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85-822 WHI7E - CITV CIERK PINK - FINANCE G I TY O F SA I NT PA LT L Council CANARV - DEPARTMENT File NO• ��_�� BLUE - MAVOR � ; --. C �ncil Resolution � , - Presente By �� , � � i '�r C� �/ Referre To �I`l N,�}IJL.� Committee: Date � '�� Out of Committee By Date ' WHEREAS: 1. On May 24, 1985 the Port Authority of the City of Saint Paul adopted Resolution No. 2474, giving preliminary approval to the issuance of revenue bonds in the initial principal amount of $1,985,000 to refund and discharge the Housing and Redevelopment Authority Note issued on December 21, 1983 in the amount of $2,500,000 and to otherwise provide funds for the acquisition and rehabilitation of the lower level and first floor (approximately 25,000 square feet total) of the Blair House, formerly the Angus Hotel, located at the southwest corner of Selby and Western Avenue in St. Paul for the Blair Arcade Limited Partnership. The partnership is composed of John Rupp, developer and general partner, and 10 limited partners. Miller & Schroeder Municipals has agreed to underwrite the revenue bond issue for a term of 30 years. , 2. 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; 3. 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, sub�ect 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 j Resolution No. 2474, 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. COUNCILMEN Requested by Department of: � Yeas ��eW Nays �� Masanz � [n Favor �- � N�cosia �� ' i � �' _ Against BY ; �Seftnern '" ' Tedesco � ' .-��+►- JUN 1 8 1985 Form Appro `d by City�►ttorney Adopted by Council: Date �� II Certified Ya s b Council S ta By �— I By I !#pproved by � vor: at �-1�-��'�UN 1 8 19�p d y Mayor for Sub � io �to Councii � By PU�►SNEU ,!U(�� 2 � 1°B5 � � � I St. Paul Port Authority DEPARTMENT, U�'�✓��NO 225 C.M. Towle, E.A. Kraut CONTA�CT�� 224-5686 PHONE May 24, 1985 DATE i ��r� e� A GN NUh�ER FOR ROUTING ORDER Cli All Locations for Si nature : epartment Director 3 Director of Management/Mayor ' Finance and Management Services Director � City Clerk T Budget Director RIATR ARCADF ITMTTE� PARTNERSHIP � City Attorney �1;985�000 REV Nl1F BOND T S I WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/ Rationale) : The purpose of the revenue bond issue is to finance the acq�lisition and rehabilitation of the first floor and lower level (approximately 25,000 square feet total) of the Blair House, formerly the Angus Hotel , located on the southwest corner of Western Avenue and Selby in St. Paul for th��Blair Arcade Limited Partnership. The partnership is composed of John Rupp, developer and general partner, and 10 limited partners. COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED: The amount of the revenue bond issue is $1 ,985,000 and will be for a term of 30 years. There will be 90 new jobs created as a result of this project. �� R� ��- M �c`';�''�. � -� � �_ qy2� � �iq y�� /98S FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: �, " F s signa- t�not re- Total Amount of Transaction: quired if under $10,000) Funding Source: Activity Number: ATTACHMENTS (List and Number All Attachments) : l . Staff Merr�randum 2. D�aft City Council Resolution 3. Port Authority Resolution No. 2474 � cc. R. Thorpe DEPARTMENT REVIEW CITY ATTORNEY REVIEW X Yes No Council Resolution Required? Resolution Required? X Yes No Yes X No >' Insurance Required? Insurance Sufficient? �Yes No Yes X No Insurance Attached; (SEE REVERSE SIDE FOR INSTRUCTIONS) Revised 12/84 HOW TO USE THE GREEN SHEET The GREEN SHEET has several PURPOSES: l, to assist in routing documents and in securing required signatures 2. to brief the reviewers of documents on the impacts of approval 3. to help ensure that necessary supporting materials are prepared, and, if required, attached. Providing complete information 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 heading 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 (cost to users, homeowners or other groups affected by the action) . The personnel impact 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 x�ot 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 (assumes authorized budget exists) 1. Outside Agency 4. Mayor 2. Initiating Department 5. Finance Director 3. City Attorney 6. Finance Accounting ADMINISTRATIVE ORDER (Budget Revision) ADMINISTRATIVE 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 Director 4. City Clerk 5. City Clerk 6. Chief Accountant, F&M5 COUNCIL RESOLUTION (Amend. Bdgts./Accept. Grants) COUNCIL RESOLUTION (all others) l. Department Director 1. Initiating Department 2. Budget Director 2. City Attorney 3. City Attorney 3. Director of Management/Mayor 4. Director of Management/Mayor 4. City Clerk 5. Chair, Finance, Mngmt. & Personnel Com. 5. City 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 such a letter is one of the requested actions) . Note: If an agreement requires evidence 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 include: 1. Contractual relationship with another governmental unit. 2. Collective bargaining contracts. 3. Purchase, sale or lease of land. 4. Issuance of bonds by City. 5. Eminent domain. 6. Assumption of liability by City, or granting by City of indemnification. 7. Agreements with State or Federal Government under which they are providing funding. 8. Budget amendments. � , . . � �'.�_�� '� � � '� � 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 24, 1985 � I, Mr. James Bellus, Director Planning and Economic Development Department City of St. Paul 14th Floor, City Aall Annex St. Paul, Minnesota 55102 SUBJECT: BLAIR ARCADE LIMITED PARTNERSHIP $1,985,000 REVENUE BOND ISSUE � I i Dear Jim: � , Sometime ago your Development Department recommended that John Rupp explore with the Port Authority the possibility of financing Blair Aouse which had previously received an inducement resolution and bond sale resolution from the Housing and Redevelopment Authority for its rehabilitation. Following that request from your staff, we have undertaken a thorough review and evaluation of the project, have had James McComb do a full analysis of the market and have reached the conclusion that the project as you originally concluded has merit and that we have, as the attached Port Authority resolution indicates, received approval from our Board of Commissioners to finance the pro�ect with our 876 credit bonds. �� We, therefore, submit herewith for your review and referral to the office I! of the Mayor, City Council and City Attorney's office details pertaining to the issuance of $1,985,000 revenue bonds to finance the acquisition and , rehabilitation of the lower level and first floor (approximately 25,000 I square feet total) of the Blair House, formerly the Angus Hotel, located on j the southwest corner of Western Avenue and Selby in St. Paul for the Blair Arcade Limited Partnership. The partnership is composed of John Rupp, developer and general partner, and 10 limited partners. , i ; I i :UGENE A KRAUT,C.I.D. DONAID G.DUNSHEE,C.I.D. CHARLES M.TOWLE CUFFORD E.RAMSTED PERRY K.FEDERS EXECUTIVE VICE PRESIDENT ASSL EXEC.VICE PRESIDENT DIRECTOR OF INDUSTRWI DEVELOPMEM CHIEF ENGINEER DIRECTOR OF FINANCE � C.E.O. RICHARD A GIERDAL WILLIAM E.McGIVERN PROPERN MANAGER pIRECTOR OF PUBLIC REIATIONS �OMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N.GOODMAN VICTOR P.REIM RAYMOND E.LANGEVIN CHRIS NICOSIA JEAN M.WEST PRESIDENT VICE PRESIDENT SECREfARV TREASURER COMMISSIONER COMMISSIONER COMMISSIONER C.I.D. Certified Industrial Developer , , , . . � ��'�--�-��- � / � �I Mr. James Bellus I May 24, 1985 � Page —2— '' The Port Authority staff has conducted a thorough evaluation of the firms and/or individuals that are involved in this pro�ect or in which the principals have an interest. This investigation has included detailed , credit analysis, Dun and Bradstreet reports, direct communication with ! representatives of financial institutions with whom the participants have I done business and data base checks to determine if any principal{s) have ', been in any way involved in legal proceedings as a result of securities I fraud, extortion, embezzlement or financial misrepresentation. �I In addition to the staff inemorandum, we are attaching a draft copy of the I�, proposed City Council resolution and a copy of Port Authority Resolution ' No. 2474, which authorized the sale of revenue bonds in the amount of $1,985,000. Your expeditious handling of this matter will be appreciated. Yours truly, � i � � Eugene A. Kraut � EAK:ca �Executive Vice President I cc. Mayor Latimer 1' � . � , C� �� PORT � � � � AUTH4RITY OF THE CITY OF ST. PAUL Memoraedum � i TO: BOARD OF COMMISSIONERS DATE: May 20, 1985 � �� ( ` �' i FROM: C.M. Tow SUBJECT: BLAIR ARCADE LIMITED PARTNERSHIP PUBLIC HEARING — PRELIMINARY AND UNDERWRITING AGREEMENT $1,985,000 RESOLUTION 876 REVENUE BOND ISSUE OFF—SITE RESOLUTION N0. 