86-1346 WHITE - CiTV CLERK
PINK - FINANCE G I TY O F SA I NT PA U L Council � ,
CANARV - DEPARTMENT File NO•
BLUE - MAVOR
� . Co ,�i� Resolution , -� -�
/� ;
Presented By ----!
Referre o L� Committee: Date � �
Out of Committ By Date
WI�RF,AS:
1. On Sep esnber • 1986, the Port Authority of the City of Saint Paul dopted
Resolution No. 702 iving preluninary approval to the issuance of revenue nds in the
initial princi 1 t of $740,000 to finance the oonstruction of a 21,600 square foot
office/product' n fac lity for Benson Investment in Ernpire Builder Industria Park.
Benson Inves t wil sublease the facility to Signdesign, Inc. Miller & S hroeder
Financial, Inc will dezwrite the 30-year revenue bond issue.
2. The P rt Aut rity of the City of Saint Paul will su�cnit an ap�lica ion for an
industrial rev nue bo d allocation fran the State of Minnesota Canpetitive 1 as the
project is ind strial The City of Saint Paul's entitlement allocation wil not be
affected by th's app ication.
3. Laws f Mi esota 1976, Chapter 234, provides that any issue of re enue bonds
authorized by the Fo t Authority of the City of Saint Paul, shall be issued only with the
�nsent of th City ouncil of the City of Saint Paul, by resolution adopt in acvordance
with law;
4. The ort Au hority of the City of Saint Paul has requested that t City Council
give its requ site nsent pursuant to said law to facilitate the issuance f said revenue
bonds by the ort A hority of the City of Saint Paul, subject to f inal a roval of the
details of s id iss by the Fort Authority of the City of Saint Paul.
RESOLVE , by t City Council of the City of Saint Paul, that in acco ance with Laws
of Minnesota 1976, hapter 234, the City Council hereby consents to the is uance of the
aforesaid re enue nds for the purposes described in the aforesaid Port A tY�ority
l�esolution N . 2702 the e�ct details of which, including, but not limit to, provisions
relating to turit es, interest rates, discount, rede�nption, and for the issuance of
additional ds a to be detennined by the Fort Authority, pursuant to solution
adopted by t Po Authority, and the City Council hereby authorizes the issuance of any
additional ds ( 'ncluding refunding bonds) by the Port AutYx�rity, found by the Port
Authority t be n ssazy for carrying out the purposes for which the afo esaid bonds are
issued.
COUNCILME Requested b partment of:
Yeas preW Nays �
Nicosia
Rettman � �n Favor
Scheibel
Sonnen __ Agalllst BY
•=ideseo
Wilson
Adopted by Council: ate SEP z 5 1�� Form Ap d by City Attorney `
�=�_
Certified Pa s ncil et
gy,
Approved by Ma or e � � ^ Z A Appr d y Mayor for Sub '
���.;J�_��,°���� OCT - 419�6
� � � • � � � �->3y�
--5t. Paul Port Author ty DEPARTMENT Q _ �6�51
J.A. Campobasso, E.A Krau � CONTACT
224-5686 PHONE
Se tember 2, 1986 DATE / ���r✓�� �,r
�
ASSIGN NUN�ER FOR RO ING 0 DER Cli A]1 Lacations for Si nature :
1 Departme�t Direc or 3 Director of Management Mayor
Finance and Mana ement ervices Director - 4 City Clerk
Budget Di rector x�: �40 �oao i�vErttr�
2 C 1 t,�/ Att01"fi@,�/ BENSON INVESTMENT, S LEASE :TO
SIGNDESIGN, I C.
H T WILL BE ACH�EVE BY TA IPIG ACTION ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
�
The pur.pose�of the bond ' sue is to finance the construction of. a 21.,600 square foot� .
office/production acili for Benson Investment in Empire Builder Industrial P rk. Benson
Investment will s lease he facility to Signdesign, Inc. �
�'9���` � c�i,o
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GOST BENEFIT BUDGE RY AN PERSONNEL IMPACTS ANTICIPATED:
,
The amount of the revenu , bond issue is $740,000 and will be for a term of 30 y ars. There
will be approxima ely si new jobs created as a result of this project. `
The Port Authorit will ubmit an application �for an industrial revenue bond a ocation from
the State of Minn sota ;mpetitive Pool as the project is industrial. The City f Saint �
Paul's entitlemen alloc tion will not be affected by this application.
