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.�
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General Obligation Debt Overlapping
on the Saint Paul Tax Base
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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.
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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
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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
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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
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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
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General Obligation Debt Overlapping
on the Saint Paul Tax Base
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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.
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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
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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
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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
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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
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General Obligation Debt Overlapping
on the Saint Paul Tax Base
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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.
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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
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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
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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
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