2474 PUBLIC HEARING — CREATION OF INDUSTRIAL DEVELOPMENT DISTRICT RESOLUTION N0. 2475 � � PUBLIC HEARING — SALE OF LAND RESOLUTION N0. 2476 1. THE PROJECT The Blair Arcade Limited Partnership has requested that the Port Authority finance the acquisition and rehabilitation of the lower lev and first floor of the Blair House, formerly the Angus Hotel, locate on the southwest corner of Selby and Western Avenue. The space to% acquired contains approximately 25,000 square feet and will be subdivided into retail shops and a restaurant. The floors above */ converted to 44 condominium units several years ago and all are occupied. i The majority of the retail space has tenant commitments and wi' occupied by a musical instrument store, an English furniture ' an ice cream store, hair salon, and deli, etc. The general r John Rupp who will own and operate the Hyde Park Restaurant lease approximately 7,000 square feet of the first floor an level. Mr. Rupp anticipates there will be 60 employees in the re 25 employed by the other commercial tenants with five fu� maintenance for a total of 90 new jobs. 2. THE PARTNERSHIP Mr. Rupp, who is the developer and general partner of Limited Partnership, has 10 limited partners with a worth in excess of $100 million who have pledged to � ��,�-�� BOARD OF COMMISSIONERS May 20, 1985 Page -2- to the partnership. The partnership has received $300,000 to date and is scheduled to receive $200,000 on June 30, 1985, with $150,000 to be received on September 1, 1985 and the balance in increments of $50,000 on March 1 of 1986, 1987, and 1988. Mr. Rupp is a proven developer in the Hill District and as a restauranteur owns and operates W.A. Frost, situated across the street from the project, the Commodore, Not Exactly Charlies in the Minnesota Building and recently acquired the University Club. 3. MARKET STUDY AND APPRAISAL James B. McComb and Associates did a "Retail Market Analysis - Selby Western Area" in 1981, and this study is being updated in light of a variety of new developments in the area as well as the Blair Arcade pro�ect. Mr. McComb has advised that "the demographics and income characteristics of the Selby and Western trade area have improved significantly since our last study. In the next two years, we believe the market exists to support an additional 40,000 to 60,000 square feet of additional restaurant and specialized retail space". Dahlen & Dwyer, Inc. , an MAI appraisal firm, has appraised the two _ floors of the project "when complete" at $2,800,000. 4. FINANCING Financing for the project will be through a $1,985,000 industrial development revenue bond issue for a 30-year term. Proceeds of the bond issue will be as follows: Building Acquisition and Rehabilitation $1,800,000 Debt Service Reserve (Funded in Cash by General Partners) (200,000) Capitalized Interest During Construction - 6 Months 104,000 Bond Issuance Cost 22,500 Bond Discount 58,500 TOTAL $1,985,000 The 10 limited partners will contribute�$800,000 in cash toward the project which will in part fund the debt service reserve. To be assured that the $350,000 in additional syndication proceeds will be forthcoming, Mr. Rupp will provide a letter of credit in this amount which will be reduced upon receipt of the syndication funds. The Blair Arcade project is about one half complete. The $1,800,00 in bond proceeds will be disbursed as follnws: 7 ' , . . . ��,r��.