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99-365Council File � �� -3�ps OR�G�NAL OF Presented By Referred To Committee: Date i RESOLVED, that the City of Saint Paul, Ramsey County, Independent School District z #625, and the Saint Paul Port Authority joined together and formed a 7oint Debt Advisory s Committee (7DAC) to control the shazed community's general obligarion debt in a responsible a manner, while providing for the future physical development of the City; and 5 RESOLVED, that the 1993 Minnesota I.egislature created the 7oint Property Tax Advisory � Committee (7PTAC), comprised of Ramsey County, the City of Saint Paul and Independent s School District #625, to foster coordination between the three jurisdictions on tas and spend'mg 9 matters; and io 1i RESOLVED, that in 1996 the Joint Debt Advisory Committee was made a subcommittee iz 13 ia 1s 16 of the JPTAC; and NOW, THEREFORE, BE TT RESOLVED, that during 1998, the JDAC met and established a debt plan for 1998-2002. 1� BE TT FINALLY RESOLVED, that upon recommendation by Mayor Norm Coleman, the ia Council of the City of Saint Paul does hereby accept the recommendations of the JPTAC and i9 adopts the recommendations contained on Page 2 of the 1998 General Obligation Debt zo Overlapping on the Saint Paul Tax Base report. zi z z Requested by Department of: By: Adopted by Council: Date � `��`� Adoption Certified by Council Secretary sy: t \�� F-�r„_.�.., �,�_— Approved by Mayor: Date �,�J"i��.I/ �j By: �/�./� � RESOLUTION Green Sheet � G�g�� PAUL, MINNESOTA l3 Form rove by City Attorney By: � Approved by Mayor for Submission to � Q9 - 3/S DEPARTMINTlOFFlCE/C-0UNCIL oATE W RIpTED pr � r � Mayor Coleman's Office 3-30-99 GREEN SHEET NO 640/ / COMACT PER�IJ & PHONE m�� �nMlaWme Mary-Aelen Mische (68533) ov.rtr�ro.ecerae 3 anwwa MUST BE ON COUI�I�AGHJOA BY (OATEJ r� l a� ��9 � 2 �� � �� � ,� �.�.,�m� �,�,.�,� �,�..,� ❑ TOTAL # OF SIGNATURE PAGES (CLIP AlL LOCATIONS FOR SIGNATURE) CTION RE�UESTFD Council approval of resolution accepting 1998 .Toint Debt Report. RECOMMENDATION Approve (A) or Reject (R) PERSONALSERVICE CANTRACfS MUSTANSWER 7HE FOLLOWING QUESTiONS: 1. Has fhis persoNfi�m everv.rorked under a coMract farthis tlepartment7 PLANNINGCOMMISSION VES NO CIBCObtlAITTEE 2. FiasthispersoNfifineverbeenacilyempioyee? CIVIL SERVICE COMMISSION YES NO 3. Does this persaNfinn possess a sidll not iaimallypossessetl by any wrreM city employee? YES NO 4. IB this pslsonfirm a targeted vendoYt YES NO F�lein aN Y� enswMS on sePa��e sheet afM attach to gceen sheet INITIATING PROBLEM ISSUE, OPPORTUNIN (WMq What, When, Where. Why) The Council traditionally adopts a resolution supporting the Joint Debt Report and any recommendations about the xeport made by the Joint Property Taz� Advisory Co�ittee. ADVANTAGESIFAPPROVED � .�" � O �ISADVAMAGES IF APPROVED DISADVANTAGES IF NOTAPPROVED TOTAL AMOUNT OF TRANSACTION S CA3TIREVENUE BUDQETED (CIRCLE ON� VES NO PUNDING SOURCE ACTNITY NUMBER FlNPNCIALINFORMATION(IXPWN) ^��� �QC6'�'g'L'.� `j�i�iR.� i0 Y Yi"411 L^ k9 �NeiJ _ _ �. d_ � �- �- -- � ,�: �__ R - i- ° P �- �'_ �-_ _ t P ��' General Obligation Debt Overlapping on the Saint Paul Tax Base i • • • N a+ C d r+ � � O d � � H � � c� �, � � a' � o f5' a U � c 0 LL N � . c W W F � � W � W UH �~ O� N � � DU Q � � � m � W � d' F.. W OO � "' a � z O -� � W m � W � W I!A F � � � V m � � � r � N M� : N : C ; O ; N :a : c : ' � � � : ; � ' � +� O C : U N � � : � � ' �� :�� T m � ' O O � •U � m� � � o •� � oo co .c m�� � =�in N � .� O a :: m W T m � c N N U � O Z � 7 m a c .� � 0 � U "O � Q m O O L U � 7 N d C .� � Q t a � O � O L H � N � ,�- N ,_ �U � 0 0 L U � U � � a � m a c .� � � � C O . N .� � O U "O � 0 m ..^. C � 0 U m � � O N (�0 � � � c _ 0 U m w E � � T .� � � T 0 o � N � W � a� H� N N m c 0 . m 0 a` � U .� � � @ �U C N C LL 0 U 0 O U � � a � L a y O � � 7 a � .� � 0 � U tOCOON�I'(O c-rNNNN : � : � :o : � N — � ; � � : � � : T � : U : > i : N ' J � � � � X a ' � o �� N � � L J � � 'Q �Q N X . `aUU o� � L l� _ � O � � L U T o� N N N �' (n J � � � J � � 000 �� � � � � U ` U �V �4+ Y � 0 � N N N N_ N Z Z z (� m (� :°.;°.m-Q x� 0 0 0 � m � H-V-V-�V-� � 7 N m � F N .� � m L � N � L N rn m C c0 � � 0 N � 2 a a F � N a m C Q s � N N y � U O `m s � (a N J N � L � Q N �U C N C � � C N N � c . 7 m O L � O Y � � � N > J � U y � � �I.� � ° o L U � U � � � � a c .� � � ��nrn M M M M M N > R � a c R N N .� :: L N C G7 N > L Y Q. R V C m c 7 O ¢ N s U � O O s � N J � : � � � o .� � � L O � U L : � 3 : 7 U Q T N�t+++ �aa o � U fn (0 N T � 0- a (n O � � � :�"ca '�a m U cn cn � ti .� .� d � y C O U 67 C � � � � O � U U Q Y � y � 3 ` � � rn � c o ° a� �.. = L57 � � m c w . � O t � O U � o � � 0 +-�'. � ' 0 U T � � E � � X � � m a a Q m C . � U Q � C N � c a� m 'O ' m N m m c m >: � O U 2 � c a O a .` N @ � �U N � � � N U Q m C G u: N t U � C m _ N .� J N � � `o w Q � 0 a � m Ci.. c � N 9 a ia c ro e LL m a �U C a N `>_ U N � Z "O .� � � � m � U c � rn .� a � C N � N n`. U > N m N � Y N � C N m N � Executive Summary �g -3�S Historical Background The Joint Debt Advisory Committee (JDAC) — an ad hoc group of elected officials and professional staff of the City of Saint Paul, Saint Paul Public Schools, Ramsey County and the Saint Paul Port Authority — has been active on a periodic basis for twenty years. More recently, due to state legislative mandates, these jurisdictions have formed the Joint Property 7ax Advisory Committee (JPTAC) and initiated a number of cooperative ventures to control property taxes in Saint Paul. The JDAC has become a Subcommittee of the JPTAC. The JDAC received national recognition i� 1989 by the Government Finance O�cers Association (GFOA) with its Louisville Award for innovation in financial management and the Award for Excellence for debt management. The Louisville Award is given rarely and oniy in recognition of exceptional creativity in addressing public sector financial management issues. In addition, the national credit rating agencies have recognized this effort on an ongoing basis. 7his program has also become the basis for other major pubfic institutions to instigate coordinated capital investment plans and debt management. The Subcommittee has adopted the following Mission Statement and strategies to reflect their efforts to proactively manage the combined debt position of the four participating jurisdictions: Mission Statement The City of Saint Paul, Independent School District 625 (the Saint Paui Public Schools), the Saint Paul Port Authority, and Ramsey County agree to work together to: coordinate general obligation financing of the area's capital needs, keep such financing within agreed upon debt level targets, jointly plan fior meeting the capital needs of each jurisdiction, and monitor associated impacts on property taxes in Saint Paul. Strategies To achieve the goals set forth in the Mission Statement, the four jurisdictions agree to: • Maintain overlapping general obiigation debt ratios within a range approved by the four jurisdictions for the five-year period of 1998 through 2002; • Be responsible for notification to other jurisdictions when unanticipated capital needs require that the jurisdictions confer on recommendations for rescheduling of debt issuance pians to keep within the adopted target ranges. • Identify annuaily both the immediate and long range debt-related conditions of the four jurisdictions which would impact property taxes of Saint Paul residents, and take appropriate action to remain consistently within the debt level ranges approved by the four jurisdictions; • Exchange information and expertise during each jurisdiction's capital improvement budgeting process, such that the jurisdictions can eliminate duplication, share facilities where appropriate, and provide the taxpayers with the greatest retum for the jurisdictions' capitai improvements. � � � N � � Q . � t0 O1 O> � N .L.. 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'C @ N w � Q � � L � p � �� p, O O_ -p N (6 -p i w � U � .0 j � N 3 C O U (� � �� L �. o�c�� Q L � � L m o T 3 v�,.� Q3a � l � N � T C � � O N � Q. pj o��,-a n >. � � � a >, � � U 7 � � X N � � � y O �� � � � T � N C N w N - p O � � � - 7 a � 7 � U � X N U � � 9 y � N y �a � �p C T L � � U U l6 � O � � L p7 �i N � C � 7 '++ .fl � o . w a� _ "o ui w '� o��.� o�'� �' � O_ � O' � .���m T � N C � ` @ C N y � � O j � ,..�_. X m � @ � ... � i �Q Q j � U (0 U i N � (0 O p H Q N �, C N � !!� . � y N .� N N N > c c U � �� � a� � y H � U .�.. o� o a m a� �.� . � o a ° �, ._ (0 . .O C � '-' (6 +� fn C O C�� a ,N, � � . O� a E N � o �. m �'�� � ��V� j ���m �-�O N'� C �� N C ��"� (6 �� f� Q C d' O d l0 T N� j tn @� f/1 U'O �"'p 'O p'-� / � n t/1 .0 �;� � Z N m� 7 j � V � � N @ @ � N @ � � ��� y U y� N � C W C U m � N� � O O X y�'C N' L '<o oi N U � U @ N n V @ o � � � � N � � � y � � d �.. T� �� f ���U � f6 U o U �n a� c 7 �..p X `� � Lf� � � U m a� �� c:°LL t•-co �@ ..�. , X � O ... O V (n L�tn °���� a�� o�'��m�o°�3 �. N (n F� N a � �- � L m� �� � cn.� a � ��` �� Ua�>a � � � tn � „_ � � a� n � � � � �' °' Ocn � `� � a� a� � EU O 'D � r�/i 4- O � � � � � � N °-�� a�� ° eY ��3.�u, Y � N C N..N. N O_ N � 7 � 4- O N' ��� 0 � U C Q V �� . � � — o y a o `� o U �«. °- -o "-' C "O (6 >. O N - � U N � p � >+ � 'O N L� C_, C U C"O U C> T... ,.., 7 C� " p � � (6 �fq 'C C V N `�-� C � (0 C y 7@ O� U fn O.0 "' (0 O C �, i� 4'O U E'a t. C �' " L N V N C)C 'C N p. � aj "O U!_' >� v o a� a v� ,��- r� - o � c c�o � A C 6� N @ � � (�0 � C � ryj � U � Q C O"� N L..�. � N� dj �� � � oU � o �� L� � �n nmY � V a� � 3 0 o m a� �Q o>. � v, n N o x x � p- -o .-� � C � X U .N r � � � C � a� N � � �o.