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86-783 WHITE - C�TV CLERK PINK - FINAN�E G I TY O F SA I NT PA LT L Council CANARV - DEPARTMENT File NO. �� ` ��� BLUE - MAVOR t • C ncil Resolution Presen ed By Referred To ��n�� �� Committee: Date � ' �"—�� Out of Committee By Date WHEREAS: 1. On May 20, 1986 the Port Authority of the City of Saint Paul adopted Resolution No. 2651 giving preliminary approval to the issuance of revenue bonds in the initial principal amount of $750,000 to finance the construction of a two-story 20,000 square foot manufacturing, office and showroom facility for Biagini-Weber Partnership, a partnership consisting of Richard A. Biagini and Tony D. Weber. Miller & Schroeder Financial Inc. will underwrite the 20-year revenue bond issue. 2. The Port Authority of the City of Saint Paul will submit an application for an industrial revenue bond allocation from the State of Minnesota Competitive Pool as the project is industrial . The City of Saint Paul 's entitlement allocation will not be affected by this application. 3. 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; 4. 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. 2651 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. COUNC[LMEN Requested by De rtme of: Yeas Drew Nays � `i�s� Nicosia � Rettman . �R FaVO[ Scheibel ✓ �,r,,,a, __ Against BY Tedesco iliiieerr Adopted by Council: Date JUN 1 2 1986 Form Approved by City Attorney Certified Pas e b u cil Secr a BY � � By� Appro by ;14avor: D te � JuN � F �OU Ap ve by Mayor for Sub 'ss' o�Council B — PU�iIS�ED .,�U��V ;? 1 1986 St. Paul Port.Autho.rity � DEPARTMENT ��°'7� �. 3632 0 J.Ea Terrell , E.A. Kraut � � CONTACT 224-5686 ` � PHONE � 5-20-86 DATE �Qj� e Q ASSIGN NUN�ER FOR ROUTING ORDER Cli All Locations for Si nature : epartment Director 3 Director of Management/Mayor Finance and Management Services Director � City Clerk Budget Director Bia ini-Weber Partnershi 2 City Attorney 7.50,000 Revenue Bond Issue WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/ Rationale) : The purpose of the bond issue is to finance the construction of a 20,000 square foot manufacturing, office and showroom facility on Terrace Court for the Biagini-�Jeber Partnership, who will sublease the building to Athens Millwork, Inc. , Lincoln Benefit Life, and Jewelry Exchange Company. �ECEiV`t� �`11 AY �.rl COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: (�AYC}K'S OF�ICE The amount of the revenue bond issue is $750,000 and will be for a term of 20-years. There will be approximately 18 new jobs created as a result of this project. The Port Authority will submit an application for an industrial revenue bond allocation from the State of Minnesota Competitive Pool as the project is industrial . The City of Saint Paul 's entitlement allocation will not be affected by this application. FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa- ture not re- Total Amount of Transaction: quired if under $10,000) Funding Source: Activity Number: ATTACHMENTS (List and Number All Attachments) : 1. Staff Memorandum 2. Draft City Council Resolution 3. Port Authority Resolution No. 2651 cc: Jacqui Shoholm DEPARTMENT REVIEW CITY ATTORNEY REVIEW X Yes No Council Resolution Required? Resolution Required? X Yes No Yes X No Insurance Required? Insurance Sufficient? X Yes No Yes X No Insurance Attached: (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 �► � �R T � � � � , � '� ��� 7�3 ' AUTHORiTY OF THE CITY OF ST. PAUL , Memorvndum TO: gpARD OF COMMISSIONERS DAT� p�a.y 15, 1986 a i FROM: �, E. Terrell �- /• 1 SUBJECT: pUBLIC HEARING - PRELIMINARY AND UNDERWRITING AGREEMENTS - $750,000 RESOLUTION 876 REVENUE �OND ISSUE BIAGINI-WEBER PARTNERSHIP - (ATHENS MILLWORK, INC. ) - OFF-SITE RESOLUTION N0. 2651 PUBLIC SALE HEARING - SALE OF LAND BIAGINI-WEBER PARTNERSHIP - (ATHENS MILLWORK, INC. ) RESOLUTION N0. 2652 1. THE PARTNERSHIP Biagini-Weber Partnership is a peneral partnership consistinq of Richard A. Biaqini and Tony D. Weber. They propose to construct a two- story 20,000 square foot manufacturinq, office and showroom facility for their respective companies. The three companies that will sivn subleases coterminus with the bond issue are Athens Millwork, Inc. , Diversified Financial Advisors, and Jewelry Exchange Comoany, These three firms wi17 lease 85% of the building with the remainin4 15% to be sublet to an as yet undetermined firm. Athens Millwork, Inc. is a millwork manufacturinq company sp�cializina in hiqh-qualit,y doors and millwork for housing and commercial usaqe. The comaany beqan doinq construction work in 1975, and shifted more of their focus to the millwork business in 1980. They are currently located at 852 Westminister. The company produces standard millwork for several local comuanies includinv Custom Millwork, Pacific Mutual Door Company, and has done custom work for Lampert Lumber Company including