85-1103 WHITE - CITV CLERK
PINK - FINANCE GIT OF SAINT PAUL Council
CANARV - OEPARTMENT
BIUE - MAVOR File NO. _ //��
� .Co �l Resolution
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Presented By
�ferre o � ��—�—� Committee: Date �'—$���a
Out of Committee By Date
WHEREAS:
1. On July 30 1985, the ort Authority of the City of Saint Paul adopted Resolution
No. 2497 giving pr liminary ap roval to the issuance of revenue bonds in the initial
principal amount of $1,540,000 o finance the acquisition and rehabilitation of the 93,960
square foot industr al building at 150 Eva Street in Riverview Industrial Park, St. Paul,
Minnesota, for Rive iew Indust ial Center Partnership. The partnership is comprised of
H & D Investments, nc. , a real estate holding company, and CSM Corporation, a real estate
operating, manageme t and holdi g company. Miller & Schroeder Municipals has agreed to
underwrite the reve ue bond iss e for a term of 30 years.
2. Laws of Mi nesota 1976 Chapter 234, provides that any issue of revenue bonds
authorized by the P rt Authorit of the City of Saint Paul, shall be issued' only with the
consent of the City Council of he City of Saint Paul, by resolution adopted in accordance
' with law;
3. The Port A thority of he City of Saint Paul has requested that the City Council
give its requisite onsent purs ant to said law to facilitate the issuance of said revenue
bonds by the Port A thority of he City of Saint Paul, sub�ect to final approval of the
details of said iss e by the Po t Authority of the City of Saint Paul.
RESOLVED, by t e City Coun il of the City of Saint Paul, that in accordance with Laws
of Minnesota 1976, hapter 234, the City Council hereby consents to the issuance of the
aforesaid revenue b nds for the purposes described in the aforesaid Port Authority
Resolution No. 249 the exact etails of which, including, but not limited to, provisions
relating to maturit es, interes rates, discount, redemption, and for the issuance of
additional bonds a e to be dete mined by the Port Authority, pursuant to resolution
adopted by the Por Authority, nd the City Council hereby authorizes the issuance of any
additional bonds ( ncluding ref nding bonds) by the Port Authority, found by the Port
Authority to be ne essary for c rrying out the purposes for which the aforesaid bonds are
issued.
COU[VC[LMEN
Yeas Nays Requested by Depar ent of:
Drew '
Masanz �_ n Favor
Nicosia
Scr,e�bei _ � __ gainst BY
Sonnen
Tedesco
Wilson AUG 1 5 t985 Form Approved by City Attorney
Adopted by Council: Dat
r\
Certified Pas e y ouncil Se ry B'� � -
g.,
Appro y IVlavor: Date � � 1985 Appro by Mayor for Submi n t Cpuncil
By _ BY
PUBLISN D AU� 2 �� 1985
St. Paul Por't Atx�ri E PARTMENT ����03 Np 2��J
QN�'ACT.
HONE
J 30 1 ATE �Qj�� e e
ASSIGN NUMBER FOR ROUTING ORDER (Cli All Locations for Si nature :
1 Oepartment Director � Director of Management/Mayor
Finance and Managemen Services D rector 4 City Clerk
Budget Director R,IVERVg�nT IlJDUgTRIAL C�11�ER pz��RSHIp
2 City Attorney $1,540,000 REVII�I[IE BCI�ID IssvE
WHAT WILL BE ACHIEVED BY AKING ACTIO ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
The pur�ose of tt�e re ue bond iss is to finance the aoquisiticn ar�d rehahilitation of
the '93,96Q square f industxial ui.iding at 150 Eva Street ,in Riverview Industrial Park
for th� Riv�rview Ind i,al Center Par�ership. The partnership is ca�rised of Ii & D
Invest�nts, Inc., a r 1 estate hc� ding car�any, and CSM Corporatian, a real estate
aperat�ng, mana�ent holding c y.
COST/BENEFIT, BUDGETARY D PERSONNEL IMPACTS ANTICIPATED:
'The aarr�unt of the reven bor�d iss is $1,540,000 and will be for a tenn of 30 years.
There wi11 be approxima ly;�pp n�w obs created as a result of this project.
