88-2029 WMITE - CITY CIERK
PINK - FJNANCE GITY OF SAINT PAUL Council �J .
CANARV - DEPARTMENT /7( �
BI.UE - MAVOR File �0• `"O� -
Council Resolution ;���..:r�
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS , the City Council of the City of Saint Paul has
been advised by the Port Authority of the City of Saint Paul
( "Port Authority" ) that the Port Authority on December 5 , 1988
approved the issuance of $3 , 100, 000.00 in bonds which will be
purchased by Nor-West Bank, the proceeds of which will be used
for the early acquisition of land and site improvements for the
Twin City Testing site, a joint project of the Port Authority
and the City of Saint Paul ; and
WHEREAS , repayment of the bonds will be made out of revenues
from the Port Authority' s Accumulated Net Revenue Fund until
such time as the tax increment district is approved and the
financing through Nor-West Bank can be replaced by tax increment
bonds ; and
WHEREAS , Laws of Minnesota 1976 , Chapter 234, as amended,
provides that any issue of revenue bonds authorized by the Port
Authority of the City of Saint Paul shall be issued only with
the consent of the City Council of the City of Saint Paul by
Resolution adopted in accordance with law; and
WHEREAS , the Port Authority has requested the City Council
to give its requisite consent pursuant to said law and to facili-
tate the issuance of said revenue bonds by the Port Authority
subject to final approval of the details of said issue by -che
Port Authority; now, therefore, be it
RESOLVED, by the Council of the City of Saint Paul , that
in accordance with Laws of Minnesota 1976 , Chapter 234, as amended,
the City Council hereby consents to the issuance of the aforesaid
revenue bonds for the purposes described herein, the exact details
of which, including but not limited to, provisions relating to
maturities , interest rates , discount, redemption, and for the
COUNCIL MEMBERS Requested by Departme of:
Yeas Nays
Dimond '��
c.ong In Favor
cosw;tz �
�eet�j _ Against BY ��
Sonnen
Wilson
DE� Z 2 �ga� Form Approved by City Attorney
Adopted by Council: Date ,�
g „� - _� •_ ��....__"2_.`�
Certified Passed by Council Secretary y
>,
By c:...
Approved by Mavor: Date _ Appro d by Mayor for Sub io to Council
By B
WHITE - CITV CLERK COLLRCII
PINK � - �}NANCE GITY OF SAINT PAUL �
GANARV - DEPARTMENT �� "�O�
BI.UE - MAVOR File � NO. V ���
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
issuance of additional bonds as are to be determined by the Port
Authority, pursuant to Resolution adopted by the Port 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 necessary to carry out the
purposes for which the aforesaid bonds are issued.
COUNCIL MEMBERS Requested by partment of:
Yeas Nays
Dimond
Long [n Favor
co�� � �,
�
�bQ1�� _ Against BY
Sonnen
Wilson
Adopted by Council: Date
DEC 2 -'-� Form Approved by City Attorney
Certified Yas y cil Sec ry BY
gy,
App ove iVlav _ � � 4�� Appr ved by Mayor Eor Sub i to ncil
� �
F"�"�.1� �'�C v 119�
St. Paul Port Autho�ity DEPARTMENT N� 2 2 4 3
.
P. K. Feders/E. A. Kraut CONTACT � ��
(612)224-5686 PHONE
December 5, 1988 DATE �Q,/�� Q, Qi
ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) :
I Department Director � Director of Management/Mayor
Finance and Management Services Director City Clerk
Budget Director � Council Research
� City Attorney RE: $3, 100,000 Loan to Temporarily Finance
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATER�A�LS?S(�Pu�r ose/ rland and si-te improve-
RatponaleJeni-s for Twin City
The purpose of the financing is to provide temporary funding 'Testing,
for the cost of acquisition and site improvements at _ '�,� �
,� �;-
the Twin City Tes-ting Redevelopment district. ��
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
The Port Authority will issue a $3, 100,000 Taxable Note to be purchased by Norwest Bank for a
term of one year. The Note will .bear interest at the Bank's reference rate and will
cover the cost of acquisition, demolition, relocation, parking replacement and issuance
costs. The St. Paul Housing and Redevelopmeni- Board of Commissioners at its November 16,
1988 meeting approved the tax increment financing plan and district for the Twin City
Testing project.
FIPIANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transaction: N/A quired if under
$10,000)
Funding Source:
Activity Number:
ATTACHMENTS (List and Number All Attachments) :
i . Staff Memorandum
2. Draft City Counci l Resolution .. � _ �� . - " ' �`��' �' ����r
3. Port Authority Resolution No. 3069 ,
�':_'v °_ �; I:;ts U
cc: J . Shoholm
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? X Yes No
Yes �No Insurance Required? Insurance Sufficient? X Yes No
Yes X No Insurance Attached:
(SEE REVERSE SIDE FOR INSTRUCTIONS)
Revised 12/84
�
., ���a°�� �
. Members:
- Bill Wilson, chair
� GITY OF SAINT PAUL Tom Dimond
' '�,aill���6ii1 . . � .
OFFICE OF THE CITY COIINCIL Kiki Sonnen
� Date: December 14, 1988
}} RfCEIVED
WILLIAM L. WILSON COmCT�IIIP.P. RE:pOCI MARK VOERDING
CounCilman Legislative Aide
D E C 15 1988
� To: Saint Paul City Council ���l� CITIf CLEkK
From : Housing and Economic Development Committee
Bill Wilson, Chair
1. Approval of Minutes - APPROVED .
2. Resolution supporting an MTC transit free-zone in the core of the City
(C.F. 88-1768)
COMMITTEE RECOIrIlKENDED APPROVAL
3. Request by M. E. Evenson for an appearance before Council concerning a
Board of Appeals and Review decision on 703 Wells Street
COMMITTEE RECOMMEENDED FOUR WEEK LAYOVER
4. Economic Development Strategy Update
NO COMMITTEE ACTION REQUIRED
5. To Authorize a $3,100,000 loan to finance acquisition, relocation, demolition
and related development costs in the University Avenue/Twin City Testing
redevelopment area
COMMITTEE RECOMMENDED APPROVAL
6. Authorize a $1,300,000 loan to reimburse the Port Authority for the acquisition
. of the St. John's Hospital site for Metro State University
COMMITTEE RECOMMENDED APPROVAL
UNDER SUSPENSION:
Resolution amending the 1988 budget by adding $661,705 to the Financing
and Spending Plans for PED-Self Sufficiency for Homeless Individuals Grant .
(C.F. 88-1900)
COMMITTEE RECOMMENDED APPROVAL
CITY HALL SEVENTH FLOOR SAINT PAUL, MINNESOTA 55102 � 612/298-4646
9�48
PORT
���-�°a9
AUTHORITY
OF THE CITY OF ST. PAUL
Memorcrndum
TO: BOARD OF OOMMISSIONERS DATE NOV. 30, 1988
(MEETING DECEMBER 5, 1988)
� l �
FROM: PERRY K. FEDERS-� �'l��
,
SUBJECT: $3,100,000 LOAN TO TEMPORARILY FINANCE TNE ACQUISITION OF LAND
AND SITE IMPROVEMENTS FOR TWIN CITY TESTIP�G, AND THE INTERIM USE
OF ACCUMl1LATED NET REVENUES TO FUND SUCH OOSTS
RESOLUTION N0. 3069
At a Special Commission Meeting held on October 3, 1988, the Board approved
the creation ot an industrial development district and redevelopment and tax
increment financing district to accommodate an expansion by the Twin City
Testtng Corporation. At this time we are requesting approval of financing the
following costs of the Tax increment District on a temporary basis until per-
manent financing arrangements can be made:
Acquisition $1 ,850,000
Demolition 160,000
Relocation (Housing 8 Commercial ) 330,000
Parking Replacement 8 Construction 500,000
Issuance Costs 25,000
Contingency 250.000
$3, 100,000
We have obtained a commitment from Norwest Banks for a term of one year at the
Bank�s prime rate. The financing will be secured by a pledge of the Port
Authority�s Resolution 1270.
We are also requesting to use Accumulated Net Revenues to fund any of the
above costs on an interim basis until the final loan documents are completed.
Staff recommends approval of the above Resolution.
sjs
�- ��� � -�����
, � �
_ _.,�. G��.�a�a 9
�
.
