85-1582 WHITE - CiTV CLERK
PINK - FINANCE GITY OF SAINT �PAITL Council
GANARV - DEPARTMENT � ���]l �
BLUE - MAYOR File �NO. � ' /�/ �
� �Co cil Resolution
Present d By
Referred To �l 1�l�(�LC Committee: Date ����� �J
Out of Committee By Date
WHEREAS:
1. On October 31, 1985, the Port Authority of the City of Saint Paul adopted
Resolution No. 2552 giving preliminary approval to the issuance of revenue bonds in the
initial principal amount of $2,665,000 to finance the acquisition and rehabilitation of
six separate and ad�oining buildings totaling 41,000 square feet on the southeast corner
of Western and Dayton Avenue into office and retail space for Cathedral Hill Associates, a
partnership composed of John Rupp, Peter T. McGough and 28 additional partners. Miller
and Schroeder Financial Inc. 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
Resolution No. 2552 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 Authoritq, 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.
COU[VCILMEN Requested by epartment of:
Yeas r;�E�w Nays �
a.s...:,�nz
.�� In Favor
Scne�beV O
� _ __ Against BY
l ad�
� ��t+ 3 - 19c�J Form Approved by City Attorney
Adopted by Council: Date �
Certified Pa- d by Council Secretary , BY -^-�`��-' J �
By -
Appr v y : avor: Date . i r O�� �` " ���� App ed by Mayor for Sg�ission tp Eouncil
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St. Paul Port Authori ty •DE PARTMENT � �`����0� N� 2 2 6 0
C.M. Towle, E.A. Kraut - CONTACT
224-5686 PHONE
Oct. 31, 1985 DATE �e�� e�
ASSIGN NUhBER FOR ROUTING ORDER Cli Al1 Locations for Si n ure :
1 Department Director Director of Management/Mayor
Finance and Management Services Director 4 City Clerk
Budget Director CATHEDRAL HILL ARCADE
2 City Attorney 2� � E
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
The purpose of the bond issue is to finance the acquisition and rehabilitation of six separate
and adjbining buildings totaling 41 ,000 square feet on the southeast corner of Western and
Dayton Avenue into 16,000 square feet of office space and 25,000 square feet of retail space
for Cathedral Hill Associates. Cathedral Hill Associates is a partnership composed of John
Rupp, Peter T. McGough and 28 additional partners.
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
The amount of the revenue bond issue is $2,665,000 and will be for a term of 30 years.
There will be approximately 100 new jobs created as a result of this project.
�) $�
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FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transaction: quired if under
$10,000)
Funding Source:
Activity Number:
ATTACHMENTS (List and Number All Attachments] :
1 . Staff Memorandum
2. Draft City Council Resolution
3. Port Authority Resolution No. 2552
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? X Yes No
Yes X No Insurance Attached:
(SEE REVERSE SIDE FOR INSTRUCTIONS)
Revised 12/84
�� O R T ��� .� . . �.s- i.��':�
r AUTHORITY '
OF THE CITY OF 5T. PAUL
Il�emorandum
TO: BOARD OF COMMISSIONERS DATE:Oct. 30, 1985
(Oct. 31, 1985 Special Meeting)
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FROM: C.M. Towle ' �
r
SUBJECT: CATHEDRAL HILL ASSOCIATES, A MINNESOTA GENERAL PARTNERSHIP
PUBLIC HEARING — PRELIMINARY AND UNDERWRITING AGREEMENTS
$2,665,000 RESOLUTION 876 REVENUE BOND ISSUE
OFF—SITE
RESOLUTION N0. 2552
PUBLIC HEARING — CREATION OF INDUSTRIAL DEVELOPMENT DISTRICT
RESOLUTION N0. 2553
PUBLIC HEARING — SALE OF LAND
RESOLUTION N0. 2554
1. THE PROJECT
Cathedral Hill Associates is the developer of the Cathedral Hill Arcade
which involves the acquisition and rehabilitation of six separate and
adjoining buildings on the southeast corner of Western and Dayton
Avenue and extends for a full block along Western Avenue and one—half a
block along Dayton. The project contains approximately 41,000 square
feet of which 25,000 square feet will be retail and 16,000 square feet
of office space. The development will have a distinctly European
flavor to it characterized by open courtyards and historically
significant architecture and will be similar to the Victoria Crossing
development on Grand Avenue in St. Paul and the St. Anthony Main
development in Minneapolis. In May of 1985, James B. McComb &
Associates conducted a "Retail Potential Analysis — Selby Western Area"
which was done in conjunction with the Blair Arcade financing and
concluded that there is "a potential for 50,000 to 70,000 square feet
of specialty stores, restaurants and convenience stores in the Selby—
Western Area".
