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86-213 WMITE - CITV CLERK PINK - FINANGE G I TY O F SA I NT PA U L Council CANARV - DEPAI7TMENT / BLUE - MAYOR File NO. `+� _�/•� � � , Co ncil Resolution Presented By , �,.-� �rN�r� c.� � � 1� �-� Referred To Committee: Date Out of Committee By Date WHEREAS: 1. On December 16, 1980 , the Port Authority of the City of Saint Paul adopted Resolution No. 1761 did approve the issuance of $4,500,000 short term special revenue bonds for the construction of the City Walk Parking Ramp on the old Harkins site; and 2. The laws of Minnesota 1976, Chapter 234 provide 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 the law; 3. On January 13, 1981, the City Council of the City of Saint Paul, by its Council File 276176, consented to the issuance of the aforesaid revenue bonds and any additional bonds found by the Port Authority to be necessary for the purposes described in the Port Authority Resolution No. 1761. 4. The Port Authority has now notified the City Council that it did approve issuance by Resolution No. 2614 in ref unding revenue bonds relating to the City Walk Parking Ramp pro�ect (formerly known as the TGA, Inc. - Harkins Ramp project). The bonds will be purchased by Miller & Schroeder Financial, Inc. 5. Additional approval of the issuance of such revenue bonds is a condition of the Tax Equity Fiscal Responsibilities Act (TEFRA) of 1982; now, therefore, be it � RESOLVED, by the Council of the City of Saint Paul, that the Council consents to the issuance of $4,125,000 in industrial development revenue bonds for the refunding of the City Walk Parking Ramp project. COUNCI1.tiMEN Requested by Department of: Yeas Sa�✓N�/ Nays --FIeleFeer �� �'�`� In Favor �� ������ Nicosia Scheibel '�' __ Against BY Tedesco Wilson �E� c7. � 1986 Form Approved by City Attorney Adopted by Council: Date � Certified Yass b uncil B � gy, Approved by Mavor: ate � a`� � � SO Approve Mayor for Subm' to ounc' 6 B � B PU�IlS4��D i��Qfir;�� 1 - 1986 St. 'Paul Port Authority DEPARTMENT U` �"°��3 N� 3629 � E. A. Kra�t � , CONT�CT 224-5686 PHONE Jan. 21, 1986 DATE 1 e�� e� ASSIGN UN�ER FOR ROUTING ORDER (Cli All Locations for Si nature : partment Director 3 Director of Management/Mayor Finance and Management Services Director � City Clerk Budget qirector . �4,125,000 SPECIAL REFUNDING REIIENUE BONDS � Cit�' ptta�ney TGA, INC. (CITY WALK PARKING RAMP PROJECT) WHAT WILL B� ACHIEVED BY TA�CING ACTION ON THE ATTACHED MATERIALS? (Purpose/ Rationale) : The purpo�e of the bond issue is to refund the existing bond issue for the City Walk Parking Ramp proj@ct (formerly known as the TGA, Inc. - Harkins Ramp project) which matures on March 1, 1987. The bonds would be issued against a l� letter of credit issued by the First National Bank of St. Paul with the bonds to be marketed at a rate equal to 55% of the prime rate. The issue would take the bonds long term with the ability to fix the rate during the initial five years of the bond maturity schedule. r1l�V�� V �� COST/BENEFI7, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: JAN 2 41986 �`��' - �ITY �TTORNEY �\''� � RCC�i JED �a r� 3 �� ��8� MAYQR'S OFFICE FINANCING SQURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa- ture not re- Total Amount of Transaction: $4,125,000 quired if under $10,00Q) Funding Source: Activity':Number: � ATTACHMENTS (List and Number All Attachments) : 1. Staff,Memorandum 2. Draft City Council Resolution 3. Port Authority Resolution No. 2614 cc: cc: R. Thorpe DEPARTMENT REVIEW CITY ATTORNEY REVIEW Yes Nd Council Resolution Required? Resolutic�r° Required? X Yes No Yes �N� Insurance Required? Insurance Sufficient? �Yes No Yes X Nd Insurance Attached: (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/$4 � � � . �� a �� * . _ Resolution CJo. ..=� ;;- ��' EZESOLUTIOL�1 OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS, pursuant to Resolution No. 2254, adopted on February 21, 1984, the Port Authority of the City of Saint Paul (the "Port Authority" ) , approved the issuance of $4, 125,ODU Short Term Refunding 5pecial Revenue Bonds, Series 1984-1 (tne "Prior Bonds" ) ; and WHEREAS, it is necessary to refund the Prior 13onds py the issuance of approximately $4, 125,ODU Special Revenue Refunding Bonds (City Walk Parking Ramp Project) , Series 1986 (the "Bonds" ) ; and WHEREAS, pursuant to Section lU3(b) of the Internal Revenue Code, the Port Authority must conduct a public heariny on and obtain the consent of the City Council of tYie City of Saint Paul to the issuance of the Bonds; and WHEREAS, a public hearing atter due publication thereof has been held on the proposed issuance of the �3onds; NOW, THEREFOR� BE IT RESOLVED by the Port Authority of the City of Saint Paul as follows: 1. The Executive Vice President of the Port Authority is hereby authorized and directed to request the c:ity Council of the City of Saint Paul to consent to the issuance of the Bonds. 