the moldings and other millwork in the Amhoist Buildinq. Athens Millwork, Inc, currently employs eiQht persons and projects the hirinq of six to eiqht new emnloyees as a result of the expansion. Diversified Financial Advisors/Lincoln Benefit Life, is a St. Paul insurance agency located in leased soace in The Energy Technoloqy Center in Enerqy Park. The aqency, owned by Tony D. Weber, has been in business in St. Paul since 1971. The agency has five employees. Jewelr,y Exchanqe Company, a start-up jewelry manufacturinq firm will be leasinq approximately 4,OQ0 square feet to produce custom aold rinqs and pendants. Jewelry Exchanqe Company is owned by Tony Weber. Jewelry txchange �ompan,y currentiy empioys rour persons and projects the hiring of five as a result of the expansion. l , . . , �� �� � y� 3 BOARD OF COMMISSIONERS ' ' May 15, 1986 � Paqe 2 2. THE PROJECT The partnership olans to construct a 2p,000 square foot manufacturinq, office and showroom facility on a 1.75 acre site on Terrace Court, directly west of the current headquarters of Athens Millwork, Inc. Richard Biaqini owns the land and will transfer the property, valued at approximately $133,000, to the Port Authorit.y as the partnership' s equity in the project. The Qartnership will lease the facility from the Port Authority and in turn sublease the premises to the three operatinq companies as follows: Athens Millwork, Inc. - 12,000 sQUare feet Diversified Financial Advisors /Lincoln Benefit Life - 1,000 square feet Jewelry Exchanqe Company - 4,000 sQUare feet l�b The remaininq 3,000 square feet will be available for sublease to an undetermined company. The partners will be soliciting firms to fill this space. The Port Authority will submit this nroject to the State of Minnesota Revenue Bond Competitive Pool for allocation as a manufacturinq project. Authorization to issue the bonds should be qiven by earl,y June. 3. FINANCING The proposed financinq would be done as an 876 industrial develoament revenue bond issue for a 20-year term, Proceeds from the bond issue would be as follows: Buildinq $600,000 Debt Service Reserve 78,500 Construction Period Interest 30,000 Bond Issuance 18,500 Bond Discount 23,000 � 75Q,000 The Port Authority would receive earnings on the debt service reserve and sinking fund as well as the customary fiscal and administrative fees based on a formula of $350 per month for the first ten years, and $450 Qer month for the second ten years of the lease. The partners will be personally guaranteeing the bond issue. � , . , . . . �,�c'��- 7�--� � BOARD OF.COMMISSIONERS May 15, 1986 Paqe 3 4. UNDERWRITING Miller & Schroeder Municipals, Inc. has agreed to underwrite the 20-year bond issue at an interest rate to be set the date the bonds are sold. We anticipate the bonds will sell at the reQUlar June 1986 Commission meetinq. 5. TERMS OF THE LEASE The term of the lease would be for 20-years with the partnership having an option to purchase the building for 10% of the oriqinal bond issue cost olus retirement of outstanding bonds at 10-years and for 10� of the bond issue cost at the end of the term. 6. RECOMMENDATION Early Notice was sent to District 5 on April 18, 1986. We have discussed the project with the District Council President, and there are no neqative comments on the oroject. Staff has interviewed the members of the partnership, reviewed their financial statements, and recommends ao�roval of the above resolutions. JET:ajc ' ; � ' � � . -7�� , , . � � � � 581-C Resolution No. ='!�� .� � RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS , the purpose of Chapter 474 , Minnesota Statutes , known as the Minnesota Municipal Industrial Deveiop- men t Ac t ( here inaf te r cal led "Ac t" ) as found and de term ined by the legislature is to promote the welfare of the state by the active attraction and encouragement and development of economi- cally sound industry 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 development of existing areas of blight , marginal land and persistent unemployment ; and WHEREAS, factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areaS and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; and WHEREAS, the Port Authority of the City of Saint Paul ( the "Authority") has rece ived f rom the Biag in i-Weber Partnership, a Minnesota general partnership consisting of Richard A. Biagini and Tony D. Weber (hereinafter referred to as "Company" ) a request that the Authority issue its revenue bonds to finance the installation and construction of manufacturing , office and showroom facilities and subleased to Athens Millwork , Inc. , Diversified Financial Advisors/Lincoln Benefit Life and Jewelry Exchange Company and other entities to be located on Terrace Court in the City of St. Paul , all as is more fully described in the staff report on file , ( hereinafter , the "Project" ) ; and ,� . - . . �� �"� - 