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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 '.� �� , 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, , . , . S 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 . � w � ��.3�� 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. . � �=�- .�� 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 � �>--�� y s 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�. Y �,- ��_ �� . � �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 i � , I ' (,��-.��7 � � 540T � 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. i � ' �- �,- ��7 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 2 , � ��- ��7 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 3 � � ��- 3�� ' 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 . , � Adopted February 24, 1987i ✓ • Attest �� President . The Port � thority of the City � of Saint,�Paul �� '` ' ecretar 4 ; ' ��7-3�7 � � 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 •� , _.._. ....Y _ _� ...w�..._..�-.,,...,.,,,.,,�._,,,,......�,_....�.-....,.�.�, . �...._.,,.�,„„�;�...�_�r-_;.,,_......w.,,...,�.,�.�,ra,..�,...�...•_,.__.-�...�-�----�-,.,��o�°- , � 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 � � � C �cil Resolu�ion - � �� Presented By Referred To Commit�ee: Date Out of Committee B Date Y i 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: u ne ,In FBVOT ddox ahon iter _ Against BY co il � ' �.. 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 c By ,