87-327 WHITE - C�TV CLERK
PINK - FINANCE G I TY O F SA I NT PA U L Council - �,., _�� �
CANARV - DEPAi7TMENT File NO.
BI.UE - MAVOR
, �cncil Resolu�tion �- ��
Presented By
Referred To Committee: Date
Out of Committee B Date
VAf�.S:
l. On Feb 24, 1987 tlpe Port Authority of �he City of Saint Paul adopted
Resolution No. 279 giving preliminary approval to the issuance of revenue bonds in the
initial principal unt of $10,500,000 to finance tk�e aoquisition and renovatian of two
historic buildings with appraximately 140,000 square feet of office space located on East
Fifth Street betw Wacouta an¢� Sibley Streets for Park Centre Investors, LTD., a Georgia
r,;m;ted partnershi consisting bf Ameritas, Inc. and C. John McDonald and an undetern�ined
rnunber of limi.ted ers. Mi�ller and Shroeder FinBncial Inc. has agreed to underwrite
the revenue bond i sue for a te�m of 30 years. !
2. Laws of nnesota 1976, Chapter 234, provid�s that any issue of revenue bonds
authorized by the ort Authorit�of the City of Sai� Paul, shall be issued only with the
consent of the Cit Council of e City of Saint Pa , by resolution adopted in accordance
with law; '
3. The Port uthority of ,the City of Saint Paul has requested that the City Council
give its requisit oonsent pursuant to said law to facilitate the issuance of said revenue
bonds by the Port uthority of the City of Saint Paul, subject to final approval of the
details of said i sue by the Port Authority of the City of Saint Paul.
RESOLUID, by the City Cour�cil of the City of Saint Paul, that in accordance with Laws
of Minnesota 1976 Chapter 234, the City Council he�teby oonsents to the issuance of the
aforesaid revenue bonds for th� purposes described �n the aforesaid Port Authority
Resolution No. 27 6 the exact details of which, including, but not limited to, provisions
relating to matur ties, intere�t rates, discount, r�d�tion, and for the issuance of
additional bonds e to be det�rmined by the Port Au�thority, pursuant to resolution
adopted by the Po Authority, and the City Council hereby authorizes the issuance of any
additional bonds including refunding bonds) by the Port Authority, found by the Port
Authority to be n cessary for carrying out the purpbses for which the aforesaid bonds are
issued.
COUNC[LMEN Request d by Department of:
Yeas Nays
Drew '�'�
Nicosia f
Rettman �R F8V0[
Scheibel
Sonnen �__ Against BY
'74�deeev�
'""�°" MAR 1 c 19$7
Form Ap�rove by City Attorney
Adopted by Council: Da e �
Certified Pass by uncil S cret ry BY � ` ��
By�
App by Mavor: Date � 3 �v� APP�nVed! Mayor ubm to Council
r
By - -
PU8l.ISHED „�;�� 211g87
st. Pa�. �� �.�r�� �E pRrr�ENr � _ � � ���3a-ti N° _ 0606 �
J�.'I�rreil, E.A. Kraut C TACT
224-5686 P NE
2-24-87 D TE '.� �� ��
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SIGN NUhBER FOR ROUTING RDER C1i 11 Locations fo� S� ature :
1 Department Director 3 Director of Management/Mayor `
� Finance and Managemen Services i ector � 4 City Clerk
T Budget Director ` ark Centre �uilding Inv�estors, LTD/
2 City Attorney, , .
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WHAT WILL BE ACHIEVED BY AKING ACTI N ON THE ATTACHEQ MATE IALS? (Purpose/. . ..
