85-1587 �NN17E - CITV CLERK
PINK - FINANGE G I TY OF SA I NT PA U L Council p�, /�„��
CANqRV - DEPARTMENT File NO. � ^
BLUE - MAVOR
�
Counci Resolution
,
Presented By �
Referred To Committee: Date
Out of Committee By Date
LTLr�� .
1. On November 12, 1985, the Port Authority of the City of Saint Paul adopted
Resoluton No. 2569 giving preliminary approval to the issuance of tax increment bonds
in the initial principal amount of $30,250,000 to refund the existing Energy Park
$25,000,000 issue and to take the bonds long term in accordance with the Tax
Increment Agreement and the approved Tax Increment budget. The bonds will be
underwritten by Miller & Schroeder Municipals, Inc.
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 Citq Council of the City of Saint Paul, that in accordance with
Laws of Minnesota 1976, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the purposes described in the aforesaid Port Authority
Resolution No. 2569 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.
C�U�+�� Reque ed by Department of:
Yeas �� Nays �
°feN' In Favor
Masanz
Nicosia
Scheibel �__ Against BY
Tedesco
=lAFiFseer-
DE _ '198� Form Ap ved by City Attorney
Adopted by Council: Date _--�_
Certified �ssed by Council Secretary � B���
By� � �
t#pprov iNavor. Date DEC � — ��t��J Approved by a Subm' s' n to Council
gy /�/h/�_�-" By -���-�t�
P��'�v��� D�C 14198a
Port Authority " DEPARTMENT - g� �0 8�2250
� E. A: Kraut CONTACT �-� �
224-5686 PHONE
Nov. 13, 1985 DATE �e�� Q e
ASSIGN NUMBER FOR ROUTING ORDER (Clip All Locations for Signature) : �
1 Department Director 3 Director of Management/Mayor
Finance and Management Services Director � City Clerk
Budget Director $30,250,000 ENERGY PARK TAX
2 City Attorney INCREMENT BOND ISSUE
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/ �
Rationale) :
The purpose of the bond issue is to issue $30,250,000 in tax increment bonds to refund the
existing $25,000,000 Energy Park bonds and to take the bonds long term in accordance with the �
Tax Increment Agreement and the appro�ved tax increment budget. The Reserve Fund has been built
into this bond issue to hedge against the lower floater rate and w�ll be available at the end
to help retire the outstanding principal balance.
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CNARGED OR CREDITED: (Mayor's signa-
ture not re-
Total Amount of Transaction; $30,250,000 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. 2569
cc: R. Thorpe
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? X Yes No
Yes �No Insurance Required? Insurance Sufficient? �Yes No
Yes X No Insurance Attached:
(SEE REVERSE SIDE FOR INSTRUCTIONS)
Revised 12/84
�s--- �„� G�
577E Resolution No. 2569
RESOLUTIO�1 OF THE
PORT AUTHORITY OF THE
CITY OF SAII�TT PAUL
WHEREAS, pursuant to Resolution No. 2345, adopted on
September 18, 1984, the Port Authority of the City of Saint
Paul (the "Port Authority") , approved the issuance of
$25,000,000 Short Term Energy Park Floating Rate Revenue Bonds,
Series 1984-3 (the "Short Term Bonds") ; and
WHEREAS, it is necessary to refund the Short Term
Bonds by the issuance of approximately $30,250,000 Energy Park
Tax Increment Bonds af 1985 (the "Bonds" ) ;
WHEREAS, pursuant to Laws of Minnesota, 1976, Chapter
234, the Port Authority must obtain the consent of the City
Council of the City of Saint Paul to the issuance of the Bonds;
NOW, THEREFORE BE IT RESOLVED by the Port Authority
of the City of Saint Paul as follows:
1. T'ne Executive Vice President of the Port
Authority is hereby authorized and directed to request the City
Council of the City of Saint Paul to consent to the issuance of
the Bonds.
2. The Executive Vice President of the Port
Authority is hereby authorized and directed to forward to the �
City Council copies �f this resolution and copies of any other
information the City Council may request.
Adopted: November 12, 1985 .
PORT AUTHO �Y THF CITY
OF SAINT AUL �
,
Attest: �`�B � ' " � � �
� .Y
es ' t
.
��%��� - e etary
, P � R T. � � �5=�s�
AUTHORITY
OF THE CITY OF ST. PAUL
Memorandum
TO: BOARD OF COMMISSIONERS DATE:
(Special Neeting November 12, 1985) No�t�. 12, 1985
,.�
;
FROM: E• ��:� u t
. �
�:.
SUBJECT:
RES. N0. 2569 — ISSL'ANCE OF $30,250,000 F.NERGY PARK TAX
INCREMENT BOND
The Port Authority currently has outstanding a 525,000,000 letter ef
credit issue to First National Bank of t�iinn.eapolis. G�en this issue
was last refunded, City Council resolution required that when the
bonds were issued on a permanent tax increment basis that City Council
approval be requi?-ed.
Use of the proceeds is as follows:
Ref unding $25,000,000
Recapture and other expenditures 1,500,000
Reserve 3,500,000
Expenses of issuance 98,750
Underwriter's discount 151,250
Staff recommends approval of Resol.ution No. 2569, referring this issue
to the City Council for approval.
The actual tax increment budget approved earlier this year by the City
Council authorized a tax increment budget including interest of
$34,972,158. The actual tax increment portion of this issue when the
$3,500,000 reserve fund is deducted is $26,750,000.