- . - BOARD OF COMMISSIONERS May 20, 1985 Page —3— Pay Off First Mortgage $707,000 Personal Loan From Rupp 82,000 Paid to Early Contract Holders 70,000 Current Accounts Payable 41,000 Total $900,000 The $900,000 balance available will be utilized for construction with $100,000 being segregated into a contingency fund which will be used for lease—up expenses, miscellaneous operating expenses, unusual and extraordinary construction expenses and leasehold improvements for various tenants. As this is a non—recourse limited partnership, additional credit enhancement will be provided by a guarantee of the cash flow from the W.A. Frost Restaurant. This varies from $100,000 to $150,000 a year on a consistent basis, and restrictions will be placed on his ability to make capital expenditures or in any way dilute this cash flow. If Mr. Rupp elects to sell W.A. Frost, he will provide a $100,000 letter of credit which will remain in force for five years. The Housing and Redevelopment Authority arranged for a private placement with the Northwestern National Bank of St. Paul in the amount of $2,500,000 for this project. The issue was never funded, and it is still outstanding. As this was originally issued in 1983, there were no tenant commitments at that time nor were there any details available relative to specific costs of rehabilitation. The bond issue interest rate was to float with prime. Mr. Rupp felt he could do better with long—term fixed rate financing and subsequently brought in his limited partners and requestd Port Authority financing. The Port Authority will receive its usual and customary fiscal and administrative fees as well as full earnings on the sinking fund. 5. UNDERWRITING Miller & Schroeder Municipals have agreed to underwrite the bond issue at an interest rate to be set the date the bonds are sold. We anticipate this will be at our regular June Commission meeting. 6. RECOrIl�iENDATIONS Staff has interviewed the developer, reviewed the financial statements and with the partnership contribution, the letters of credit and cash flow guarantee, we are confident that our position is adequately covered. Staff recommends approval of Resolution Nos. 2474 , 2475 , and 2476 which approve the Preliminary and Underwriting Agreements, Creation of Industrial Development District and Public Sale Hearing respectively. CMT:ca Attach. � � � �-�� r Resolution No. a� R�SOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS, the purpose of Chapter 474, Minnesota Statutes, knawn as the Minnesota Municipal Industrial Develop- ment Act (hereinafter called "Act" ) as found and determined by the legislature is to promote the welfare of the state by the active attraction and encouragement and develop�nent 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 econo�nically 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 received from Blair Arcade Limited Partnership (hereinafter referred to as Company )• a request �� that the Authority issue its revenue bonds to provide funds to refund the $2, 500,000 Commercial Develop�nent Revenue Note of 1983 previously issued by the Housing and Redevelop�nent Authority of the City of Saint Paul and to otherwise finance the acquisition and renovation of the lower level and first floor of the Blair House (formerly the Angus Hotel) (hereinafter collectively called the "Project" ) at the southwest corner of Selby and Western Avenues in the City of St. Paul, all as is more fully described i.n the staff report on file; and 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 Project will assist the City in achieving 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, co�nercial 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 econoamic feasibility of operating the Project 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 Municipals, Inc. (the "Underwriter") has made a proposal in an agreement (the "Underwriting Ag reement" ) relating to the purchase 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 Authority finance the Project hereinbefore described by the issuance of its industrial revenue bonds; and � WHEREAS, the Authority did conduct a public hearing pursuant to said notice, at which hearing the recon�nendations contained in the Authority' s staff inemorandum to the Conunissioriers were reviewed, and all persons who appeared 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: - 1. On the basis of information available to the Authority it appears, and the Authority 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 2 - - . ��s�.