the £orm of a single note) to
finance the acquisition, installation and construction of
facilities to be used as a Eixed base flight operation at the
Saint Paul Downtown Airp rt (hereinafter collectively called
the "Project" ) in the Ci y of St. Paul, all as is more fully
described in the staff r port on file; and
WHEREAS, the A thority desires to facilitate the
selective development of the community, to retain and improve
its tax base and to help it provide the range of services and
. .. . . ���` ��
employment opportunities equired by its population, and said
Project will assist the C ty in achieving that objective.
Said Project will help to increase the assessed valuation of
the City and help maintai a positive relationship between
assessed valuation and de t and enhance the image and
reputation of the City; a d
WHEREAS, the Pr ject to be financed by revenue bonds
will result in substantia employment opportunities in the
Project;
WHEREAS, the Au hority has been advised by repre-
sentatives of the Company that conventional, commercial
financing to pay the capi al cost of the Project is available �
only on a limited basis a d at such high costs of borrowing
that the economic feasibi ity of operating the Project would
be significantly reduced, but the Company has also advised
this Authority that but f r revenue bond financing, and its
resulting low borrowing c st, the Project would not be
undertaken;
WHEREAS, Miller & Schroeder Financial, Inc. (the
"Underwriter" ) has made a roposal in an agreement (the .
"Underwriting Agreement" ) elating to the purchase of the
revenue bonds to be issued to finance the Project;
WHEREAS, the Aut ority, pursuant to Minnesota
Statutes, Section 469. 154, Subdivision 4 did publish a notice,
a copy of which with proof of publication is on file in the •
office of the Authority, o a public hearing on the proposal
of the Company that the Au hority finance the Project
hereinbefore described by he issuance of its industrial
revenue bonds; and
WHEREAS, the Aut ority did conduct a public hearing
pursuant to said notice, a which hearing the recommendations
contained in the Authority s staff inemorandum to the
Commissioners were reviewe , and all persons who appeared at
the hearing were given an pportunity to express their views
with respect to the propos 1.
NOW, THEREFORE, E IT RESOLVED by the Commissioners
of the Port Authority of t e City of Saint Paul, Minnesota as
follows:
1. On the basi of information available to the
Authority it appears, and he Authority hereby finds, that
said Project constitutes p operties, used or useful in
2
�'� � �� . � � : � � � � �- ��
connection with one or mo e revenue producing enterprises
engaged in any business w' thin the meaning of Subdivision 2 of
Section 469 . 153 of the Ac ; that the Project furthers the
purposes stated in Sectio 469 . 153 of the Act and, but for the
willingness of the Author ' ty to furnish such financing, the
Company would not underta e the Project, and that the effect
of the Project, if undert ken, will be to encourage the
development of economical y sound industry and commerce and
assist in the prevention f the emergence of blighted and
marginal land, and will h lp to prevent chronic unemployment,
and will help the City to retain and improve its tax base and
provide the range of servi es and employment opportunities
required by its population, and wi11 help to prevent the
movement of talented and e ucated persons out of the state and
to areas within the state here their services may not be as
effectively used and will esult in more intensive development
and use of land within the City and will eventually result in
an increase in the City' s ax base; and that it is in the best
interests of the port dist ict and the people of the City of
Saint Paul and in furthera ce of the general plan of
development to assist the ompany in financing the Project.
2. Subject to he mutual agreement of the
Authority, the Company and the purchaser of the revenue bonds
as to the details of the 1 ase or other revenue agreement as
defined in the Act, and ot er documents necessary to evidence
and effect the financing o the Project and the issuance of
the revenue bonds, the Pro ect is hereby approved and
authorized and the issuanc of revenue bonds of the Authority
(which may be in the form f a single note) in an amount not
to exceed approximately $2 135,000 (other than such additional
revenue bonds as are neede to complete the Project) is
authorized to finance the osts of the Project and the
recommendations of the Aut ority' s staff, as set forth in the
staff inemorandum to the Co missioners which was presented to
the Commissioners, are inc rporated herein by reference and
approved.
3 . In accordan e with Subdivision 3 of Section
469 . 154, of the Act, the E ecutive Vice-Pregident of the
AUTHORITY is hereby author ' zed and directed to submit the
proposal for the above des ribed Project to the Commissioner
of Energy and Economic Dev lopment, requesting his approval ,
and other officers, employ es and agents of the AUTHORITY are
hereby authorized to provi e the Commissioner with such
preliminary information as he may require.