� @ N o � C E O'- •+ .O .' N f6 ��'++ U � E:n >. !n N O �. " c0 tn U� (nQ' NJ.fl'O"Oa O+. V1 � 0 Overview of Debt Issuance and the Economy �lq-�GS The Role of Debt Debt is an important source of funding for capital investment. It represents a long-term commitment of resources to repay obligations. If debt levels become too high, leading to increasing annual draws on the community's resources for debt service, local governments will be faced with critical choices as to their ability to fund operations and provide for future capital investment. Monitoring and managing the individuai and combined levels of debt becomes central to assessing the overall financial health of the community. In addition, each participanYs overall level of debt and their contributions to the overlapping debt placed on other participants is valuable information Tabie I, shown on page 8, displays the dollar amount of total Net G.O. Debt by participant and combined over the period 1993 through 2002. The combined total rises from a low in 1993 of approximately $276 million to an estimated high of $443 million in 2002. Individually; the City, County, and Port Authority follow an overall pattern of moderate increase. The School District debt increases more rapidly from approximately $75 million in 1993 to an estimated $217 million in 2002, due mainly to increases in student population and the corresponding need for new schools. Table II, on page 9, shows the changes in the annual percentage contributions to the total Net G.O. Debt burden, or overlapping debt, as a percent of the total net debt of the combined entities. The City and County portion of the debt decreases from 1993 to 2002, while the School DistricYs share of Net G.O. Debt increases from a low of 27.2% in 1993 to a projected high of 48.9% in 2002. The portion of the Net G.O. debt attributabfe to the Port Authority remains relatively constant over the period shown. Table III, on page 10, exhibits the effect of inflation on levels of debt from 1993 to 1998. Total Net G.O. Debt is shown both in nominal (actual dollar) terms and in constant 1993 dollars. In actual dollar value the increase in total Net G.O. Debt from 1993 to 1998 is approximately $100 million. However, when adjusted for inflation by holding the dollar constant at 1993 values, the increase is approximately $51 million, and the City and County debt Ievels actually decrease. 7 � .� M ��/ V � � � � •-+ � U � � N � — +.. _ � � � � 0 � � � � � Z � C . a f6 � N 0 0 N O O N 0 N � � W m `m � � } '�o c r °� m V m m rn m rn rn v rn � o � 0 �ooeo M�a�o (O O o� O 7 M O O o a o 0 c0 O 6l O � M V O O O O O o � � � 0 coi�vo M 7 O 0 0 0 0 0 O(O W �O � V M O 0 0 0 0 0 (ONN O � � N O l0 ° F 0 c d � a `o N � N j O o caLr U O �, o �v�a •Q v'm>> a �,cn m m m Noaa_ � E�,�.S'9 > m._ m m o O �UU�u�H 000�o N W O � M � O O O O O O aD NN O � ( `�) 7 � O O O O O O � r � 0 � M V� O � o 0 0 0 O f� O O � M V O 0 0 0 �o m�v o � M V O � 0 L N j j o c � a Um" mNaa N p � c c m �UinrnF�- C'Z� N � � � � � � � 0 � � � � � Z f0 � 0 O 0 N � `O O L o ; o a N � a m ' � a m c m ■ � N m � o N Y � � N � a � c m � a U � � m m V m M rn C � � `o D U ■ � U � ooio co O O N � ln O N O 7 O M � f�O N N (O �+J M M OJ GO CO O � � � M � O M W � O r � � � N V N OJM O M oJ I� N W � � � M � � O N � MLL7M N �V CO 7 � V N�-� � � M d'ooco co �v � W � � r � M 6� V c0 ���-I� W � � � � M oow m N O W V N � N O � � � W W� l n N l n � � � N a � � C� (6 F" � ° c 3 N �Z O oa<na ° c' U'N>>,�n N�aaw 0...._ E C C � f0 � !0 (0 O �'U(n(nH � �o o rn m �n o .- co N M CO M W M(�O d' MI�(O M � � N V dM0 d � aN Ol0 I� NI r t0 N a M I � � � � � O N N � N d OI00 � M OI000 O �V 00 oi (OM V � N d� W O � � � 6AN0 W O ` M �n �n rn O�O (O M N N � � � � M OM(�OOW V o�l N O M (O r ll�ON d' (O O ln � c0 (O LL� N � � � M a t 3 N � Z O � N = � � o cNa � U'm>>in m��aw �/+ O ... .... _ � C C l0 �0 :��16 �l6 O �U��H m G � � ,�O O m o� m � U = Z n h y w a d w � `3 0 � � y y �a ° o ` N � � w � a `o O ry a N O � N k� aQ N � 3 � a � � m « ti � j 0 � N � � 0 C w o ^m � � � � � m m . o � � � � C � .�. 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O � l � U � a p W C � h � C � � � E N N a N � � N �� � a U @ ° m m � (n � N c y 'N in � c' o,'�o C i O � W� E � N C N � � N N m a �, �E�n�o O C O O y v»TUQ � c�0 N r ^ N N V � N W O M M cf d ti � � � e � m � M ONNm��O ON c0 h N O> I Ih h O � � N � V ( fV �. � M ON O�i N N O 08 O O� M (O ,-I (�O O � I� � m o v o N ` (�O � M � y o a ON W N N N " pJ y O � IN � � N N � e�- � ' M OM N (O O � V r l � I� N O W M O � (�O d n"` o noi M a� i v�Diom�v f � N O (O (�O_ � W a V r � r N � 0 � M s 5 c U 5 v � O � A 0 s y � � ° o a L` N � U c m > > N N d d J m � m a O K U mvJF � c 0 U � O S F m j � � N .�] U c ti � O a 5 °� a E c U w E a : E o, a �l N � O � a m m N � � � c� � � � � N � C .@ � � � T U w � U � � H L Q C ~ N � � U � � � O V O � U ° W o U W � � U N � � � �l � m �v m �° e N � o o ° o 0 0` ° o 0 0 0 ° o 0 0 0 0 0 0 m rn v � m v w � Q o 0 Z R � ro a � go 0 Z N I� o h U N � N T a o a` � � � � U � U J � j m j � U � y U � D � c 0 `m U O w y Q � c O !� `m m Z � c 0 ° o m m o J O O . u p C Q N m � N �,_ ��@ �o� N�� a E � m o �n c = W 3 �a0 � � � m �, o �n ° U � m � c a a m � O �p C o E y W ���v E m m m m � C� 3 m ' i, i m oa �Y c y � � a � C � � � � � O � E w m ` O �O � � E N E a � 2 U C O m L � M <- � � � Y C . V/ � O U :�' �_. U (n N � � � C � N U c � � � ~ Z v Q O W C U U.� � � U N N � �oeo ��� � �r�i r rn rn 0 0 0 O N �1 � � � � m m m m o o � M O M ifJ � o 0 � V M N r � � � � � o o � � M N = m h �- v � c .� � � � O � � � o o m .- V M� a" � � N O I N � C 0 0 � � � � W N fD � O L N N � 2 m m m m m � m ! �T� i m �� m 0 0 0 0 0 o a o o' 0 0 0 0 0 0 0 0 0 o� r 10 N V Ci fV � C m � � N E °' o m � a. a a � C � C (p C � �� m � O � � � r V! r m W t0 � N V _ I � � � m m m I j� I_m � ° o ° o ° o ° o o ° o o ° o � � �N � � � � � � N {�y � ON �O O ON o W c 1 � � A ffl W 0 v a 3 � W + 61 W M n{ r ��� '- � �, w, � N N I � � � M � � C � W t N _ E � � N N � N ^ ° c � ' a N N +�' 3� Indicators `�`l -3�5 Debt financing of public infrastructure affects the participating jurisdictions and their citizens in a variety of ways. The focus here is on the way in which the overlapping debt of participating jurisdictions affects Saint Paul property taxes and the credit ratings assigned to each jurisdiction. In order to examine such effects, the committee has chosen indicators faliing into three categories: debt position, citizens' ability-to-pay, and operational/capital finance interface. The 1998 indicators were selected because the subcommittee feels that they are the best representations of the factors this report intends to address. For each of these areas, indicators of impact have been determined, analyzed and summarized. These indicators provide basic proxies of the jurisdictions' individual and combined impacts. Each indicator is profiled as to definition and purpose, and trend/summary. For several indicators, target ranges were set in 1996 for debt levels through 2000. In these cases, indicators are examined to determine whether the goals have been met. Where available and applicable, a credit industry benchmark is given and used as a basis to analyze the overlapping debt. The debt position indicators chosen for this report are Net G.O. Debt to Indicated Market Value, Net G.O. Debt per Capita, and Net G.O. Debt per Capita to Per Capita Income. Each of these indicators is a factor of consideration during the credit rating process. In addition, these indicators provide a valuable view of the debt burden on available resources. The ability-to-pay indicators are Debt Service Levy per Household, and Tax Bill for Debt Service Tax Levies. Debt Service Levy per Household shows the tax impact of debt on an individual Saint Paul household. The Tax Bill for Debt Service Tax Levies shows the property tax impact for a median priced home in Saint Paul. Examination of these two indicators reveals the general tax impact of Saint Paul's overlapping debt on its citizens. This report also includes an operational/capital finance interface indicator. Debt Service Tax Levy as a Percentage of Total Tax Levy shows the proportional impact of the debt on other components of each jurisdiction's operations. These indicators are included in this report not only because they provide evidence of ability to handle debt burden and stability of financial management; they are also key elements used by rating agencies when determining ratings. The credit rating of a jurisdiction is a critical element of successful debt management. A strong credit rating means that the issuer is generally abie to issue debt at a lower interest rate, hence reducing costs to government and its taxpayers. Detailed information relating to the specifics of each indicator is given in the individual profiles on the following pages. 15 N � c� 1 � � O Q U � Z z � � � I" m w � � 7 � � L � � � U � C O � � � O V � Z � 0 � � Q U � Z Z O � a � m W � rn � rn v } � r °� m m U d 3 � Y L A � � :: lC � C 0 � a� 0 Q � d Z l0 Y H L � O .N � � N (9 � � (0 � � U f6 -�p > C N � 7_C.�..� O � v- ... 7 N � o N � � i=�L �.0 � C m '�.-m�m '-'°a � .fl � 'O N � L V � p_ � > @ O ' O N ���..(0 N � U � j O @ ..�. � "O (6 O N L Ui y@? 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I� J O � � a J Q U � J �- Z U O � r '�^ � V, U.� � � � � � � O � U � � � Z (� �.�.� � U �, � U W � Z J W � U H Z f0 Z F LL 0 Q � r � � J U c x o J ~ Q U Q � � � � � � ao O 0 N 0 N 0 N m m � rn m rn � m rn 0 O r b N O N 0 N O N rn m � m m m � rn m m � 0 O (O M o 7 O o r M � � O � �fl �- � W O N N � O O m V 1� rn I� 7 V Oi � N N O V3 � EA � � N O � 0 0 � OD O � � V � .- O N � N V 0�1 � O (V I� � N � O Vi � O� o I� O o O M 7 N O O � O(O d j V O� f0 � O c- 7 7 � rn o � o 0 e�� �,� � M O � � � O o (O 01 ^ O O aj � N m � N M � �[1 r" vS o �ri fA O N O v3 � ia v� 0 0 � O M W c � O�i M � N N � � � I� W I� N � � N o V3 ff3 � N � N J � x > � F J F U � O _ j T � � N d y Z J c a ro N 0 F�-� N � N J d H � t0 F J F U F O .