86-1663 �NHITE - CITV CLERK .
PINK - FINANCE G TY O F SA I NT PA U L Council �
CANARV - DEPARTMENT File NO. `� �
BLUE - MAVOR
, ncil Resolution
.
Presented By
Referred To Committee: Date
Out of Committ e By Date
" Wf�REAS:
1. On r 6, 198 , the Port Authority of the City of Saint Paul dopted
l�esolution No. 2768 g ving p eluninary approval to the issuance of revenue nds in the
initial princi 1 aQno t of 75,000 to finance the extension of District H ting lines by
District Heatir�g Deve opnent anpany to serve business and industry in Dmpir Builder
Industrial Park,. Mil er & S roeder Financial has agreed to underwrite the evenue bond
issue for a te�nn of 2 years.
2. The Port Aut rity the City of Saint Paul has suL-mitted an a�li tion for an
industrial revenue bo d all tion fran the State of Minnesota Canpetitive 1 as an
entitic�nent allocatio was secured for this project.
3. Laws f Minn sota 1 76, Chapter 234, provides that any issue of re nue bonds
authorized by he Po Autho ity of the City of Saint Paul, shall be issued nly with tY�e
oonser� of the ity C uncil f the City of Saint Paul, by resolution adopted in acaordance
with law;
4. The rt Au rity the City of Saint Paul has requested that the City Council
give its requi ite oo sent p suant to said law to facilitate the issuance o said revenue
bonds by the P rt Aut rity the City of Saint Paul, subject to final appr val of the
details of sai issue by the rt Authority of the City of Saint Paul.
RESOLVED, the City ncil of the City of Saint Paul, that in accor nce with Laws
of Minnesota 1 76, C pter 2 4, the City Council hereby consents to the iss ce of the
aforesaid reve e bon s for purposes described in tY�e aforesaid Port Aut rity
Resolution No. 2768 e exac details of which, including, but not limited t , provisions
relating to matluritie , inte st rates, discount, rede�nption, and for the is uance of
addit�c�al bonds are o be d ternnined by the Port Authority, pursuant to re lution
adopted by the Port A thorit , and the City Council hereby authorizes the is uance of any
additional bonds (inc uding efunding bonds) by the Port Authority, found by the P+�rt
Authority to be� neces ary fo carrying out the purposes for which the afores id bonds are
issued.
COUNCILME[�t � Requested by Department of:
Yeas Nays �
Drew�"'
Nicosia [n Favor
Rettman
Scheibel
Sonn�� _ Ageinst BY
Tedesco
Wilson DC 181986
Form Approved by City Attorney
Adopted hy ouncil: Date
Certified P�s ou o',il S t BY
By
Approv by A�lavor. e �" .^-• � Approved by Mayor for Submission to Cou cil
By _ By
UBIISHED J A N 1 0 1987
st. Paul,Port Authority DE PARTMENT ��1��6 N� �s��U 1
C.M: Towle, E.A. xraut CONTACT
224- 6 PHONE ��
Dec. 9 1986 DATE e Q,
ASSIGN NUhB ER FOR ROUTING 0 DER C i All Locations for Si nature :
1 Department Director 3 Director of Management Mayor
Finance and Management ervice Director � 4 City Clerk
Budget Director xE: 9� 00 REVENUE so D zssuE
2 City Attorney DISTRICT HEATING DE ELOPMENT CO.
WHAT WILL BE ACHIEVED BY TA ING AC ION ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
This bond issue will rep ce a d'rect Port Authority loan to District Heating D velopment.
Company to extend Distri Heati g lines to serve business in Empire Builder In ustrial
Park and specifically Ec omics abs who requested District Heating service.
The above bond issue wil be co idered by the Port Authority Board of Commissi ners on
Tuesday, Dec. 16, 1986.
COST BENEFIT BUDGETARY AND PERSON L IMPACTS ANTICIPATED:
The amount of the revenue bond i sue is for $975,000 and will be for a term of 0 years.
The Port Authority will s mit a application for bond allocation to the State f Minnesota
Competitive Pool as an e itleme t allocation was not secured for this project.