� FAX(612) 223-5198
PORT AUTHORITY OF THE CITY OF SAINT PAUL TOLL FREE (800) 328-8417
1900 LANDMARK TOWERS • 345 ST. PEfER STREEf • ST. PAUL, MN 55102 • PHONE(612)224-5686
December 5, 1988
Mr. Ken Johnson, Director
Planning and Economic Development Department
City of St. Paul
13th Floor - City Hall Annex
St. Paul , Minnesota 55102
Re: $3,100,000 LOAN TO TEMPORARILY FINANCE THE ACQUISITION OF LAND
AND SITE IMPROVEMENTS FOR TWIN C17Y TESTING
Dear Ken:
We submit herewith for your review and referral to the office of the Mayor,
City Council and City Attorney�s office details pertaining to the issuance of
a $3,100,000 Note to finance acquisition and related development costs for the
Twin City Testing proJect.
Both the Port Authority Commission and the HRA Board have approved the tax
increment financing plan and district. The Note to be issued will be for a
term of up to one year at which time permanent financing will be sought.
In addition to the staff inemorandum we are attaching a draft copy of the
proposed City Council Resolution and a copy of the Port Authority Resolution
No. 3069 which authorizes issuance of the Note.
Your expeditious handling of this matter will be appreciated.
, Yours truly,
� �.�����,,
Eugene A. Kraut
Execut ve Vice President
EAK:PKF:sjs
cc: Mayor Latimer
EUGENE A.KRAUT,C.I,D.� PERRY K.FEDERS,C PA. JOHN A.CAMPOBASSO,C.iD.� JAMES f.FAUE,C LD� JAMES E 'ERRELL,C i 0�
EXECUTIVE vICE PRESIDENT.C-E-O. ASST EXEC.VICE PRESiDENT,C.F O DIRECiOR iNGUSTRiAL DEVE'��:�^`:�E^J? DIRECTOR REAL ESiAiE OPERATIONS DIiEC�"O[?ECi'a:;".'iC==.__:��'.'�'•��
LAWRENCE H.LANGER,P E. RICHARD A.GIERDAL PATRICX E DEAN,C.PA ROBERT A MITTET,C P n, KAMERON L CARLSON,CPA WIL�IA�^E bicG'�':'=i>i
CHIEF ENGINEER PROPERIV MANAGER =1NANCE DIRECTOR ASSi.FINANCE DIREC?OR ACCOUNiIN6 MAti,aGcR <_�?�:� 8��.�����v�"���-��5
COMMISSIONERS: GEORGE W.WINTER WILLIAM R PETERSOiV HOV�'ARD M.GUTHMANN JEAN M WEST VICTOR P.RFIM JAMES SCHEIBE: idvS�RT C.Lv,:G
PkESIGENi ViCE PRESiUENi $ECRE?AR'i �SS'SECRE"AR� iREASURER ASS( �REASGRER __ .....,_�._
�GLD.CFRTiFlEn i^;n;1STRtA!DEV�LOPFR
�-���
R � �, FiVE
pEC �, 1988
DEPT. 0� PLAI� ING & .
�G � �/���3-5198
PORT AUTHORITY OF THE CITY OF SAINT PAUL ECONOM Q�LL�REE(800) 328-8417
1900 LANDMARK TOWERS • 345 ST. PETER STREET • ST. PAUL, MN 55102 • PHONE(612)224-5686
December 5, 1988
Mr. Ken Johnson, Director
Planning and Economic Development Department
City of St. Paul
13th Floor - City Hall Annex
St. Paul , Minnesota 55102
Re: $3,100,000 LOAN TO TEMPORARILY FINANCE THE ACQUISITION OF LAND
AND SITE IMPROVEMENTS FOR TWIN CITY TESTING
Dear Ken:
We submit herewith for your review and referral to the office of the Mayor,
City Council and City Attorney's office detaiis pertaining to the issuance ot
a $3,100,000 Note to finance acquisition and related development costs for the
Twin City Testing proJect.
Both the Port Authority Commission and the HRA Board have approved the tax
increment financing plan and district. The Note to be issued will be for a
term of up to one year at which time permanent financing will be sought.
In addition to the staff inemorandum we are attaching a draft copy of the
proposed City Council Resolution and a copy of the Port Authortty Resolution
No. 3069 which authorizes issuance of the Note.
Your expeditious handling of this matter will be appreciated.
Yours truly,
' `�.