� � � (� Z J a � N 0 F 0 plj N I�o �N(MOO ONm� N N � � � I� (O N O) M N W W � � N � a oJ � N � � fA Ef! H3 EA 0 0 � 1� OD O ` I� fD In N O N O M� N N f�0_ M W � (�D � N ff3 (N fJ3 V) 0 0 � M W M N ( � M O N I� N � � N � �M N N M � W � � � � �� �� � � c ° o \ �i � o c ° a \ �i rn �� rnm rnN OJ I� � W M N oto rn W M N M M EA � V1 �M � N � 7 � � ( r - �M� aj �ON N � M � � M N �� �� N � V M �� �� N d N J d > @ a ��'r � V � O � � N N Z J � � � � F � N d N J d X � l0 F J � V F O .� � � � Z J a � �j � F�-❑ N r.. � � e o e o 0 O O O O O N O N O N N N 0 0 o 0 0 0 o O o O N N � O N Capital Investment Strategies and Initiatives �� -�cs Each participating jurisdiction is making infrastructure investments to accomplish their specific initiatives. These initiatives are based on the individual conditions and objectives of each jurisdiction. This section summarizes by participant these conditions, objectives and initiatives. City o�f Saint Paui Saint Paul is the State Capital and Minnesota's second largest city. The City covers an area of 56 square miles and is situated wholly in Ramsey County. The area has a balanced and diversified employment picture, with no single industry sector dominating. Saint Paul's 1990 U.S. Census figure of 272,235 indicates a stabilization of the City's population. Over the years, Saint Paul has built an extensive system of police and fire stations, parks, recreation centers and other recreation facilities, libraries, streets, bridges, and sewers that require maintenance, replacement, expansion and additions. The City has initiated a number of public policies, in pursuit of which major capital investments have been and are anticipated to be made. Enhancement of Downtown and the Riverfront Saint Paul's revitalization of its central business district and riverfront is focused on defining appropriate new markets for a downtown core that are realistic and sustainable, such as emphasizing office space for key service businesses and public employers. The City is also working to shift the market perceptions about the riverfront away from the heavy industrial uses of an earlier era, toward an accessible, environmentally sound and economically viable site for a variety of community attractions and commercial enterprises. The City continues to place its emphasis on development efforts that demonstrate measurable growth on the tax base and in creation of jobs. Such efforts have led to significant job growth. In 1997, 5400 new jobs were created. Science Museum of Minnesota The Science Museum made a major commitment to downtown Saint Paul by choosing a site on the downtown side of the Mississippi River (allowing a potential link to the riverfront for the first „j time). In return, the City has made financing commitments of $18.5 million to the Science �:' Museum, and the State has approved grants in the amount of $31 million for this project. The � �.zs��r��: Science Museum will provide a substantial amount of the remaining funding through private .� '�,� e�p contributions. This new $99 million facility, located beiween the RiverCentre (fortnedy the Civic �`�" , ,�, �y Center) and the riverfront, will be one of the nation's premier science museums. Construction began in Spring 1997 and the opening of the museum is anticipated in December of 1999. Attendance is projected to increase from approximately 840,000 visitors annually to 1.5 million visitors annually. Employment at the facility is expected to increase from 310 to 450. 31 � � M I � L 3 C� L N L w C w U w � C O � a> N L a y N � � h W .�' y N d � � o � m Q � 7 7 a .o N � F O � y � � � c � . � �U � � ��rn � �� N T N C t' L O �~ �'� � V �- C 4= U '�p U �N N G Q U .� N � �°�a o a � c w N � Y C 'p C ,� N "' N '°-• � N C 7 � O a .i �o� c� � 3 > O p � N +-' N f� p l � "�+'�-' 7`� U+-' � � � C 'O L O @ >+.._ Q � U � ( �" .4+ Ln � O O � N �. � U �- � � O � Y � � � � °�c E � o � � T � � � V . 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N O��.. � � Qj � � - o o a � ��"� N �� � @ Ew co�a� N m �a�aoa�m� � � U L C y. U j U�� V U m r s � � � � � c .. c - z @ � ++ � y � N U N y � a � Vl N �A � > o � � � � c N O� vJ m U N• N ` p_ �" N "O C � � �Ec�n,a v � '- � �' " (6 > � n � N N E � (0 � ' � y L .. f�6 Oi � N�� w C p_'_ > � Q � � � E N O - p (0 'O p_ 7 U (n � � @ � � � r � "Q V Q. m � � •@ � .N � V N a� � f� � � � N � U N V > p C .Q N oa�a��a Q � .� N fl- �:'� o E � � [p c y � c L - o U @>.vi��°>rn L O_ C N N Q 0 "O Fom°oc� @o�n3c y � @ N - � � ' u- @ 1] N 2 i C ��..N. QJ N (0 Ymmmo,�� :� a m i y� 0 3 E m N' w � N � � �U (�� � C i fp Vl p X!_' 7 c s � ��-a � �n � � � � � � .� f0 '� O (q _p j � d C v`- � � Y � a - om��a�ic�a��a� 7(6 �- � C U� . p� n3a� �cE,�v� .,�. �� p� O O y O � O C � d! O U �- � E L O(p E � o�= c m N U � L O �� p �� o � C fp ffl �. (0 � � _ � � � � EA N � "- C C..N. 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N+. j, Y C o � y � w V p. Q O D U C� �` a �. fq T = y� y� � �� 4 N. Q � T'O 7 V a o°a�'�o��>: U N a� QU 2 � F O � � Z � K3 � X F �U m dU � x (� � oz U� X H N s � m � a � } N N N N N O���� 00000 f� COCO f0 CO ���������� �rno�a�oo�rnc M O� V V� � N M h O � W MMN�'�i'�O) �O�N. �oO�Mf�N�M0O7 N� M m� O V I� �- �I�(O��CO�I� f� W �� ��� `"' � M�t�COf�N�O�N rnrnrnrnrnrnrn000 rnrnrnrnrnrnrn000 .'-.-r<-� � N NN W N a � L 0 � N . m m m y W U � N N m � y w � Q � n � � � w c � G � .c � V Q G Q N � N N Q � O O N 0 N m m U N c d N � N ti � � � � � a�'i � 0 � � N G a �� Q � N O h O rn `m � i � ,�O � U \° � N m m N w � U � G G � O ' N m o� Z � �w w C� � G a� v � r c d u C lC C LL ,"�. Q � U R C 0 R G7 a O � N O w "' 0 @ C � � � U @ 'a� c�,� � c'j �p � N 0 o V m � �'�., '� m _ N � � o N � � C (0 N '�" � U � a N N � L (n -p U � as 3 L w N � m � C a��i o � �VU � � 4= L y N � E o 0 wo>, c � no .-� � � U � N N N N � .� � � + L - � N � 3 c ... X O U � O •� C a y a�Q .-� Q � N @ Q o�.�x V N f0 �1�+ C C� � �E O O C � C> C w� � 0 � N a� � c c y � � �� � � 0 O J v- � O C � � � O � � m .. w 3 m � � c N '� �D Y N' �� � � (� Y'i T � m m o � u� •c N N N � � U � O � C �O '� W C p N >. _ o °� O.� C N �o G7 Council File � �� -3�ps OR�G�NAL OF Presented By Referred To Committee: Date i RESOLVED, that the City of Saint Paul, Ramsey County, Independent School District z #625, and the Saint Paul Port Authority joined together and formed a 7oint Debt Advisory s Committee (7DAC) to control the shazed community's general obligarion debt in a responsible a manner, while providing for the future physical development of the City; and 5 RESOLVED, that the 1993 Minnesota I.egislature created the 7oint Property Tax Advisory � Committee (7PTAC), comprised of Ramsey County, the City of Saint Paul and Independent s School District #625, to foster coordination between the three jurisdictions on tas and spend'mg 9 matters; and io 1i RESOLVED, that in 1996 the Joint Debt Advisory Committee was made a subcommittee iz 13 ia 1s 16 of the JPTAC; and NOW, THEREFORE, BE TT RESOLVED, that during 1998, the JDAC met and established a debt plan for 1998-2002. 1� BE TT FINALLY RESOLVED, that upon recommendation by Mayor Norm Coleman, the ia Council of the City of Saint Paul does hereby accept the recommendations of the JPTAC and i9 adopts the recommendations contained on Page 2 of the 1998 General Obligation Debt zo Overlapping on the Saint Paul Tax Base report. zi z z Requested by Department of: By: Adopted by Council: Date � `��`� Adoption Certified by Council Secretary sy: t \�� F-�r„_.�.., �,�_— Approved by Mayor: Date �,�J"i��.I/ �j By: �/�./� � RESOLUTION Green Sheet � G�g�� PAUL, MINNESOTA l3 Form rove by City Attorney By: � Approved by Mayor for Submission to � Q9 - 3/S DEPARTMINTlOFFlCE/C-0UNCIL oATE W RIpTED pr � r � Mayor Coleman's Office 3-30-99 GREEN SHEET NO 640/ / COMACT PER�IJ & PHONE m�� �nMlaWme Mary-Aelen Mische (68533) ov.rtr�ro.ecerae 3 anwwa MUST BE ON COUI�I�AGHJOA BY (OATEJ r� l a� ��9 � 2 �� � �� � ,� �.�.,�m� �,�,.�,� �,�..,� ❑ TOTAL # OF SIGNATURE PAGES (CLIP AlL LOCATIONS FOR SIGNATURE) CTION RE�UESTFD Council approval of resolution accepting 1998 .Toint Debt Report. RECOMMENDATION Approve (A) or Reject (R) PERSONALSERVICE CANTRACfS MUSTANSWER 7HE FOLLOWING QUESTiONS: 1. Has fhis persoNfi�m everv.rorked under a coMract farthis tlepartment7 PLANNINGCOMMISSION VES NO CIBCObtlAITTEE 2. FiasthispersoNfifineverbeenacilyempioyee? CIVIL SERVICE COMMISSION YES NO 3. Does this persaNfinn possess a sidll not iaimallypossessetl by any wrreM city employee? YES NO 4. IB this pslsonfirm a targeted vendoYt YES NO F�lein aN Y� enswMS on sePa��e sheet afM attach to gceen sheet INITIATING PROBLEM ISSUE, OPPORTUNIN (WMq What, When, Where. Why) The Council traditionally adopts a resolution supporting the Joint Debt Report and any recommendations about the xeport made by the Joint Property Taz� Advisory Co�ittee. ADVANTAGESIFAPPROVED � .�" � O �ISADVAMAGES IF APPROVED DISADVANTAGES IF NOTAPPROVED TOTAL AMOUNT OF TRANSACTION S CA3TIREVENUE BUDQETED (CIRCLE ON� VES NO PUNDING SOURCE ACTNITY NUMBER FlNPNCIALINFORMATION(IXPWN) ^��� �QC6'�'g'L'.� `j�i�iR.� i0 Y Yi"411 L^ k9 �NeiJ _ _ �. d_ � �- �- -- � ,�: �__ R - i- ° P �- �'_ �-_ _ t P ��' General Obligation Debt Overlapping on the Saint Paul Tax Base i • • • N a+ C d r+ � � O d � � H � � c� �, � � a' � o f5' a U � c 0 LL N � . c W W F � � W � W UH �~ O� N � � DU Q � � � m � W � d' F.. W OO � "' a � z O -� � W m � W � W I!A F � � � V m � � � r � N M� : N : C ; O ; N :a : c : ' � � � : ; � ' � +� O C : U N � � : � � ' �� :�� T m � ' O O � •U � m� � � o •� � oo co .c m�� � =�in N � .� O a :: m W T m � c N N U � O Z � 7 m a c .� � 0 � U "O � Q m O O L U � 7 N d C .� � Q t a � O � O L H � N � ,�- N ,_ �U � 0 0 L U � U � � a � m a c .� � � � C O . N .� � O U "O � 0 m ..