86-1542 ` WHITE - CI7v CLERK �'
PINK - FINANCE G I TY OF SA I NT PAIT L Council
CANARV - DEPApTMENT � F11C NO• �
BLUE - MAVOR � �
' ou il Resolution � �;
Presente y � � �J '�
Referred To ' � Committee: Date a J�
Out of Committee By Date
VV�REAS:
1. On October 2 , 1986 the Port Authority of the City of Saint Paul pted
Resolution No. 2729 iving reliminary approval to the issuance of revenue bonds in the
initial principal t of 925,000 to finance the oonstruction of an 18,0 0 square foot
headquarters office, searc and service facility for Bay West, Inc. in ire Builder
Industrial Park. Mi er & hroeder Financial will underwrite the revenue nd issue for
a tenn of 30 years.
2. Laws bf Mi sota 1 76, Chapter 234, provides that any issue of re enue bonds
authprized by ;the Po Aut ity of the City of Saint Paul, shall be issuei only with the
oonsent of the City uncil f the City of Saint Paul, by resolution adopt in accordance
with law;
3. The P�ort Au hority f the City of Saint Paul has requested that t City Council
give its requi�site nsent suant to said law to facilitate the iss�nce f said revenue
bonds by the Fprt Au hority f the City of Saint Paul, subject to final app oval of tt�e
details of saiid iss by th Port Authority of the City of Saint Paul.
RESOLVED,� by th City cil of the City of Saint Paul, that in accor ance with Laws
of Minnesota ],976, C pter 34, the City Council hereby oonsents to the iss ce of the
aforesaid reveinue bo ds for the purposes described in the aforesaid Port Au h�rity
Resolution No.i 2729 the e ct details of which, including, but not limited to, provisions
relating to maturiti s, int rest rates, discount, rede�nption, and for the i suance of
additional bonds are to be etermined by the Port Authority, pursuant to re lution
adopted by thg Port uthori y, and the City Council hereby authorizes the i suance of any
additional bor�ds (in luding refunding bonds) by the Fort Authority, found b the Port
Authority to }�e nece sary f r carrying out the purposes for which tY�e afore aid bonds are
issued. '
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COUNCILMEN Requested by Department of:
Yeas Drew Nays �
N"°S'a In Favor 1�
Rettman
��
Sonnen , __ Ageinst BY
Tedesco
Wilson ' O� � t� Q
•° �(76 Form Appro by City Attorney
Adopted by Council: I Date �
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Certified Yass d by Co�uncil Sec etary BY
A
B�r
Approv by Mavor: Dat OV i r 1986 Appr ed by Mayor for Su mi ion to ouncil
_ _ sy
P�L s���� �`nUV ( �J 1986
� '- , DEPARTMENT, � ���/✓� NO O6O5s
� C.M.� Towle E.A. xraut � CONTACT
• 224-5686 ' PHONE
�t. 2�. �986 �� oATE ee� e .
,
ASSIGN NUNBER FOR R0 ING 0 D�R C 'i All Locations for Si ature :
1 Department Direc or 3 Director of Managemen Mayor `
Finance and Mana ement ervice �, Director � 4 City Clerk
Budget Director xE: S�a5,000 AEVENUE BO ISSUE
2 City Attorney � sAY w�sT zNC.
HAT WILL BE ACH.IEVE BY TA ING AC ION ON THE ATTACNED MAT�RIALS? (Purpose/
Rationale) :
The purpose of t e bond issue s to finance the construction of an 18,000 squa e foot
headquarters off ce, fe ear�h �d service facility for Bay West, Inc. in Empir Bui�de"r
Industrial Park.
OST BENEFIT BUDGET RY AND PERSON L IMPACTS ANTICIPATfD:
The amount of th reven e bond ti.ssue is $925,000 and will be'for a term of 30 ears.
There will be ap roxima ely 15 }�ew jobs created as a result of this project.
; �
F'INANCING SOURCE AND BUDGET ACTIVI NUf�ER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Tota1 Amount:of"T ansact on: N �, quired if under
" �10,00Q) .
Funding Source: _ .
Activity Number: .
ATTACHMENTS List an Numbe All A achments :
1. Staff Memora dum
2. Draft City C uncil esolut pn
3. P�rt Authari y Reso ution p. 2729 - :
cc. J. Shoholm
, . .
