The URL can be used to link to this page

85-185 WHITE - CITV CLERK PINK - FINANCE G I TY O F SA I NT PA U L Council J CANARV - DEPARTMENT File NO• ��,_/ �� BLUE - MAVOR . � � �Co 'l Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1. On January 22, 1985, the Port Authority of the City of Saint Paul adopted Resolution No. 2429 giving preliminary approval to the issuance of Industrial Development Revenue Note in the initial principal amount of $450,000 to finance the acquisition, rehabilitation and installation of leasehold improvements in the 12,000 square foot condominium building at 2303 Wycliff in St. Paul for S & C Partnership, who will lease the space to Arthur Shuster Inc. The partnership is composed of the officers and principal stockholders of Arthur Shuster, Inc. 2. Laws of Minnesota 1976, Chapter 234, 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; 3. The Port Authority of the City of Saint Paul has requested that the City Council give its requisite consent pursuant to said law to facilitate the issuance of said revenue bonds by the Port Authority of the City of Saint Paul , subject to final approval of the details of said issue by the Port Authority of the City of Saint Paul . RESOLVED, by the City Council of the City of Saint Paul , that in accordance with Laws of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution No. 2429 the exact details of which, including, but not limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of additional bonds 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 for carrying out the purposes for which the aforesaid bonds are issued. COUNCILMEIV Requested by Department of: Yeas C-,,I Nays� Dr�K�AVI��/\l ` � Masanz In Favor Nicosia scneibe� __ Against BY Tedesco Wilson FEB - 7 1985 Form Approved by City Attorney Adopted by Council: Date �_ Certified • e b Council ret BY� r- By, t#pp by Mavor: Date _ �' FEB 1 Z 1g85 Appr by Mayor for Submis io Co ncil ` - BY PU�I.ISEiE�D F E 6 1 �; 1�85 � � � � • A� � '� i� OG i� � '�' 1�° � �'s/�'.� OF THE CITY OF ST. PAUL � Memo�aedu� TO: BOARD OF COMMISSIONERS DATEJan. 22, 1985 (Jan. 22, 1985 Regular Meeting) FROM: C.M. Towle � SUBJECT: S & C PARTNERSHIP, A MINNESOTA PARTNERSHIP PUBLIC HEARING — PRELIMINARY AGREEMENT $450,000 INDUSTRIAL DEVELOPMENT REVENUE NOTE PRIVATE PLACEMENT RESOLUTION N0. 2429 PUBLIC HEARING — CREATION OF INDUSTRIAL DEVELOPMENT DISTRICT RESOLUTION N0. 2430 1. THE PROJECT S & C Partnership is proposing to acquire 12,000 square feet of space in a condominium building at 2303 Wycliff Avenue. The partnership will lease the space to Arthur Shuster Inc. which will move their principal offices from R�seville, Minnesota, and utilize the space for an office, service design and warehouse area. The funds will be utilized for acquisition, rehabilitation and installation of leasehold improvements. 2� THE COMPANY S & C Partnership is composed of the officers and principal stockholders of Arthur Shuster, Inc. which is a prominent institutional design firm which operates as a wholesaler for furniture and interiors for hotels, nurs�'._; homes and other commercial facilities. They currently employ 60 people who will be moved to this facility from Roseville, and they anticipate adding approximately 15 new employees in 1985. 