The southern face of the project fronts on Selby and is directly across
the street from the W.A. Frost restaurant and two adjoining facilities
that have been restored and contain additional restaurants and offices.
Immediately southwest of the project across the street on the corner of
Selby and Western is the Blair House condomimium project and the Blair
Arcade which occupies the first floor and lower level of the Blair
House that was developed by John Rupp and financed by a $1,975,000 Port
Authority bond issue in June of this year.
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BOARD OF COMMISSIONERS
Oct. 30, 1985 ' �
Page —2—
In conjunction with this rehabilitation, the City of Saint Paul through
the Housing and Redevelopment Authority (HRA) will be developing a 250—
car parking ramp to be financed by an assessment bond. The ramp will
adjoin the Cathedral Hill Arcade and extend eastward and cover the east
one—half of the block from Dayton Avenue to Selby Avenue and extend
eastward through Virginia Street, which has been vacated, into a
portion of the Frank Boyd Park. The construction of this ramp is
essential to the viability of this project as well as those in the
immediate neighborhood. The City Planning and Economic Development
Department is taking the necessary procedural actions to create the
District and construct the ramp which we anticipate will be completed
late next year. The implementation of the District and construction of
the ramp is subject to acceptance by the property owners and ultimate
approval by the City Council. While this project is not guaranteed, no
particular problems are anticipated.
?. THE DEVELOPERS
The principal partners and developers of this project are Peter T.
McGough, John Rupp and 28 additional partners who have contributed
significant equity to the project. Peter McGough is a member of the
McGough Construction Company family and has been responsible for
� raising the equity capital and general management of the construction
of the project to date which is about one—half completed with several
tenants already in place. Through his development corporation, he is
currently rehabilitating the former Great American Insurance Company
building which contains about 56,000 square feet and is located at 2700
University Avenue in St. Paul.
John Rupp is a prominent developer in the historic Hill area having
developed the W.A. Frost complex, the Commodore Hotel Restaurant, the
University Club, several other restaurants, and the Blair Arcade
pro�ect. The Blair Arcade is 60% leased with signed leases in place �
and 25% in serious negotiation with signing imminent.
This project was referred to the Port Authority by the City's Planning
and Economic Development Department as they were unable to arrange
appropriate financing. The HRA recently transferred to the Port
Authority sufficient bond allocation to handle the financing.
3. FINANCING
The projected financing will be an 876 industrial revenue bond issue
for a 30—year term in the amount of $2,665,000 with the proceeds from
the bond issue as follows:
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BOARD OF COMMISSIONERS
Oct. 30, 1985
Page -3-
Acquisition and Rehabilitation $2,365,000
Construction Period Interest - 9 Months 195,000
Bond Issuance Cost 25,000
Bond Discount 80,000
TOTAL $2,665,000
The developer partners will provide a letter of credit for the debt
service reserve which may be replaced by cash later in an amount
estimated to be $280,000. The partners to date have provided $400,000
in equity to the pro�ect, and the City HRA has committed to make a
$200,000 loan to the pro�ect which will be amortized with payments
starting in the fifth year with a balloon payment due in the seventh
year or when the project is sold.
The source and use of funds together with the equity contribution are
indicated in the following tables:
SOURCE OF FUNDS EQUITY
P.A. Bond $2,665,000 Partners $ 400,000
Partnership 400,000 Reserve (L.C. ) 280,000
Reserve (Letter of Credit) 280,000 City Loan 200,000
City Loan 200,000 Rupp 150,000
TOTAL $3,545,000 TOTAL $1,030,000
USE OF FUNDS
To Complete Construction $ 985,000
Capital Bank Mortgage 530,000
Finn & Kane Building Acquisition 300,000
John Rupp Loan 150,000
Accounts Payable 300,000
Cash Security Reserve 300,000
Developer's Fee 350,000
Debt Service Reserve (Letter of Credit) 280,000
Construction Period Interest 195,000
Bond Discount 80,000
Bond Issuance Cost 25,000
HRA Fee 50,000
TOTAL $3,545,000
The project shows a 29% equity contribution which includes the City's
loan which will be subordinate to the Port Authority's project debt.