^. C � 0 U m � � O N (�0 � � � c _ 0 U m w E � � T .� � � T 0 o � N � W � a� H� N N m c 0 . m 0 a` � U .� � � @ �U C N C LL 0 U 0 O U � � a � L a y O � � 7 a � .� � 0 � U tOCOON�I'(O c-rNNNN : � : � :o : � N — � ; � � : � � : T � : U : > i : N ' J � � � � X a ' � o �� N � � L J � � 'Q �Q N X . `aUU o� � L l� _ � O � � L U T o� N N N �' (n J � � � J � � 000 �� � � � � U ` U �V �4+ Y � 0 � N N N N_ N Z Z z (� m (� :°.;°.m-Q x� 0 0 0 � m � H-V-V-�V-� � 7 N m � F N .� � m L � N � L N rn m C c0 � � 0 N � 2 a a F � N a m C Q s � N N y � U O `m s � (a N J N � L � Q N �U C N C � � C N N � c . 7 m O L � O Y � � � N > J � U y � � �I.� � ° o L U � U � � � � a c .� � � ��nrn M M M M M N > R � a c R N N .� :: L N C G7 N > L Y Q. R V C m c 7 O ¢ N s U � O O s � N J � : � � � o .� � � L O � U L : � 3 : 7 U Q T N�t+++ �aa o � U fn (0 N T � 0- a (n O � � � :�"ca '�a m U cn cn � ti .� .� d � y C O U 67 C � � � � O � U U Q Y � y � 3 ` � � rn � c o ° a� �.. = L57 � � m c w . � O t � O U � o � � 0 +-�'. � ' 0 U T � � E � � X � � m a a Q m C . � U Q � C N � c a� m 'O ' m N m m c m >: � O U 2 � c a O a .` N @ � �U N � � � N U Q m C G u: N t U � C m _ N .� J N � � `o w Q � 0 a � m Ci.. c � N 9 a ia c ro e LL m a �U C a N `>_ U N � Z "O .� � � � m � U c � rn .� a � C N � N n`. U > N m N � Y N � C N m N � Executive Summary �g -3�S Historical Background The Joint Debt Advisory Committee (JDAC) — an ad hoc group of elected officials and professional staff of the City of Saint Paul, Saint Paul Public Schools, Ramsey County and the Saint Paul Port Authority — has been active on a periodic basis for twenty years. More recently, due to state legislative mandates, these jurisdictions have formed the Joint Property 7ax Advisory Committee (JPTAC) and initiated a number of cooperative ventures to control property taxes in Saint Paul. The JDAC has become a Subcommittee of the JPTAC. The JDAC received national recognition i� 1989 by the Government Finance O�cers Association (GFOA) with its Louisville Award for innovation in financial management and the Award for Excellence for debt management. The Louisville Award is given rarely and oniy in recognition of exceptional creativity in addressing public sector financial management issues. In addition, the national credit rating agencies have recognized this effort on an ongoing basis. 7his program has also become the basis for other major pubfic institutions to instigate coordinated capital investment plans and debt management. The Subcommittee has adopted the following Mission Statement and strategies to reflect their efforts to proactively manage the combined debt position of the four participating jurisdictions: Mission Statement The City of Saint Paul, Independent School District 625 (the Saint Paui Public Schools), the Saint Paul Port Authority, and Ramsey County agree to work together to: coordinate general obligation financing of the area's capital needs, keep such financing within agreed upon debt level targets, jointly plan fior meeting the capital needs of each jurisdiction, and monitor associated impacts on property taxes in Saint Paul. Strategies To achieve the goals set forth in the Mission Statement, the four jurisdictions agree to: • Maintain overlapping general obiigation debt ratios within a range approved by the four jurisdictions for the five-year period of 1998 through 2002; • Be responsible for notification to other jurisdictions when unanticipated capital needs require that the jurisdictions confer on recommendations for rescheduling of debt issuance pians to keep within the adopted target ranges. • Identify annuaily both the immediate and long range debt-related conditions of the four jurisdictions which would impact property taxes of Saint Paul residents, and take appropriate action to remain consistently within the debt level ranges approved by the four jurisdictions; • Exchange information and expertise during each jurisdiction's capital improvement budgeting process, such that the jurisdictions can eliminate duplication, share facilities where appropriate, and provide the taxpayers with the greatest retum for the jurisdictions' capitai improvements. � � � N � � Q . � t0 O1 O> � N .L.. N m 3 y N N a� rn m n � 0 � � N . C O � � C N E � O � N wa 0 � N � L N � , 7 � O N r C �" "� N c o� U N � N � � � � � m � .3 N � s- �., o r m 7 O L N rn � � � �-- N fH O7 O N o u� �y � � E» m o � � N � � C � N � N �p � a � U X � m � o °' :.� c ❑ � • 'a�°� U � � ��� Q 'a.'�. N � ;p f6 � Q � � N N C � .... 9ao E c � U L� N � N � • � � � N C ,-C � C � :c °� 3 n O � � N C � m �m m � � a��i > � x n� � y � � � � C � m � U a m � y C fA Y �3 E N L � N � � L a� �p � T c a� � > y � • U � � o N O Nv?� � � � � � - p -p C C @ � � E ° c °� U��� � @ � • 8 � � ti � � � L C N � � � N 47 N � a� � U � � j O , C -� a y � _ = o a L n � M N X N N "'� N � U � X T y n r � � � y o � `� L O °" � ° U EN . � � � > � N U O .O � + a � a Q � N � N � C � �i' a��a� � o � o> U � � � M � O � � `m ti CV� � .i+ � � � � G � v � � Q Y. � � O> � N . 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O C N y C L � O � � = m � w ��a `o � o � +.' � O @ V C "O v- O N � � O � O Q � � � C � N � U � N � 'O U Y C.�� � a m' s - �p Vj U � o � W � N � j, � .J � @�a� fl-�-o E E'�'.`6 . , � � °� � m w ' d C N N c � - p N N O � .0 � a � � Q � N � � C Z+ p� O � O � � � o � °' oi � O � (6 � - 'O a C .� C .F�. � L � � N 7 � O � _ .- � � fl- E o °" � o a Q � � a a .c�Nc H�"a N � L F- �i � c O 4 O � 0) .L] O � N C � m O N � C N � U L m L � .� Y N c � c .� � N N L � � O O .� U N N " c�/1 N 7 � .� N s m m � W� � O V a �Z � � Q Q Q Q (0 � "O C (�6 N �� N � C y y.� L �p O � � Q y� Q 4 Q Q � a� O o � � � � 0 � N C � C9 � N � O y p T p o w O � � y V V Q a � �� r � a p � � � N �N `� -�p 0. � O � � � � d c d fn � C Q (6 7 " O ' � � � V U C � 'p U 'O N � � O ,�.. � L y C y O a>°o � � s .� N � C N � 'i � O y � � T E O �p � � Q � N t � a C N � � Q 7 Q � @ � O . N � 'O 'O � ,� N � � O4= O 'U N N Q. o-_'�mai � C O' y N p p � .,�,, .Q v�a��x >. — .c m � � o � � N � n. C U "O y°���m u7 N � �. V y N .0 � � � m a c y y N � O N� � a.N � x 7 � N � � 0 - � N � ,+ C � 7 (6 Y O(n �d O (0 t � .� . � � � Q � C G � � o � � � c y O L � � p .. � � o a'` @ � i O (0 ++ � U N (n N t � � � U C O Ol y @ U � .�- � Q � U N @ L @ '� O � � � @ .�.�. C �- Q � � � U - p � '� � C C� �,6 N @ 'O U! Q @ L @ � �O. � � ,�„ cp O � N C � � � w o n° � Q�V Q O � : C N U � p, +�-� '6 V T � � N � c w � �� a � rn o � � C w w N L N C (6 N � � 3 � � � j C O t� N p 'N � � L��U � L C � ` p � 01 � C fp (0 C � L � � � - U ` � (Q � 7 � O p_ X fA O C N O_ fq '- -p � O dj y O N m� p_c > O N -�p 'O '�O .� O � � O E °-� � c o � y � o ,� N O � U � L "> C � � I- > N � �3. �a a T . � � � � N N N p � 9 � N � � a � 3 � N �j (� C @ � � O � y O � . @ � - � Z � >' � � N 9 � @ � � @ � O (0 E .�? X �- � = C N � � N N � f� � N � = O C � 7 •3 '� o � o a� N � � � ��L �� O � � � � o C � s+ O L -Q �" � C "O ��am� 0 a � a � o � w. m � 3 � � a c a L � — m— � C�� 7 T O ' X � m "O N � C � N 3 N c' N O- >, O � V� ..�'. 'C @ N w � Q � � L � p � �� p, O O_ -p N (6 -p i w � U � .0 j � N 3 C O U (� � �� L �. o�c�� Q L � � L m o T 3 v�,.� Q3a � l � N � T C � � O N � Q. pj o��,-a n >. � � � a >, � � U 7 � � X N � � � y O �� � � � T � N C N w N - p O � � � - 7 a � 7 � U � X N U � � 9 y � N y �a � �p C T L � � U U l6 � O � � L p7 �i N � C � 7 '++ .fl � o . w a� _ "o ui w '� o��.� o�'� �' � O_ � O' � .���m T � N C � ` @ C N y � � O j � ,..�_. X m � @ � ... � i �Q Q j � U (0 U i N � (0 O p H Q N �, C N � !!� . � y N .� N N N > c c U � �� � a� � y H � U .�.. o� o a m a� �.� . � o a ° �, ._ (0 . .O C � '-' (6 +� fn C O C�� a ,N, � � . O� a E N � o �. m �'�� � ��V� j ���m �-�O N'� C �� N C ��"� (6 �� f� Q C d' O d l0 T N� j tn @� f/1 U'O �"'p 'O p'-� / � n t/1 .0 �;� � Z N m� 7 j � V � � N @ @ � N @ � � ��� y U y� N � C W C U m � N� � O O X y�'C N' L '<o oi N U � U @ N n V @ o � � � � N � � � y � � d �.. T� �� f ���U � f6 U o U �n a� c 7 �..p X `� � Lf� � � U m a� �� c:°LL t•-co �@ ..�. , X � O ... O V (n L�tn °���� a�� o�'��m�o°�3 �. N (n F� N a � �- � L m� �� � cn.� a � ��` �� Ua�>a � � � tn � „_ � � a� n � � � � �' °' Ocn � `� � a� a� � EU O 'D � r�/i 4- O � � � � � � N °-�� a�� ° eY ��3.�u, Y � N C N..N. N O_ N � 7 � 4- O N' ��� 0 � U C Q V �� . � � — o y a o `� o U �«. °- -o "-' C "O (6 >. O N - � U N � p � >+ � 'O N L� C_, C U C"O U C> T... ,.., 7 C� " p � � (6 �fq 'C C V N `�-� C � (0 C y 7@ O� U fn O.0 "' (0 O C �, i� 4'O U E'a t. C �' " L N V N C)C 'C N p. � aj "O U!_' >� v o a� a v� ,��- r� - o � c c�o � A C 6� N @ � � (�0 � C � ryj � U � Q C O"� N L..�. � N� dj �� � � oU � o �� L� � �n nmY � V a� � 3 0 o m a� �Q o>. � v, n N o x x � p- -o .-� � C � X U .N r � � � C � a� N � � �o.