7�� WHEREAS, the Authority desires to facilitate the selective development of the community, to retain and improve its tax base and to help it provide the range of services and employment opportunities required by its population, and said Projec t will assist the City in ac hieving that objective. Said Project will help to increase the assessed valuation of the City and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the City; and WHEREAS, the Project to be financed by revenue bonds will result in substantial employment opportunities in the Project; WHEREAS, the Authority has been advised by repre- sentatives of the Company 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 economic feasibility of operating the Projec t would be significantly reduced , but the Company has also advised this Authority that but for revenue bond financing , and its resulting low borrowing cost , the Project would not be undertaken ; WHEREAS, Miller & Schroeder Financial , Inc. ( the "Underwriter" ) has made a proposal in an agreement ( the "Underwriting Ag reement" ) relating to the puzchase of the revenue bonds to be issued to finance the Project; WHEREAS, the Authority, pursuant to Minnesota Statutes , Section 474.01 , Subdivision 7b did publish �a notice , a copy of which with proof of publication is on file in the office of the Authority, of a public hearing on the proposal of the Company that the Autho rity finance the Project hereinbefore described by the issuance of its industrial revenue bonds ; and WHEREAS, the Authority c�id conduct a public hearing pursuant to said notice , at which hearing the recommendations contained in the Authority' s staff inemorandum to the Commissioners were reviewed , and all persons who ap�eared at the hearing were given an opportunity to express their views with respect to the proposal . NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the Port Authority of the City of Saint Paul , Minnesota as follows : � � ' - .. � . . �. �G � 7� 3 1 . On the basis of information available to the Authority it appears , and the Autho�ity 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 1 of Section 474 . 02 of the Act; that the Project furthers the purposes stated in Section 474 .01 of the Act and , but for the willingness of the Authority to furnish such financing , the Company would not undertake the Projec t, and that the effect of the Projec t, if undertaken, will be to encourage the development of economically sound industry and commerce and assist in the prevention of the emergence of blighted and marginal land , an� will help to prevent chronic unemployment, and will help the City to retain and improve its tax base and provide the range of services and employment opportunities required by its population, and will help to prevent the movement of talented and educated persons out of the state and to areas within the state where their services may not be as effectively used and will result in more intensive development and use of land within the City and will eventually result in an increase 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 Paul and in furtherance of the yeneral plan of develop�nent to assist the Company in f inanc ing the Proj ect. 2. Subject to the mutual agreement of the Authority, the 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 documents necessary to evidence and effect the financing of the Project and the issuance of the revenue bonds , the Project is hereby approved and authorized and the issuance of revenue bonds of the Authority in an amount not to exceed approximately 5750 ,000 (other than such additional revenue bonds as are needed to complete the Project) is authorized to finance the costs of the Project and the recommendations of the Authority' s staff, as set forth in the staff inemorandum to the Commissioners which was presented to the Commissioners, are incorporated herein by reference and approved. 3. In accordance with Subdivision 7a of Section 474 .01 , Minnesota Statutes , the Executive Vice-President of the AUTHORITY is hereby autho rized and directed to submit the proposal for the above described Project to the Commissioner of Energy and Economic Development, requesting his approval , and other officers , employees and agents of the AUTHORITY are hereby authorized to provide the Commissioner with such preliminary information as he may require. . • . - � . . � . , � � �G 7� 3 , • • 4. There has heretofore been filed with the Authority a form of Preliminary Agreement between the Authority and Company, relating to the proposed construction and financing of the Project and a form of the Underwriting Ag reemen t. The fo rms o f the ag reemen ts have been exam ined by the Commissioners. It is the purpose of the agreements to evidence the commitment of the parties and their intentions with respect to the proposed Project in order �hat the Company may proceed without delay with the commencement of the acquisition, installation and construction 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 amended , to allow for the issuance of industrial revenue bonds ( including , if deemed appropriate , any interim note or notes to provide temporary financing thereof) to finance the entire cost of the Project upon agreement being reached as to the ultimate details of the Project and its financing . Said Agreements are hereby approved , and the President and Secretary of the Authority are hereby authorized and directed to execute said Agreements. 