Dahlen & Dwyer Inc. , MAI, appraised the project in March, 1985, for
$2,800,000, which appraisal was conducted prior to the addition of the
paricing ramp and severai modifications to che project which increased
the square footage.
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BOARD OF COMMISSIONERS
Oct. 30, I985
Page —4--
In addition to the equity contribution indicated above and as
additional security, the $300,000 cash security reserve will be
retained in the construction account to assure project completion and
to allow for any pro,ject debt service shortfalls.
. Staff is recommending approval of this project provided:
(a) A letter of credit in the estimated amount of $280,000 be provided
to serve as the debt service reserve.
(b) The developer's fee be retained as a cash escrow until such time as
the pro�ect reaches a positive cash flow.
(c) The City HRA loan the project $200,000.
(d) Construction completion figures are available prior to the date of
closing.
(e) That the partnership deposit with the Port Authority cash in the
amount of 1X of the bond issue prior to the close of business on
October 31.
The Port Authority will receive sinking fund earnings as well as its
customary fiscal and administrative fees. The partnership will have an
option to acquire the building for l0Y of the original bond issue plus
outstanding revenue bonds at 10 and 20 years and 10% of the bond issue
at the end of the term.
4. UNDERWRITING
Miller & Schroeder Financial Inc. has agreed to underwrite the 30—year
bond issue at an interest rate to be set the date the bonds are sold
which we anticipate to be� at the regular November meeting or a Special
Meeting in early December.
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5. RECOMMENDATIONS
The District Council is well aware of this project and in favor of our
financing completion of it. Staff has interviewed the developers,
reviewed their financing statements and projections and, subject to
compliance with the aforementioned conditions, recommends approval of
Resolution Nos. 2552, 2553 and 2554.
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566S
� Resolution No. -.,�55�
RESOLUTION OF
THE PORT AUTHORITY OF THE CITY OF SAINT PAUL
WHEREAS, the purpose of Chapter 474, Minnesota
Statutes, known 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 development 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 econoinically 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 populaticn 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 Ci�y of' Saint Paul
(the "Authority" ) has received from Cathedral Hill Associates,
a Minnesota general partnership (hereinafter referred to as
"Company" ) a request that the Authority issue its revenue bonds
to finance the acquisition and rehabilitation of six separate
and adjoining buildings on the southeast corner of western and
Dayton Avenue for use as retail and office space (hereinafter
collectively called the "Project" } in the City of St. Paul, all
� as is more fully described in the staff report on file; and
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WHEREAS, the ALthoriLy desires to facilitata the
selective development of the �ommunity, to retain anci i.mprove
its tax base and to help it provide tr.e raxige of services and
� employment opportunities required by its pogulation, and said
Project will assist tne City in achieving that objective. Said
Project w�ill 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
'rVHEREAS, 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, commercial
financing to pay the capital cost of the Project is available.
onyo un a limited basis and at such high costs of borrowing
that the �conomic 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 Financial, Inc. ( the
"Underwriter" ) has made a proposal in an agreement (the
"UndeYwriting Agreement") relating to the purchase .of the
revenue bonds to be issued to finance the Project;
WHEREAS, the Authority, pursuant to Minnesota
Statutes, Secti�n 474.01, Subdivision 7b did publish a notice,
a copy of which with proof of publicazion is on file in the
office of the Authority, of a public hearing on the proposal �f
the Company tha� 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 recoc�nendations
contained in the Authority' s staff inemorandum to the
Commi.ssioners 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 Coinmissioners
of the Port Authority of the City of Saint Paul, Minnesota as
" follows:
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l. 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 Za of Section 4?4.Q 2
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 effe�t of the Project, if
un3ertaken, wil�. be to encourage the development of
economically sound industry and co�aerce and assist in the
preventioa of :he emergeace of blighted and marginal land, and
will help to prevent chronic unemployinent, and will heip the
City to retain and improve its tax base and provide the range
of services and employment opportunities required by its
population, and will help to prevent the movement of talented
and educated pPrsons out of the state and to areas within the
state where their servicss may not be as effectively used and
will result in more intensive development and use of land
within the City and will eventually result in an increase in
the City' s tax base; and �hat 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 development to assist the
Company in finan�ing the Project.