FINANCING SOURCE AND BUDGET ACTIVI NUMBER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of"Transacti n: N A quired if under
- �i o,000)
Funding Source:
Activity Number: .
ATTACHMENTS List and Numbe Al1 At achments :
1. Port Authority Resolu ion No 2694
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
Yes No Council Resolu ion Re uired? � Resolution Required? es No
Yes No Insurance Required? Insurance Sufficient? es No
Yes No Insurance Atta hed:
(SE •REVER E SIDE FOR INSTRUCTIONS)
Revised 12/84
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565A '
I
Resolution No. �?/- 9
' RESOLUTION OF
I! THE RT AU HORITY OF THE CITY OF SAINT PAUL
WHER AS, t e purpose of Chapter 474, Minnesota
Statutes, kno as t e Minnesota Municipal Industrial Develop
ment Act (here nafte called "Act" ) as found and determined b
the legislatur is t pramote the welfare of the state by the
active attract on an encouragement and developaent of econom'-
cally so4nd in ustry and commerce to prevent so far as possib e
the emer ence f bli hted and marginal lands and areas of
chronic nempl yment and to aid in the development of existin
areas of bligh , mar inal land and persistent unemployment; a d
WHE AS, f ctors necessitating the active promotion
and deve opmen of e onomically sound industry and conanerce a e
the incr asinq conce tration of population in the metropolita
areas an the apidl rising increase in the amount and cost f
governme tal s rvice required to meet the needs of the
increased' popu ation and the need for developnent of land use
which wil'l pro ide a adequate tax base to finance these
increased cost and ccess to employment opportunities for su h
population; an
WHE AS, i an effort to attempt to meet the needs n
the City of Sa'nt Pa 1, the Port Authority of the City of Sai t
Paul (the "Aut ority" � has previously acquired land now
identified as he Em ire Builder Ind�ustrial Park for
development an leas to commercial and industrial enterprise ;
and `
1 WHE AS, th Authority has received from the Distri t
Heating velo ent rporation ("DHDC" ) , a request that the
Authority issu its venue bonds (which may be in the form o
a single ote) to fi nce the acquisition, installation and
construction o facilities for the extension of the St. Paul
district eati syst into F�npire Builder Industrial Park
(hereinaf er c llecti ely called the "Project" ) in the City o
St. Paul, all s is m re fully described in the staff report n
file; and,
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WHE AS, t e Authority desires to facilitate the
selective deve opmen of the community, to retain and improve
its tax base a d to elp it provide the range of services and
employment opp rtuni ies required by its population, and said
Project will a sist he City in achieving that objective. Sa'd
Project will h lp to increase the assessed valuation of the
City and help ainta n a positive relationship between assess d
valuation and ebt a d enhance the image and reputation of th
City by increa ing t e marketability of land in the Dmpire
Builder Indust ial P rk ; and
WHE AS, t e Project to be financed by revenue bond
will result in subst ntial employment opportunities in the
Project;
WHE AS, t e Authority has been advised by repre-
sentativ�s of he Co pany that conventional, com�aercial
financing to p y the capital cost of the Project is available
only on a limi ed ba is and at such hiqh costs of borrowiny
that the econ ic fe sibility of operating the Project would e
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;
WHE AS, t e Authority has reviewed the
reconnnendation cont ined in the Authority's staff inemorandum
to the Commiss oners.