FINANCING SOURCE AN BUDG ACTIVITY NUf�ER CHARGED OR CREDITED: (Mayor's signa-
� ture not re-
Total Amount of" r.ansa �tion. ,quired if unde
� �10,000)
Fur�ding Saurce: .
Activity Number •
�EC�i��.�
ATTACHMENTS List nd Num er All Attachments : SEp � �yrso.
1. Staff Memora dum .
2. Draft city C uncil esolution r��YQR�S ������
3. Port Authori y. Reso ution No. 2702 '
cc. J. Shoholm
� �
QEPARTMENT REVIEW CITY ATTORNEY RFVIE�I
x Yes No Cou cil Re olution Required? ' Resolutian Requir�d? Yes No
Yes X No Ins rance equired? Insurance Sufficient? x Yes No
Yes X No Ins rance ttached:
(SEE •RE�IERSE SIDE FOR INSTRUCTIONS) �
Revised 12/84
� k : •
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. : : ••. HOW TO USE; THE GREEN SI�EET �
• i
The GREEN SHEET has several PURPOSES: � ' � � �
1. to assist in routing docua►ents and in securing required siqnatures
2. to brief the revi�wers of documents on the impacts of approval
3. to help ensure that necessary sup,porting materials are prepared, .and, if
- required, attached. �
Providing complete informa'tion under the listed headings enables reviewers to make
decisions on the documents and eliminates follow-up contacts that may delay execution.
The COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS headinq provides space to explain
� the cost/benefit aspects of the decision. Costs and benefits related both to City
budget (General Fund and/or Special Funds) and to broader financial impacts` (costi
to users, homeowners or other groups affected by the action) . T3�e personnel impact
is a deseription of change or shift of Full-Ti.uae Equivalent (FTE) poaitions. �
If a CONTRACT amount is less than $10,0,00, the Mayor's signature is not required,
if the department director siqns. A contract must always be first signed by the
outside agency before routinq through City offices. .
Below is the preferred R�UTING for the five most frequent types of documents:
-, ' CONTRAC'FS (assumes authorized budget exists) �
� 1. Outside Agency 4. Mayor '
2. Initiating Department 5. Finance Director
3. City Attorney 6. Finance Accounting
ADMII�ISTRATIVE ORDER (Budget Revision) ADMINISTRATIV� ORDERS (all others)
1. Activity Manager 1. Initiating Department
2. Department Accountant 2. City Attorney
3. Department Director � 3. Director of Management/Mayor
4. Budget Directar; 4. City Clerk '
5. City Clerk �.
6. Chief Accountant, F&MS
COUNCIL RESOT,UTION (Amend. Bdgts./Accept. Grants7 COUNCIL�RESOLUTION (all others)
1. Department Director . 1. Initiati.ng Department
2. Budget Di,rector 2. City Attorney
3. City Attorney , 3. Directar-.of Management/iKayor
4. Director of Manaqement/Mayor 4. City Clerk
5. Chair, Finance, Mngmt,. & Personnel Cam. 5. Gity Council
6. City Clerk .
7. City Council
8. Chief Accountant, F'&MS ,
SUPPORTING MATERIALS. In the ATTACHMENTS section, identify all attachments. If the
Green Sheet is well done, no letter of transmittal need be included (unless signing
si�ch a letter is one of the requested actions) .
Note: If an agreement requires eviderice of insurance/co-insurance, a Certificate of
Insurance should be one of the attachments a.t ti.me of routing.
Note: Actions whicH require City Council Resolutions include:
� 1. Contractual� relationship with another governmental unit.
2.. Collective barqaining contracts. •
3. Purchase, sale. or lease of'land.
4. Issuance of bonds by City.
5. Eminent domain.
6. Assumption of liability by City, or qranting.by City of indemnific�tion. :
7. Agreements with State.or Federal Government under which they are providing
funding.
8. Budqet amendments. .
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� PORT �
AUTHORI Y
OF THE CITY OF S . PAUL
Memorandum
,
TO: BOARD F CiONIl�I SSIONERS DATE: Aug. 28, 1986
(Sep . 2, 1 86 Special Meeting)
FROM: J.A. poba so
SUBJECT: PUBLI HEARI G - PRELIMINARY & UNDERWRITING AGREEMENTS
$740, 00 UE BOND ISSUE
BENS INVE NT (SUBLEASE TO SIQ�iDESIQ�i, INC.)