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DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resol tion R quired? ' Resolution Required? X es No
Yes x No Insura ce Req ired? ! Insurance Sufficient? ` es No
Yes x No Insura ce Att ched:
. : . : . .
(S E •REVE , E SIDE FOR INSTRUCTIONS)
Revised 12/84 �
_ .,,. ' . '
.. HOW TO USE TH$'GRE�i SI�ST � ` �
�.� , , •
The:GREEN SHEET has several PURPOSES: ' � � � � "
' 1. to assist in ,.routing documents and in secur.ing required siqnatures �
2. to brief the reviewers of docwdents on the impacts of approval �
3. to help`ensure that necessary su�pozt�.ng materials are. prepared, and, if .
. required, attached.
Providing complete inforsaa'tion under the liste� he$dings enables reviewers to make
decisions on the dxuments and eliminates follow-up contacts that may delay execution.
The COST/BENEFIT,. BUDGETARY AND PERSONNEL IMPACTS heading provides space to explain
� the cost/benefit aspects of the decision: Gosts and benefits related both to City
budget (General Fund and/or Special Funds) and to broader financial impacts (cost
to users, homeowners or other groups affected bp the action) . T3�e personnel i.mpact
is a description of change or shift of Full-Time Equivalent (FTE): positions. �
If a CONTRACT amount is less than $'10,000, the Mayor's signature is not required,
if the department director signs. A contract must always be first signed by the
outside agency before routing through City offices. � �
Below is the preferred ROUTING for the five most frequent types of documents:
. CONTRACTS (assw�es authorized budget euists) �
� 1. Outside Agency 4. Mayor
2. Initiating Departiaent 5. Finatice Director
3. City Attorney 6. Finance Accountinq
ADMINISTRATIVE ORDER (Budget Revision) ADMINISTRATIVE ORDERS (all others)
1. Activity Manager 1. Initiatinq Department
2. Department Accountant 2. City Attorney
3. Department Director 3. Director of Manaqement/Mayor :
4. Budget Director 4. City Clerk '
5. City Clerk �
6. Chief Accountant, F&MS
COUNCIL RESOLUTION (Amend. Bdgts./Accept. Grants) COUNCIL I2ESOLUTION (all �others)
1. Department Director 1. Initiating Departs�ent
2. Budget Director 2. City Attorney
3. City Atto�ney 3. Director of Management/Mayor
4. Director of Manaqen�nt/Mayor 4. City Clerk
5. Chair, Finance, Mngmt. & Personnel Cam. 5. City Council
6. City Clerk
7. City Council
8. Chief Accountant, �'&MS
SUPPORTING MATERIALS. In the ATTACHMENTS section, identify all attachments. If the
Green Sheet is well done, no letter of tranamittal need be included (unless siqninq � -
,
such a letter is one of the requested actfons) .
Note: If an agreement requires eviderice of insurance/co-insurance, a Certificate of
Insurance should be one of the attachments at time of routing.
Note: Actions which require City Council Resolutions includes
1. Contractual r.elationship aith another gover�nental unit. - �
2.. Collect�ve barqaininq �ontracts. • �
�3. Purchase, sale or lease of'land.
4. Iasuance of bonds by City. "
� 5. Eminent domain.
6. Assumption of liability by City, or qrantinq by City of indemnific�tion. :
7. Agreements with State or Feder�l Government under which they are providing �
funding.
8. Budqet amendments. . .
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PORT AUTHIORIN O THE CI OF SAINT PAUL TOLL FREE( 00)328-8417
1900 AMHOIST TO R • 345 ST. PETER STREET • ST. PAUL, MN. 55102 • PHONE( 12)224-5686
Octaber 21, 1986
Mr. Jaanes Bel us, Di ector C�� � S'
Planning and conami Developnent Department �
City of St. ul � o, �..�_
14th Floor, C'ty Hal Annex
St. Paul, Mi esota 55102
SUBJECI': BAY WEST, NC.
$92 ,000 BOND ISSUE
Dear Jim:
W�e su�mit her with f r your review and referral to the office of Mayor,
City Cc�uncil d Cit Attorney's office details pertaining to the i suance
of $925,000 i reven bonds to finance the construction of an 18,0 0
square foot h dqua ers office, research and service facility for y
West, Inc. in Empire Builder Industrial Park.