3
r- . �. . . . ' , , . (/�" 0� '" "
► �
4• There has eretofore been filed with the
_ Authority a form of Preli inary Agreement between the
Authority and Company, re ating to the proposed construction
and financing of the Proj ct and a form of the Underwriting
Agreement. The forms of he agreements have been examined by
the Commissioners. It is the purpose of the agreements to
evidence the commitment o the parties and their intentions
with respect to the propo ed Project in order that the Company
� may proceed without delay with the commencement of the
acquisition, installation and construction of the Project with
the assurance that there h s been sufficient "official action"
within the meaning of the Internal Revenue Code of 1986, as
amended, to a11ow for the issuance of industrial revenue bonds
( including, if deemed appr priate, any interim note or notes
to provide temporary finan ing thereof) to finance the entire
cost of the Project upon a reement being reached as to the
ultimate details of the Pr ject and its financing. Said
Agreements are hereby appr ved, and the President and
Secretary of the Authority are hereby authorized and directed
to execute said Agreements.
5. Upon execut ' on of the Preliminary Agreement by
the Company, the staff of he Authority is authorized and
directed to continue negot ' ations with the Company so as to
resolve the remaining issu s necessary to the preparation of
the lease and other docume ts necessary to the adoption by the
Authority of its final bon resolution and the issuance and
delivery of the revenue bo ds; provided that the President (or
vice-President if the Pres dent is absent) and the Secretary .
(or Assistant Secretary if the Secretary is absent) of the
Authority, or if either of such officers (and his alternative)
are absent, the Treasurer f the Authority in lieu of such
absent officers, are hereb authorized in accordance with the
provisions of Minnesota St tutes, Section 475.06, Subdivision
1, to accept a final offer of the Underwriter made by the
Underwriter to purchase sa d bonds and to execute an
Underwriting Agreement set ing forth such offer on behalf of
the Authority. Such accep ance shall bind the Underwriter to
said offer but shall be su ject to approval and ratification
by the Authority in a form 1 supplemental bond resolution to
be adopted prior to the de ivery of said revenue bonds.
6. The revenue bonds ( including any interim note
or notes? and interest the eon shall not constitute an
indebtedness of the Author ' ty or the City of Saint Paul within
the meani.ng of any constit tional or statutory limitation and
shall not constitute or gi e rise to a pecuniary liability of
the Authority or the City r a charge against their general
4
�' " • � � ' ' ' Q �_ �� �
�
i �
credit or taxing powers a d neither the full faith and credit
nor the taxing powers of he Authori.ty or the Ci.ty is pledqed
for the payment of the bo ds (and interim notie or notes) or
interest thereon.
7• In order t facilitate completion of the
revenue bond financing he ein contemplated, the Executive Vice
President of the Authorit is hereby authorized and directed
to cause a notice of publ c hearing, within the meaning of
Section of the Inter al Revenue Code of 1986, and its
applicable Treasury Regul tions, to be published and, after
such public hearing to re uest that the City Council to
consent, pursuant to Laws of Minnesota, 1976, Chapter 234 , to
the issuance of the reven e bonds ( including any interim note
or notes) herein contempl ted and any additional bonds which
the Authority may prior t issuance or from time to time
thereafter deem necessary to complete the Project or to refund
such revenue bonds. For uch purpose the Executive Vice
President of the Authorit is hereby authorized and directed
to forward to the City Co ncil copies of this resolution and
said Preliminary Agreemen and any additional available
information the City Coun il may request. -
8 . The action of the Executive Vice-President of
the Author�ty in causing ublic notice of the public hearing
and in describing the gen ral nature of the Project and
estimating the principal mount of bonds to be issued to
finance the Project and i preparing a draft of the proposed
application to the Commis ioner of Energy and Economic
Development, State of Min esota, for approval of the Project,
which has been available f r inspection by the public at the
office of the Authority fr m and after the publication of
notice of the hearing, are in all respects ratified and
confirmed.
,
Adopted May 24, 1988 �
Attest
• � L—
P de
�
T e Port , uthority of the City
o Saint Paul
�
` ecretary
5
j� ' � n_�f"w ^/�
U 9����
•� F ' _ -
.,�,,,.. �_ - .-�.
s
� ,
�
, ,
'��' . �
PORT AUTMOF#iN OF TW�CIT�'OF SAINT PAU TOLL FREE(800) 328-8417
1900 AMHOIST TOWER • 345 ST, PETER TREET • ST. PAUL, MN. 55102 • PHONE(612)224-5686
May 24, 1988
REGEiVED
Mr. Ken Johnson, �3?� ��.��r:,�°
PI ann i ng and Econc°�,t i; Lj�;�°�I o ent Department �i�;,j a 1 �988
City of St. Paul
13th Fioor - City Hall Annex
St. Paul, Minnesota 55102 M9a4`�OR`S ��'F��E
SUBJ ECT: M.B.A.C., I NC.