EMPI BUIL R INDUSTRIAL PARK
RESOL ION . 2702
On Au st 26 the Port Authority Ca�mission a�roved by Resolution o. 2703
the s le of and to Benson Investment and also held a public heari for
the i suance of $740,000 in industrial revenue bonds under Resolut' n 876
to fi ance construction of a 21,600 square foot production fac'lity to
be su leas to Signdesign, Inc.
In or er to canply with our publication require�nents for bond noti e, the
publi hear'ng was continued to the Septeqnber 2 Ccnmission meeting as the
noti in t St. Paul Dispatch was accidentally not published on he
appr riate day.
Staf re nds approval of Resolution No. 2702.
JAC: a
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PORT �
` AUTHORI Y
OF THE CITY OF 5 . PAUL
Memorandum
TO: g�gp F ��p[�qy SSIONERS DATE Aug. 22 1986
(Aug 26, 1 86 Regular Meeting)
FROM: J.A. s ��IL�
� ��2��'f.:^'�.��-'`�'� �
� `
SUBJECT: g�� I�ST L�TT - SUBLEASE TO SIGNDESIGIV, INC.
PUBLIC HEARI - PRELIMINARY AND UNDERWRITING AGREEMEI�TT
$740,0 0 BOND ISSUE
EMPIRE BUIL INDUSTRIAL PARK
RESOL ION . 2702
PUF3LIC SALE NG - SALE OF LAND
RESOL ION . 2703
1. P RSHIP/CO[�ANY
nson i vestmsnt is a Minnesota partnership cornprised of John .
B bler a d Ja�nes Goodoien. Mr. Babler is the founder, Presiden and
1 0$ own r of Signdesign, Inc. , and Mr. Jim Goodoien is Vice P sident
o Produ tion for Signdesign.
S gndesi , Inc. is a screen process printing company speciali ing in
r tail s ore signage. The canpany was founded in 1976 and has grawn to
a �oint re its existing 10,400 square foot facility at 55 st Ivy
A enue i St. Paul is no longer adequate. They have had to le se an
a itio 1 3,800 square feet across the street from their oper tion to
k p up ith production.
S'gndes' presently has 28 full time and 8 part time employee and
w'th th ir expansion are anticipating creating 6 new positions within
t e nex year. They have reviewed the City's First Source Agr ent
a d wil be executing it upon approval of the project.
2. P ECT
nson nvestments plans to initially construct a 21,600 squar foot
acilit which will include 4,000 square feet of office and t balance
roduct on space and will sublease it to Signdesign, Inc. The plans
llow f r a 10,000 square foot addition as the canpany contin s to
ow.
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BUARD COP'A4 SSIONERS
August 22, 19 6
Page -
Th Port uthority would lease them a site oontaining 85,917 squ re
fe t at a rate of $1.75 per square foot plus 10$ interest for a 0-year
te . Th s lease will result in a monthly payment of $1,351.65 nd an
an ual pa nt of $16,219.85. The project will be located imned'ately
ea t of E nomics Laboratory's develognent in Empire Builder Ind strial
Pa k. U n receipt of soil borings, the Port Authority has agre d to
0o tract or the necessary corrections in the same manner as was done
fo Econ ics Labs. Land rent will remain the same and oorrecti ns
wi 1 be id for out of the oonstruction fund for Empire Builder
In ustria Park.
Th canpa y will be sutmitting an Enterprise 2one application in which
cr dits w 11 go to them for filling new positions through the Ci y's
Jo Creat on and Training Off ice and for the new investment in t
fa ility.
Th Port uthority will sulamit this project to the State of Min ta's
re enue nd canpetitive pool for allocation as an industrial p ject.
Au horiza ion to issue the bonds should be received by the midd of
Se tenber with bond sale projected for the September 23 Board ting.
3. FI CING
Th propo ed financing would be done as an 876 industrial devel ent
re enue nd issue for a 30-year tezm. Proceeds fran the bond 'ssue
wo ld be s follows:
Co struct on $626,500
De t Serv'ce Reserve 68,500
Ca talize Interest - 6 Months 30,500
Bo d Iss nce Cost 14,500
� $740,000
Pe ding f deral legislation retroactive to August 15 has restri ted the
us of d proceeds to cover bond issuance costs and the bond iscount
to 2$ of he total bond issue. The partnership has agreed to y bond
is uance nd discount costs that exceed the 2$ limit.