3. FINANCING The proposed acquisition and rehabilitation costs of $450,000 will be financed by an Industrial Development Revenue Note which will be privately placed with the Midway National Bank for a term of 20 years at an interest rate to be determined later. The Port Authority will receive sinking fund earnings and its usual fiscal and administi�ative fees. The District 12 Neighborhood Council meeting is scheduled for Feb. 7; and in conversations with the Community Organizer, no objections to this pro�ect were raised and none are anticipated as the building has been substantially renovated already. Staff recommends approval of Resolution Nos. 2429 and 2430.- CMT:ca - g� 5+a`t� t}"� '. �i -. � ` .. i'C'"'j n 4k P� �: i ;`a , `� ��P• �i��u��N'��' '�'a ��r" �� "� '�g ; ':""� � yz � S I aY ,� f .� � +r�nrr*a-�a�+�!'kh��1�..,.+�.��+...�—.r�r.� „r , ` s � � ,� #� � s �.. � $-.: � + : w +� �r -'$+'a" .i � - }t " � , � a�� v ;�i �e �,'�{ ��`'�z tv � 4 'K.�l""M G' . K. St "ix� x b �_ �� e#:� ��` ' �� : ��l�r ;i"^f 1 ' �} � k ! � s� . �'k*�'-q�"va � ¥� i ' � .�'� .�ir ��' � � y, �3�'=}��y �� fl � � '.q: `� �'aEl,�'i ,� a� �.a �{' f ¢3't^�',7a'�' �i �`: �' � '�, :�. + �9 � -i-� � - '�t Y�j �.. ' �` � �� ¢ >;.f �`�'S�i�' � ��4�'�. �x '�t,� -r .t��. � s�_�' �# ��"�� s k„� '�+ a�.� � � �:�. 5re' y r � t -� � "� �� 9g y S � 4 t � � * � '7�''3 f"7't� �` i°l�ai�` '..: 2 � '�m y� iS�t"',. x ' � � � n � �� r �u�n' r �� `��, �'s� ��'a�4 . . : � . . �. ,-: �. _ . ' , ; , . t ��, � . ,. .� '�.. �_ .0 �-. � . . t * �� '. , '� v .. <. ti '� .., ... -�. ,�,_. .._. . :_:. . ,. �..-.�,.F ..r a,,�.�7,�'��7 k�...Y�`.,,. .. ;�. .,, .,.�. r.. i �.... .. .;, ..,. M { ' � tg ; �' �� ., � '- ..� ��rv �, ,. t� .' s .. � sr�r �� ti,�;� �.,'�.,� . � a z� y-s '� :i ��# ��-_ ��s. F��'k ,� #� � �. �„��h� �E �. y5 �� p� v.:, �,. ^� : ��'.i 'Sr �':p r �" '�"��.� 7¢r.F � w`R1i0.x 1'��. ,T`� � ,<.�`�k ex'k ,r�� 7,i.��q�. '� � � �` � �� ' �=��` �` - �' �'��`"r��`�' �' `.�#�� , s� � �k' i -u- A` 'i � �''• ' .�� , t � �� wti•��+.`�,�-4"�fi, y�. �r„F -�: �5.. °�+ '��, _� � ' r� ,� � * � "� ��f ;,7s`�� ,�,,''�+s ' � �s � �° � �' -'" ��.- � � f'� ��''a �' a *,� t `"�, a� � a �� y4�4��'�, r '*S. x �� i� i - � � . �F a �� x�i�'ti�> "e''`� . s.° & .}r � a. �- a— ; . ": , \ . �.�€ , �L S�'T, F" f�� F�.T+t �`�''�v�� x, ,� ��#��. _ `� A"�' �a `$X'� �g .r��y�C a-�'�` -se a {�a �,x�7 ��`''..,�- •r� t�' :;yr .,.. ,'"ii k�.-� � y Tr Y�.?-a� 4 X, .n:q `,t�l r:;f tL '� �'�,'j �a�'� � 1'� r E� r�� s ;�; �.: '�•a i"r .1�,�� 'a� ,-_ � ' �, �'�-�'�.x�3�' �°`� m... � ..�;� � �[ 'i��3�- i d, k k.`t� Y'. `Y�„ Zy.�i ��t k�� }. . � ¢ �.ijY�,4vR;'. } �`� ' � � �8 � i,t3�'R� � � 1 ^� '�„" y� � �S�' � � 4��V� #� 4 _ , Y - ^4� �^S� � ' �,Ce°r+ �. � h:�- '��W�� Yk•'��3 S�� ` �.��'3� � ; � '.� y� i � `n1 y4 ::�� . � i j , ' 1�� . Ct y.v > 3 ya� . . . Y � �;e �- ,l `$+» �'�t�� t r,2.� '�'� .;��` � -� : ;x �,. '�`�� r,i �� a s �� l' �x�t�-. s , j ¢ �'- - 3 � �' '�� . a � wr�,a�a ��: �'" , � � $ � ;! � � 'S�:' . - �t_� R . �i.s � t.*�"4`at }�` �. ti ' , - 'k Y• �e' ` ` �r "t n �� Fs . I� "� � ti1 � � �. F'1- ��l�ep'�'� �,�, _ , {t r � � � f' ;� � ,.�� .�. , � r, -�, „�'�� "¢ .,�� > � u� �, ��a. ¢k � ..�� 4 ; ��_ .. r �� x 'sx�"�� :'T� a - fi''}4+< �'x��"�� ybr�'� � � k" � � 6 c�. � �'T �� w � � � � � y ;�y v, � "7 yc. . v i.� �.� - # ..�. �n �s , r �F s �:�t� f� � x ,F � �r .a;��' +�Fa�,�� a.,� �� g�' �. 8 +- V� �.�Y'hl,.. � ��`s'q� F'v" i - � � [" � � � � F6� {� �,� . i �^ � �'.5. g" , k '.rve+ "^� "� ea''-��. �. ,4. `re` "�-�^'kt �n 4e., � s ,& 3' ! � � t��-` ,�_�:' �t� � ,4.' :s]�'s �"'`� �: a:� ` '� �, ' �c^ � . t. .;. . �_ ��i^� �,� - - - ��'�� , v, �� ; � A�,�,. : _- _. .. ,�F_, _ gx:� >; .- �,� � �� .. . . .� . .„ . � ...._. . _ . .,.� , �' .dr x , � , : �� k�' � � ��'. �z�STA.ra y �� ,.�j y� �� ; �.zs � :�,n.