� @ N o � C E O'- •+ .O .' N f6 ��'++ U � E:n >. !n N O �. " c0 tn U� (nQ' NJ.fl'O"Oa O+. V1 � 0 Overview of Debt Issuance and the Economy �lq-�GS The Role of Debt Debt is an important source of funding for capital investment. It represents a long-term commitment of resources to repay obligations. If debt levels become too high, leading to increasing annual draws on the community's resources for debt service, local governments will be faced with critical choices as to their ability to fund operations and provide for future capital investment. Monitoring and managing the individuai and combined levels of debt becomes central to assessing the overall financial health of the community. In addition, each participanYs overall level of debt and their contributions to the overlapping debt placed on other participants is valuable information Tabie I, shown on page 8, displays the dollar amount of total Net G.O. Debt by participant and combined over the period 1993 through 2002. The combined total rises from a low in 1993 of approximately $276 million to an estimated high of $443 million in 2002. Individually; the City, County, and Port Authority follow an overall pattern of moderate increase. The School District debt increases more rapidly from approximately $75 million in 1993 to an estimated $217 million in 2002, due mainly to increases in student population and the corresponding need for new schools. Table II, on page 9, shows the changes in the annual percentage contributions to the total Net G.O. Debt burden, or overlapping debt, as a percent of the total net debt of the combined entities. The City and County portion of the debt decreases from 1993 to 2002, while the School DistricYs share of Net G.O. Debt increases from a low of 27.2% in 1993 to a projected high of 48.9% in 2002. The portion of the Net G.O. debt attributabfe to the Port Authority remains relatively constant over the period shown. Table III, on page 10, exhibits the effect of inflation on levels of debt from 1993 to 1998. Total Net G.O. Debt is shown both in nominal (actual dollar) terms and in constant 1993 dollars. In actual dollar value the increase in total Net G.O. Debt from 1993 to 1998 is approximately $100 million. However, when adjusted for inflation by holding the dollar constant at 1993 values, the increase is approximately $51 million, and the City and County debt Ievels actually decrease. 7 � .� M ��/ V � � � � •-+ � U � � N � — +.. _ � � � � 0 � � � � � Z � C . a f6 � N 0 0 N O O N 0 N � � W m `m � � } '�o c r °� m V m m rn m rn rn v rn � o � 0 �ooeo M�a�o (O O o� O 7 M O O o a o 0 c0 O 6l O � M V O O O O O o � � � 0 coi�vo M 7 O 0 0 0 0 0 O(O W �O � V M O 0 0 0 0 0 (ONN O � � N O l0 ° F 0 c d � a `o N � N j O o caLr U O �, o �v�a •Q v'm>> a �,cn m m m Noaa_ � E�,�.S'9 > m._ m m o O �UU�u�H 000�o N W O � M � O O O O O O aD NN O � ( `�) 7 � O O O O O O � r � 0 � M V� O � o 0 0 0 O f� O O � M V O 0 0 0 �o m�v o � M V O � 0 L N j j o c � a Um" mNaa N p � c c m �UinrnF�- C'Z� N � � � � � � � 0 � � � � � Z f0 � 0 O 0 N � `O O L o ; o a N � a m ' � a m c m ■ � N m � o N Y � � N � a � c m � a U � � m m V m M rn C � � `o D U ■ � U � ooio co O O N � ln O N O 7 O M � f�O N N (O �+J M M OJ GO CO O � � � M � O M W � O r � � � N V N OJM O M oJ I� N W � � � M � � O N � MLL7M N �V CO 7 � V N�-� � � M d'ooco co �v � W � � r � M 6� V c0 ���-I� W � � � � M oow m N O W V N � N O � � � W W� l n N l n � � � N a � � C� (6 F" � ° c 3 N �Z O oa<na ° c' U'N>>,�n N�aaw 0...._ E C C � f0 � !0 (0 O �'U(n(nH � �o o rn m �n o .- co N M CO M W M(�O d' MI�(O M � � N V dM0 d � aN Ol0 I� NI r t0 N a M I � � � � � O N N � N d OI00 � M OI000 O �V 00 oi (OM V � N d� W O � � � 6AN0 W O ` M �n �n rn O�O (O M N N � � � � M OM(�OOW V o�l N O M (O r ll�ON d' (O O ln � c0 (O LL� N � � � M a t 3 N � Z O � N = � � o cNa � U'm>>in m��aw �/+ O ... .... _ � C C l0 �0 :��16 �l6 O �U��H m G � � ,�O O m o� m � U = Z n h y w a d w � `3 0 � � y y �a ° o ` N � � w � a `o O ry a N O � N k� aQ N � 3 � a � � m « ti � j 0 � N � � 0 C w o ^m � � � � � m m . o � � � � C � .�. 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V/ � O U :�' �_. U (n N � � � C � N U c � � � ~ Z v Q O W C U U.� � � U N N � �oeo ��� � �r�i r rn rn 0 0 0 O N �1 � � � � m m m m o o � M O M ifJ � o 0 � V M N r � � � � � o o � � M N = m h �- v � c .� � � � O � � � o o m .- V M� a" � � N O I N � C 0 0 � � � � W N fD � O L N N � 2 m m m m m � m ! �T� i m �� m 0 0 0 0 0 o a o o' 0 0 0 0 0 0 0 0 0 o� r 10 N V Ci fV � C m � � N E °' o m � a. a a � C � C (p C � �� m � O � � � r V! r m W t0 � N V _ I � � � m m m I j� I_m � ° o ° o ° o ° o o ° o o ° o � � �N � � � � � � N {�y � ON �O O ON o W c 1 � � A ffl W 0 v a 3 � W + 61 W M n{ r ��� '- � �, w, � N N I � � � M � � C � W t N _ E � � N N � N ^ ° c � ' a N N +�' 3� Indicators `�`l -3�5 Debt financing of public infrastructure affects the participating jurisdictions and their citizens in a variety of ways. The focus here is on the way in which the overlapping debt of participating jurisdictions affects Saint Paul property taxes and the credit ratings assigned to each jurisdiction. In order to examine such effects, the committee has chosen indicators faliing into three categories: debt position, citizens' ability-to-pay, and operational/capital finance interface. The 1998 indicators were selected because the subcommittee feels that they are the best representations of the factors this report intends to address. For each of these areas, indicators of impact have been determined, analyzed and summarized. These indicators provide basic proxies of the jurisdictions' individual and combined impacts. Each indicator is profiled as to definition and purpose, and trend/summary. For several indicators, target ranges were set in 1996 for debt levels through 2000. In these cases, indicators are examined to determine whether the goals have been met. Where available and applicable, a credit industry benchmark is given and used as a basis to analyze the overlapping debt. The debt position indicators chosen for this report are Net G.O. Debt to Indicated Market Value, Net G.O. Debt per Capita, and Net G.O. Debt per Capita to Per Capita Income. Each of these indicators is a factor of consideration during the credit rating process. In addition, these indicators provide a valuable view of the debt burden on available resources. The ability-to-pay indicators are Debt Service Levy per Household, and Tax Bill for Debt Service Tax Levies. Debt Service Levy per Household shows the tax impact of debt on an individual Saint Paul household. The Tax Bill for Debt Service Tax Levies shows the property tax impact for a median priced home in Saint Paul. Examination of these two indicators reveals the general tax impact of Saint Paul's overlapping debt on its citizens. This report also includes an operational/capital finance interface indicator. Debt Service Tax Levy as a Percentage of Total Tax Levy shows the proportional impact of the debt on other components of each jurisdiction's operations. These indicators are included in this report not only because they provide evidence of ability to handle debt burden and stability of financial management; they are also key elements used by rating agencies when determining ratings. The credit rating of a jurisdiction is a critical element of successful debt management. A strong credit rating means that the issuer is generally abie to issue debt at a lower interest rate, hence reducing costs to government and its taxpayers. Detailed information relating to the specifics of each indicator is given in the individual profiles on the following pages. 15 N � c� 1 � � O Q U � Z z � � � I" m w � � 7 � � L � � � U � C O � � � O V � Z � 0 � � Q U � Z Z O � a � m W � rn � rn v } � r °� m m U d 3 � Y L A � � :: lC � C 0 � a� 0 Q � d Z l0 Y H L � O .N � � N (9 � � (0 � � U f6 -�p > C N � 7_C.�..� O � v- ... 7 N � o N � � i=�L �.0 � C m '�.-m�m '-'°a � .fl � 'O N � L V � p_ � > @ O ' O N ���..(0 N � U � j O @ ..�. � "O (6 O N L Ui y@? 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I� J O � � a J Q U � J �- Z U O � r '�^ � V, U.� � � � � � � O � U � � � Z (� �.�.� � U �, � U W � Z J W � U H Z f0 Z F LL 0 Q � r � � J U c x o J ~ Q U Q � � � � � � ao O 0 N 0 N 0 N m m � rn m rn � m rn 0 O r b N O N 0 N O N rn m � m m m � rn m m � 0 O (O M o 7 O o r M � � O � �fl �- � W O N N � O O m V 1� rn I� 7 V Oi � N N O V3 � EA � � N O � 0 0 � OD O � � V � .- O N � N V 0�1 � O (V I� � N � O Vi � O� o I� O o O M 7 N O O � O(O d j V O� f0 � O c- 7 7 � rn o � o 0 e�� �,� � M O � � � O o (O 01 ^ O O aj � N m � N M � �[1 r" vS o �ri fA O N O v3 � ia v� 0 0 � O M W c � O�i M � N N � � � I� W I� N � � N o V3 ff3 � N � N J � x > � F J F U � O _ j T � � N d y Z J c a ro N 0 F�-� N � N J d H � t0 F J F U F O .� � � (� Z J a � N 0 F 0 plj N I�o �N(MOO ONm� N N � � � I� (O N O) M N W W � � N � a oJ � N � � fA Ef! H3 EA 0 0 � 1� OD O ` I� fD In N O N O M� N N f�0_ M W � (�D � N ff3 (N fJ3 V) 0 0 � M W M N ( � M O N I� N � � N � �M N N M � W � � � � �� �� � � c ° o \ �i � o c ° a \ �i rn �� rnm rnN OJ I� � W M N oto rn W M N M M EA � V1 �M � N � 7 � � ( r - �M� aj �ON N � M � � M N �� �� N � V M �� �� N d N J d > @ a ��'r � V � O � � N N Z J � � � � F � N d N J d X � l0 F J � V F O .� � � � Z J a � �j � F�-❑ N r.. � � e o e o 0 O O O O O N O N O N N N 0 0 o 0 0 0 o O o O N N � O N Capital Investment Strategies and Initiatives �� -�cs Each participating jurisdiction is making infrastructure investments to accomplish their specific initiatives. These initiatives are based on the individual conditions and objectives of each jurisdiction. This section summarizes by participant these conditions, objectives and initiatives. City o�f Saint Paui Saint Paul is the State Capital and Minnesota's second largest city. The City covers an area of 56 square miles and is situated wholly in Ramsey County. The area has a balanced and diversified employment picture, with no single industry sector dominating. Saint Paul's 1990 U.S. Census figure of 272,235 indicates a stabilization of the City's population. Over the years, Saint Paul has built an extensive system of police and fire stations, parks, recreation centers and other recreation facilities, libraries, streets, bridges, and sewers that require maintenance, replacement, expansion and additions. The City has initiated a number of public policies, in pursuit of which major capital investments have been and are anticipated to be made. Enhancement of Downtown and the Riverfront Saint Paul's revitalization of its central business district and riverfront is focused on defining appropriate new markets for a downtown core that are realistic and sustainable, such as emphasizing office space for key service businesses and public employers. The City is also working to shift the market perceptions about the riverfront away from the heavy industrial uses of an earlier era, toward an accessible, environmentally sound and economically viable site for a variety of community attractions and commercial enterprises. The City continues to place its emphasis on development efforts that demonstrate measurable growth on the tax base and in creation of jobs. Such efforts have led to significant job growth. In 1997, 5400 new jobs were created. Science Museum of Minnesota The Science Museum made a major commitment to downtown Saint Paul by choosing a site on the downtown side of the Mississippi River (allowing a potential link to the riverfront for the first „j time). In return, the City has made financing commitments of $18.5 million to the Science �:' Museum, and the State has approved grants in the amount of $31 million for this project. The � �.zs��r��: Science Museum will provide a substantial amount of the remaining funding through private .