Rational ) •
� paarpose of th�e bond is is to f' th,e acquisitian renavaitan o€ twu historic buil '
with ap�rox�mately'140,000 scivare fee f office spac�e loca on East Fifth Street between`W�oou
ar�d Sibley Streets.for Par �ntre s, L'ID., a C�org' Limit�ed Partnership c�oaissiting of
Atrieritas, Inc. and C. John d an uncleter�ned n of limit�ed partners. 'I�e buildin ,
located on Fast Fifth betw�en ta and Sibley ts, c�tain 153,450 of gross square
feet per floor. A twd sto parking is praposed that 11 ac�oamdate 92 - 96 cars `
� RECE(VED
COST BENEFIT BUDGETARY D PERSONN L MPACTS ANTICIPATED: _ FEB Z �i �I�al
The amount of the reve e bond is u is $10,.�00,000 and i11 be for a term c������s.
The `development will c ate or re a n 400 to 500 �obs fo the Lowertown area: of St. Paul. .
FINANCING SOURCE AND BUD ET ACTIVIT UN�ER CHARGED ITED: (Mayor`s signa- �
ture not re-
Total Amount of "Trans ction: quired if under �
��o,000)
Fu�ding. SoLrce.;
Activity Number: •
ATTACHMENTS List and Nu ber All A a hments :
1. Staff Memorand
2, ' Draft City Cou cil Resolu i n ' , ,
3. PoXt Authority Resolution
DEPARTMENT REVIEW CI Y AT�ORNEY REYIEW. ,
X Yes No Council R olution R q ired? ' R olution Required? x Yes No
Yes �No Insurance equired? I surance S�f#icient? X Yes No
Yes x No Insurance ttached:
(SEE •REVE S SIDE FOR INSTRWCTIO S)
Revised 12/84 .
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PORT
� AUTHORITY
OF THE CITY OF ST. PA L
Memorandum
TO: BOARD OF SSIONER.S pA� February 19, 1987
(February 24, 1987 Reqular Meeting)
FR4M: J.E. Terrel
SUBJECT:Pp,� � �I,pING INVESTORS, I�TD. . A GEORGIA LIMITID PARTT7ERSHIP -
ANIERITA.S� I .
PUBLIC NG - PREL�MINARY AND UNDER�nIl22T�NG AGRF�]TS
$10,500, 00 TAXABLE RE'�IEN(TE BOI+ID ISSUE
OFF-SITE
, RE.SOLUTI NO. 2796
PUBLIC SAI�E FFARING - SALE OF IAND
PARK BUILDING INVFSTORS, LTD., A GE(bRGIA LIMITID PARTNERSHIP -
ANNJERITAS INC.
RE.SOLiJTI NO. 2797
1. THE ANY
Amerita , Znc. was founded in 1978 by C. John McDonald, its current
presid t. The Cc�npany is headquartered in Atlanta, Georqia, with offices
in St. uis and Cincinnati. The Cocnpany is one of the nation's larqest
restore s of historic buildings for office use. The Ccxnpany has completed
or has der construction 23 buildings with over tu�o million square feet and
restor value in excess of $210�million. DeveloFxnents include projects in
Cinci ti, Omaha, St. Louis and Wichita. Ameritas, Inc. has 27 em�loyees
at its tlanta headquarters and 18 at its other offices.
2. Tf� PR
Amerita , Inc. has requested that the Port Authority finance the acquisition
and res oration of two historic buildings: The Pawers Dry Goods Buildinq,
also ]m as the Globe Buildinq; and the Fairbanks - Nbrse Building, also
knawn a the Rosenthal Building.
The bui dings, located on East Fifth Street between Wacouta and Sibley
Street , contain 153,450 of qross square feet and 126,650 of rentable square
feet o seven floors, with an average of 19,000 square feet per floor. A
two st ry parking deck is proposed that c�i.11 accar�odate 92 - 96 cars.
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� BOARD OF CONA9IIS NERS
February 24, 19 7 Regular Meeting
Park Centre Building Investors, LTD. , a Georqia l,.imited Partnership -
Ameritas, Inc.
PaQe 2
Approximat ly 94,880 square feet, will be leased by three State agencies.
The Metro litan Council, The Metropolitan Wa�ste Control C�mission and the
Reqional ansit Board plan to sublease this space fran the developer on ten
year lease which will ternvnate in 1998. The r�naining 31,770 of rentable
square fee will be sub�let to tenants which are, as yet, unlazawn.