�� 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 Project, and that the effect of the Project, if undertaken, will be to encourage the developanent of economically sound industry and commerce and assist in the prevention of the emergence of blighted and marginal land, and will help to prevent chronic unemployment, and will help the City to retain and improve its tax base and provide the range of servic.es 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 develop4nent 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 general plan of developdnent to assist the Company in financing the Proiect. 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 $1, 985,000 (other than such additional revenue bonds as are needed to complete the Project) is authorized to finance the costs of the Project and the recommendations of the Authority' s staff, as set forth in the staff inemorandum to the Commissioners which was presented to the Commissioners, are incorporated herein by reference and approved. 3. In accordance with Subdivision 7a of Section 474.01, Minnesota Statutes, the Executive Vice-President of the AUTHORITY is hereby authorized and directed to submit the proposal for the above described P=oject to the Conanissioner of Energy and Economic Development, requesting his approval, and other officers, employees and agents of tHe AUTHORITY are hereby authorized to provide the Commissioner with such preliminary information as he may require. 4• There has heretofore been filed with the Authority a form of Preliminary Agreement between the Authority and Company, relating to the proposed construction and financing of the Project and a form of the Underwriting . 3 . A9reement. �e fo ' U—OS �°�°2 the Comaissioners, � °f' said A evidence rt is the gre�ents have been the CO�itment o P��°Se of said A e��lned by with respect to f the parties gre�ents to maY proceed the pr°posed Project in o der e1r lntentions Without delay with t h e th$t acquisition, installation a �e Company �ommencement of the the assurance that there hasdbconstru�tion of under Section 103 een sufficient '��e PrO�ect with aiaended, to allowCb� of the Internal official (includin fOr the Revenue C�e o action" 9, if deemed a lssuance of industrial f 1954, as provide tempara Ppr�P=iate, � revenue bonds of the pro�eCt �I' financin Y interim note or notes to g thereof) to finaace details of the p=ojectra aent being reached as tohe entire cost hereby aPPreved, and lts financin . �e ultimate Authority are here �e President and seCreta d `�re�ents are Agreements. �' authorized and directed � °f the to execute said 5' UP°n execution of �e CO�anY. the staff the Prelimina directed to of the Authorit �' A9reement by Redevelo �a� enter into ne y are authorized and pment Authorit g�tiations with t execution of a Y of the City of Saint pau1 Housing and Authorit ]oint ��ers agre�ent a re9ardin �b) contiriue lssue �'�Ond$ to refund uthorizin g the the outstandin the Po� rAmaining issu�°tiations with the Cc g HRA Note and other documents necessaa� to tlze �any s� as to its final bond resolution PreParation o resolve the ry to the adoption b f the lease and revenue bonds; and the issuance y the Auth°rity of if the preSident rovided that the President and delivery of the Secretary if the Secretary�isnd the Secreta (�r Vl��President either of such o absent) of t � ��r As$lstant Treasurer fficers (and his he Authorit hereb �f the Authorit alternative) are absent�r lf y authorized in accordaa+ce w th f such • the Miruzesota St abaent officers final offer ofutes, Section 475.06 �e Provisions of ' are Purchase �e Underw ' Su�ivision 1, to accept a said b riters made by the Underw setting forth su�h offerto execute a riters to acce on behal f o n undez,,vriting agreement ptance shall bind t f �e Authorit be subject to a he Unde�riters Y• Such ' in a fo�al s PProval and ratification b said offer but shall the delive upPl�ental bond resolution tothe Port rY of said