� �r:.�'.'�� '�'�'' f 4 , "�'�,+��. �w �':7��!' � .'+��1'. �Mi.�a'�� t � °°`^ h�s �P �.�'�i,,,,r 4u^�t'�Y � �_ 'M�.,� �. 0.� ,y�l� . �. � } M� �� _ 3 a ; 3'.�,-�,r.�� '� �a� � � � ''.s t �� i'e�� '�� ,�� r � ia� � . 9 �� . w ,l � �� 14� +�r#,��Y�� `y$ x ��i`d �` � mr.`."; � yyy�� 3 �° ��^� s � �y� � ,��t.'�a,s'e�� `�?�r� �.�,�p"k ; .. ,. - � ��✓� �,° � , ,�� j ,a.,,�r�k;��`J' � � �}�x z�k g.�"� �. � �. � ' �:: it : �g . z... . ,.,_ �._ ., : _ ,-.� z�, n:�sF�' �� x w A,� ; .- ��' �` _ ,i`+r � � �r ,y�t,t..�,� �fi ,� �4��e�`.� .: }��t' -;:t n•'� `x� �.: °'t t ng� . � �,�,�' � �� :E� } : �� k .y� � y � , � "' . '� '� h' 4 �y,�.�y�Y ' �. �v �� h� � � , � �^ �l�0,'��C� s: � �,�� K'� .� � .� � ir, 3 A �.(.��:� � c'q- f �� Tf ��ss��. S'�`2"�a�.r'p t i'C t :.. �'� � r :�r 'w :. �, .� ..: ,�, Y�a�� h+��'�'��y��` ��a�� 1,�,. a < �'�� . s* :. `2 a : j a c� �_ .��` a, * r a��ei' f�v�-f 3 � r y��IR '� f• y :+ { "�. } . ��+r� �Fv�� . �,,,y i �I '`9�g , '� P r•a ' 3: �. � � f c" :Y �' � `�� t 2 �� + s �. � + g 7 � ze� ' _.�D E �� ,. �,1� � �Fr .� � ;,, ,{��?.��,l�s t k :� ��, # � . i f {` d�^} s`�°t ,�i "�,� n SS; ,��. # iµ 7 �"S. . ,� . �� ' � 'i k' Y � „� � .� .� F . �� . � y � ' "R � \ � � .:Pq x�� 1 '\sc�f�r�iRR: .4 .:..y Y r .� � ��"g�, # � G x `�� ,� �,L , r � �aa. �a�� : �� Y� ' i � ��1x' fi�� ;` , d� o � s�`�+ , �.: �"�E .� 'i�t y ra ; : ; .. Y, _ ..�. ;:: �� z r+ . . . �,v ��,�.,�. � 'r �.f. � : : : �f : ; w.�m� z f x �:. y - - fi�� Z.�a� �.dt ��'��}��' �.'�y� i�� /��`�. .. , `� ��,. � -c '`r. v � i rt � , � x f�� z��,�c �s7S ,'� . ��Y'�� f'�f�. R"R'1�I }�_� -` �.Y{ �� .. � f�� Ja'bt,`E L Ef�y �.�'¢�S'F"�� 5.--t�Y'�a: 'ut'b'� rk T '� a 1'L 5.:1' y �i� � �� ""�k L-;+,��, �, a" '?"r , �°� ^� �:!�' 't " ;�,� �� *+,�e,� � x� t � � � ` - � , z��:�� '� �,�. ''' ,�,� � .� .x ¢ + �': � Y � � t � 'r � .. �k2 b ?Jt`'. r��r�� i � ;s � ��_ � a .: `y t�„ -�� .�� F'+ a f �•'.�'�.+� ��ry �v,.�y�� '";9K„� � �'5 p 5 -;. - a . t§ >1 4 - a, •. J S,'1�� t' � �' r „r� . �+ Y� r� � ; '��+3 � �� wr. ",� ��'� ; � �'4 Y a� ,:��rb >2 s � '�� .�T��Y�� .rr.��. �M�p +��'!xAl��,�""- �� t�•�.°�C��-��'A';;: ,� ,� ; 'k^�,'�' ...:'1 -. :,.. ` 1', . - ` ,,, . a �'�¢ �< .. !� ��- ��M�� , �' 1^' S � �" -Iq;� !�} �a` � �� , �� "; '6 f T`h ��F,� ,�f� c��e�.�"�'�rv*... r.*3."� � �j � � � ��n�`P 'ai8�, "�t� 3 ls.:� � ��1�. ��.'s��' � .a- �„�. ��a� �9F�� `�� i�'� 3�� w� a .� �`�-� �' .,, � �B+��` _�� '`�''�i�1��y� {�£ T�?� '�'�7�� '� ��F ��M �2 4 ��-y yk, � �:: � :; [�.t :. � ��. '4Y 3- - h k"^�? ! d :n � `Y`.N� 'k ��3: 3 .� ; �S � v��t r &' a '1- � 'R ,.. . .A � Y t } xi� �♦ k � � �x � � ri "f �,� Ss: . 'y ��.1� t�Y � # � '_ J t� „� :2°.gw�yr � .; r,� i�X '".�r� -�� S :°'t f�t +°� � '� � "i,x ; ` ; � .''�t�. Y,LL ` i Y�*3' � '`'`4 �< a � �c .r �n¢ i.� : p'+f, � �' FR� �, ��'`� � w", k� �uc r' �tyv �� '�''� c ��b�rv-��, y �{ � � J � � y : �n Y�� . +� � '�,�F i= „ a ; �.�+Y' "5` , - � �. Y�':�1i � � �r �'i,�"`Y�`� r � ��` �,,�-w�� ,v�� s,` �t �. 'uk '� '�- � t�' �� x',t",. a ?y ,,,. , � � �� %�'4 ��.-, . 'F�, � ' i * d' M-a '� - ,.€.. ��E�� i, r f. .. ._.. .. . ... .. .. . .. .. . . . .. . . . � ... . . �x., . . . ,_ . � ' ��-_��s� � . . Resolution No.