Th� bui.lding will be co verted into a mutti-t�enant office/warehouse_ �nd iight industria.l
manufacturing facility. The Einerg Ftutid 5ervices (Food Bank) has agreed to lease 40,000
square feet in tl�e buil ' g, and will hav� 25 c�nployees. When fully occupied, it is
estimated that total layment in buiTdir�g will exceed 100.
FINANCING SOURCE AND BUDG T ACTIVITY UMBER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transa tion: quired if under
$10,00Q)
Funding Source:
Activity Number:
ATTACHMENTS List and Num er All Atta hments :
1. Staff Merr�randun
2. Draft City Council solution
3. Port Authority Reso ution No. 2 97
oc. R. Tlr�rpe
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Res lution Requi ed? Resolution Required? �Yes No
Yes X No Insurance R quired? Insurance Sufficient? x Yes No
Yes X No Insurance A tached:
(SEE REVERSE IDE FOR INSTRUCTIONS)
Revised 12/84
� O R '� � . � �,C-��= i�o.�
' AUTHORI Y �
OF THE CITY OF ST. PAUL
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Memorandum
TO: BOARD OF COMM SSIONERS �A�� July 25, 1985
(July 30, 1 85 Special eeting)
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FROM: C.M. Towle `
SUBJECT: RIVERVIEW INDISTRIAL CEN R PARTNERSHIP
PUBLIC HEARIN — PRELIMIN RY AND UNDERWRITING AGREEMENTS
$1,540,000 RE ENUE BOND I SUE
RIVERVIEW IND STRIAL PARK
- RESOLUTION NO 2497
PUBLIC HEARIN — SALE OF AND
RESOLUTION N0. 2498
ASSIGNMENT OF LAND LEASE
RESOLUTION N0. 2499
1. THE PROJE T
The Rive iew Indust ial Center Partnership has asked the Port
Authorit to finance the acquisition and rehabilitation of the 93,960
square f ot industri 1 building at 150 Eva Street in Riverview
Industri 1 Park form rly occupied by Widman Manufacturing Company.
The buil ing has bee vacant since early 1984, and the Riverview
Industri 1 Center Pa tnership is planning to convert this building into
a multi— enant offic /warehouse and light industrial manufacturing
building The Emerg ncy Fund Services (Food Bank) Board of Directors
has give preliminar approval to lease 40,000 square feet in the
building and they w 11 have 25 employees.
The deve opers are w rking with a printing company, an auto parts
company nd several ther light manufacturers and anticipates having
the majo ity of the uilding leased within several months. With the
building fully occup ed, we estimate total employment will exceed 100.
2. THE DEVE OPER
The Rive iew Indust ial Center Partnership will be owned by H & D
Investme ts Inc. (95 ) and CSM Corporation (5�). H & D Investments is
a real e tate holdin company, and CSM is Mr. Gary Holmes real estate
operatin , managemen and holding company. CSM recently acquired the
U.S. Ste 1 property n University Avenue. The developers have
extensiv experience in the leasing and ownership of multi—tenant
office/w rehouse fac lities and should have little difficulty in
obtainin tenants fo this building.
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BOARD OF COMMI�SSIONERS
July 25, 1985 !
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3. FINANCINGI
The acquis�ition and r habilitation will be financed through the
issuance qf an 876 in ustrial revenue bond in the estimated amount of
$1,540,OOd.
The procedds of the b nd issue will be a follows:
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Acquisiti n $1,135,000
Remodelin� 265,000
Debt Servi ce Reserve (Funded by Company) (160,000)
Construct on Period I terest 71,000
Bond Issu nce Cost 23,000
Bond Disca�unt 46,000
TOTAL '� $1,540,000
The debt aervice rese ve will be funded by an irrevocable letter of
credit; a�d for addit'onal security, the developer will provide either
a letter f credit or assignable bank certificates of deposit in the
amount of $125,000 un il such time as the building debt service and
operating expenses ar covered by tenant lease payments where the
tenants a e establish d companies and have a minimum of three—year
leases Tt�is $125,000 security with the debt service reserve provides
an initial� equity in he project of 18.5% of the bond issue.