revenue bonds. Authority be adopt� prior to 6' The reve notes) and interest nue bonds (including an indebtedness o thereon shall not constitu e.lan erim the meanin f the Authorit note or shall g °f any constitutional the City of Saint P not constitute or ar statuto aul within the Authority or the Cit gl�e rise to a �' l�itation and Y or a char Pecuniary liability of ge against their general 4 � • . . . l%/`- �.J��" ► i ' 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 coanpletion 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 fraa 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 Ag reement and any additional available information the City Council may zequest. S. The actions of the Executive Vice-President of the Authority in cau�ing 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 Project and in preparing a draft of the proposed � application to the Conmtissioner of Energy and Economic Development, 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. Adopted May 24, 1985 ,�. ��,�� i '��, Attest / �:��%�.-,� - —� ,1��-.-.-- �J<<t Pres3dent �-- � The Port Authority of the City /� of Saint Paul etary 5 , . . .... , __.� -- .- i::=�"�;�� ITY Oz .SAINT��'�.av� ��,��a }?''V'F�.�---�� F•J� • � . . .. f_�:��.�<>��k:�l orrrcr o� ��Frr ci��.� coII��ctz. � � '�.11 5�.� �fj�,=1;� �`-�� _ '. . S. �• �� c{ . . . . . ;.- ' : /: D Q i'e : JUNE 13 r I9 8 5 ?�.��,,� '`�-;� . �,::-. . .;.<- . . . �:y.7rj�. . . � . . . ' •f:.�.- . . . , COMI�EI!TEE f� EPO � T i (J = Sasn� P��t I Ci�1 Cou ��I . � . F P � I�f� ' C�I'+1•rl I i i�° p�? FINANCE, MANAGEMENT & PERSONNEL � ' ' C�-i A I R JAMES SCHEIBEL _ ! . Approval of minutes from meetings held June 6 and June 7, 1985. 2. Ordi�ance amending the Civil Se*-vice Rules pertaining to six unciassifie� positions in the Department ofi Planning and Econamic Development ancs str i k i ng i n i ts ent i rety Sect i on 34.C. {personnel )1 n t� � r, y� J- j ry��,�� ^�f-t t��'I� t�(�� t,l 3. Reso 1 u t i an amen d i ng t he 1 9 8 5 bu dge t an d a d d i ng $4 7,4 5 5 to t he F i nanc i n g(,G�1 Z(,� �j� Plan and to the Spending Plan for Public Health Nutrition/Public Health. �, �` � (Community Services) �j _G� �� ':� �7/—"p,�'!l�'G( ��c.u�� . 4. Resolution adopting an amendment to the St. Paul Capitai Allocation /� � Pol icy 1986-1987. (PEt7} �� L��7NJ�'�: ��'�J�'��%��-. . ._.__ 5. Resolution consenting to tKe �issuance of Port Authority Revenue Bonds in the amount ot= $1, 175,OQ0 to finance new pollution controi eq 'pment for � FTA Systems, incorporated in Energy Park. (P�rt Authority) ��L,�� 6. Resotution consenting to� the issuance of Port Authority Industrial Revenue . Boncss in the amount of $900,000 to finance remoc2eling to the former Car- _ - doza Warehouse at Fifth 8� 8roadway for MarketHouse Limited Partner5hip . (Por� Authority) � y�l� 6ve� 1 Lv�� r--/7 - 7. Resolution consenting to *_he issuance of Port Authority Revenue Boncis in thz amount of $470,000 to finance construction ot= a building in Riverview Industr' 1 Park for Nan�C. and Sue F. Liu. (Part Authorit�/) ��zl�� . � 8. Resoluti n consenting to the issuance of Por� Authorit�/ Revenue Bonds in the amount of $Z,�00,000 to finance the purchas� of the former Norzh- wester Bel Telephone Company Building at 223 Plato Boutevard. (P.A.� 9. Pu�l ri� on iti�en Partici�ation budgets - ��.�ro�� NOT ON P�',EPARED AGEiVDA: Resolution transferring $77,976 to the project to reconstruct Hamline Avenue from Hoyt to Larpenteur. �/J, ��,J�l��- �j"� U Resol tio��r�ns erring $126 ,000 to the illmore Avenue P roject. �� Resol�" o transferrin $132,000 to the White Bear Ave. Paving Project �� l��. � C.� HALL /�g�VENTFi FLOOR SAINT P��UL.;1tI�tiESOT.•�55IO2 . � �, �ITTEE REPORT � j � �.�- �� ' .�ANCE, MANAGEMENT & PER50NNEL _ JNE 13, 19 8 5 � Page 2 Resolution transferring $375,000 to the Ford Parkway improvement project.. ' � � J f�%G�'L'C G� Ordinance adding Margaret Sadler to the examining committee �or -the position of Personnel Director. ��rG�� "��o�^htion. consenting the issuance of Port Authority Revenue � Bonds �,�, the approximate amount of $2,000 ,000 to finance i BY�i��I��a� �.m�rov�nents. �f'l'��'L'<�U�-- -