�ya�'� RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS, the purpose of Chapter 474, Minnesota Statutes, knawn as the Minnesota Municipal Industrial Develop- ment Act (hereinafter called "Act") as found and determined by the legislature is to pranote the welfare of the state by the active attraction and encouragesnent and development of economi- cally sound industsy and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment and to aid in the develop�nent of existing areas of blight, marginal land and persistent unemployment; and WHEREAS, factors necessitating the active praaotion and developanent of econanically sound industry and cocnmerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of gaverrnnental services required to meet the needs of the increased population and the need for developcaent of land use which will prc�vide an adequate tax base to finance these increased costs and access to esaployment opportunities for such population; and WHEREAS, The Port Authority of the City of Saint Paul (the "Authority") has received frcm S & C Partnership (hereinafter referred to as "Company") a request that the Authority issue its revenue bonds (which may be in the form of a single note) to finance the acquisition ar�d renovation of 12,000 square feet of space as a condaminium building at 2303 Wycliff Avenue (hereinafter collectively called the "Project") in the City of St. Paul, for lease to Arthur Shuster, Inc. for use as an office, service, design and wa rehouse area, all as is more fully described in the staff report on file; and WHEREAS, the Authority desires to facilitate the selective development of the ca�ununity, to retain and improve its tax base and to help it pr avide the range of services and e�mployment opportunities required by its population, and said . , . . � �� /�� : Project vsill assist the City in achieving that obj�.ctive. Said Project will help to increase the assessed valuation of the City a�d help maintain a positive relationship between assessed valuation and debt and enhance the imaqe and reputation of the City; and WHEREAS, the Project to be� financed by revenue� bonds will result in substantial e�nployment opportunities in the Project; and - WHEREAS, the� Authority has been advised by repre- sentatives of the- Canpany that conventional, commercial financing to pay the capital cost of the Project is available only� on a limited basis� and at such high costs of borrowing that the econamic feasibility of operating the� Project w�ould be significantly reduced, but the Company has also advised this Authority that but for revenue bond financing, ar� it�. resulting lov� borrowinq cost, the Project w�ould not be� undertaken; and WHEREAS, Miller & Schroeder Municipals, Inc. (the "Underwriter") has� made a proposal in an agreement (the "Underwritiryg Agreesnent") relating to the� purchase of the revenue bonds to be issued to finance the Project; and WHEREAS, the Authority, pursuant to Minnesota Statutes, Section 474.01, Subdivision 7b did publish a ii::tice�, a copy of which wi.th proof of publication is on file in the office of the Authority, of a public hearing om the proposal of th� Company that th� Authority finance the� Project hereinbefore described: by the issuance of it� industrial revenue bonda; and WHEREAS, the� Authority did conduct a public hearing pursuant to said notice, at which hearing the� recommendations contained in the� Authority' � staff inemorandum to the Camaissioners were reviewed, and all persons who appeared at th� hearing were given an opportunity to express their views with respect to the proposal. NOW, THEREFORE,. BE IT" RESOLVED by the C�unissioners of the Port Authority of the City of Saint Paul, Minnesota as. fo llaws: 1. On th� basis- of information availabl� to the� Autho=ity� it appears, and the Authority hereby finds, that said Project constitutes