The fundsjprovided fo remodeling will be released for major building
and requi�ed tenant i provements which will add value to the project
and provic�e additiona security. H & D Investments, Inc. and CSM will
guarantee �the lease j intly and severally.
The prope�'ty was appr ised by Dahlen & Dwyer in 1982 for $1,700,000,
and this �ppraisal wa confirmed by Muske and Associates in January of
this year.
The Port uthority wi 1 receive its usual and customary fiscal and
administr tive fees a well as earnings on the sinking fund. The
developer will have t e option to buy the pro�ect at 10 and 20 year
intervals at 10% of t e bond issue plus retirement of outstanding bonds
and at th conclusion of the lease for 10% of the bond issue.
About hal of the lan under the building is leased from the Port
Authority at an annua rent of $4,941.84, and this land lease will be
assigned o the devel per.
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BOARD OF COMMI SIONERS
July 25, 1985
Page -3-
4. UNDERWRITI G
Miller & S hroeder Mun cipals have agreed to underwrite the 30-year
bond issue at an inter st rate to be set the date the bonds are sold.
We anticip te this wou d occur at our regular August Commission
meeting.
5. RECOrIlKENDA IONS
Staff has nterviewed fficers of the companies involved, reviewed the
financial tatements a d recommends approval of Resolution Nos. 2497 ,
24gg, and 499 which a prove the preliminary and underwriting
agreements the assign ent of the land lease and the sale of land
respective y.
CMT:ca
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RESOLUTION OF
'1�HE FORT AU HORITY OF THE CITY OF SAINT PAUL
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EREAS, t e purpose of Chapter 474, Minnesota
Statutes, own as t e Minnesota Municipal Industrial Develop-
ment Act ( ereinafte called "Act") as found and determined by
the legisl ture is t promote the welfare of the state by the
active att action an encouragement and development of economi-
cally sou industry and canmerce to prevent so far as possible
the emerge ce of bli hted and marginal lands and areas of
chronic un ployment and to aid in the develop�nent of existing
areas of b ight, mar inal land and persistent unemployment; and
EREAS, f ctors necessitating the active promotion
and develo ent of onomically sound industry and coannerce are
the increa ing conce tration of population in the metropolitan
areas and he rapidl rising increase in the amount and cost of
goverrnnent 1 service required to meet the needs of the
increa�ed ulation and the need for development of land use
which will provide adequate tax base to finance these
increased o�ts and ccess to employment opportunities for such
population and
REAS, e Port Authority of the City of Saint Paul
(the "Auth rity") ha received fraa the Riverview Industrial
Center Par nership ( ereinafter referred to as "Company" ) a.
request th t the Aut ority issue its revenue bonds to finance
the acquis tion and enovation of the 93 ,960 square foot
industrial building urrently located at 150 Eva Street
(hereinaft r collect vely called the "Project" ) in Riverview
Industrial Park in t e City of St. Paul, all as is more fully
described n the sta f report on file; and
EREAS, t e Authority desires to facilitate the
selective evelopmen of the community, to retain and improve
its taa ba e and to elp it provide the range of services and
employment opportuni ies required by its population, and said
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Project. ' l1 assis the City in achieving that objective. Said
' Project ill help o increase the assessed valuation of the
, City and help main ain a� positive relationship between assessed
valuatio and �ebt and enhance the image and reputation of the
City; an ���=//O 3
WHEREP,S, the Project to be financed by revenue bonds
will res lt in subs antial employment opportunities in the
Pro j ect; I
� WHEREAS, he Authority has been advised by repre-
sentative of the C pany that conventional, comtnercial
financing to pay th capital cost of the Project is available
only on a limited b sis and at such high costs of borrowing
that the conomic f asibility of operating the Project would be
signific tly reduc , but the Company has also advised this
Authority that but or revenue bond financing, and its
resulting law borro ing cost, the Project would not be
undertake ;
� WHEREAS, iller & Schroeder Municipals, Inc. ( the
"Underwri er") has ade a proposal in an agreement (the
"Underwri ing Agre ent" ) relating to the purchase of the
revenue nds to be issued to finance the Project;
WHEREAS, he Author�ity, pursuant to Minnesota
Statutes, Section 4 4.01, Subdivision 7b did publish a notice,
a copy of which wit proof of publication is on file in the
office of the Autho ity, of a public hearing on the proposal of
the Compa y that th Authority finance the Project hereinbefore
described�by the is uance of its industrial revenue bonds; and
WHEREAS, he Authority did conduct a public hearing
pursuant o said no ice, at which hearing the recoanmendations
contained in the Au hority' s staff inemorandum to the
Commissio ers were eviewed, and all persons who appeared at
the heari g were gi en an opportunity to express their views
with resp ct to the proposal.