$2, 135,000 TAX EXE PT PUBLIC AIRPORT BOND ISSUE
Dear Ken:
We submlt herewith for your eview and referral to the office of the
Mayor, City Council and City Attorney's office details pertaining to the
issuance of $2, 135,000 in ta exempt public airport bonds to finance the
construction of a fixed base operation (10,000 square foot passenger
terminal and 20,000 square f ot hangar) located on St. Paul Downtown
Alrport property St. Paul, Minnesota.
The Port Authority staff has conducted a thorough evaluation of the
firms and/or individuals tha are involved in this proJect or in which
the principals have an inter st. This investigation has included
detailed credit analysis, Du and Bradstreet reports, direct communlca-
tion with representatives of financial institutions with whom the par-
ticipants have done business and data base checks to dei-ermine if any
principal (s) have been in an way invoived in legal proceedings as a
result of securities fraud, xtortion, embezzlement or financial mis-
representation.
In addition to the staff inem randum, we are attaching a draft copy of
the proposed City Councli re olution. The public hearing resolution
will be presented at the sam time the bonds are sold at the Port
Authority's regular Commissi n meeting scheduled for June 21 ; therefore,
the City Council should not ct on the attached resolution until the
Port Authority's resolution s adopted.
Yours truly,
ld�-
Eugene . Kraut
EAK:ca Executive V1ce President
cc. Mayor Lat i mer
EUGENE A.KRAUT,C.I.D. PERRYK.FEDERS,C.PA. CHARLES M.TOWLE LAWRENCE H.LANGER,P.E. PATRICK E.�EAN,C.PA.
EXECUTNE VICE PRESIDENT,C.E.O. ASSi.D(EC.V10E PRESIDENT,C.F.O. DIRECT R OF INDUSTRIAL DEVELOPMEM CHIEF ENGINEER DIRECTOR OF FI!�WNCE
RICHARDA.GIERDAL WILLIAM E.McGNERN
PROPERN MANAGER DIRECTOR OF PUBUC RELATIONS
COMMISStONERS: GEORGE W.WINTER WILLIAM R.PETERSON ARTHUR N. ODMAN JEAN M.WEST VICTOR P.REIM JAMES SCHEIBEL JOHN DREW
PRESIDENT VICE PRESIDENT SECR ARY ASST.SECRETARV TREASURER ASST.TREASURER CCt�1MISSIONER
C.I.D,CER FIED INDUSTRIAL DEVELOPER
. �-� f�
Members: G����
Biii Wilson, chair
- ���� CITY O SAINT PAUL Tom Dimond
�,�1,_ �.��L
OFFICE O THE CITY COIINCIL Kiki Sonnen
Date: June 29, i9ss RECEIVED
WlLL1AM L. WILSON n
�!0 mittee Report MARK VOERDING
Ci0IIIIC11tri8II I.eSielatiw Afds
JUN 3 01988
To: Saint Paul City Cou cil
CITY CLERK �'" ��
� ,30 -��
From : Housing and Ec nomic Development Committee
Bi11 Wilson, Chai
1. Memo - Economic Development St ategy
ADOPTED WITH AMENDMENTS. NO C UNCIL ACTION REQUIRED.
2. �Resolution adopting the East tro Development Guidelines
CO�IIrIITTEE RECOMMENDED APPROVAL, WITH AME
3. Resolution approving rhe-�ssua ce of $2,Z35,000 tax exempt public airport
bottds ��:�':A.C':'; Tnc.)
SEN.� .$A�'R Tt� COUNC�L, FROM CO TTEE RITi�if��- RL�l�L?`�O�I
(2 - 2 split vote on Motion no to approve)
4. Ordinance repealing Ord. No. 1 498 (C.F. 87-1377) adopted October 9,
, 1987, pertaining to helipads o heliports by repealing the ordinance
in its entirety. (C.F. 88-889
COMMITTEE RECONIMIIVDED 'TWO WEEK LAYOVER (2-1 vote)
5. Resolution approving a policy or interium spending for the Low Income
Housing Development Fund (HRA
COMMITTEE RECO�IIKENDED TWO WEER LAYOVER
6. Report on Vacant Building Init'ative
COMMITTEE RECOMMENDED TWO WEEK LAYOVER
CTTY HALL SEVENTFI FLOOR SAINT PAUI,, MINNESOTA 55102 6i2/298-4646
a�4s