5. Upon execution of the Preliminary. Agreement by the Company, the staff of the Authority is authorized and directed to continue negotiations with the Company so as to . resolve the 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 of the revenue bonds; provided that the President (or Vice-President 'if the President is absent) and the Secretary (or Assistant Secretary if the Secretary is absent} of the 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 the provisions of Minnesota Statutes, Section 475 . 06 , Subdivision 1 , to accept a final offer of the Underwriter made by the Underwriter to purchase said bonds and to execute an Underwriting Ag�reement setting forth such offer on behalf of the Authority. Such acceptance shall bind the Underwriter to said offer but shall be subject to approval and ratification by the Port Authority in a formal supplemental bond resolution to �e adopted prior to the delivery of said revenue bonds. 6 . The revenue bonds ( including any interim note or notes) and interest thereon shall not constitute an indebtedness of the Authority or the City of Saint Paul within the meaning of any constitutional or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Authority or the City or a charge against their general ' .� . • .. - • • �=�- 7�'3 , . . credit or taxing powers and neither the full faith and credit nor the taxing powers of the Authority or the City is pledged for the payment of the bonds ( and interim note or notes) or interest thereon. 7 . In order to facilitate completion of the revenue bond financing herein contemplated , the City Council is hereby requested to consent, pursuant to Laws of Minnesota , 1976 , Chapter 234 , to the issuance of the revenue bonds ( including any interim note or notes) herein contemplated and any additional bonds which the Authority may prior to issuance or from time to time thereafter deem necessary to complete the Project or to refund such revenue bonds ; and for such purpose the Executive Vice President of the Authority is hereby authorized and directed to forward to the City Council copies of this resolution and said Preliminary Agreement and any additional available information the City Council may request . 8 . The actions of the Executive Vice—President of the Authority in causing public notice of the public hearing and in describing the general nature of the Project and estimating the principal amount of bonds to be issued to finance the Projec t and in preparing a draft of the proposed application to the Commissioner of Energy and Economic flevelopment, State of Minnesota , for approval of the Project , which has been available for inspection by the public at the office of the Authority from and after the publication of notice of the hearing, are in all respects ratified and confirmed . , i Adopted May 20, 1986 � �;� /�� \ / • � Attest � �/ ' l / � The Po r Authority of the City ' of Sai t Paul � 1 _��- . Secretary � � --�,_\ , ' . . � � ' r �-� �(,��� -��3 , � �, PORT AUTHORITY OF THE CITY OF SAINT PAUL TOLL FREE(800) 328-8417 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN, 55102 • PHONE (612) 224-5686 May 20, 1986 Mr. James Bellus, Director Planninq and Economic Development Deaartment City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: BIAGINI-WEBER PARTNERSHIP $750,000 REVENUE BOND ISSUE Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council and City Attorney' s office details pertaininq to the issuance of revenue bonds in the amount of $750,000 to finance the construction of a two-story 20,000 square foot manufacturinv, office and showroom facility for Biagini-Weber Partnership, a partnership consistinQ of Richard A. BiaQini and Ton,y D. Weber. �� The Port Authority will submit an application for an industrial revenue bond allocation from the State of Minnesota Competitive Pool as the project is industrial . The City of Saint Paul ' s entitlement allocation will not be affected by this applieation, The Port Authority staff has conducted a thorough evaluation of the firms and/or individuals that are involved ?n this uro,ject or in which the principals have an interest. This investigation has included detailed credit analysis, Dun and Bradstreet reports, direct con�nunication with representatives of financial institutions with whom the participants have done business and data base checks to determine if any princi�al (s) have been in any way involved in leqal proceedinqs as a result of securities fraud, extortion, embezzlement or financial misrepresentation. In addition to the staff inemorandum, we are attachinq a draft copy of the proposed City Council resolution and a copy of Port Authority Resolution No. 2651 which authorized the sale of revenue bonds in the amount of $750,000. Your expeditious handlinq of this matter will be appreciated. 