2 . Subject to the mutual agreemer.t 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 necessa�y to evidence
and affect the financing of the P=oject and the issuance of tne
revenue bonds, the Project is her�by approved and authorized
and the issuance or r�venue bonds of the Authority in an amount
not to exceed approximately $2, 665 , 000 (other than such
additional revenue bonds as are needed to complete the Project)
is autho=iz�d to finance the costs of the Project and tne
recommendations of the Authority' s staff, as set forth in the
staff inemorandum to the Commissioners which was presented to
the Comini.ssioners, 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 Project to the Commissioner of
Energy and Economi.c 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.
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4. There has heretofore been filed with the
Authority a zorm of Preliminary Agreement between the Authority
and Company, relating to the proposed construction and
Einancing of the P�oject and a form of the Underwriting
Agreement. Ths forms of the agreements have been examined by
the Commissioners. It is the purpose of the agreements to
evidence the �ommit-nent of the parties and their intentiuns
�ith respect to the proposed Project in order that the Company
may proceed witiiout d�lay with the commencement of the
acquisition, installation and construction of the Project with
the assurance that tngre has been sufficient "official action"
under Section 103 (b) of tr.e Internal Revenue Code of 1954, as
amended, to allaw for the issuance of industrial revenue bonds
(including, �f deemed appropriate, any interim note or notes to
provide temporary fi.nancing thereof) to finance the entire cost
of the Proj�ct upon agreement being reached as to the ultimate
3etails of the Project and its financing. Said Agreements are
hereby approved, and the President and Secretary of the
Authority are hereby authorized and directed to execute said
Agreements.
5 . Jpon execution of the Preliminary Agreement by
the Company, the staff of the Authority is authorized and
directe3 �o continu.e negotiations with the Company so as to
resolve the remaining issues necessary to the preparation of
the lease ar.d other documents necessary to the adoption by the
Authority of its final bond resolution and the issuance and
delivery of the revenue bonds; provided that the President (or
Vice-President if the President is absent) and the Secretary
(or Assistant Secretary if the Secretary is absent) of the
Authority, or if either of such officers (and his alternative)
are absent, the Treasurer of the Authority in lieu of suc.,
absent officers, are hereby authorized in accordance with the
provisions of Minnesota Statutes, Section 475 .06, Subdivision
1, to accept a final offer of the Underwriter made by the
Undezwriter to purchase said bonds and to execute an
Underwriting Agreement setting forth such offer on behalf of
the Authority. Such acceptance shall bind the Underwriter to
said offer but shall be subject to approval and ratification by
the Port Authority in a formal supplemental bond resolution to
be adopted prior to the delivery of said revenue bonds.
6 . The revenue bonds (including any interim note or
notes) and interest thereon shall not constitute an
indebtedness of the Authority or the City of Saint Paul �ithin
the meaning of any constitutional or statutory limitation and
shall not constitute or give rise to a pecuniary liability of
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the Authority ar the City or a charge against their general
credit or taxing po�aers and neither the full faith and credit
nor the taxing pawers of the Authority or the City is pledged
for the paymer_t of the bonds (and interim note or notas) or
interest thereon.
7. Irx order to facilitate completion 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 n�te or notes) herein .contemplated and any
additional "DOads which the Authority may prior to issuance or
fram 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 resolu�tion and said Preliminary Agreement and any
additional available information the City Council may request.
8. The actions of the Executive Vice-President of
the Ruthority in causing public notice of the public hearing
and in describing �he general nature of tYie Pzoject 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 Commissioner of Energy and Economic
Develcpment, 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 - /
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Attest • ' �
Pres�ide�it �
The Port,Authority of the City
of Sain�� Paul
i
�s�• S c e ta ry
5
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�„ �, CITY OF S3I�TT PAUL
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`• o�cE o� Ts� ci� co-o�rcu.
.... �
Cammittee R��art '
F�anca. ,Mana��m��t,, � Personnel Cammi�tee.
r
1. Anproval oi aiinutes fro�n meecing heid `fovemce^ I4, I485. . ,/J'p�,t ��
� �-n v
2. Resolut:on amending C.1�. :5i62: :o allow :or t::e eszabl�shaent of designat:� pay
pe^od at abnroar?aLe �ime� to a:low :or t`e ?aymenL of he�lt4 bener°_�_ to occ:::
wi hin a 35-say pe:io:t s�� �}• St �taLyce. (Ris� ti(gr�L. Iaid ove. ' a:� 1?/l�`�"'
���D OveZ I t�t�eek �.nd,n��tir��en U�1 n t�vt.-��1 C�-�c�( �'�"-��- .