NOW, THE FORE, BE IT RESOLVED by the Commissioners
of the Po Authori y of the City of Saint Paul, Minnesota as
follaws:
1. On t e basis of information available to the
Authority it appears, and the Authority hereby finds, that said
Project c nstitutes roperties, used or useful in connection
with one o more rev nue producing enterprises engaged in any
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, business within th meaning of• Subdivision 1( a) of Section
474.02 o the Act; th�t the Project furthers the purposes ��Jr_//03
• stated i� Section 74.01 of the Act and, but for the
willingn�ss of the Authority to furnish such financing, the
Company ����uld not dertake the Project, and that the effect of
the Proj ct, if un ertaken, will be to encourage the develoir
ment of conomical y sound industry and commerce and assist in
the prev ntion of t e emergence of blighted and marginal land,
and will help to p Qvent chronic unemployment, and will help
the City to retain nd improve its tax base and provide the
range of services d employment opportunities required by its
papulatio , and wil help to prevent the movement of talented
and educa ed person out of the state and to areas within the
state whe e their s rvices may not be as effectively used and
will rasu t in more intensive development and use of land
within th City and will eventually result in an increase in
the City'� taa base and that it is in the best interests of
the port �iistrict a d the people of the City of Saint Paul and
in furthe ance of t e general plan of development to assist the
Company i financin the Project.
� 2. Subj ct to the mutual agreement of the
Authority� the Co�np ny and the purchaser of the revenue bonds
as to the details o the lease or other revenue agreement as
defined i the Act, and other documents necessary to evidence
and effec the fina cing of the Project and the issuance of the
revenue nds, the roject is hereby approved and authorized �
and the i suance of revenue bonds of the Authority in an amount
not to ex�eed appro imately $1, 540,000 (other than such
additiona revenue onds as are needed to canplete the Project)
is author�zed to fi ance the costs of the Proj�ct and the
recammend tions of he Authority' s staff, as set forth in the
staff m randum to the Commissioners which was presented to
the Commi sioners, re incorporated herein by reference and
approved•
3 . In a cordance with Subdivision 7a of Section
474.01, M'nnesota S atutes, the Executive Vicr President of the
AUTHORITY is hereby authorized and directed to submit the
proposal r the abo e described Project to the Commissioner of
Energy an Economic evelopment, requesting his approval, and
other offi ers, empl yees and agents of the AUTHO RITY are
hereby au orized to provide the Commissioner with such
prelimina informat'on as he may require.
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4. The e has l�reretofore been filed with the 1,��5 //03
� � Authorit a fornn .o Preliminary Agreement between the Authority
� and Comp ny, relat' ng to the proposed construction and
financi of the P oject and a form of the Underwriting
Agreemen . The fo of said Agreements have been examined by
the C�rea ssioners. It is the purpose of said Agreements to
evidence the ca�ami ent of the parties and their intentions
with res ect to th proposed Project in order that the Company
may proc ed withou delay with the commencement of the
acquisit'on, insta lation and construction of the Project with
the ass ance that there has been sufficient "official action"
under S tion 103( ) of the Internal Revenue Code of 1954, as
' amended, to allow r the issuance of industrial revenue bonds
( includi , if de appropriate, any interim note or notes to
provide emporary f'nancing thereof) to finance the entire cost
of the Pr ject upon agreement being reached as to the ultimate
details o the Proj ct and its financing. � Said Agreements are
hereby ap roved, an the President and Secretary of the
Authority are hereb authorized and directed to execute said
Agreement .