properties, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision la� of Section 474.02 . . , _ . �� g� . of the Act; that the Project furthers� the prrposes stated in Section 474.01 of the Act and, but for the� willingness of the Authority to furnish such financing, the Company w�ould not undertake the Project, and that the effect of the� Project, if undertaken, will be to encourag� the development of econaaically sound induatry and cacmnerce and assist in the prevention of the eaergence of blighted an�d marginal lar�d, and � . will help to prevent chronic un�nployment, and will help the City to retain an�d imprave� its: tax base and prc�vide the� range of services and employment opportunitiea required by its population, and will help to prevent the� mov�nent of talented and educated persons out of the� state. and to areas within the state where their service� may not be as effectively used and will result in more intensiv� development and use� of land within the• City and will eventu�lly result in an increase in the� City' s ta�c base; and that it is in the best interests of the� port district �nd the people� of the° City of Saint Paul and in furtheranc� of the general plan of developnent to assist the C�npany in financing the Project. 2. Subject to the mutual agre�aent of the Authority, thg Company and the� purchaser of the revenue bonds as. to the� details of the lease or other revenue agreement as defined in the� Act, and other doc�uaents necessary to evidence and effect the• financing of the Project and the issuance of the revenue bonds, the- Project is hereby apprwed and authorized and the� issuance� of revenue bonds of th� AuthoritY (which may be in th� forn� of a single note) in. an amount not to exceed approaiiaately $450,000 (other than such additional revenue� bonds as� are� needed to caaplete� th� Project) is� authorized to finance the� costs: of the° Project and the� reconaaendations of the Authority' s staff, aa set forth in th� staff n�ennorandum to the Camnissioners which was presented to the Conunissioners., are incorporated hereim by reference ar�d approved. 3. In accordance with Subdivision ?a of Section 474.01, Mi.nnesota Statutes, the Executiv� Vice-President of the AUTHORITY is- hereby authorized and directed to submit the proposal for the above� described Project to the Commissioner of Energy and Econaaic Development, requesting his approval, and other officers, employe es- and agents of the AUTHORITY are hereby authorized to provide� the� Cota�aissioner with such preliminary information as he n�ay requir�. 4. There has heretofore been filed with the Authority a form of Preliminary Aqreement between the Authority and Canpany, relating to the proposed construction and � - . - . (,��-�.s i�� . financing of thP Project and a form o.f the Underwriting Agreesnent. The form of said Agreements have been examined by the Commi.ssioners. It is. th� purpose of said Agre�nents to evidence the caa�nitment of �he parties and their intentions with respect to the proposed Project in order that the Company � may proceed without delay with. the cem�aencement of the acquisition, installation and conatruction of the Project with the assurance that there has been sufficient "official action" under Section 103(b) of the Internal Revenue Code of 1954, as an�nded, to allow for the issuance of industrial revenue boru3s (including, if deetaed appropriate, any interim note or notes to p=ovide temporary financing thereof) to finance the entire cost � of the Project upon agreement being reached as� to the ultimate detail� of the Project and its financinq. Said Agreements are hereby appro�ved, and the Pres�ident and 3ecretary of the Authority are hereby authorize� and directed to execute said Agreements. 