Th Port uthority weuld receive earnings on the debt service r serve
an sinki g funds as well as the custo�nary fiscal and administr tive
fe s bas on a rate of $350 per month for the first ten years, $450
pe mont for the second ten y�ears and $550 per month for the t ird ten
ye rs of the lease.
4. WRI ING
Mi ler & chroeder Financial, Inc. has agreed to underwrite the thirty-
ye r bon issue at an interest rate to be set at the tirne the nds are
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BOARD 0 COMMI SIONERS
August 2, 198
Page -3
sol . We nticipate the bonds will be sold at the regular Septem er,
198 , meet ng.
S. TE S OF T E LEASE
The term o the lease would be for thirty years with options as
out ined b low:
Land Building
10 ears $175,413.88 10Y. of the original bon issue
20 ears $125,295.63 10% of the original bond issue
30 ears $ 75,177.38 lOX of the original bon issue
The buildi purchase option includes the outstanding principal lance
as ell as 10% of the original bond issue.
6. REC A4IENDA IONS
At his ti e, the pro3ect is being submitted to the Board for
pre imina approval with final approval awaiting the September Board
mee ing. t that meeting, a public hearing on the issue will be held
as notic of bond sale in the St. Paul Dispatch was inadverten ly
hel up.
Sta f has nterviewed the officers of the company, reviewed thei
per onal f nancial statements and Signdesign's corporate stateme ts.
The partne s will be personally guaranteeing the bond issue. St ff
rec mmends approval of Resolution Nos. 2702 and 2703.
JAC:ca
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572F
Resolution No. a p�
RESOLUTION OF
THE PORT AUTHORITY OF THE CITY OF SAINT PAUL
WH REAS, the purpose of Chapter 474, Minnesota
Statut s, kn wn as the Minnesota Municipal Industrial Devel p-
ment A t (he einafter called "Act") as found and determined by
the le islat re is to promote the welfare of the state by t e
active attra tion and encouragement and development of econ mi-
cally ound ndustry and commerce to prevent so far as possible
the em rgenc of blighted and marginal lands and areas of
chroni unem loyment and to aid in the development of existing
areas f bli ht, marginal land and persistent unemployment; and
WH REAS, factors necessitating the active promoti n
and de elopm nt of economically sound industry and commerce are
the in reasi g concentration of population in the metropoli an
areas nd th rapidly rising increase in the amount and cos of
govern ental services required to meet the needs of the
increa ed po ulation and the need for development of land u e
which ill p ovide an adequate tax base to finance these
increa ed co ts and access to employment opportunities for uch
popula ion; nd
WH REAS, The Port Authority of the City of Saint aul
(the " uthor ty" ) has received from Benson Investment, a
partne ship omprised of John F. Babler and James Goodoien
(herei after referred to as "Company" ) a request that the
Author' ty is ue its revenue bonds to finance the acquisitio ,
installation and construction of a 21 ,600 square foot
office/produ tion facility for sublease to Signdesign, Inc.
(hereinafter collectively called the "Project") at Empire
Builde Indu trial Park in the City of St. Paul, all as is ore
fully escri ed in the staff report on file; and
WH REAS, the Authority desires to facilitate the
selective de elopment of the community, to retain and impro e
its tax base and to help it provide the range of services a d
employ nt o portunities required by its population, and sa d
Project will assist the City in achieving that objective. aid
Project will help to increase the assessed valuation of the
City and hel maintain a positive relationship between asse sed
valuati n an debt and enhance the image and reputation of he
City; and
� � C���3y� �
WH REAS, the Project to be financed by revenue b nds
will r sult ' n substantial employment opportunities in the
Projec ;
WH REAS, the Authority has been advised by repre
sentat ves o the Company that conventional, commercial
financ ng to pay the capital cost of the Project is availa le
only o a li ited basis and at such high costs of borrowing
that t e eco omic feasibility of operating the Project woul be
signif'cantl reduced, but the Company has also advised thi
Author ty th t but for revenue bond financing, and its
result'ng lo borrowing cost, the Project would not be �
undert ken;
WFi REAS, Miller & Schroeder Financial, Inc. (the
"Under riter' ) has made a proposal in an agreement (the
"Underwritin Agreement") relating to the purchase of the
revenue bond to be issued to finance the Project;
WH EAS, the Authority, pursuant to Minnesota
Statute , Se tion 474.01, Subdivision 7b did publish a noti e,
a copy f whi h with proof of .publication is on file in the
office f the Authority, of a public hearing on the proposa of
the Com any t at the Authority finance the Project hereinbe ore
describ d by he issuance of its industrial revenue bonds; nd
WHE EAS, the Authority did conduct a public heari g
pursuan to s id notice, at which hearing the recommendatio s
contain d in he Authority' s staff inemorandum to the
Commiss oners were reviewed, and all persons who appeared a
the hea ing w re given an opportunity to express their views
with re pect o the proposal.