Eugene A. Kraut
Executive Vtce President
EAK:PKF:sJs
cc: Mayor Latimer
EUGENE A.KRAUT,C.I.D.� PERRV K.FEDERS,C.P.A. JOHN A.CAMPOBASSO,C.LD.� JAMES F.FAUE,C.LD,� JAMES E.TERRELL,C.LD`
EXECUTIVE VICE PRESIDENT,C.E.O, ASSi EXEC.VICE PRESIDENT,C.EO. DIRECTOR INDUSTRIAL DEVELOPMENT DIRECTOR REAL ESTATE OPERATIONS DIRECTOR ECONOMIC DEVELOPMENT
IAWRENCE H.LANGER,P.E. RICHARD A.GIERDAL PATRICK E DEAN,C.P.A. ROBERT A.MITTET,C.P.A KAMERON L CARLSON,C.P.A. WILLIAM E.McGIVERN
CHIEF ENGWEER PROPERN MANAGER RNANCE DIRECTOR ASST.FINANCE DIRECTOR ACCOUNTING MANAGER DIRECTOR PUBLIC RELATION$
COMMISSIONERS: GEORGE W.WINTER WILLIAM R.PETERSON HOWARD M.GUTHMANN JEAN M.WEST VICTOR P.REIM JAMES SCHEIBEL ROBERT C,LONG
PRESIDENT VICE PRESIDENT SECRETARY ASST,SECRETARV TREASURER ASST.TREASURER COMMISSIONER
�C,I.D.CERTIFlED INDUSTRIAL DFVELOPER
St. Paul Port Authoeii-y DEPARTMENT N� 2243
P. K. Feders/E. A. Kraut CONTACT /��^•�
(612)224-5686 ��� �D�
PHONE ���� ��
December 5, 1988 DATE
ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) :
� Department Director 3 Director of Management/Mayor
Finance and Management Services Director � City Clerk
Budget Director � Council Research
� City Attorney RE: $3, 100,000 Loan to Temporarily FinancE
isition of land and site improve-
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MA��A�L�? (Purpose/ ents for Twin City
Rationale�} Testing.
The purpose of the financing is to provide temporary funding
for the cost of acquisition and site improvements at ,
the Twin City Tes-ting Redevelopmenf district.
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
The Port Authority will issue a $3, 100,000 Taxable Note to be purchased by Norwest Bank for a
term of one year. The Note will bear in1-erest at the Bank's reference rate and wili
cover the cost of acquisition, demolttion, relocation, parking replacement and issuance
costs. The St. Paul Housing and Redevelopment Board of Commissioners at i-ts November 16,
1988 meeting approved the tax increment financing pian and district for the Twin City
Testing project.
FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transaction: N/A quired if under
$10,000)
Funding Source:
Activity Number: '
ATTACHMENTS (List and Number All Attachments) :
I . Staff Memorandum
2. Draft City Council Resolul-ion
3. Port Authority Resolution No. 3069
cc: J . Shoholm
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? X Yes No
Yes �No Insurance Required? Insurance Sufficient? X Yes No
Yes X No Insurance Attached:
(SEE REVERSE SIDE FOR INSTRUCTIONS)
Revised 12/84
r
WMITE - CITV CLERK " �
PINK - FINANCE COUIICI� -n/
CAN4RV - OEPARTMENT GITY OF SAINT PAUL �/J�D �
BLUE - MAVOR File �0• `�� �
` Council Resolution
Presented By �
Referred To Committee: Date
Out of Committee By Date
WHEREAS , the City Council of the City of Saint Paul has
been advised by the Port Authority of the City of Saint Paul
( "Port Authority" ) that the Port Authority on December 5 , 1988
approved the issuance of $3 , 100, 000.00 in bonds which will be
purchased by Nor-West Bank, the proceeds of which will be used
for the early acquisition of land and site improvements for the
Twin City Testing site, a joint project of the Port Authority
and the City of Saint Paul ; and
WHEREAS , repayment of the bonds will be made out of revenues
from the Port Authority' s Accumulated Net Revenue Fund until
such time as the tax increment district is approved and the
financing through Nor-West Bank can be replaced by tax increment
bonds ; and
WHEREAS , Laws of Minnesota 1976 , Chapter 234, as amended,
provides that any issue of revenue bonds authorized by the Port
Authority of the City of Saint Paul shall be issued only with
the consent of the City Council of the City of Saint Paul by
Resolution adopted in accordance with law; and
WHERERS , the Port Authority has requested the City Council
to give its requisite consent pursuant to said law and to facili-
tate the issuance of said revenue bonds by the Port Authority
subject to final approval of the details of said issue by zne
Port Authority; now, therefore , be it
RESOLVED, by the Council of the City of Saint Paul , that
in accordance with Laws of Minnesota 1976 , Chapter 234, as amended,
the City Council hereby consents to the issuance of the aforesaid
revenue bonds for the purposes described herein, the exact details
of which, including but not limited to, provisions relating to
maturities , interest rates , discount , redemption, and for the
COUNCIL MEMBERS
Yeas Nays Requested by Department of:
Dimond
��g In Favor
Goswitz
Rettman B
s�ne;�� A gai ns t Y
Sonnen
Wilson
Form Approved by City Attorney
Adopted by Council: Date - r,.�
.� � �
Certified Passed by Council Secretary By ", �
B� �—
Approved by 17avor: Date _ Approved by Mayor for Submission to Council
By BY
wNITE - C�TV CLERK �
F%INK - FINANCE G I TY O F SA I NT PA U L Council GJ//�' _n/
C4NARV - OEPARTMENT File NO• �/�/ '✓/��/
BI.UE - MAYOR
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
issuance of additional bonds as are to be determined by the Port
Authority, pursuant to Resolution adopted by the Port 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 necessary to carry out the
purposes for which the aforesaid bonds are issued.