� '�,� e�p contributions. This new $99 million facility, located beiween the RiverCentre (fortnedy the Civic �`�" , ,�, �y Center) and the riverfront, will be one of the nation's premier science museums. Construction began in Spring 1997 and the opening of the museum is anticipated in December of 1999. Attendance is projected to increase from approximately 840,000 visitors annually to 1.5 million visitors annually. Employment at the facility is expected to increase from 310 to 450. 31 � � M I � L 3 C� L N L w C w U w � C O � a> N L a y N � � h W .�' y N d � � o � m Q � 7 7 a .o N � F O � y � � � c � . � �U � � ��rn � �� N T N C t' L O �~ �'� � V �- C 4= U '�p U �N N G Q U .� N � �°�a o a � c w N � Y C 'p C ,� N "' N '°-• � N C 7 � O a .i �o� c� � 3 > O p � N +-' N f� p l � "�+'�-' 7`� U+-' � � � C 'O L O @ >+.._ Q � U � ( �" .4+ Ln � O O � N �. � U �- � � O � Y � � � � °�c E � o � � T � � � V . 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N+. j, Y C o � y � w V p. Q O D U C� �` a �. fq T = y� y� � �� 4 N. Q � T'O 7 V a o°a�'�o��>: U N a� QU 2 � F O � � Z � K3 � X F �U m dU � x (� � oz U� X H N s � m � a � } N N N N N O���� 00000 f� COCO f0 CO ���������� �rno�a�oo�rnc M O� V V� � N M h O � W MMN�'�i'�O) �O�N. �oO�Mf�N�M0O7 N� M m� O V I� �- �I�(O��CO�I� f� W �� ��� `"' � M�t�COf�N�O�N rnrnrnrnrnrnrn000 rnrnrnrnrnrnrn000 .'-.-r<-� � N NN W N a � L 0 � N . m m m y W U � N N m � y w � Q � n � � � w c � G � .c � V Q G Q N � N N Q � O O N 0 N m m U N c d N � N ti � � � � � a�'i � 0 � � N G a �� Q � N O h O rn `m � i � ,�O � U \° � N m m N w � U � G G � O ' N m o� Z � �w w C� � G a� v � r c d u C lC C LL ,"�. Q � U R C 0 R G7 a O � N O w "' 0 @ C � � � U @ 'a� c�,� � c'j �p � N 0 o V m � �'�., '� m _ N � � o N � � C (0 N '�" � U � a N N � L (n -p U � as 3 L w N � m � C a��i o � �VU � � 4= L y N � E o 0 wo>, c � no .-� � � U � N N N N � .� � � + L - � N � 3 c ... X O U � O •� C a y a�Q .-� Q � N @ Q o�.�x V N f0 �1�+ C C� � �E O O C � C> C w� � 0 � N a� � c c y � � �� � � 0 O J v- � O C � � � O � � m .. w 3 m � � c N '� �D Y N' �� � � (� Y'i T � m m o � u� •c N N N � � U � O � C �O '� W C p N >. _ o °� O.� C N �o G7 Council File � �� -3�ps OR�G�NAL OF Presented By Referred To Committee: Date i RESOLVED, that the City of Saint Paul, Ramsey County, Independent School District z #625, and the Saint Paul Port Authority joined together and formed a 7oint Debt Advisory s Committee (7DAC) to control the shazed community's general obligarion debt in a responsible a manner, while providing for the future physical development of the City; and 5 RESOLVED, that the 1993 Minnesota I.egislature created the 7oint Property Tax Advisory � Committee (7PTAC), comprised of Ramsey County, the City of Saint Paul and Independent s School District #625, to foster coordination between the three jurisdictions on tas and spend'mg 9 matters; and io 1i RESOLVED, that in 1996 the Joint Debt Advisory Committee was made a subcommittee iz 13 ia 1s 16 of the JPTAC; and NOW, THEREFORE, BE TT RESOLVED, that during 1998, the JDAC met and established a debt plan for 1998-2002. 1� BE TT FINALLY RESOLVED, that upon recommendation by Mayor Norm Coleman, the ia Council of the City of Saint Paul does hereby accept the recommendations of the JPTAC and i9 adopts the recommendations contained on Page 2 of the 1998 General Obligation Debt zo Overlapping on the Saint Paul Tax Base report. zi z z Requested by Department of: By: Adopted by Council: Date � `��`� Adoption Certified by Council Secretary sy: t \�� F-�r„_.�.., �,�_— Approved by Mayor: Date �,�J"i��.I/ �j By: �/�./� � RESOLUTION Green Sheet � G�g�� PAUL, MINNESOTA l3 Form rove by City Attorney By: � Approved by Mayor for Submission to � Q9 - 3/S DEPARTMINTlOFFlCE/C-0UNCIL oATE W RIpTED pr � r � Mayor Coleman's Office 3-30-99 GREEN SHEET NO 640/ / COMACT PER�IJ & PHONE m�� �nMlaWme Mary-Aelen Mische (68533) ov.rtr�ro.ecerae 3 anwwa MUST BE ON COUI�I�AGHJOA BY (OATEJ r� l a� ��9 � 2 �� � �� � ,� �.�.,�m� �,�,.�,� �,�..,� ❑ TOTAL # OF SIGNATURE PAGES (CLIP AlL LOCATIONS FOR SIGNATURE) CTION RE�UESTFD Council approval of resolution accepting 1998 .Toint Debt Report. RECOMMENDATION Approve (A) or Reject (R) PERSONALSERVICE CANTRACfS MUSTANSWER 7HE FOLLOWING QUESTiONS: 1. Has fhis persoNfi�m everv.rorked under a coMract farthis tlepartment7 PLANNINGCOMMISSION VES NO CIBCObtlAITTEE 2. FiasthispersoNfifineverbeenacilyempioyee? CIVIL SERVICE COMMISSION YES NO 3. Does this persaNfinn possess a sidll not iaimallypossessetl by any wrreM city employee? YES NO 4. IB this pslsonfirm a targeted vendoYt YES NO F�lein aN Y� enswMS on sePa��e sheet afM attach to gceen sheet INITIATING PROBLEM ISSUE, OPPORTUNIN (WMq What, When, Where. Why) The Council traditionally adopts a resolution supporting the Joint Debt Report and any recommendations about the xeport made by the Joint Property Taz� Advisory Co�ittee. ADVANTAGESIFAPPROVED � .�" � O �ISADVAMAGES IF APPROVED DISADVANTAGES IF NOTAPPROVED TOTAL AMOUNT OF TRANSACTION S CA3TIREVENUE BUDQETED (CIRCLE ON� VES NO PUNDING SOURCE ACTNITY NUMBER FlNPNCIALINFORMATION(IXPWN) ^��� �QC6'�'g'L'.� `j�i�iR.� i0 Y Yi"411 L^ k9 �NeiJ _ _ �. d_ � �- �- -- � ,�: �__ R - i- ° P �- �'_ �-_ _ t P ��' General Obligation Debt Overlapping on the Saint Paul Tax Base i • • • N a+ C d r+ � � O d � � H � � c� �, � � a' � o f5' a U � c 0 LL N � . c W W F � � W � W UH �~ O� N � � DU Q � � � m � W � d' F.. W OO � "' a � z O -� � W m � W � W I!A F � � � V m � � � r � N M� : N : C ; O ; N :a : c : ' � � � : ; � ' � +� O C : U N � � : � � ' �� :�� T m � ' O O � •U � m� � � o •� � oo co .c m�� � =�in N � .� O a :: m W T m � c N N U � O Z � 7 m a c .� � 0 � U "O � Q m O O L U � 7 N d C .� � Q t a � O � O L H � N � ,�- N ,_ �U � 0 0 L U � U � � a � m a c .� � � � C O . N .� � O U "O � 0 m ..^. C � 0 U m � � O N (�0 � � � c _ 0 U m w E � � T .� � � T 0 o � N � W � a� H� N N m c 0 . m 0 a` � U .� � � @ �U C N C LL 0 U 0 O U � � a � L a y O � � 7 a � .� � 0 � U tOCOON�I'(O c-rNNNN : � : � :o : � N — � ; � � : � � : T � : U : > i : N ' J � � � � X a ' � o �� N � � L J � � 'Q �Q N X . `aUU o� � L l� _ � O � � L U T o� N N N �' (n J � � � J � � 000 �� � � � � U ` U �V �4+ Y � 0 � N N N N_ N Z Z z (� m (� :°.;°.m-Q x� 0 0 0 � m � H-V-V-�V-� � 7 N m � F N .� � m L � N � L N rn m C c0 � � 0 N � 2 a a F � N a m C Q s � N N y � U O `m s � (a N J N � L � Q N �U C N C � � C N N � c . 7 m O L � O Y � � � N > J � U y � � �I.� � ° o L U � U � � � � a c .� � � ��nrn M M M M M N > R � a c R N N .� :: L N C G7 N > L Y Q. R V C m c 7 O ¢ N s U � O O s � N J � : � � � o .� � � L O � U L : � 3 : 7 U Q T N�t+++ �aa o � U fn (0 N T � 0- a (n O � � � :�"ca '�a m U cn cn � ti .� .� d � y C O U 67 C � � � � O � U U Q Y � y � 3 ` � � rn � c o ° a� �.. = L57 � � m c w . � O t � O U � o � � 0 +-�'. � ' 0 U T � � E � � X � � m a a Q m C . � U Q � C N � c a� m 'O ' m N m m c m >: � O U 2 � c a O a .` N @ � �U N � � � N U Q m C G u: N t U � C m _ N .� J N � � `o w Q � 0 a � m Ci.. c � N 9 a ia c ro e LL m a �U C a N `>_ U N � Z "O .� � � � m � U c � rn .� a � C N � N n`. U > N m N � Y N � C N m N � Executive Summary �g -3�S Historical Background The Joint Debt Advisory Committee (JDAC) — an ad hoc group of elected officials and professional staff of the City of Saint Paul, Saint Paul Public Schools, Ramsey County and the Saint Paul Port Authority — has been active on a periodic basis for twenty years. More recently, due to state legislative mandates, these jurisdictions have formed the Joint Property 7ax Advisory Committee (JPTAC) and initiated a number of cooperative ventures to control property taxes in Saint Paul. The JDAC has become a Subcommittee of the JPTAC. The JDAC received national recognition i� 1989 by the Government Finance O�cers Association (GFOA) with its Louisville Award for innovation in financial management and the Award for Excellence for debt management. The Louisville Award is given rarely and oniy in recognition of exceptional creativity in addressing public sector financial management issues. In addition, the national credit rating agencies have recognized this effort on an ongoing basis. 