2. The Executive Vice President of the Port Authority is hereby authorized and directed to forward to the " City Council copies of this resolution ana copies of any other information the City Council may request. 3. The Prior Bonds are hereby called for redemption and prepayment on March 1, 1986 in accordance with the notice of call for redemption attached hereto as Exhibit A. Adopted: January 21, 1986 PORT AIJTH��1�iTY OF TH CITY OF SAINT P�UL; `� ��� � % �\ Attest: By .%� ` � `� .� ` , �, �� 1_,,. � � � , 32�`a�y e_ `'�- �-� � � �__.�� � << � � � _�,3 . NOTICE OF CALL FOR RED�:MPTIUN $4, 125,000 SHORT T�RM REFUNDING SPECIAL REVENUE BUNDS, SERI�.S 19t34-1 PORT AUTHORITY OF THE CITY OF SAINT PAUL NUTICE I5 HEREBY GIVEN that by order of the Board of Commissioners of the Port Authority of the City of Saint Paul, Minnesota, there has been called for redemption and prepayment on March 1, 1986 the Outstanding Bonds of the Port Authority of the City of Saint Paul desiynated as Short Term Refunding Special Revenue Bonds, Series 1984-1 dated March 1, 1984, having the stated maturity date of March 1, 1987 and totalling $4, 125,000 in principal amount. The Bonds are being called at a price of par plus int,erest accrued to the date of prepayment, on which date all interest on said Bonds will cease to accrue. The Holders of the Bonds hereby called for redemption are requested to present the Bonds for payment at First Trust Company, Inc. , in St. Paul, Minnesota, on or before March 1, 1986. Dated: January 21, 1986 BY ORDER OF THE BOARll OF COMMISSIOL�TERS OF THE PORT AUTHORITY OF THE CITY OF SAINT PI�UL George Winter, President . ' -` � �-oC� 3 - ' - � � - Additional information may be obtained from Mr. Eugene A. Kraut, Executive Director of the Port Authority ot the c:ity of Saint Paul, Suite 1305, 25 West Fourth Street, 5t. Paul, Minnesota 55102. Tele�hone number (612) 'l'14-56f36. . �*� .-� �,�� ,> (`��- d/3 ���� �% a_�w:.-�. � � � . � � PORT AUTHORITY OF TME CITY OF SAINT PAUL TOLL FREE (800) 328-8417 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 January 21 , 1986 Mr. James Bellus Director Planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul, Minnesota 55102 SUBJECT: SPECIAL REFUNDING REVENUE BOND ISSUE - TGA, INC. (CITY WALK RAMP) RESOLUTION N0. 2614 Dear Jim: 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 $4,125,000 in revenue bonds to refund the existing bond issue for the City Walk Parking Ramp project (formerly known as the TGA, Inc. - Harkins Ramp project.) In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council resolution and a copy of Port Authority Resolution No. 2614 which authorized the sale of revenue bonds in the amount of $4,125,000. Your expeditious handling of this matter will be appreciated. , Yours truly, r '�., 't -.--1.�..����._� 1?ugene A. Kraut Executive Vice President EAK:j mo Attach. cc: Mayor Latimer EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CHARLES M.TOWLE CLIFFORD E.RAMSTED PERRY K.FEDERS EXECUTIVE VICE PRESIDEN7 ASST EXEC.ViCE PRESIDENT DIRECTOR OF INDUSTRIAL DEVELOPMENT CHIEF ENGINEER DIRECTOR Of FINANCE C.E.O. RICHARD A GIERDAL WILLIAM E.McGIVERN PROPERN MANAGER DIRECTOR OF PUBLIC REUITIONS COMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N.GOODMAN VICTOR P.REIM RAYMOND E.IANGEVIN CHRIS NICOSIA JEAN M.WE� PRESIDENT VICE PRESIDEN7 SECRFfARV TREASURER COMMISSIONER COMMISSIONER COMMISSIONE C.I.D. Certified Industrial Developer . P�OitT AUTHOR i T Y � . . -. . C�=- ��-a�-� OF THE CITY OF ST. PAUL Memoraedum TO: Board of Commissioners DATE: Jan. 17, 1986 Meeting Jan. 21, 1986 '. ; FROM: E. A�Rra�t .�l-�, � SUBJECT: PUBLIC HEARING - $4,125,000 SPECIAL REFUNDING REVENUE BOND ISSUE - TGA, INC. (CITY WALK PARKING RAMP PROJECT) - SERIES 1984-1 - OFF-SITE RESOLUTION N0. 2614 The $4, 125,000 bond issue outstanding for the City Walk Parking Ramp project (formerly known as the TGA, Inc. - Harkins Ramp project) matures on March 1 , 1987. The bonds are currently held by the First National Bank at 8%. In restructuring to take these long term it is recommended that the Commission approve the sale of the revenue bonds against a 1% letter of credit issued by the First National Bank of St. Paul with the bonds to be marketed at a rate equal to 55%of the prime rate. The issue would take the bonds long term with the ability to fix the rate during the initial five . years of the bond maturity schedule. Staff recommends approval.