COUNCIL MEMBERS
Yeas Navs Requested by Department of:
Dimond
��g [n Favor
Goswitz
Rettman
s�ne;nei A gai n s t BY
Sonnen
Wilson
Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary BY
B�
Approved by 1lavor: Date _ Approved by Mayor for Submission to Council
By _ BY
P O R T ���-�oa 9
AUTHORITY
OF THE CITY OF ST. PAUL
Memoraedum
TO: BOARD OF OOMMISSIONERS DATE NOV. 30, 1988
(MEETING DECEMBER 5, 1988)
� �
��
FROM: PERRY K. FEDERS���
SUBJECT: $3,100,000 LOAN TO TEMPORARILY FINANCE THE ACQUISITION OF LAND
AND SITE IMPROVEMENTS FOR TWIN CITY TESTING, AND THE INTERIM USE
OF ACCUMULATED NET REVENUES TO FUND SUCH COSTS
RESOLUTION N0. 3069
At a Special Commission Meeting held on October 3, 1988, the Board approved
the creation of an industrial development district and redevelopment and tax
increment financing district to accommodate an expanslon by the Twin City
Testing Corporatlon. At this time we are requesting approval of financing the
following costs of the Tax Increment District on a temporary basis until per-
manent financing arrangements can be made:
Acquisition $1,850,000
Demolition 160,000
Relocation (Housing 8 Commercial ) 330,000
Parking Replacement b Constructlon 500,000
issuance Costs 25,000
Contingency 250j000
$3, 100,000
We have obtained a commitment from Norwest Banks for a term of one year at the
Bank�s prime rate. The financing will be secured by a piedge of the Port
Authority�s Resolution 1270.
We are also requesting to use Accumulated Net Revenues to fund any of the
above costs on an interim basis until the ftnal loan documents are compieted.
Staff recommends approval of the above Resolution.
sJs
r
�
����°�9
Resolution No. .�U� �J
RESOLUTION OF THE
PORT AUTHORITY OF THE CITY OF SAINT PAUL
WHEREAS, on October 3, 1988 the Port Authority of the
City of Saint Paul (the "Port Authority" ) adopted Resolution
No. 3028 authorizing the creation of a new redevelopment and
tax increment financing district to accommodate the expansion
of Twin City Testing Corporation by the acquisition of the
land in the district, the relocation of existing property
owners, the demolition of existing structures and the
construction of additional parking facilities (collectively
the "Project" ) ; and
WHEREAS, the Port Authority has received the attached
commitment (the "Commitment" ) from Norwest Bank Minnesota,
N.A. ( "Norwest" ) to provide temporary financing for the costs
of the Project by purchasing a Port Authority note ( the
"Note" ) in the amount of $3,100,000 secured by Special
Resolution No. 1270, and otherwise on the terms and
conditions set forth in the Commitment; and
WHEREAS, staff has recommended that the Port Authority
issue the Note on the terms outlined in the Commitment to
provide funds for the Project, and further that the Port
Authority advance funds from the Accumulated Net Revenues
Fund to pay for the costs of the Project pending
reimbursement from the Note, all as more fully described in
the staff inemorandum on file.