The Port Aut rity s aff has oonducted a thorough evaluation of the firms
and/or indivi uals t t are involved in this project or in which t
principals ha e an i terest. This investigation has included detai ed
credit analys s, Dun and Bradstreet reports, direct cannunication w'th
representativ s of f nancial institutions with whan the participant have
done �siness and da a base checks to determine if any principal(s) have
been in any w y invo ved in legal proceedings as a result of securi ies
fraud, extort on, zzlement or financial misrepresentation.
In addition t the s aff ine�orandum, we are attaching a draft oopy f the
proposed City Counci resolution and a vopy of Port Autlbrity Resol ion
No. 2729 whi h aut rized the sale of bonds in the amount of $925, 0.
Your expediti us han ling of this matter will be appreciated.
' Yours truly,
�ugene A. Kraut
EAK:ca Executive Vice President
cc. May�or Lat er
EUGENE A KRAUT,C.1.0. DONALD G. UNSHEE.C.I. . CHARLES M.TOWLE CLIFfORD E.RAMSTED.P.E. PERRV K.FEDERS C.P.A
EXECUTNE VICE PRESIDENT ASST.EXEC. CE PRESIDENT DIRECTOR Of INDUSTRIAL DEVELOPMENT CHIEF ENGINEER DiRECTOR OF FINANCE
ASST.TREASURER
RICHAR A GIERDAL WILLIAM E.McGNERN
PROPER MANf�ER DIRECTOR OF PUBLIC RELATIONS
COMMISSIONERS GEORGE W.WINTER LLIAM WIlSO ARTHUR N.GOODMAN VICTOR P.REIM RAYMOND E.LANGEVIN CHRI NICOSIA JEAN M.WEST
PRESIDENT CE PRESIDENT SECREfARV TREASURER COMMISSIONER COM ISSIONER COMMISSIONER
CJ.f�. Cr3rtifiaci Inciustrinl fk�valnnar
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� P �� R T �-�s��
� � � AUTHORITY
OF THE CITY OF ST. PA L
Memorandum
TO: B(Y�Rp OF ISSI ERS DATE: p�t. 16, 1986
(Oct. 21, 1986 ular Meeting)
FROM: C.M. Tawle
SUBJECT: BAY WEST, I C.
PUBLIC NG - P LIMINARY & UNDERWRITING AGREEMENTS
$925,000 - 76 IN TRIAL REVENUE BOND ISSUE
F1�IRE BUI R IN STRIAL PARK
RESO�UTION . 272
PUBLIC SALE HEARIN - SALE OF LAND
RESOLUTION . 273
1. '�'HF: C ANY
Bay Wes , Inc. is an enviror�mental services provider with cur ent
headqua ers o Grotto Street adjacent to Pierce Butler Road. Their
primary area o service is in consulting and training, hazar us waste,
groun ter, t nk testing and spill response.
The ny is the largest independent envirorBnental contract r in
Minnes a and s projects under way with 3M Canpany, Anderso Windaws,
IBM and Inger 11-Rand. They have undertaken consulting cont acts and
perfo d work for Honeywell, Control Data, the Soo Line Rail oad and
have an ongoin contract with the State of Minnesota for emer ency
servic .
They cu rently e�nploy 24 people and anticipate adding over 15 employees
within everal years. The can�any was organized in 1974 and s shown
excell t reve ue growth with revenues increasing frnm $1,500 000 in
1982 t a proj cted $2,450,000 in 1986.
2. THE P ECT
Bay Wes , Inc. is requesting financing for the construction o an
18,000 quare oot headquarters office, research and service acility
in Fmpi e Buil er Industrial Park on a site inmediately east f the
recent reha 'litated Burlington Northern Shops and adjacent to
�ackso Street They initially will occupy approximately 14, 00 square
�eet o this f cility and anticipate f illing the entire build ng in
three f ive ars.
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BOARD OF � SSION
October 16, 1 86
Page -2-
3. FINANCING
The propo ed fin ncing will be an 876 industrial revenue bond i ue for
a 30-year term w th the proceeds frcan the bond issue used as fo laws:
Construct on $840,000
Debt Servi ce Res rve - 0 -
Capitaliz d Inte est During Construction 37,000
Bond Iss nce Co ts 20,000
Bond Dis unt 28,000
TO►TAL $925,000
The debt rvice reserve is estimated to be $85,000 which the i ustry
will fina ce th gh a letter of credit.
