87-06 M�NITE - C�7V CIERK
PINK - FINANCE CITY OF SAINT PAUL Cou�cil
CANARV - DE�PARTMENT
BLUE - MAVOR File NO. ��
� , uncil Resolution
_.�
Presented p--�
Y
Referred To �E�(s��T7 �l� Committee: Date � °1 r°l � '�
Out of Committee By Date
WHEREAS, the Saint Paul Port Authority is a corporate body of the State of Minnesota,
and is a redevelopment agency, as defined by Minnesota Statutes, Chapter 474,
as amended and,
WHEREAS, the Port Authority is authorized to issue revenue bonds or notes to pro-
vide funds for construction of industrial, commercial and other facilities and
improvements of existing facilities, and,
WHEREAS, the Port Authority has contributed greatly to the growth and development
of the City of Saint Paul, and,
WHEREAS, Chapter 110, Laws of Minnesota 1983 enabled the Port Authority to provide '
venture capital to small businesses located within the Port district, and,
WHEREAS, venture capital funds provide a vital financial foundation for new busi-
ness development and business growth, and result in providing jobs in the City,
, and,
WHEREAS, Chapter 110 sunsets on June 30, 1987, and legislative action to eliminate
the sunset is required in, order to continue the venture capital participation
by t�e Port Autho'rity,- and,
WHEREAS, Chapter 110, Laws of Minnesota 1983 also requires the approval of the
Saint Paul City Council prior to all Port Authority revenue bond issuances,
NOW, THEREFORE BE IT RESOLVED THAT, the City of Saint Paul supports legislation
to remove the sunset language in Chapter 110, I�aws of Minnesota 1983, and directs
lobbying staff to support thi� legislative action.
COUNC[LMEN Requested by Department oE:
Yeas preW Nays �
Nicosia ln Favor
Rettman
Scheibei
Sonnen __ Ag81IlSt BY
Tedesco
W`��°� JAN - 6 1987
Form Approved by City Attorney
Adopted by Council: Date
Certified V•ss d ou cil cret BY
By ` .
App e by Mavor: Dat �N � 7 �81 Approv y Mayor for Submi on ncil
g By
}�CNED J a N 17 1987