1. Yours truly, �� . , ' ��� ��/.��I�l,,.�J � r ' ' ` � EuQene A. Kraut EAK:ajC Exer��tivP �ira prpsidA�t EUGENE A KRAUT.C.I.D.CC. Mayo�oNAIDt�.�ONrSHEE.C.I.D. CHARLES M.TOWLE CLIFFORD E.RAMSTED PERRY K.FEDERS EXECUTIVE VICE PRESIDEN7 ASST.EXEC.VICE PRESIDENT DIRECTOR OF INDUSTRUIL DEVELOPMENT CHIEP ENGINEER DIRECTOR OF GINANCE C.E.O. RICHARD A GIERDAL WILLIAM E.McGIVERN PROPER7V MANAGER pIRECTOR OF PUBLIC RELATIONS COMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N.GOODMAN VICTOR P.REIM RAVMOND E.LANGEVIN CHRIS NICOSIA JEAN M.WES PRESIDENT . VICE PRESIDENT SECRETARV TREASURER COMMISSIONER COMMISSIONER COMMISSIONE" C.I.D. Certified Industrial Develooer C�� � �,� C.:- !�;' � �.I. _ � _ 'r•• , � � � CITY OF SAINT PAUL �� �7�3 .:iii';ii�� } OFFICE OF THF CITY COU�TCIL FlLED i„ , � .... � vf�;� � �?` 1..C . 3 �3 j ��i �u Conunittee �eport �'-��� �L,���:� ��r��: J r S � „I_ '� � '<<<it. �':i�.�n�e. �Iana�ement�. & Persann�l Cammittee. . JUNE 5, 1986 1. Approval of minutes from meeting held May 29, 1986. approved 2. Resolution establishing rate of pay for titles of Environmental Health Aide, Environmental Health Technician and Environmental Health Technician Supervisor in the Salary Plan and Rates of Compensation in Section I D 2 of the Salary Plan and Rates of Compensation resolution. approved as amended ' 3. Resolution establishing the rate of pay for the titles of Environmental Health Specialist, Environ�ental Health Analyst and Environmental Health Supervisor in Section I D 3 of Salary Plan and Rates of Corzpensation resolution. approved as a3ended 4. Resolution amending the Salary Plan and Rates of Compensation resolution regarding Environmental Health Specialist. auproved as amended � 5. Resolution establishing the rate of pay for Environmental Health Program � �� Supervisor in Section I D 4 of the SaYary Plan and Rates of Compensa�ion - resolution. auproved as amended 6. Resolution amending the Salary Plan and Rates of Cor�pensation resolution by establishing a salary range under the 1986 Technical Range and Salary Range under the 1986 Professional Non-Supervisory Range. avproved 7. Resolution establishing the rate of pay for Park Ranger in the Salary Plan and Rates of Compensation resolution. anuroved as amended 8. Resolution expariding the Park Ranger Program, anproved as amended 9. Resolution authorizing 1986 Operating Agreement with Independent School District No. 625 whereby tue city furnishes various services. approved 10. Resolution amending the 1983 Water Pollution Abatement Capital Improvement Budget to p�ovide funding or the 8th Street Realignment project ($80,332.70) . avvroved 11. Resolution amending the 1986 budget and decreasing the financial plan by $971,537 ($935,537 - various departments; $36,000 - legislative branch) and underspending the authorized budget by equal amount. laid over to 6/12 12. Administrative Orders: . D-8030: Budget revision in various departments. laid over to 6/I2 CTTY HALL SEVE,\Z'H FLOOR SAINT PAUL,MINNESOTA 55102 �•6 "EE REPORT - /'?,.� � _ ��3 .C�,� MANAGEMENT & PERSONNEL COMMITTEE �'�� _a 5, 1986 '�ge 2 ' Administrative Orders (Cont.) : � D-8031: Budget revision in Finance and Management Services Department. laid over to 6/12 D-8032: Budget revision in Public Works - Water Pollution Abatement. discussed D-8037: Authorization for payment to Felicia Lucas, R.D. for lecture "Cholesterol: Your Heart." withdracan 13. Executive Order: E-24: Establishment of an Employee Policy of HTLV-III Disease (AIDS) . laid over to 7/3 14. Discussion of policy and procedure for non-metro area job candidates. laid over ta 6/12 HEARD UNDER SUSPENSION OF RULES 15. Resolution amending the 1986 budget by transferring $27,508 from Contingent Reserve to Planning and Economic Development - Planning and Economic Development Contribution (Job Creation and Training Section) . laid over to 6/26 16. Resolution amending the 1986 budget by adding $27,508 to the Financing Plan . ,. and to the Spending Plan for Planning�and Economic Development Operations - . - - (Job Creation and Training) . laid over 6/26 17. Resolution consenting to the issuance of Port Authority Revenue Bonds in the amount of $750,000 to construct a facility for Biagini-Weber Partnership. approved 18. Resolution amending the 1986 budget by adding $87,524 to the Spending Plan for Community 5ervices - Parks & Recreation - Parks Security. approved as amended