The Port uthori y will receive earnings on the sinking funds a well
as ac�nini trativ fees based on a rate of 1$ per anni.en of the f ce
a�unt of the bo d issue through the term of the issue.
4. TE�tMS OF E
The Port uthori y will lease approximately 70,000 square feet f land
to the ny a a rate of $2 per square foot at 10$ interest ith the
actual la d rent based on $.2267 per square foot per year subje t to
fimal su ey wit options to purchase outlined below:
' Land Building
10 Ye rs $167,492.48 $92,500.00
20 Ye rs $119,637.48 $92,500.00
30 Ye rs $ 71,782.49 $92,500.00
5. UNIDERWRIT NG
Miller & chroed r Financial has agreed to undenarite a 30-year tax
exempt or taxabl bond issue at an interest rate to be set at t e t une
the bonds are so d. It will be necessary to apply to the State of
Minnesota for 1 allocation, and the industry will provide th
required $ depo it. If the allocation is received, w�e antici te the
bot�ds wil be so d at the regular November Board meeting.
6. RE)COi�'II�7 TIONS
The Distr'ct Co cil unanunously supports this project, and sta f has
in�ervi offi rs of the cx�npany, revie�wed their financial
statement and r oatmends approval of Resolution Nos. 2729 and 730.
C��lI':ca
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� 541I
Resolution No. ��
RESOLUTION OF
TH PORT AUTHORITY OF THE CITY OF SAINT PAUL
W EREAS the purpose of Chapter 474, Minnesota
Statutes, k own a the Minnesota Municipal Industrial Dev lop-
ment Act (h reina ter called "Act" ) as found and determine by
the legisla ure i to promote the welf are of the state by the
active attr ction and encouragement and development of ec nomi-
cally sound indus ry and commerce to prevent so far as po sible
the emergen e of lighted and marginal lands and areas of
chronic une ploym nt and to aid in the development of exi ting
areas of bl ght, arginal land and per�istent unemploymen ; and
W EREAS factors necessitating the active promo ion
and develop ent o economically sound induatry and commer e are
the iricreas ng co centration of population in the metropo itan
areas and t e rap oly rising increase in the amount and c st of
governmenta servi ces required to meet the needs of the
increased p pulat on and the need for development of land use
which will rovid an adequate tax base to finance these
increased c sts a d access to employment opportunities fo such
population; and
W EREAS The Port Authority of the City of Sain Paul
(the "Autho ity" ) has received from the Bay West, Inc.
(hereinafte refe red to as "Company" ) a request that the
Autho�ity i sue i s tax exempt or taxable revenue bonds t
finance the acqui ition, installation and construction of
facilitiea or th construction of an 18,000 square foot
headq�arter offi e, research and service facility ( herei after
collectivel call d the "Project") in Empire Builder Indu trial
Park in the City f St. Paul, all as is more fully descri ed in
the sttaff r port n file; and
W EREAS the Authority desires to facilitate th
selecttive d velop ent of the community, to retain and imp ove
its tax bas and o help it provide the range of services and
employment. pport nities required by its population, and aid
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, Project will a sist he City in achieving that objective. S id
Project will h lp to increase the assessed valuation of the
City and help ainta n a positive relationship between asses ed
valuation and ebt a d enhance the image and reputation of t e
City; and
WHER AS, t e Project to be financed by revenue bon s
will result in subst ntial employment opportunities in the
Project;
WHER AS, t e Authority has been advised by repre-
sentatives of he Co pany that conventional, commercial
financing to p y the capital cost of the Project is availabl
only on a limi ed ba is and at such high costs of borrowing
that the econo ic fe sibility of operating the Project would be
significantly educe , but the Company has also advised this
Authority that but f r revenue bond financing, and its
resulting low orrow ng cost, the Project would not be
undertaken;
WHER AS, M ller & Schroeder Financial, Inc. ( the
"Underwriter" ) has m de a proposal in an agreement (the
"Underwriting greem nt" ) relating to the purchase of the
revenue bonds . o be ssued to finance the Project;
��HER AS, t e Authority, pursuant to Minnesota
Statutes, Sect on 47 .01 , Subdivision 7b did publish a notic ,
a copy of whic with proof of publication is on file in the
office of the uthor ty, of a public hearing on the proposal of
the Company th t the Authority finance the Project hereinbef re
described by t e iss ance of its industrial revenue bonds; a d
WHER AS, t e Authority did conduct a public hearin
pursuant to sa d not' ce, at which hearing the recommendation
contained in t e Aut ority's staff inemorandum to the
Commissioners ere r viewed, and all persons who appeared at
the hearing we e giv n an opportunity to express their views
with respect t the roposal.