NOW, THERE RE, BE IT RESOLVED by the Commissioners
of the Port Au horit of the City of Saint Paul, Minnesota as
follows:
1. On th basis of infonaation available to the
Authority it a pears, and the Authority hereby finds, that sa d
Project consti utes operties, used or useful in connection
with one or mo e rev ue producing enterprises engaged in any
business withi the aning of Subdivision 1 of Section 474. 0
of the Act; th t the Project furthers the purposes stated in
Section 474.01 of th A�ct and, but for the willingness of the
Authority to f rnish such financing, the Company would not
undertake the roject, and that the effect of the Project, if
undertaken, wi 1 be t encourage the development of
economically s und in ustry and connaerce and assist in the
2
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prevention of the e rgence of bliqhted and marqinal land, d
will help to reven chronic unemployment, and will help the
City to retai and rove its tax base and provide the rang
of services a d emp oyment opportunities required by its
population, d wil help to prevent the movement of talente
and educated erson out of the state and to areas within th
state where t eir s rvices may not be as effectively uaed an
will result i m�re intensive developmeat and use of land
within the Ci y and will eventually result in an increase in
the City's ta base and that it is in the best interests of
the port dist ict a d the people of the City of Saint Paul a d
in furtheranc of e general plan of development to assist he
Cvmpany in fi ancin the Project.
2. Subj ct to the mutual agreement of the
Authority, th Comp ny and the purchaser of the revenue bond
as to the det ils o the lease or other revenue agreement as
defined in th Act, and other documents necessary to evidenc
and effect th fina cing of the Project and the issuance of he
revenue bonds the roject is hereby approved and authorized
and the issua ce of revenue bonda of the Authority (which ma
be in the for of a sinqle note) in an amount not to eaceed
approaimately $550, 00 (other than such additional revenue
bonds as are eeded to complete the Project) is authorized t
finance the c sts o the Project and the reconaaendations of e
Authority's s aff, s set forth in the staff inemorandum to t e
Commissioriera which was presented to the Conmiaaioners, are
incorporated erein by reference and approved.
3. The taff of the Authority is authorized and
directed to c ntinu negotiations with the Co�apany so as to
resolve the i sues ecessary to the preparation of the lease
and other doc ents ecessary to the adoption by the Authori y
of its final nd r solution and the issuance and delivery o
the revenue nds; rovided that the President (or
Vice-Presiden if t President is absent) and the Secretary
(or Assistant Secre ary if the Secretary is absent) of the
Authority, or if ei er of such officera (and his alternativ )
are absent, e Tre urer of the Authority in lieu of such
absent office s, ar hereby authorized in accordance with th
provisions of Minnes ta Statutas, Section 475.06, Subdivisio
1, to accept final offer of the Underwriter made by the
Underwriter t purc ae said bonds and to eaecute an
Underwriting reeme t setting forth such offer on behalf of
the Authority. Such acceptance shall bind the Underwriter t
said offer bu shall be subject to approval and ratification y
the Port Auth rity i a formal supplemental bond resolution o
� be adopted pr r to he delivery of said revenue bonds.
3
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� 4. The r venue bonds ( including any interim note r
notes) a d int rest hereon shall not constitute an
indebted ess o the thority or the City of Saint Paul withi
the mean ng of any c nstitutional or statutory limitation and
shall no cons itute or give rise to a pecuniary liability of
the Auth rity r the City or a charge against their general
credit o taxi g po rs and neither the full faith and credit
nor the axing power of the Authority or the City is pledyed
for the aymen of t e bonds (and interim note or notes) or
interest there n.
5. In or er to facilitate completion of the reven e
bond �inancing herei contemplated, the City Council is hereb
requested to c nsent, pursuant to Laws of Minnesota, 1976,
Chapter 234, t the ' ssuance of the revenue bonds (including
any interim no e or otes) herein contemplated and any
additional bon s whi h the Authority may prior to issuance or
from time to t'me th reafter deem necessary to complete the
Project ar to efund such revenue bonds; and for such purpose
the Execujtive ice esident of the Authority is hereby
authorize and direc ed to forward to the City Council copies
of this r solu ion a any additional available information t e
City Council m y req est.
Adopted J ly 2 , 1986 '
.
,, �
Attest ' '
Presi en
� The Port Authority of the City
/ � � of Sa i Paul
,/� ; �
-�' , ,�L
- Secretary �
�
4
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. . ""^ C TY OF SgIiYT P�.UL
sli;t!r O � ,
' :ii� t;i.t . CE O�' TSE CITY COIINCII.
,
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Committee �eport
��:i�aance Man eme�.t � ersa neI Can�nr�itt �
e�.