Ameritas, nc. proposes to invest approximat�ly $5.9 million fran the
proceeds o the bond sa�.e in the rehabilitation of the Globe and Rosenthal
Buildin_qs. The Ca�ny plans to develop the project as a fully modern
cccnplex, 'pped with the finest audio-visual equi�ment, the latest
technoloc�y in mechanical systems and a dramatic three story Council Chamb�rs
as the cen er of activity.
The buildi qs are located in the Lawertawn area, a designated historic
district, d are bot1� bn the National Register of Historic Places.
Ameritas, nc. will man�qe all phases of the pro-ject including lease up of
re�naining pace, onqoinq operations and maintenance.
3. APPRAISAL
In accor ce with Port Authority policy, a M.A.I. appraisa� has been
ordered an is being co�leted by the William H. Muske Ccanpany. The
appraisal 'll include the current value of the property "as is" as well as
the valuat on of the property upon canpletion of the proposed renovations.
Given the lity of the leases to be executed with the aqencies, and the
extent of e proposed renovation, staff expiects the appraisal to shaw
sufficient value to support the proposed bond issue. In the event that
there is n t sufficient' value, the bond issue w�uld be reduced and the
Developer uld contrib�ute sufficient equity to oover any deficiency.
4. FINANCING
The propo financin_q would be done as a 30 year taxable revenue bond issue
in the t of $10,5Q0,000. Proceeds of the bond issue would be as
follaws:
Buildi Aoquisition and Renovation Costs 59,555,000
Capita 'zed Interes� - 12 Nbnths $945,OOQ
$10,500,000
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BOARD OF CONIMI SI01�2S
February 24, 1 87 Regular Meetinq
Park Centre lding Investors, LTD., a Georqia Limited Partnership -
Ameritas, Inc.
Page 3
The Devel r will contribute $2.7 million in equity to the project, or
19.7$ of t e project costs.
The source and uses of funds are as follaws:
SOURC� OF FtJNDS
Port A thority Bond Issue $10,500,000
Develo r Equitv $2,700,000
Intere t Earnings (iConst. Fund + DSR) � $527,000
Total urces $13,727,000
USE O FUDIDS
Buildi q Purchase 53,226,000
Acquis'tion Soft Cqsts $212,000
Renova ion $5,870,000
Devel t Fees $1,250,000
Marke 'ng/Leasing $480,000
Finan 'nq Costs ' $2,689,000
Total ses � $13,727,000
The lease ill be non-recourse, as the equi�Y to the project is beinq raised
by a limi partnershi;p. An additional cr�dit enhancement will be provided
in the fo of a Cash Flaw Maintenance Agreement, guaranteed by Ameritas,
Inc. and John McDonalld.� This quarantee would remain in place for a
period of five years f�an the date of closinq on the bonds, or until such
time that e net project inooattie fran leases in place, exceeds 105� of debt
service, &A fees and pperatin_q rosts.
The sour s of funds iraclude an estimate of $527,000 in interest earninq on
the const ction fund and on the debt service reserve which will enure to
the benef't of the project. Zb insure that ;this est�mate is sufficient to
cover thi source of funds, one half of the'Developnent fee due Ameritas,
Inc., or 500,000 will resnain in the constr�hction fund for a period of one
year fran the date of Closinq, or until sucM time that interest earninqs on
the res es equal $527,000. The payment o€ the DeveloFcnent fee after one
year, h ver, is subordinate to the provision of a Debt Service Reserve in
the amoun of $1 million. Al1 payments of 15evelopnent fees are subject to
our cus ry review and approval procedure�.
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�RD OF CONfMI IONERS I
February 24, 1 87 Regular Meetinq '
Park Centre 'ldinq Investors, LTD. , a Georgia 'ted Partnership -
Ameritas, Inc.