NOW, THERE ORE, BE IT RESOLVED by the Commissioner
of the Port Au horit of the City of Saint Paul, Minnesota a
follows:
1. On th basis of information available to the
Authority it a pears, and the Authority hereby finds, that s id
Project consti utes roperties , used or useful in connection
with one or mo e rev nue Producing enterprises engaged in an
business withi the eaning of Subdivision 1 (a) of Section
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474.02 of t e Act that the Project furthers the purpoaes
stated in S ction 474.01 of the Act and, but for the
willingnesa of th Authority to furnish such financing, t e
Company Wou d not undertake the Project, and that the eff ct of
the Project if u dertaken, will be to encouraqe the deve op-
ment df eco omica ly sound industry and commerce and assi t in
the prevent on of the emergence of blighted and marginal land,
and will he p to revent chronic unemployment, and will h lp
the City to retai and improve its tax base and provide t e
range of se vices and employment opportunities required b its
population� and w 11 help to prevent the movement of tale ted
and educate pers ns out of the state and to areas within the
state where their services may not be as effectively used and
will result in mo e intensive development and use of land
within the ity a d will eventually result in an increase in
the City's ax ba e; and that it is in the best interests of
the port di trict and the people of the City of Saint Pau and
in furthera ce of the general plan of development to asai t the
Compariy in inanc ng the Project.
2 Su ject to the mutual agreement of the
Authority, he Co pany and the purcha�ser of the revenue b nds
as to the d tails of the lease or other revenue agreement as
defined in he Ac , and other documents necessary to evid nce
and eEfect he fi ancing of the Project and the iasuance f the
revenue bon s, th Project is hereby approved and authori ed
and the iss ance f either tax exempt or taxable revenue nds
of the Auth rity n an amount not to exceed approximately
$925 ,000 (o her t an such additional revenue bonds as are
needed to c mplet the Project) is authorized to finance he
costs of th Proj ct and the recommendations of the Autho ity's
staff,i as s t for h in the staff inemorandum to the
Commissione s whi h was presented to the Commissioners, a e
incorporate here n by zeference and approved.
3 In accordance with Subdivi�ion 7a of Secti n
474.01, Min esota Statutes, the Executive Vice-President f the
AUTHORITY i here y authorized and directed to submit the
proposal fo the bove described Pzoject to the Commissio er of
Energy and conom c Development, requesting his approval, and
other off ic ra, e ployees and agents of the AUTHORITY are
hereby auth rized to provide the Commissioner with such
preliminary infor ation as he may require.
4 Th re has heretofore been filed with the
Authority a form f Preliminary Agreement between the Aut ority
and Company rela ing to the proposed construction and
financing o the roject and a form of the Underwriting
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, Agreement. T e for s of the agreements have been examined y
the Commissio ers. It is the purpose of the agreements to
evidence, the ommit ent of the parties and their intentions
with reapect o the proposed Project in order that the Comp ny
may proceed w' thout delay with the commencement of the
acquisit�ion, nstal ation and construction of the Project with
the assu'rance that here has been sufficient "official actio "
under Section 103(b) of the Internal Revenue Code of 1954, a
amended, to a low f r the issuance of industrial revenue bon s
(including, i deem d appropriate, any interim note or notes to
provide tempo ary financing thereof) to finance the entire c st
of the Projec upon agreement being reached as to the ultimate
details of th Project and its financing. Said Agreements a e
hereby approv d, an the President and Secretary of the
Authority are hereb authorized and directed to execute said
Agreements.