NOW THEREFORE, BE IT RESOLVED by the Commissioner
of the ort A thority of the City of Saint Paul, Minnesota a
follows-
1. On the basis of information available to the
Authorit it ppears, and the Authority hereby finds, that s id
Project const ' tutes properties, used or useful in connection
with one or m re revenue producing enterprises engaged in an
business with 'n the meaning of Subdivision la of Section 474 02
of the A t; t at the Project furthers the purposes stated in
Section 74.01 of the Act and, but for the willingness of th
Authorit to f rnish such financing, the Company would not
undertak the roject, and that the effect of the Project, i
undertak n, wi 1 be to encourage the development of
ecoriomic lly s und industry and commerce and assist in the
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preven ion o the emergence of blighted and marginal land, and
will h lp to prevent chronic unemployment, and will help t e
City t reta'n and improve its tax base and provide the ra ge
of ser ices nd employment opportunities required by its
popula ion, nd will help to prevent the movement of talent d
and ed cated persons out of the state and to areas within t e
state here heir services may not be as effectively used a d
will r sult n more intensive development and use of land
within the C ty and will e�entually result in an increase i
the City's t x base; and that it is in the best interests o
the po t dis rict and the people of the City of Saint Paul nd
in furtheran e of the general plan of development to assist the
Company in f'nancing the Project.
2. Subject to the mutual agreement of the
Authori y, t e Company and the purchaser of the revenue bon s
as to t e det ils of the lease or other revenue agreement a
defined in th Act, and other documents necessary to eviden e �
and eff ct th financing of the Project and the issuance of the
revenue bonds the Project is hereby approved and authorize
and the issua ce of revenue bonds of the Authority in an am unt
not to xceed approximately $740,000 (other than such
additio al re enue bonds as are needed to complete the Proj ct)
is auth rized to finance the costs of the Project and the
recomme datio s of the Authority's staff, as set forth in th
staff m moran um to the Commissioners which was presented to
the Com issio ers, are incorporated herein by reference and
approve .
3. In accordance with Subdivision 7a of Section
474.01 , inne ota Statutes, the Executive Vice-President of he
AUTHORIT is ereby authorized and directed to submit the
proposal for he above described Project to the Commissioner of
Energy a d Ec nomic Development, requesting his approval, an
other of icer , employees and agents of the AUTHORITY are•
hereby a thorized to provide the Commissioner with such
prelimin ry in ormation as he may require.
4. There has heretofore been filed with the
Authorit a fo m of Preliminary Agreement between the Author' ty
and Comp ny, r lating to the proposed construction and
financin of t e Project and a form of the Underwriting
Agreemen . Th forms of the agreements have been examined b
the Comm ssion rs. It is the purpose of the agreements to
evidence the c mmitment of the parties and their intentions
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with respect to the proposed Project in order that the Comp ny
may pro eed ithout delay with the commencement of the
acquisi ion, installation and construction of the Project w th
the ass ranc that there has been sufficient "official acti n" ,
under S ctio 103(b) of the Internal Revenue Code of 1954, s
amended to a low for the issuance of industrial revenue bo ds
(includ ng, i deemed appropriate, any interim note or note to
provide tempo ary financing thereof) to finance the entire ost
of the rojec upon agreement being reached as to the ultim te
details of th Project and its financing. Said Agreements re
hereby pprov d, and the President and Secretary of the
Authori y are hereby authorized and directed to execute said
Agreeme ts.