DECEh�ER 11, 1986
1. Approval oi min tes fr m meeting held November 26, 1986. a roved
2. Resolution cons nting o the issuance of Port Authority Revenue Bonds
in the amount o $25,0 0,000 to finance the purchase of two office bu ldings
from Space Cent r Inc. approved
3. Resolution appr ving t e issuance of Port Authority Revenue Bonds in he
amount of $628, 00 to inance the construction of an office, manufact ring
and warehouse f cility for S & S Partnership in Riverview Industrial ark.
approved
4. Resolution amen ing th 1986 budget by adding $46,623 to the Financin Plan
. • and to �ttie Spen ing P1 n .fo•r General Gover�ment Accounts = Housing In ormation
Office: a ved ' ' � • • �
__ . . _
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� � 5.. -Resolution amen ing th 1986 bud et b addin
. g Y g $28,630"-to-�the Financim Plan --
and to the Spen ing P1 n for General Fuad - Finance and Management Se ices -
Housing Informa ion. Of ice. approved � '
6. Resolution amen ing th 1986 budget by adding $4,000 to the Financing Plan
�and to the Spen ing P1 n for City Attorney � Outside Servi�es. a roved
7. Resolution amen ing th 2986 budget by adding $20,000 to the Financin Plan
and to the Spen ing P1 for Parks and Recreation - Private Donations -
� .avproned
'� 8. Resolution amen ing th 1986 budget bq addin
g $42,938 to the Financin Plan
and to the Spen in� P1 n - Police Accreditation. approved
9. Resolution amen ing th 1986 budget hy adding $l+2,938 to the Financin Plan
and to the Spen ing P1 n for Special Projects - Police Accreditation. approved
� � I0. Resolution amen ing th 1986 budget by adding $118,910 to the Financi g Plan
and to the Spen ing P1 for Public Works - Engineering. a rove
11. Resolution appr ing t e 1986-1989 Maintenance Labor Agreement betwee
'Independent Sch ol Dis ict 625 and Plasterers Local No. 20. a ro d
12. Resolution amen ing th 1986 budget by transferring $28,000 from Cont ngent
Reserve to Comm ity S vices - Public Health for the Lead Study Prog am.
�proved
C`n I�'I'I' FLOOR S�1Il�i'I'PAUL.b . , OTA SSI02
i
� ..t ��- ���.,�-�� � (� � _ �-��� �
..GEMENT & PERSO EL CO ITTEE
_ - _� 1986 . � ,/y�',�
13. Resolution autho izing a agreement between the city of Saint Paul, Div sion
of Public Health and the Ramsey Courity Public Health Department whereby the
County will prov'de publ'c health nursing and interpreter services to a sist
the city in cond cting i s Lead Screening Program. avnroved
14. Resolution appro ing the 1986 Memorandum of Agreement between Independe t ,
School District o. 625 nd Tri-Council General Drivers Local No. 12�.
a roved
15. Resolution accep ing the donation of $11,227.39 and depositing same in rust
Fund for operati n of t Como Zoo for the maintenance and operation of
Como Zoo.
�
HEARD UNDER SUSPENSIO OF RU S
16. Resolution appro ing th issuance of Port Authority Revenue Bonds in th
amount of $3,950 000 to inance the acquisition and rehabilitation of t e
Saint Paul Build ng for the Lancer-Saint Paul Building Partnership. pa sed out w/o
re ommendation
17. Resolution appro ing th issuance of Port Authority Refunding Bonds to efund
the $5.8 million HRA Co erci�l Development Revenue Bonds, Series, 1982, for .
the Hill Plaza & Associ tes prqject. passed out without recommendation
. 18... $a�al�. �„asueaee af :Pwb�t °Autho"rity�Revenue '�trds f�",_;
-. _
amount. of ,�' S, `t;j¢., �4�.�.B�$,�xi� , loan to District
i �u:µ.
He��3.�g� e, . to extend District Heattl�g Iiaes �a ea�rve '
bus�a� Empi e Buil er Industrial Park�'(��bt�tre�i�..�.sbs). ``' -- d
r_