5. Upon execu�ion of th� Preliminary Agreement by the� �anpany, the staff of th� Authority are authorized and directed to continu� negotiations. with the Company so as to =esolve� th� remaining issues. necessary to the� preparation of. the} revenue agreanent and other documents necessary to the adoption by the- Authority o� its final bond resolution and the� issuance and delivery of the revenue bonds; prwided that the President (or Vice-President if the Pres:ident is. absent) and the Secretary (or Assistant Secretary if the Secretary is absent) of th� Authority, or if either of such officers (and his. alternative) are� absent,, the Treasurer of the� Authority in lieu of such absent officers, are hereby authorized in accordance with tlze� pravisions of Minnesota Statutes:, Section 475.06, Subdivision 1, to accept a final offer of the Underwriters• made� by the> Underwriters to purchase said bonds and to execute an underwriting aqreesaent settinq forth such offer on behalf of the- Authority. Such acceptance shall bir� th� Underwriters to said offer but shall be subject to approval and ratification by the� Port Authority in a- formal supplemental bond resolution to be� adopted prior to the delivery of said revenue bonds. 6� The revenue� bonds, (including any interim note or notes) and interest thereon shall not constitut� an indebtedness of the Authority or the City of Saint Paul wi.thin the meaning of any constitutional or statutory limitation and shall not constitute� or giv� rise to � pecuniary liability of � , . • „ . . , , ��-�� . � th� Authority or th� City or a charge against their general � credit or ca�cing powers• and neither the full faith and credit nor the taxing powers of th� Authority or the City is pledged for the payment of the bond� (and interim: note� or notes) or interest thereon. T. In. order to facilitat� compl etion of the> revenu� bond financing herein contemplated, the City Council is. hereby requested to consent, pursuant to Laws of Minnesot�, 1976, Chapter 234, to the issuance of the revenue bonds' (includinq any interim note or notes) herein contemplated and any add'itional bond� which the Authorit�y may prior to issuance� or from. tiune to tizue there�fter deem necessary to compl ete� the Project or to. refund such. revenue: bonds; and for such purpos� thg Eaecutive• Vice� President o£ tha� Authority is� hereby authorized: and directed to, forward to the City Council copies o:: this resolution ancY: said. Pr�liminary Aqre�nent and any additional available� information the� City Council may request. 8� The actions of the� Executive Vice-President of th� Authority irr caus�inq public notic� of the� public hearing and in describing the gene:ral natur� of the+ Proj ect and estimating the� principa7. amount of bonds to be� issued to finance� th� Project and in preparing a draft of the� proposed application to the Ca�anissioner of Energy and Economic Development,. State� of Minnesata, for approval of the- P=oject, which has: been. available° for inspectioll by� the= public� at� the office� of th� Authority frcm- and after the publication of notice of the hearing�, are- in all respects ratified and confirmed. / Adopted' January 22, 1985 - � ' "� ,�" - �� . ; ' / � � � Attes.t �� . , / L �� -�� Preside;t The Por Authority of th� City of Sai t Paul S �QQ�'• Se tary