Page 4 �
The Port A thority wnuld receive its custana 1� fiscal and administrative
fees. The Partnership weuld have the option to acquire the Project for 7.5�
of the ori inal bond is�ue plus outstanding evenue bonds at 10 and 20 years
and 7.5� o the original k�ond issue at the d of the term.
5. UNDERV�ftI
Miller and Schroder Financial, Inc. has agr to undezwrite the 30 year
bond issue at an interest rate to be set at e time the bonds are sold. We
anticipate the bonds will sell at our requla� March 17, 1987 Co�mission
Meeting.
6. RDCUNA�IDA ON '
The Cat�pan and staff m�t with District 17 o Februar_y 11 and 18. The
Project wa endorsed by unanimous vote. Sta�f has interviewed the officers
of_Amerita , Inc.; revie�wed the financial st�tements of the Canpany and its
President d reoanriends approval of the above Resolutions.
JE,T:gmc
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� Resolution No. �? 7 y�
RESOLUTI N OF THE P�ORT AUTHORITY OF '�'HE CITY OF SAINT PAUL
HEREAS, the purpose of Minnesota Statutes, Chapter
474, known as the Minnesota Municipal Industrial Development
Act (herei after called "Act" ) as found and determined by the
legislatur is to promote the welfare of the state by the
active att action and encouragement and development of
economical y sound industry and commer�e to prevent so far as
possible t e emergenGe of blighted and marginal lands and
areas of c ronic unemployment and to a�d in the developmen.t of
existing areas of bl�ght, marginal land and persistent
unemploym t; and �
HEREAS, factors necessitati g the active promotion
and devel pment of economically sound industry and commerce
are the i creasing concentration of po ulation in the
metropoli an areas and the rapidly rising increase in the
amount an cost of governmental servic s required to meet the
needs of he increased population and the need for development
of land u e which wi�l provide an ade uate tax base to finance
these inc eased cost� and access to e ployment opportunities
for such opulation; and
WHEREAS, the Port Authoritylof the City of Saint
Paul (the "Authority" ) has received fr�om Park Centre Building
Investors Ltd. , a Georgia Limited Partnership (hereinafter
referred o as "Company" ) a reque�t that the Authority issue
its reven e bonds to' finance the acquisition and
rehabilit tion of the Powers Dry Goods Building, also known as
the Globe Building ahd the Fairbanks-Morse Building, also
known as he Rosenthal Building (hereinafter collectively
called th "Project"') at East Fifth S�reet between Wacouta and
Sibley St eets in the City of St. Pau1, all as is more fully
described in the sta'ff report on filej and
WHEREAS, t�he Authority desi�tes to facil 'itate the
selective development of the communit�, to retain and improve
its tax b se and to �help it provide t e range of services and
employmen opportunities required by its population, and said
Project w' ll assist the City in achieving that objective.
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Said Proje t will hel;p to increase the assessed valuation of
the City a d help maintain a positive �telationship between
assessed v luation and debt and enhanc� the image and
reputation of the City; and
EREAS, the Project to be f�nanced by revenue bonds
will resul in substantial employment �pportunities in the
Project;
HEREAS, the Authority has b�en advised by repre-
sentatives of the Company that conventional, commercial
financing o pay the 'capital cost of the Project is available
only on a imited basis and at such high costs of borrowing
that the e onomic fea�sibility of operating the Project would
be signifi antly reduced, but the Comp�ny has also advised
this Autho ity that but for revenue bond financing, and its
resulting ow borrowing cost, the Proj�ct would not be
undertaken;
EREAS, Miller & Schroeder Financial, Inc. (the
"Underwrit r" ) has made a proposal in an agreement (the � _
"Underwriting Agreem�nt" ) relating to the purchase of the
revenue bo ds to be issued to finance the Project;
HEREAS, tlie Authority, pursuant to Minnesota
Statutes, ection 474. 01, Subdivision '7b did publish a notice,
a copy of hich with proof of publication is on file in the
office of the Authority, of a public hearing on the proposal
of the Co any that the Authority finance the Project
hereinbef re described by the issuance of its industrial
revenue b ds; and
HEREAS, the Authority did conduct a public hearing
pursuant o said notice, at which hearing the recommendations
contained in the AutMor�ity' s staff inemorandum to the
Commissio ers were reviewed, and all persons who appeared at
the heari g were giv�n an opportunity to express their views
with resp ct to the proposal.