7his program has also become the basis for other major pubfic institutions to instigate coordinated capital investment plans and debt management. The Subcommittee has adopted the following Mission Statement and strategies to reflect their efforts to proactively manage the combined debt position of the four participating jurisdictions: Mission Statement The City of Saint Paul, Independent School District 625 (the Saint Paui Public Schools), the Saint Paul Port Authority, and Ramsey County agree to work together to: coordinate general obligation financing of the area's capital needs, keep such financing within agreed upon debt level targets, jointly plan fior meeting the capital needs of each jurisdiction, and monitor associated impacts on property taxes in Saint Paul. Strategies To achieve the goals set forth in the Mission Statement, the four jurisdictions agree to: • Maintain overlapping general obiigation debt ratios within a range approved by the four jurisdictions for the five-year period of 1998 through 2002; • Be responsible for notification to other jurisdictions when unanticipated capital needs require that the jurisdictions confer on recommendations for rescheduling of debt issuance pians to keep within the adopted target ranges. • Identify annuaily both the immediate and long range debt-related conditions of the four jurisdictions which would impact property taxes of Saint Paul residents, and take appropriate action to remain consistently within the debt level ranges approved by the four jurisdictions; • Exchange information and expertise during each jurisdiction's capital improvement budgeting process, such that the jurisdictions can eliminate duplication, share facilities where appropriate, and provide the taxpayers with the greatest retum for the jurisdictions' capitai improvements. � � � N � � Q . � t0 O1 O> � N .L.. N m 3 y N N a� rn m n � 0 � � N . C O � � C N E � O � N wa 0 � N � L N � , 7 � O N r C �" "� N c o� U N � N � � � � � m � .3 N � s- �., o r m 7 O L N rn � � � �-- N fH O7 O N o u� �y � � E» m o � � N � � C � N � N �p � a � U X � m � o °' :.� c ❑ � • 'a�°� U � � ��� Q 'a.'�. N � ;p f6 � Q � � N N C � .... 9ao E c � U L� N � N � • � � � N C ,-C � C � :c °� 3 n O � � N C � m �m m � � a��i > � x n� � y � � � � C � m � U a m � y C fA Y �3 E N L � N � � L a� �p � T c a� � > y � • U � � o N O Nv?� � � � � � - p -p C C @ � � E ° c °� U��� � @ � • 8 � � ti � � � L C N � � � N 47 N � a� � U � � j O , C -� a y � _ = o a L n � M N X N N "'� N � U � X T y n r � � � y o � `� L O °" � ° U EN . � � � > � N U O .O � + a � a Q � N � N � C � �i' a��a� � o � o> U � � � M � O � � `m ti CV� � .i+ � � � � G � v � � Q Y. � � O> � N . 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V y N .0 � � � m a c y y N � O N� � a.N � x 7 � N � � 0 - � N � ,+ C � 7 (6 Y O(n �d O (0 t � .� . � � � Q � C G � � o � � � c y O L � � p .. � � o a'` @ � i O (0 ++ � U N (n N t � � � U C O Ol y @ U � .�- � Q � U N @ L @ '� O � � � @ .�.�. C �- Q � � � U - p � '� � C C� �,6 N @ 'O U! Q @ L @ � �O. � � ,�„ cp O � N C � � � w o n° � Q�V Q O � : C N U � p, +�-� '6 V T � � N � c w � �� a � rn o � � C w w N L N C (6 N � � 3 � � � j C O t� N p 'N � � L��U � L C � ` p � 01 � C fp (0 C � L � � � - U ` � (Q � 7 � O p_ X fA O C N O_ fq '- -p � O dj y O N m� p_c > O N -�p 'O '�O .� O � � O E °-� � c o � y � o ,� N O � U � L "> C � � I- > N � �3. �a a T . � � � � N N N p � 9 � N � � a � 3 � N �j (� C @ � � O � y O � . @ � - � Z � >' � � N 9 � @ � � @ � O (0 E .�? X �- � = C N � � N N � f� � N � = O C � 7 •3 '� o � o a� N � � � ��L �� O � � � � o C � s+ O L -Q �" � C "O ��am� 0 a � a � o � w. m � 3 � � a c a L � — m— � C�� 7 T O ' X � m "O N � C � N 3 N c' N O- >, O � V� ..�'. 'C @ N w � Q � � L � p � �� p, O O_ -p N (6 -p i w � U � .0 j � N 3 C O U (� � �� L �. o�c�� Q L � � L m o T 3 v�,.� Q3a � l � N � T C � � O N � Q. pj o��,-a n >. � � � a >, � � U 7 � � X N � � � y O �� � � � T � N C N w N - p O � � � - 7 a � 7 � U � X N U � � 9 y � N y �a � �p C T L � � U U l6 � O � � L p7 �i N � C � 7 '++ .fl � o . w a� _ "o ui w '� o��.� o�'� �' � O_ � O' � .���m T � N C � ` @ C N y � � O j � ,..�_. X m � @ � ... � i �Q Q j � U (0 U i N � (0 O p H Q N �, C N � !!� . � y N .� N N N > c c U � �� � a� � y H � U .�.. o� o a m a� �.� . � o a ° �, ._ (0 . .O C � '-' (6 +� fn C O C�� a ,N, � � . O� a E N � o �. m �'�� � ��V� j ���m �-�O N'� C �� N C ��"� (6 �� f� Q C d' O d l0 T N� j tn @� f/1 U'O �"'p 'O p'-� / � n t/1 .0 �;� � Z N m� 7 j � V � � N @ @ � N @ � � ��� y U y� N � C W C U m � N� � O O X y�'C N' L '<o oi N U � U @ N n V @ o � � � � N � � � y � � d �.. T� �� f ���U � f6 U o U �n a� c 7 �..p X `� � Lf� � � U m a� �� c:°LL t•-co �@ ..�. , X � O ... O V (n L�tn °���� a�� o�'��m�o°�3 �. N (n F� N a � �- � L m� �� � cn.� a � ��` �� Ua�>a � � � tn � „_ � � a� n � � � � �' °' Ocn � `� � a� a� � EU O 'D � r�/i 4- O � � � � � � N °-�� a�� ° eY ��3.�u, Y � N C N..N. N O_ N � 7 � 4- O N' ��� 0 � U C Q V �� . � � — o y a o `� o U �«. °- -o "-' C "O (6 >. O N - � U N � p � >+ � 'O N L� C_, C U C"O U C> T... ,.., 7 C� " p � � (6 �fq 'C C V N `�-� C � (0 C y 7@ O� U fn O.0 "' (0 O C �, i� 4'O U E'a t. C �' " L N V N C)C 'C N p. � aj "O U!_' >� v o a� a v� ,��- r� - o � c c�o � A C 6� N @ � � (�0 � C � ryj � U � Q C O"� N L..�. � N� dj �� � � oU � o �� L� � �n nmY � V a� � 3 0 o m a� �Q o>. � v, n N o x x � p- -o .-� � C � X U .N r � � � C � a� N � � �o.� @ N o � C E O'- •+ .O .' N f6 ��'++ U � E:n >. !n N O �. " c0 tn U� (nQ' NJ.fl'O"Oa O+. V1 � 0 Overview of Debt Issuance and the Economy �lq-�GS The Role of Debt Debt is an important source of funding for capital investment. It represents a long-term commitment of resources to repay obligations. If debt levels become too high, leading to increasing annual draws on the community's resources for debt service, local governments will be faced with critical choices as to their ability to fund operations and provide for future capital investment. Monitoring and managing the individuai and combined levels of debt becomes central to assessing the overall financial health of the community. In addition, each participanYs overall level of debt and their contributions to the overlapping debt placed on other participants is valuable information Tabie I, shown on page 8, displays the dollar amount of total Net G.O. Debt by participant and combined over the period 1993 through 2002. The combined total rises from a low in 1993 of approximately $276 million to an estimated high of $443 million in 2002. Individually; the City, County, and Port Authority follow an overall pattern of moderate increase. The School District debt increases more rapidly from approximately $75 million in 1993 to an estimated $217 million in 2002, due mainly to increases in student population and the corresponding need for new schools. Table II, on page 9, shows the changes in the annual percentage contributions to the total Net G.O. Debt burden, or overlapping debt, as a percent of the total net debt of the combined entities. The City and County portion of the debt decreases from 1993 to 2002, while the School DistricYs share of Net G.O. Debt increases from a low of 27.2% in 1993 to a projected high of 48.9% in 2002. The portion of the Net G.O. debt attributabfe to the Port Authority remains relatively constant over the period shown. Table III, on page 10, exhibits the effect of inflation on levels of debt from 1993 to 1998. Total Net G.O. Debt is shown both in nominal (actual dollar) terms and in constant 1993 dollars. In actual dollar value the increase in total Net G.O. Debt from 1993 to 1998 is approximately $100 million. However, when adjusted for inflation by holding the dollar constant at 1993 values, the increase is approximately $51 million, and the City and County debt Ievels actually decrease. 7 � .� M ��/ V � � � � •-+ � U � � N � — +.. _ � � � � 0 � � � � � Z � C . a f6 � N 0 0 N O O N 0 N � � W m `m � � } '�o c r °� m V m m rn m rn rn v rn � o � 0 �ooeo M�a�o (O O o� O 7 M O O o a o 0 c0 O 6l O � M V O O O O O o � � � 0 coi�vo M 7 O 0 0 0 0 0 O(O W �O � V M O 0 0 0 0 0 (ONN O � � N O l0 ° F 0 c d � a `o N � N j O o caLr U O �, o �v�a •Q v'm>> a �,cn m m m Noaa_ � E�,�.S'9 > m._ m m o O �UU�u�H 000�o N W O � M � O O O O O O aD NN O � ( `�) 7 � O O O O O O � r � 0 � M V� O � o 0 0 0 O f� O O � M V O 0 0 0 �o m�v o � M V O � 0 L N j j o c � a Um" mNaa N p � c c m �UinrnF�- C'Z� N � � � � � � � 0 � � � � � Z f0 � 0 O 0 N � `O O L o ; o a N � a m ' � a m c m ■ � N m � o N Y � � N � a � c m � a U � � m m V m M rn C � � `o D U ■ � U � ooio co O O N � ln O N O 7 O M � f�O N N (O �+J M M OJ GO CO O � � � M � O M W � O r � � � N V N OJM O M oJ I� N W � � � M � � O N � MLL7M N �V CO 7 � V N�-� � � M d'ooco co �v � W � � r � M 6� V c0 ���-I� W � � � � M oow m N O W V N � N O � � � W W� l n N l n � � � N a � � C� (6 F" � ° c 3 N �Z O oa<na ° c' U'N>>,�n N�aaw 0...._ E C C � f0 � !0 (0 O �'U(n(nH � �o o rn m �n o .- co N M CO M W M(�O d' MI�(O M � � N V dM0 d � aN Ol0 I� NI r t0 N a M I � � � � � O N N � N d OI00 � M OI000 O �V 00 oi (OM V � N d� W O � � � 6AN0 W O ` M �n �n rn O�O (O M N N � � � � M OM(�OOW V o�l N O M (O r ll�ON d' (O O ln � c0 (O LL� N � � � M a t 3 N � Z O � N = � � o cNa � U'm>>in m��aw �/+ O ... .... _ � C C l0 �0 :��16 �l6 O �U��H m G � � ,�O O m o� m � U = Z n h y w a d w � `3 0 � � y y �a ° o ` N � � w � a `o O ry a N O � N k� aQ N � 3 � a � � m « ti � j 0 � N � � 0 C w o ^m � � � � � m m . o � � � � C � .�. 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O � l � U � a p W C � h � C � � � E N N a N � � N �� � a U @ ° m m � (n � N c y 'N in � c' o,'�o C i O � W� E � N C N � � N N m a �, �E�n�o O C O O y v»TUQ � c�0 N r ^ N N V � N W O M M cf d ti � � � e � m � M ONNm��O ON c0 h N O> I Ih h O � � N � V ( fV �. � M ON O�i N N O 08 O O� M (O ,-I (�O O � I� � m o v o N ` (�O � M � y o a ON W N N N " pJ y O � IN � � N N � e�- � ' M OM N (O O � V r l � I� N O W M O � (�O d n"` o noi M a� i v�Diom�v f � N O (O (�O_ � W a V r � r N � 0 � M s 5 c U 5 v � O � A 0 s y � � ° o a L` N � U c m > > N N d d J m � m a O K U mvJF � c 0 U � O S F m j � � N .�] U c ti � O a 5 °� a E c U w E a : E o, a �l N � O � a m m N � � � c� � � � � N � C .@ � � � T U w � U � � H L Q C ~ N � � U � � � O V O � U ° W o U W � � U N � � � �l � m �v m �° e N � o o ° o 0 0` ° o 0 0 0 ° o 0 0 0 0 0 0 m rn v � m v w � Q o 0 Z R � ro a � go 0 Z N I� o h U N � N T a o a` � � � � U � U J � j m j � U � y U � D � c 0 `m U O w y Q � c O !