EAK:j ed
3 • � . . �'�-- ��� �
�
. � �j
;OT ON PREPARED AGNEDA:
Resa:��xt�o�� �ppr v�:ing �-30,250,000 for Energy �Park Refunding. (Port Authority�
��=',���-�=�
��es lution approv ng $2,750,000 for Amhoist Acquisition Bonds. (Port Authority)
,�ro���
�esolution approving $800,000 for McColl Co letion Bonds
/���G'�°C� �P . (Port Authority) .
Reso ution approving $2,500,000 for Lowertown V. (Port Authority)
/���'bL���' ,
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; ,�.., , CITY �F S�I1TT P�..UL
�
.;�T;..�:iii
f OF�'ICE OF TST CITY COI7WCIL
.�.�,
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COnlmltte° Re�art '
F:i��n.�n. �ana�emenfi,. � Persannel Cammi��f,°°.
�' v
V 1. Anproval oi :ninuces trom meecing hetd `lovemoer I4, I485. ,/1'P r,� ��
J't.���
� ,/ 2. ResoluL:on amending C.l�. 35io== to nllou for t::e esLabZ:sh^eat az desi�aLe�± pay
� pe^od aL abnronr�ate cimes to allou :or t`e gayrter.c oi he�1.4 oene::.s .a occu:
vi hin a 35-�iay perio:l ��c by St �tatyce. (P.is� �tgr�L_) Iaid ove. �a I'_/!�
� ��, I-���D ave�Z, l t�e�k �nd►r��I,tiri f�n Q�t n t�l-IcTGY►�I Ci"� �'��-
3.� Pr-sencaLZOn r Ramser uunt� 'fsx c•on an t� Assessed Val acian eeuc::on. t ,
� � (Laid over _rom 11/1•t/85)������'rGLTW"l� ���L['��� �� �C.' �� •
� ft�t Yt('i(.,
• �4. ResaluLion(s) anproving the £inancng and soencing plaa fer L'�e cLy Y�asat Serv'cc�
InitiaLive ?rogram. (Ca�munity Servicesj�� Q Ye� --�7\ f��,�/��.�"
, •
� � J
� 5. LetLer ax aFSC•tE Counc:I No. I4 asking for a review os the �de oi :he title
( AniIIal ConLrol of::ce:. (Reie::ed to Financa LI/7/85) J „�� �v�� � /5j �Z/12/d�
� �K �
. � �� Resolucioa authori,zin g the exnenciLUre oi $20,00 allo w i�g *:te ct 7 to lo i n w ith
� ot metro area �alities in procestia3 the �S? eiecL:ic rate i.nc-ase.
' ����Q���
• �1 es 1 �! eauesting $20,000 to allow the city ta nartici�ate xit.'t other cities
in �lec:�c rate case. ? •
. : � ��������
8: e Z zan roving 1 85-:986 agreement ber.reea the City and the Inie_.zat:onal
� � i Assn. o= :4ac^.izists an' �eros�ace iYoricers AF�.-CI . (P onnei) ' `
i /� � � ,/ �J �/ /� � /i `� .
� �. � S. Resdlutz�o�s �lSrOV��g 1485-I987 .lj�taz'nzenan�-Lash �grtemenz bez�een ttte T_ndeoendeat
, I �'soo�Dist:�c� �62�and Ele��cal 1jo�e�s, acal U. (Personnei) . .
T/! t� � !/ � � 3 �7��Q�
, � J�� Resolut�on auLnor_zing e issciance of I, 0,0 PorL Aucher_ry Revea� 3anas
; to fiaance Ehe construc:ion o� aa office and distr_ouzion cenzer 'er RRB Associates
, ; ia Riverriew InduszriaS a.rea WesL. (Pon Auchorityj f)�I ;.��� ���.,f% • '
� ��' • ' �7f r �i�.,__
' � ' .11: Resolution auLhorizing the issuance af $2,665,000 For. Aut�.or_ty Revenue donds to .
? fiaance ��e acauisiLion of bvi?dings on the s.e. mrner af Western and Daycon
Avenues :ar Car.t:edxa.l Hill�rlssociaLes. (Parc auchorryj y�,,.�o j!�_.1/`_ . . .
v
13. Resolution authorizing proner eity offieials to retur.t ee to orrteen of Burglar
Alara SysLems Paid ur z o te �2 the i.egislaz:ve Cone. .
� �,(�'� �`-��� � V� �� I�Z�S��� ,
s 1 t on aut orizi.n issvaace of � , ,000 ParL �uthor_. Revenue boncs to
finance the acauisi 'on and remodelin o= Canitol Holiday Inn °or c:BS :.ssociates.
(Port auLhariLyl I��rO ,)t�`---
14. Resolution auchori:.�ng an agre/menL with the '.�flV. Deac. oi Health to nrovide a
Rezugee Health Progr:m in Raa►sey Co. for Octaoer l, I985, thmug' SeaL. 30, 1987.
(Community Services)��� � �e/� .-'j"O ������.�/ '
/ J
' 15. ResoluEion amending the budget control system established far snecal �:nds to
provide a flexible b�uigeL mn�rol onc=on for proprzetary funds based on pm}ected
: and actual fiscal periormj�e, (F�ance De�t� �..� /S ��
� (� �� Q �� /
� i 16. Resolution aucharizi.ng an agrer�►tnt with Whitacker 8uic�C and Wer_�o Ponch-�udi,
Inc., for the lea.�e af unmariced Police vehicles. Police �eoL.) /
- Lf�?D �V��-- �� /�,!,�/�'S -
• NOT ON PREPARED AGEVDA: Resolution establishin� the bud�et for the
� Cestificate of Occtmancy Program that has b en transfe�ed
• to the De�t. of__ Fire!F� Safet Services. � . .
.�;-�.�. �������j2�j/
CTTy HALL SEVE�ii 'TIi FLOOR SAL�iT PAUL,MINNESOT�+.55102
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