NOW, THEREFORE, BE IT RESOLVED by the Commissioners
of the Po t Authority of the City of Seint Paul, Minnesota as
follows:
1. On the basis of information available to the
Authority it appears; and the Authority hereby finds, that
said Proj ct constitutes properties, used or useful in
connectio with one qr more revenue producing enterprises
engaged i any business within the meaning of Subdivision 1 of
Section 4 4. 02 of the Act; that the Project furthers the
purposes tated in Section 474 . 01 of the Act and, but for the
willingne s of the Authority to furnislh such financing, the
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Company wo ld not undertake the Project, and that the effect
of the Pro 'ect, if undertaken, will be to encourage the
developme of economically sound industry and commerce and
assist in the preven�ion of the emergence of blighted and
marginal land, and will help to prevent chronic unemployment,
and will lp the Citiy to retain and improve its tax base and
provide t range of ,services and employment opportunities
required y its population, and will help to prevent the
movement f talented �and educated persons out of the state and
to areas ithin the �tate where their services may not be as
effective y used and 'will result in more intensive development
and use o land with�n the City and will eventually result in
an increa e in the City' s tax base; and that it is in the best
interests of the port district and the people of the City of
Saint Pau and in furtherance of the general plan of
developme t to assist the Company in financing the Project.
2. Subject to the mutual agreement of the
Authority, the Compamy and the purchaser of the revenue bonds
as to the details of the lease or other revenue agreement as
defined i the Act, �nd other documents necessary to eviden�e
and effec the financing of the Project and the issuance of
the reven e bonds, the Project is hereby approved and
authorize and the i�suance of either taxable or tax exempt
revenue b nds of the Authority in an amount not to exceed
approxima ely $10, 500,000 (other than such additional revenue
bonds as re needed to complete the Project) is authorized to
finance t e costs of' the Proaect and the recommendations of
the Autho ity' s staff, as set forth in the staff inemorandum to
the Commi sioners which was presented to the Commissioners,
are incor orated herein by reference and approved.
3. There� has heretofore been filed with the
Authority a form of Preliminary Agreement between the
Authority and Company, relating to the proposed construction
and finan ing of the, Project and a form of the Ur�derwriting
Agreement Said Agreements are hereby approved, and the
President and Secretary of the Authority are hereby authorized
and direc ed to execute said Agreemen�s.
4. Upon execution of the Breliminary Agreement by
the Compa y, the staff of the Authori�y is authorized and
directed o continue� negotiations with the Company so as to
resolve t e remaining issues necessary► to the preparation of
the lease and other 'documents necessary to the adoption by the
Authority of its final bond resolution and the issuance and
delivery f the revenue bonds; provid�d that the President (or
Vice-Pres 'dent if tY�e President is ab ent) and the Secretary
(or Assis ant Secretary if the Secret�ry is absent) of the
Authority, or if eit�her of such offic�rs (and his alternative)
are absen , the Treasurer of the Authority in lieu of such
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absent of icers, are hereby authorized in accordance with the
provision of Minnesota Statutes, Section 475. 06, Subdivision
1, to acc pt a final offer of the Underwriter made by the
Underwrit r to purchase said bonds and to execute an
Underwrit ng Agreement setting forth s�uch offer on behalf of
the Autho ity. Such acceptance shall bind the Underwriter to
said offe but shall be subject to app�roval and ratification
by the Po t Authority in a formal sup�lemental bond resolu-
tion to b adopted prior to the delivery of said revenue
bonds.