I5. Upon execution of the Preliminary Agreement by
the Canpa y, the st ff of the Authority are authorized and
directed o continu negotiations with the Company so as to
resolve t e remaini g issues necessary to the preparation of
the lease and other documents necessary to the adoption by the
Authority of its fi al bond resolution and the issuance and
delivery f the rev nue bonds; provided that the President (or
Vice-Pres dent if t e President is absent) and the Secretary
(or Assis ant Secre ary if the Secretary is absent) of the
Authority or if ei her of such officers (and his alternative)
are absen , the Tre surer of the Authority in lieu of such
absent of icers, ar hereby authorized in accordance with the
provision of Minne ota Statutes, Section 475.06, Subdivision
1, to acc pt a fina offer of the Underwriters made by the
Underwrit rs to pur hase said bonds and to execute an
underwrit'ng agreem nt setting forth such offer on behalf of
the Autho ity. Suc acceptance shall bind the Underwriters to
said offe but shal be subject to approval and ratification by
the Port thority 'n a formal supplemental bond resolution to
be adopt prior to the delivery of said revenue bonds.
6. The evenue bonds ( including any interim note or
notes) a interest thereon shall not constitute an
indebtedn ss of the authority or the City of Saint Paul within
the meani of any c nstitutional or statutory limitation and
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shall no constitu e or gi�e rise to a pecuniary liability of
' � the Auth rity or t e City, or a charge against their general ��✓�/�p
• � credit o taxin g wers and neither the full faith and credit 3
nor the axing pow rs of the Authority or the City is pledged
for the yment of the bonds (and interim note or notes) or
interest thereon.
�i 7. In rder to facilitate coanpletion of the revenue
bond fin ncing her in contemplated, the City Council is hereby
requeste to conse t, pursuant to Laws of Minnesota, 1976,
Chapter 3 4, to th issuance of the revenue bonds ( including
any inte im note o notes) herein contemplated and any
addition bonds w ich the Authority may prior to issuance or
from timq to time ereafter deesn necessary to complete the
Project to refu such revenue bonds; and for such purpose
the Exec tive Vice resident of the Authority is hereby
authoriz and dire ted to forward to the City Council copies
of this esolution nd said Preliminary Agreement and any
addition availabl information the City Council may request.
8. The ctions of the Executive Vice-President of
the Autho ity in ca sing public notice of the public hearing
and in de cribing t e general nature of the Project and
estimatin the prin ipal amount of bonds to be issued to
finance t e Project and in preparing a draft of the proposed
applicati n to the ommissioner of Energy and Economic
Developm t, State f Minnesota, for approval of the Project,
which has been avai able for inspection by the public at the
office of the Autho ity from and after the publication of
notice of the heari g, are in all respects ratified and
confirmed
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Adopted J�ly 30, 19 5
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Attest II � �
President ,
The Port Authority of the City
� , .�; of Saint Paul
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PORT AUTHOR TY OF THE ITY OF SAINT PAUL TOLL FREE(800) 328-8417
' 25 WEST FOURT STREET • S ITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5b86
� July 30, 1985
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Mr. James Be�lus, Direct r
Planning and Economic De elopment Department ����
City of St. aul �f .
14th Floor, ity Hall An ex '�1;
St. Paul, Mi nesota 551 2 ` �' "'
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SUBJECT: RI RVIEW INDU TRIAL CENTER PARTNERSHIP
$1,540,000 REV UE BOND ISSUE
Dear Jim:
We submit her with for yo r review and referral to the office of the Mayor,
City Council nd City Att rney's office details pertaining to the issuance
of $1,540,000 in revenue onds to finance the acquisition an�
rehabilitatio of the 93, 60 square foot industrial building at 150 Eva
Street into a multi-tenan office/warehouse and light manufacturing
facility for he Rivervie Industrial Center Partnership. The partnership
is comprised f H & D Inv stments, Inc. , a real estate holding company, and
CSM Corporati n, a real e tate operating, management and holding company.
The Port Auth rity staff as conducted a thorough evaluation of the firms
and/or indivi uals that a e involved in this pro�ect or in which the
principals ha e an interest. This investigation has included detailed
credit analysis, Dun and radstreet reports, direct communication with
representatives of financi 1 institutions with whom the participants have
done business nd data bas checks to determine if any principal(s) have
been in any wa involved i legal proceedings as a result of securities
fraud, extorti n, embezzle ent or financial misrepresentation.