NOW, THEREFORE, BE IT RESOLVED by the Port Authority
of the City of Saint Paul that:
l. The Port Authority shall �issue its Note and enter
into a loan agreement with Norwest on the terms and
conditions generally set forth in the Commitment;
2. Staff of the Port Authority is hereby authorized
and directed to continue negotiations with Norwest, counsel
to Norwest and counsel to the Port Authority to finalize the
documentation to be entered into in connection with the
issuance of the Note;
3 . In order to facilitate completion of the financing
contemplated herein, the City Council of the City of St. Paul
is hereby requested to consent, pursuant to laws of
Minnesota, 1976, Chapter 234, to the issuance of the Note,
and any additional bonds or notes which the Port Authority
may prior to issuance or from time to time thereafter deem
�
, �'�����'0�9
�
necessary to complete the Project or to refund the Note, and
for such purpose the Executive Vice President of the Port
Authority is hereby authorized and directed to forward to
the City Council copies of this resolution and any additional
available information the City Council may request; and
4. Staff is hereby authorized and directed to use
funds from the Accumulated Net Revenues Fund or an interium
basis to pay for the costs of the Project, and to reimburse
the Accumulated Net Revenues Fund from proceeds of the Note
from the loan from Norwest.
Adopted: December 5, 1988
PORT AUTHO ��'TY OF THE CITY
OF-S N��AU
( i � ,
By ' L- i`'
I t s ��- " ��
EST:
/ s
Gz..� Secretary
r-� _ • - - - - .. _. _
:
��-�?0��
No�n•est 8ank.tl�nnaso!a. I'1 4.
��_;' Norwesr Certfer
MORwlsf BANKS S�x�h artd Na�querre
J>>�' Minreapo��s, Minrescta 55�%9•��G�?i
6t2/6o71234
pI[tibeY' 29 1988 FOr?T�"?'`i:'
NcN ► �i�'S
F,rp
<<;T �r T P�+U(
�"� .� �`$
�ft iy �'/ ' , �aC�
A� i .} �I ��n� 1;�:1
� rf rJ �;o
Mr. P'ex'zy FACIEYS ���A
chiet Financial Officer ,;i�
Fbrt A�thority o! the City of St. Paul ,�
1900 Amhoist To�rer � ,�-'�
345 St. Peter Street � )
St. Paul, I�J 55102 +V
RE: ZWin City Testir�q
Dear Ferty'
.
Sn response to yaur request for finz�ncir�q� I w�ould liks to presert the
followir�q proposal fcr-Ya�' consideration:
��; St. Paul Port Authority (PA)
�e�curit ; 1270 Pledge. If ne�s�y, this can 1�e done on
� a General Obligation basis, but the interest
Yate may be 25-50 basis points higher.
�; Up to one year. Can be done on demand basis, or
��i�y can be set to a date within one year of
. _._.------..__ .�clo�._-�-- -
._-------
- �; Up to $3,1Ob,000.
Draw� e: - � One titne, or tm�ltiple draws with an agrEed upon
� minia�an �maint.
. ... _
�� . �
���tir,Q_�: None
Intere t�Rate: Prime, Floatiriq. Or or�os 11�1���oost o!Y
�� � a �� �� �1 iod ot 30,60,90,
nu�ds plus 1.45� for a time per'
or 120 days.
I e,-o� g�ym�nt: I�onthly thr�a� a direct dtiarc3e to a ibrt
p�uthority DOP► a000unt at NoYw�est.
�l �� �. - : •_� - _ - I.•J t L� 1 �_� : �i� -i '� r F' ry 1J L F• i� F: T �+ U T H R: T 'r' F' . ►_t ? - Lt ?
,.
��-a0�9
Paqe Z
Pre�Yr.�ent: If floatir�g rate option is used, prepayr�erit
without penalty is allawed. If fixed rate
option is used, prepayment prior to.maturity o�
locked-in f ixed rate will ir�cur a prepayr.tient
Pe�aZtY•
Mi�otta�,�: PA will pay bank's Iegal fees.
Clther Terrrs: Any other terms and oonditions, mutually
aqreeable to the PA ant Non�t. -
Peny, we are vexy interested in doinq this financing. Please call me if
you have ar�y c�nents or questions.
Sircerely, ,. :
/• , .
�
-" . � ' � .
��/2.-s�.�-�-�1!�!�—�
i
Lerni� M. KauSn�ti �
�'vice President (
u�uS/7s
. � - . , _ = - -- _ _ - _ _ _-: . _
. . . .:. .
_ . _. . __ . . .
.�:.:�.