5. The revenue bonds ( inc�uding any interim note
or notes) and intere'st thereon shall c�onstitute a general
obligatio of the Au;thority but shall not constitute an
indebtedn ss of the City of Saint Paul within the meaning of
any const' tutional ar statutory limitation and shall not
constitut or give rise to a pecuniar� liability of the City
or a char e against 'its general credit or taxing powers and
neither t e full faith and credit nor the taxing powers of the
City, nor any taxing powers of the Authority, is pledged for
the payme t of the bonds (and interim note or notes) or
interest hereon.
6. In order to facilitate completion of the
revenue nd financing herein contemplated, the City Council
is hereb requested ; to consent, pursunnt to Laws of Minnesota,
1976, Ch pter 234, $o the issuance of the revenue bonds
( includi g any inte�im note or notes) herein contemplated and
any addi ional bond� which the Authority may prior to issuance
or from ime to time thereafter deem necessary to complete the
Project r to refund such revenue bonds; and for such purpose
the Exec tive Vice President of the A�uthority is hereby
authoriz d and dire�ted to forward to the City Council copies
of this esolution and said Preliminary Agreement and any
addition 1 availabl� information the City Council may request.
7. The actions of the Executive Vice-President of
the Auth rity in causing public notice of the public hearing
and in d scribing the general nature of the Project and
estimati g the principal amount of bonds to be issued to
finance he Project are in all respects atified and
conf irme .
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Adopted February 24, 1987i ✓ •
Attest ��
President
. The Port � thority of the City
� of Saint,�Paul
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�'` ' ecretar
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PORT AUTHORIN F THE CIN OF SAbNT PAUL TOLL FREE(800) 328-8417
1900 AMHOIST TO ER � 345 ST.� PETER STREET • ST. PAUL� MN. 55102 • PHONE(612)224-5686
Februaxy 24, 1987
Mr. James llus, �irector RECEiVED
Planning an Econanic Developnent Department
City of St. paul F E B Z �;' i�u f
14th Floor, City Hall Annex
St. Paul, nnesota 551�2 MAYGI��S���
SUBJ'EX,T:
Dear Jim:
We surmit h retivi.th for youur review and referral to the office of the Mayor,
City Counci and City Attorney's office details pertaining to the issuance
of $10,500, 00 in revenue bonds to finance the acquisition and renovation
of tw� hist ric building's with approximately 140,000 scivare feet of office
s ce locat on Fast Fi�'th Street between Wacouta and Sibley Streets for
, a Georgia Limited Partnership consisting of
Ameri s, . an . Jahn McDonald and an unidetermined nianber of limited
partners.
The Port A ority staff has conducted a thorough evaluation of the firms
and/or indi iduals that are involved i.n this project or in which the
principals ve an interest. This investigation has included detailed
credit ana sis, Dun and Bradstreet �reports, direct aanmanication with
representa 'ves of financial institutions wi�h whan the participants have
done busin s and data base checks to determi.ne if any pri.ncipal(s) have
been in an way involved in legal proceedings as a result of securities
fraud, ext ion, �nbezzl�nent or financial misrepresentation.
In additi to the staf� memorandLUn, we are attaching a draft copy of the
prot�osed C'ty Co�cil r�solution and a copy Of Port Authority Resolution
No. 2796 'ch authoriz� the sa.le of revenue bonds in the amount of
$10,500,00 .
Your exped tious handlimg of this matter wi11 be appreciated.
� urs truly.
gene A. Kraut
EAK:ca �'xecutive Vice President
cc. Mayor timer
EUGENE A KRAUT,C.I.D. DONA D G.DUNSHEE.C.I.D. CHARLES M.TOWLE � CUFFORD E.RAMSTED.P.E. PERRY K.FEDERS C.P.A.