In addition to the staff m morandum, we are attaching a draft copy of the
proposed City ouncil reso ution and a copy of Port Authority Resolution
No. 2497 which authorized he sale of revenue bonds in the amount of
$1,540,000.
Your expeditio s handling f this matter will be appreciated.
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I , YRurs truly,
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ugene A. Kraut
�AK:ca Executive Vice President
cc. Mayor Latim�r
EUGENE A KRAUT.C.I.D. SHEE,C.I.D. CHARLES M.TOWLE CLIFFORD E.RAMSTED PERRY K.FEDERS
EXECUTNE VICE PRESIDENT ASST.EXEC.VI E PRESIDENT DIRECTOR OF INDUSTRIAI DEVELOPMENT CHIEF ENGINEER DIRECTOR OF FINANCE
GE.O.
RICHARD A GIERD l WILLIAM E.McGIVERN
PROPERN MANAGER DIRECTOR OF PUBLIC REL4TIONS
COMMISSIONERS GEORGE W.WINTER WILLI M WILSON ARTH N.GOODMAN VICTOR P.REIM RAYMOND E.LANGEVIN CHRIS NICOSIA JEAN M.WEST
PRESIOENT VIC PRESIDENT SECRETARV TREASURER COMMISSIONER COMMISSIONER COMMISSIONER
li C.I.D. ertified Industrial Developer
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-. � t-�-,:;::-. 1 �',,4 � 'Z�ZCIf; OI;' Z`kZIC C.I7.'�.' COU\CIL �j��j� /�O �J
c����� S;�y:;�;;'='".:� tt'�� II " . (�
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�,_�.r.'��fr� � Dafie ; August 8� 1985
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�p � �'� � �'Ip��j� ��� �C; FINANCE, MANAGEMENT & PERSONNEL �
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1 . Approval o� minutes fr m meeting held August 1, 1985'/�yj/ ��� .
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. 2. Resolution�iamending Se tions as listed of the Civil Service Rules•to
: reflect ch�nges in the administrative responsibility of the Civil
. S rv'ce issiqn and �he Personnet Direc r. (Personnei )
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3. esolut�onlamending`Se tion 32 of the Civil Service Rules by deleting
. aTl o£ theiipresent lai� uage and�substituting new language in lieu
thereof cor�cerning Clas Specifications. (Personn • )
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4. eso ution mendi g Sec ion II B of the Sala y Plan and Rates of Compen-----
sation Resol�ution by ad'usting rate af pay for Life Guard {Indoor Pool ),
Water Safet Instru�tor Sen�ior Pool Attendant and Swimming Pool Super-
. vi . (Pe sonne ' -
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5. e 1Jtion mending the 1985 budget by adding $14,456 to the Financi,ng
Plan and toithe Spendin Plan for General Fund-Finance 8 Management -
� . Ser 'ces". �Finan
� . 6. � es lu"ti� mendin the 1985 budget by adding $24,264 to the Financing �
Plan'and to the Spendin Plan for Department of Finance & Management
Ser ices-Cit�Wid �3nfor tion Services. (Finance) . � � �
7. �e�61 fi� �
�� _ ,, :�; ;;ts� tt�e i ssuance of Port AutFior i ty Revenue Bands i n
the am�w�t o ��°,S+E�t,QQp to f i nance the acgu i s i t i on and rehab i 1 i tat i on of
a bu�i�#.i� 150 Eva St eet for R i verv i ew` I ndus�r ia i C'�►tter Partnersh i p.
(Por. Author ty) � .
� 8. Re tion c nsenting to the issuance of Port Authority Revenue Bonds in
� the amount o $3,010,000 to finence the acquisition and rehabiiitation of
a building 1 cated on th Jackson Street Shop Site for D.K. Conners, Ltd.
(Po uthor i ty) �,
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NOT ON PREP D AGE DA:
Resolution authorizi g acceptance of grant from Northwest
Area Found tio o p esent a series of public media art exhibitions.
CI� HALL �j��/�s� •N i FLOOR
SAINT PAUL. �►itti`'ESOT:\55103
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