5. Upon execution of the Preliminary Agreement b
the Com any, he staff of the Authority is authorized and
directe to c ntinue negotiations with the Company so as to
resolve the r maining issues necessary to the preparation of
the leas and other documents necessary to the adoption by t e
Authorit of 'ts final bond resolution and the issuance and
delivery of t revenue bonds; provided that the President ( r
Vice-Pre ident if the President is absent) and the Secretary
(or Assi tant ecretary if the Secretary is absent) of the
Authorit , or ' f either of such officers (and his alternativ )
are abse t, th Treasurer of the Authority in lieu of such
absent o ficer , are hereby authorized in accordance with th _
, provisio s of innesota Statutes, Section 475.06, Subdivisio
1, to ac ept a final offer of the Underwriter made by the
Underwri er to purchase said bonds and to execute an
Underwri ing A reement setting forth such offer on behalf of
the Auth rity. Such acceptance shall bind the Underwriter to
said offer but shall be subject to approval and ratification y
the Port Autho ity in a formal supplemental bond resolution t
be adopte pri r to the delivery of said revenue bonds.
6. The revenue bonds (including any interim note r
notes) an int est thereon shall not constitute an
indebtedn ss of the Authority or the City of Saint Paul withi
the meani g of ny constitutional or statutory limitation and
shall not const ' tute or give rise to a pecuniary liability of
the Autho ity o the City or a charge against their general
credit or taxin powers and neither the full faith and credit
nor the t xing owers of the Authority or the City is pledged
for the p yment of the bonds (and interim note or notes) or
interest hereo .
4
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7. In order to facilitate completion of the rev nue
bond f'nanci g herein contemplated, the City Council is her by
reques ed to consent, pursuant to Laws of Minnesota, 1976,
Chapte 234, to the issuance of the revenue bonds (includin
any interim ote or notes) herein contemplated and any
additio al b nds which the Authority may prior to issuance r
from ti e to time thereafter deem necessary to complete the
Project or t refund such revenue bonds; and for such purpo e
the Exe utiv Vice President of the Authority is hereby
authori ed an directed to forward to the City Council capi s
of this resol tion and said Preliminary Agreement and any
additio al av ilable information the City Council may reque t .
8. The actions of the Executive Vice-President f
the Aut ority in causing public notice of the public hearin
and in escri ing the general nature of the Project and
estimat 'ng th principal amount of bonds to be issued to
finance the P oject and in preparing a draft of the proposed
applica ion t the Commissioner of Energy and Economic
Develop ent, tate of Minnesota, for approval of the Project,
which has bee available for inspection by the public at the
office f the Authority from and after the publication of
notice o the hearing, are in all respects ratified and
confirme .
Adopted eptem er 2 , 1985 :�
,
Attest � �
d nt
i The P rt Authority of the City
�" % of S int Paul
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PORT AUTH RITY OF E CITY OF SAINT PAUL TOLL FREE(8 ) 328-8417
1900 AMHO T TOWE • 345 ST. PETER STREET � ST. PAUL, MN. 55102 • PHONE(61 ) 224-5686
September 2, 1986
Mr. James Bell s, Director
Plannin and E onomic Development Department
City of t. Pa 1
14th Flo r, Ci y Hall Annex
St. Paul, Minn ota 55102
SUBJECT: BENSO INVESTMENT (SUBLEASE TO SIGNDESIGN, INC.)
$740, 00 REVENUE BOND ISSUE
Dear Jim
We submi herew th for your review and referral to the office of the M yor,
City Cou cil an City Attorney's office details pertaining to the issu nce
of $740, 00 in evenue bonds to finance the construction of a 21,600 s uare
foot off ce/pro uction facility for Benson Investment in Empire Builde
Industri 1 Park Benson Investment will sublease the building to
Signdesig , Inc
The Port uthor ty will submit an application for an industrial revenu
bond allo ation from the State of Minnesota Competitive Pool as the pr �ect
is indust ial. he City of Saint Paul's entitlement allocation will n t be
affected y this application.
The Port uthori y staff has conducted a thorough evaluation of the fi s
and/or in ividua s that are involved in this pro3ect or in which the
principal have n interest. This investigation has included detailed
credit an lysis, Dun and Bradstreet reports, direct communication with
represent tives f financial institutions with whom the participants ha e
done busi ess an data base checks to determine if any principal(s) hav
been in a y way nvolved in legal proceedings as a result of securities
fraud, ex ortion embezzlement or financial misrepresentation.