EXECUIIVE VICE PRESIDENT ASST. XEC.VICE PRESIOENT DIRECTOR OF INDUSTRIAL DEVELOPMENT CHIEF ENGINEER DIRECTOR OF FINANCE
' ASSLTREASURER
RICHARD A GIERDAL WILLIAM E.McGNERN
PROPERN MAWAGER DiRECTOR OG PUBLIC RELATIONS
COMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N.GOODMAN VICTOR P.REIM RAYMOND E.LANGEVIN CHRIS NICOSIA JEAN M.WEST
PRESIDENT VICEPRESIDENT SECREWRV TREASURER COMMISSIONER COMMISSIONER COMMISSIONER
C.I.D. Certified Industriai Developer
�.vi'L'lllll+r. nr,rvni � '� -
FINANCE, MANAGEMENT & PE SONNEL COMMITTEE
Pia�c:� 5; 1987 . � ��-3��
Page 2 .
13. Resolution autho izing an agr�ement with the City of Saint Paul Park whereby
the city of Sain Paul's Police Department will perform police radio
services. a oved
14. Resolation autho izing agreement between the city and Como Park Conservatory
Horticultural So iety to install and maintain coll�ection boxes at the
Conservatory. a roved
15. Resolution appro ing Port Authority issuance of $ 75,000 in revenue bonds
for John M. Pres for constru,ction of an addition to the Expo Center on
Smith Avenue. roved '
17. Resolution appro ing Port Authority issuance of $ 10,000 in revenue bonds for �
3N Properties fo the construction of a 24,000 sq are foot manufacturing
facility in Empi e Builder Industrial Park. a roved
HEARD UNDER SUSPENSIO � �
18. Resolution autho izing the release of �city's UDAG� mortgage on the Saint Paul
Hotel and the e cution of a repayment agreement with the Port Authority of
the City of Sai t Paul. avvroved •�
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WHtTE� - CITY CLERK � '
PINK - FINANCE � � COl1RC1I
CANARY - DEPARTMENT G I T Y O F S A I N T ���L File N O. �� s��
BLUE - 11�lAYOR �
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� C �cil Resolu�ion -
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Presented By
Referred To Commit�ee: Date
Out of Committee B Date
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WHEREA�S:
1. On February 24, 1987, th� Port Authority of t e City of Saint Paul adopted
R,esolution No. 2�98 giving prel�iminary approval to t e issuance of revenue bonds in the
initial principal aQn t of $910,b00 to finance the co truction of a 24,908 square foot
manufacturing facili y in E�npire �Builder Industrial Pafrk for 3N Properties. 3N Properties
is a partnership rised of Timbthy, Jeff and John icholson. 3N Properties will
sublease the facili to ADD00 �ufacturing and Nic lson Canpany. Miller & Schroeder
Financial, Inc. will underwrite e 30-year revenue d issue.
2. The Port A hority of tl�e City of Saint Paul will suL�xnit an application for an
industrial revenue nd allocatiqn frcan the State of innesota Ccer�etitive Pool as the
project is industri 1. The Citylof Saint Paul's enti lc�nent allocation will not be
affected �i this a ication.
- 3. The Port A thority of the City of Saint Paul will suL-mit an application for an
industrial revenue nd allocation fran the State of innesota Canpetitive Pool as the
project is industri 1. The City of Saint Paul's enti le9nent allocation will not be
affected by this ap lication.
4. Laws of Mi nesota 1976, 'Chapter 234, provide that any issue of revenue bonds
authorized by the rt Authority' of the City of Saint Paul, shall be issued only with the
oonsent of the City Council of t�e City of Saint Paul by resolution adopted in accordance
with law;
5. The Port A thority of the City of Saint Paul has requested that tt� City Council
give its requisite nsent pursuant to said law to fa�ilitate the issuance of said revenue
bonds by the Port A thority of the City of Saint Paul subject to final approval of the
details of said iss by the Por�t Autl�ority of the Ci�y of Saint Paul.
�
i I
COUNCILMEN '
Yeas Nays � I Requestgld epartment of:
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ne ,In FBVOT
ddox
ahon
iter _ Against BY
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Form Ap roved by City Attorney
Adopted by Council: Da e r�
Certified Yassed by Council S cretary B ' �
By '
Approved by :Vlayor. Date Approved Mayo r S bmis ' n to Council
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By ,