5. Upon xecution of the Preliminary Agreement b
the Company, he st ff of the Authority is authorized and
directed to c tinue negotiations with the Company so as to
resolve the r aini issues necessary to the preparation of
the lease and ther ocuments necessary to the adoption by t e
Authority of its fin 1 bond resolution and the issuance and
delivery of th reve ue bonds; provided that the President ( r
Vice-Pre�ident if th President is absent) and the Secretary
(or Assi$tant ecret ry if the Secretary is absent) of the
Authority, or if eit er of such officers (and his alternativ )
are abser�t, th Trea urer of the Authority in lieu of such
absent officer , are hereby authorized in accordance with th
provisions of innes ta Statutes, Section 475.06, Subdivisio
1, to accept a final offer of the Underwriter made by the
Underwriter to purch se said bonds and to execute an
Underwriting A reeme t setting forth such offer on behalf of
the Authority. Such acceptance shall bind the Underwriter t
said offer but shall be subject to approval and ratification by
the Port Autho ity i a formal supplemental bond resolution o
be adopted pri r to he delivery of said revenue bonds.
6. The r venue bonds (including any interim note or
notes) and int rest hereon shall not constitute an
indebtedness o the uthority or the City of Saint Paul with n
the meaning of any c nstitutional or statutory limitation an
shall not cons itute or give rise to a pecuniary liability o
the Authqrity r the City or a charge against their general
credit o� taxi g pow rs and neither the full faith and credi
nor the �axing power of the Authority or the City is pledge
for the @aymen of t e bonds (and interim note or notes) or
interest there n.
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. � 7 . In or er to facilitate completion of the reve ue
bond financin herei contemplated, the City Council is here y
, requested to c nsent, pursuant to Laws of Minnesota, 1976,
Chapter 234, the 'ssuance of the revenue bonds (includinq
any interim no e or otes) herein contemplated and any
addition�l bo s Whi h the Authority may prior to issuance o
from time to t'me th reafter deem necessary to complete the
Project or to refund such revenue bonds; and for such purpos
the Executive ice P esident of the Authority is hereby
authorizl�d an directed to forward to the City Council copie
of this resolution a d said Preliminary Agreement and any
additional av ilable information the City Council may reques .
8. The a tions of the Executive Vice-President o
the Authority in cau ing public notice of the public hearing
and in descri ing th general nature of the Project and �
estimating th prin ipal amount of bonds to be issued to
finance khe P ject nd in preparing a draft of the proposed
application t the mmissioner of Enerqy and Economic
Development, S ate o Minnesota, for approval of the Project
wh�ch has been avail ble for inspection by the public at the
office of the uthor' ty from and after the publication of
notice of the ea�in , are in all respects ratified and
confirmed.
Adopted October 21 , 986 -
/
Attest ,, ;.�
- -�- t -- -
r-� The Port Authority of the City
�, of Sai Paul
S
�}�uil-. Sec e ry
5
� ' C �� C[e+.�-�
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. n! CIT OF SAINT PAUL
i'siii�i i:iil ' O � OF TH� CITY COUNCIL
ammittee ReFort
�:i� � ce ana me�t & Personnel Committee.
xov�r�x 6, i9s�
1. Approval of minutes rom mee ing held October 30, 1986. approved
2. Resolution establish'ng the ate of pay for Parking Enforcement Officer in
Grade 17, Section I 1 of e Salary Plan and Rates of Compensation
Resolution. a rov d
3. Resolution amending he 198 budget by adding $10,200 to the Financing Plan
and to the 5pending lan fo Special Projects - Police - Employees Assistan e
Program. a roved
4. Resolution amending he 198 budget by adding �115,000 to the Financing Pla
and to the Spendi,ng , lan fo Sperry/Union Brass Dislocated Worker Project.
- approved �
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5. Resolution consentin to th approval of Port Authority Revenue Bonds in
the amount of �'$925,0 0 to f nance construction and headquarters office for
Bay West Inc. , in Em ire Bu lder Industrial Park. approved
6. Administrative Order :
D-8145: Authorizati n of p yment to Mercury Ma.rine for training parts
and tools r lative to Watergate Marina. discussed
D-8148: Additions o $7,73 .40 to the contract for Como Golf Clubhouse
site improv ments golf course reconstruction. laid over 11/13
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CTTY HALL S FLOOR SAINT PAUL, MIN ESOTA 55102
�m re