� `m m Z � c 0 ° o m m o J O O . u p C Q N m � N �,_ ��@ �o� N�� a E � m o �n c = W 3 �a0 � � � m �, o �n ° U � m � c a a m � O �p C o E y W ���v E m m m m � C� 3 m ' i, i m oa �Y c y � � a � C � � � � � O � E w m ` O �O � � E N E a � 2 U C O m L � M <- � � � Y C . V/ � O U :�' �_. U (n N � � � C � N U c � � � ~ Z v Q O W C U U.� � � U N N � �oeo ��� � �r�i r rn rn 0 0 0 O N �1 � � � � m m m m o o � M O M ifJ � o 0 � V M N r � � � � � o o � � M N = m h �- v � c .� � � � O � � � o o m .- V M� a" � � N O I N � C 0 0 � � � � W N fD � O L N N � 2 m m m m m � m ! �T� i m �� m 0 0 0 0 0 o a o o' 0 0 0 0 0 0 0 0 0 o� r 10 N V Ci fV � C m � � N E °' o m � a. a a � C � C (p C � �� m � O � � � r V! r m W t0 � N V _ I � � � m m m I j� I_m � ° o ° o ° o ° o o ° o o ° o � � �N � � � � � � N {�y � ON �O O ON o W c 1 � � A ffl W 0 v a 3 � W + 61 W M n{ r ��� '- � �, w, � N N I � � � M � � C � W t N _ E � � N N � N ^ ° c � ' a N N +�' 3� Indicators `�`l -3�5 Debt financing of public infrastructure affects the participating jurisdictions and their citizens in a variety of ways. The focus here is on the way in which the overlapping debt of participating jurisdictions affects Saint Paul property taxes and the credit ratings assigned to each jurisdiction. In order to examine such effects, the committee has chosen indicators faliing into three categories: debt position, citizens' ability-to-pay, and operational/capital finance interface. The 1998 indicators were selected because the subcommittee feels that they are the best representations of the factors this report intends to address. For each of these areas, indicators of impact have been determined, analyzed and summarized. These indicators provide basic proxies of the jurisdictions' individual and combined impacts. Each indicator is profiled as to definition and purpose, and trend/summary. For several indicators, target ranges were set in 1996 for debt levels through 2000. In these cases, indicators are examined to determine whether the goals have been met. Where available and applicable, a credit industry benchmark is given and used as a basis to analyze the overlapping debt. The debt position indicators chosen for this report are Net G.O. Debt to Indicated Market Value, Net G.O. Debt per Capita, and Net G.O. Debt per Capita to Per Capita Income. Each of these indicators is a factor of consideration during the credit rating process. In addition, these indicators provide a valuable view of the debt burden on available resources. The ability-to-pay indicators are Debt Service Levy per Household, and Tax Bill for Debt Service Tax Levies. Debt Service Levy per Household shows the tax impact of debt on an individual Saint Paul household. The Tax Bill for Debt Service Tax Levies shows the property tax impact for a median priced home in Saint Paul. Examination of these two indicators reveals the general tax impact of Saint Paul's overlapping debt on its citizens. This report also includes an operational/capital finance interface indicator. Debt Service Tax Levy as a Percentage of Total Tax Levy shows the proportional impact of the debt on other components of each jurisdiction's operations. These indicators are included in this report not only because they provide evidence of ability to handle debt burden and stability of financial management; they are also key elements used by rating agencies when determining ratings. The credit rating of a jurisdiction is a critical element of successful debt management. A strong credit rating means that the issuer is generally abie to issue debt at a lower interest rate, hence reducing costs to government and its taxpayers. Detailed information relating to the specifics of each indicator is given in the individual profiles on the following pages. 15 N � c� 1 � � O Q U � Z z � � � I" m w � � 7 � � L � � � U � C O � � � O V � Z � 0 � � Q U � Z Z O � a � m W � rn � rn v } � r °� m m U d 3 � Y L A � � :: lC � C 0 � a� 0 Q � d Z l0 Y H L � O .N � � N (9 � � (0 � � U f6 -�p > C N � 7_C.�..� O � v- ... 7 N � o N � � i=�L �.0 � C m '�.-m�m '-'°a � .fl � 'O N � L V � p_ � > @ O ' O N ���..(0 N � U � j O @ ..�. � "O (6 O N L Ui y@? 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I� J O � � a J Q U � J �- Z U O � r '�^ � V, U.� � � � � � � O � U � � � Z (� �.�.� � U �, � U W � Z J W � U H Z f0 Z F LL 0 Q � r � � J U c x o J ~ Q U Q � � � � � � ao O 0 N 0 N 0 N m m � rn m rn � m rn 0 O r b N O N 0 N O N rn m � m m m � rn m m � 0 O (O M o 7 O o r M � � O � �fl �- � W O N N � O O m V 1� rn I� 7 V Oi � N N O V3 � EA � � N O � 0 0 � OD O � � V � .- O N � N V 0�1 � O (V I� � N � O Vi � O� o I� O o O M 7 N O O � O(O d j V O� f0 � O c- 7 7 � rn o � o 0 e�� �,� � M O � � � O o (O 01 ^ O O aj � N m � N M � �[1 r" vS o �ri fA O N O v3 � ia v� 0 0 � O M W c � O�i M � N N � � � I� W I� N � � N o V3 ff3 � N � N J � x > � F J F U � O _ j T � � N d y Z J c a ro N 0 F�-� N � N J d H � t0 F J F U F O .� � � (� Z J a � N 0 F 0 plj N I�o �N(MOO ONm� N N � � � I� (O N O) M N W W � � N � a oJ � N � � fA Ef! H3 EA 0 0 � 1� OD O ` I� fD In N O N O M� N N f�0_ M W � (�D � N ff3 (N fJ3 V) 0 0 � M W M N ( � M O N I� N � � N � �M N N M � W � � � � �� �� � � c ° o \ �i � o c ° a \ �i rn �� rnm rnN OJ I� � W M N oto rn W M N M M EA � V1 �M � N � 7 � � ( r - �M� aj �ON N � M � � M N �� �� N � V M �� �� N d N J d > @ a ��'r � V � O � � N N Z J � � � � F � N d N J d X � l0 F J � V F O .� � � � Z J a � �j � F�-❑ N r � � e o e o 0 O O O O O N O N O N N N 0 0 o 0 0 0 o O o O N N � O N Capital Investment Strategies and Initiatives �� -�cs Each participating jurisdiction is making infrastructure investments to accomplish their specific initiatives. These initiatives are based on the individual conditions and objectives of each jurisdiction. This section summarizes by participant these conditions, objectives and initiatives. City o�f Saint Paui Saint Paul is the State Capital and Minnesota's second largest city. The City covers an area of 56 square miles and is situated wholly in Ramsey County. The area has a balanced and diversified employment picture, with no single industry sector dominating. Saint Paul's 1990 U.S. Census figure of 272,235 indicates a stabilization of the City's population. Over the years, Saint Paul has built an extensive system of police and fire stations, parks, recreation centers and other recreation facilities, libraries, streets, bridges, and sewers that require maintenance, replacement, expansion and additions. The City has initiated a number of public policies, in pursuit of which major capital investments have been and are anticipated to be made. Enhancement of Downtown and the Riverfront Saint Paul's revitalization of its central business district and riverfront is focused on defining appropriate new markets for a downtown core that are realistic and sustainable, such as emphasizing office space for key service businesses and public employers. The City is also working to shift the market perceptions about the riverfront away from the heavy industrial uses of an earlier era, toward an accessible, environmentally sound and economically viable site for a variety of community attractions and commercial enterprises. The City continues to place its emphasis on development efforts that demonstrate measurable growth on the tax base and in creation of jobs. Such efforts have led to significant job growth. In 1997, 5400 new jobs were created. Science Museum of Minnesota The Science Museum made a major commitment to downtown Saint Paul by choosing a site on the downtown side of the Mississippi River (allowing a potential link to the riverfront for the first „j time). In return, the City has made financing commitments of $18.5 million to the Science �:' Museum, and the State has approved grants in the amount of $31 million for this project. The � �.zs��r��: Science Museum will provide a substantial amount of the remaining funding through private .� '�,� e�p contributions. This new $99 million facility, located beiween the RiverCentre (fortnedy the Civic �`�" , ,�, �y Center) and the riverfront, will be one of the nation's premier science museums. Construction began in Spring 1997 and the opening of the museum is anticipated in December of 1999. Attendance is projected to increase from approximately 840,000 visitors annually to 1.5 million visitors annually. Employment at the facility is expected to increase from 310 to 450. 31 � � M I � L 3 C� L N L w C w U w � C O � a> N L a y N � � h W .�' y N d � � o � m Q � 7 7 a .o N � F O � y � � � c � . � �U � � ��rn � �� N T N C t' L O �~ �'� � V �- C 4= U '�p U �N N G Q U .� N � �°�a o a � c w N � Y C 'p C ,� N "' N '°-• � N C 7 � O a .i �o� c� � 3 > O p � N +-' N f� p l � "�+'�-' 7`� U+-' � � � C 'O L O @ >+.._ Q � U � ( �" .4+ Ln � O O � N �. � U �- � � O � Y � � � � °�c E � o � � T � � � V . 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Y N C � m � a O a rn c '8 C n1 W - oaa= m m m ° ° o L w� o @ .� S�. N C �O_ N N �` � � � O � N m � C � � � m O � d � N ,� N 0 � o� N L � Q U O y � � "" � O N ,U � @ r C V N "'�"' j O � Cn m �' � f6 7 N �p � � � � r�. C � �a � i N O � O 0 � N U �p N �W y U � W � (0 � Q a�i� o� � � � •- O N O � = C M � C Y � �Lrn�°�in C ++ l(j (0 � C ��'�y O � " � a � � .V � � C � .0 " O N 'O "' @ o — � m o � w � � C � � � � '� v� � m -o 'v� C 'O � U C � m��o��m a � ° �c o � o v� o :- c �- a� _ ��n o a � m'�'� 2 �n a' � N C C (O � Y L s F ° a » ° a O N N (6 � � O �� � U�1 � �0.. �' E O_ � � � C � t � s � � o m �. N vj L y L p O � � — � p ` p p C V m N V � �p V � +% Z�N� y "O C � w t� N N� E@ N O � > �p (6 � f6 N ._ N 7 U E N N� O tA (n � N y" > C, p� V � m (0 � O � .n�r � �nv � - � a������ U U a ��t4 °� o N � C � V N C -p O � N � +• .� � J Q � � p cnN�nO>am c E � Q �m � U � C p. 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