In additio to t e staff inemorandum, we are attaching a draft copy of t e
proposed C ty Co ncil resolution and a copy of Port Authority Resolutio
No. 2702 w ich a thorized the sale of revenue bonds in the amount of
$740,000.
Your exped tious andling of this matter will be appreciated.
�Yours truly,
EAK•ca ugene A. Kra t
cc. .Mayor atimer xecutive Vice President
EUGENE A KRAUT,C.I. �DBPIAL G.DUNSH ,C.I.D. CHARLFS M.TOWLE CLIFFORD E.RAMSTED,P.E. PERRV K.FEDERS C.P.A.
EXECUTIVE VICE PRESIDENT ASSt EC.VICE PRE DENT DIRECTOR OF INDUSTRIAL DEVELOPMENT CHIEF ENGINEER DIRECTOR OF FINANCE
RIC D A GIERDAL WILLIAM E.McGNERN ASST.TREASURER
PERN MANAGER DIRECTOR OF PUBLiC RELATIONS
COMMISSIONERS GEORGE W.WINTER WILLIAM LSON ARTHUR N.GOODMAN VICTOR P.REIM RAYMOND E.LANGEVIN CHRIS NICOS JEAN M.WEST
PRESIDENT VICE PRE ENT SECREiARV TREASURER COMMISSIONER COMMISSIONE COMMISSIONER
C.I.D. Certified Industrial Developer
. . . . �,r�-- - ����
: ✓�� ' � CITY OF SAINT PAUL
.��;,�. : .
:;iil [;i:ru OFFICE OF TAF CITY COIINCIL �
�ammitte� Repart
F':' anc� Mana �me�t & Personnel Committee.
SEPTEMBER 18, 1986
1. Approval o minut s from meeting held September 4, 1986. approved
2. Resolution mendi g the 1982 Capital Improvement Budget by transferring $560,000
from Metro arks rant (Battle Creek Park Reimbursement) to Log 4� Parks and
Recreation Cent al Service Facility (laid over from September 4, 1986).
approved ( -1, Re tman dissenting) � ;
3. Resolution. mendi the 1986 Capital Improvement Budget by adding $17,00 to
the Financi g Pla and to the Spending Plan for Park Nursery Tax Increme ts
(Edgcumbe C mmunit Recreation Center). approved
4. Resolution mendin the 1986 budget and adding $17,000 to the Financing lan �
� and to the pendin .Plan for City Property Management Fund - Building Re airs
(City Hall acade) approved �
5. Resolution endin the ]�986 budget and transterring $4,750 from Conting nt
Reserye to ivic 0 ganization Contribution. approved
6. Resolut�os � to the issuance of Port Authority Revenue Boads f'�• he
amc�qt atf � �,000 to finance con��truc�ion of an off�ce�/pradu��:'f�tciZ y
for Bens+�ic�:� vestm t in Empire Build�� Industrial Park. approved
7. Resolution c nsenti g to the issuance of Port Authority Revenue Bonds in he
amount of $9 5,000 o finance the construction of an office/production fa ility
for Glass Se vice C mpany in Energy Park. approved
8. Resolution e tablis ing the rate of pay for Administrative Assistant - Pu lic
Works Depart ent in the Salary Plan and Rates of Compensation Resolution n
Grade 16, Se tion I D 4, Professional Employees Supervisory Group. a ved
9. Resolution a thoriz ng a five-year lease agreement between the city and P rt
Crosby Associ tes ( hoist) on behalf of the Police Department for the
expansion of he Im ound Lot (laid over from September 4, 1986) . laid over indefinitely
10. Resolution au horiz'ng an agreement with Independent School District No. 6 5
whereby the S int P 1 Police Department will provide School Police Patrol
services duri g the 986-1987 school year. approved
11. Resolution au hox'izi g an agreement with the State Department of Health wh reby
the city will provid laboratory screening tests, health and risk reductio
counseling an physi ian referral services to individuals identified as be ng
at a high ris of de eloping Acquired Immune Deficiency Syndrome (AIDS).
approved
CTIY HALL SEVENTH FLOOR SAINT PAUI, MINNES TA 55102
ai�i6
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