3. Presencaz:on r Ra�nse}• uunt� Tax ��on on Lth Assessed Val ation eeac::on. ,
(Laid over ::om I1/1•t/85)/,���L�,��� <���'��� ���r�J CG�nc�, .
��� .�w J
4. Resoluzion(s) �oraving the fi.nanczng and snendinq plaa for the city Hv�an Serr'ce� .
IniLiaLive Program. (Ca�manicy Services}j �/�j� Q�e-� -r/\ ���.�/��
y�-�-7 J CJ
� 5. Letter a= r1FSC•tE Council No. I4 asking for a revie++ or the grade oi the ti:le
I Anieal ConLxol �f_�cer. (Refer_ed to Finance II/7/851 j „�� �V,�� / /� �L/�ZfB�
� �f7 V
. t � R eso lution auchorizing the e:cnendiLUre of $20,00 allowiusg the c:~/ to joist with
ot r metro area �alities i.n protesti.z the N5? eiect�c race inc-ase.
' ���Q��- �
• �2 es I n reauestizg $20,000 to allow the city to parti��ate xiL.; oLher eit�es
� in lerr c raLe case. ? • �
' : I 8: �Shcu"cion- an�rsvtng 1'995-I986 agreement bet:+eez the Ci.ty ana the InLe^.iaLionaL �
Assn. oz Nac.izists an aeros�ace Syorte�s �1F�,-Q P onnei
� ; .L,�;� � y�,� S a ��f����� } .
� . � 9. Res unson an rovzng Z985-I98 Naintenance Lab 4greement betxeen the Independeat
-. i ���l �c ,/�and Elec�cal ��e-s ocai �. (Personnei) . :
. c 1� Resolution aut�or zing c�e is�ce of $I,740;�OQ0 Port AuLhor_rf RevenL. 9onds
to finance Ehe const:uc�ioa of an a£fice and distr_butiaa center �or RRB Assqciates
: ; in Ri.verriew Induscrial �rea Wesz. (Pon �uLhoriry) /]�� /�� t,��,%% • '
�'� ' /7� � �, V �/�_�
' ! .11.! Resolutzon authorizing the issuance of $2,665,000 Port Author_ty Revenue Bonds to � .
t fiaance the acauisiLian of bui.ldings on the s.e. carner oi Weszern and Daycon
Avenues for Ca�cl:edral Hill�Assaciates. (Port Audwr_�y) ' _^����..-(/`� • .
�J
K. Resolution aucharizing Pmoer city af£icials to recur.i ee to oxneri oi Burglar
Alaxm SysLems Paid�� ur t o Le� 32� the i.egisLative Code. .
-� 13 Rks6iti�Yan�aut'Fto�iz.issg iss ��' f�5,��„�OQ j'bre .iuthority�>'IXeveaue bonds to � .
`f£nance fhe"accuisi ''on` znd zr��iin��ai Ganitol Holiday Inn �or eiSS :ssociates.
�.�uzh��y� ��i�r�01J��---
14. Resolution auchorisng an agreement with the "AV. Dent. oi Health to nravide a
Re'r.zgee Health Progr:m in Raa�sey Co. for Octooer 1, 1985, throug' SzDL. �O, 1987.
(Community Servicrs)��� � '/e� �O .������.�✓
y J
15. Resolution amending the budgeL control sysLem estab2ished for snecal :z:nds to
provide a flexible budget mn�ro� ontion for proprieLary funds based an prnjec:ed
and zctual fiscsl per:ormjance, (F�ance Deot� ���5 ��
a 16. Resoltrt3on auchorizi��gre�nc�ith Whitack� Bui�k and '�er_ro Poncn-�udi,
Inc., for the lea�e of w�mariced Police vehicles. (Polica Dept.)
LA='.� bV�12--� �� /c,1,:.;�5 �
• NOT ON PREPARED AGENDA: Resolution establishing the bud�et for the
Certificate of Occuoancy Program that has �e�en transferxed
• to the De�t. o_ 're �, Safet Services. / . .
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