85-1588 WHITE - CITV CLERK
PINK - FINANCE GITY OF SAINT PAUL Council ��,,� !�„��
CANARV - DEPARTMENT
BLUE - MAVOR File NO.
�
Co ncil solution
, .
,
Presented By
Referred To Committee: Date
Out of Committee By Date .
WHEREAS:
1. On November 12, 1985, the Port Authority of the City of Saint Paul adopted
Resoluton No. 2568 giving preliminary approval to the issuance of completion bonds in
the initial principal amount of $800,000 to finance the completion of the retail,
commercial and related facilities in the Galtier Plaza complex by the McColl Building
Limited Partnership. The bonds will be purchased by Chemical Bank.
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, bq 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, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the purposes described in the aforesaid Port Authority
Resolution No. 2568 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
Yeas � Nays Requested by Department of:
Drew �.J In Favor
Masanz
Nicosia
Scheibel __ Against BY
Tedesco
--1AFiFa�oR1'
DEC ;� � 1985 Form Approved by City Attorney
Adopted by Council: Date
Certified P� •- d by Counci! Secretar B � �
By �7i'��
Appr e 1�avor: Date ��� �' °� ����r��� Approve 'by M yo ,�or Sub i sion to Council
`� � ��% ���' ;
B B �-�� �--
Y 3' —�—
��� �Q J L J 141985
• Resolution No. 2568
, . +. . �s-- /s��
, � �
RESOLUTION OF THE
PORT AQTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA
WHEREAS, on December 29 , 1983 , the Port Authority of
the City of Saint Paul (the "Port Authority" ) issued its Commercial
Development Revenue Note, Series 1983 (the "Note) in the original
principal amount of $5, 100 , 000 to finance the acquisition
and renovatzon of the McColl Building as part of the Galtier
' Pla2a Project; and
WHEREAS, the Note was purchased by and is still held
by Chemical Bank; and
WHEREAS, in connection with the refinancing of Galtier
Plaza, Chemical Bank has requested that an additional $800 , 000
of revenue bonds be issued to complete the renovation vf the
McColl Building; and
WHEREAS, Briggs and Morgan, bond counsel to the Port
Authority, has advised the Port Authority that the additional
revenue bonds would be subject to the 1985 per capita limitation
on the bond issuance and could only be issued in 1985 if the
Port Authority could obtain allocation from the competitive
pool maintained by the Minnesota Energy and Ecanomic Development
Authority; and
WHEREAS, the partners in McColl Building Limited Partnership
have asked the Port Authority consider the issuance of an
additional $800 , 000 in revenue bonds, to be purchased by Chemical
Bank, to finance the completion of the McColl Building renovation;
ar�d
- - : - ' . � C��s���'
' - WHEREAS, staff has recommended that the Port Authority
proceed with the completion of the McColl Building if revenue
bonds for that renovation may be issued within the 1985 per
capita limit, all as provided in the staff inemorandum on file.
NOW THEREFORE, BE IT RESOLVED by �he Port Authority of
the City of Saint Paul that:
1. The staff of the Port Authority proceed to negotiate
with the partners of McColl Building Limited Partnership and
with Chemical Bank to provide for the issuance of revenue
bonds to finance the completion of the McColl Building Project,
provided that allocation for such revenue bonds can be obtained
from the state competitive pool.
2. Staff of the Port Authority is authorized to work
with the partners of McColl Building Limited Partnership to
submit an application to the state competitive pool for allocation
for the additional $800 , 000 of Revenue Bonds needed to complete
the renovation.
Adopted: November 12 , 1985
PORT AUTHORITY 0�' THE CITY
OF SAINT P�1UL
__ ,�
j ,
� : , ,
� � �% .,<_� ��. � ..----
Its Pr sident
ATTEST:
.� ��.s
�_:_ ;- Secretary
\
Port AuthoritY DEPARTMENT� ����-�e-tO���v�--°'�' �'r• /�0�� 3626
�� •
E. A. Kraut CONTACT
224-5686� PHONE � ��
Nov. 13, 1985 DATE e e�
ASSIGN NUh�ER FOR ROUTING ORDER (Clip All Locations for Signature) :
� Department Director 3 Director of Management/Mayor
Finance and Management Services Director � City Clerk
Budget Director �800,000 COMPLETION BONDS
2 City Attorney MC COLL BUILDING LIMITED PARTNERSHIP
WHAT WILL BE ACHIEVED BY TAKING ACTION ON THE ATTACHED MATERIALS? (Purpose/
Rationale) :
The purpose of the bond issue is to finance the completion of the retail , commercial and related
facilities in the Galtier Plaza complex by the McColl Building Limited Partnership through the
issuance of $800,000 in completion bonds. In restructuring the financing of the Galtier Plaza,
Chemical Bank has requested that the partners also provide suf.ficient funds for the completion
of the McColl Building project. The bonds would be acquired by Chemical Bank. Since the Port
Authority and the City are out of bond allocation funds, this project will be submitted to the
State allocation poll and bonds issued only if funds were available from the competitive pool .
COST/BENEFIT, BUDGETARY AND PERSONNEL IMPACTS ANTICIPATED:
FINANCING SOURCE AND BUDGET ACTIVITY NUMBER CHARGED OR CREDITED: (Mayor's signa-
$800,000 ture not re-
Total Amount of Transaction: quired if under
$10,00Q)
Funding Source:
Activity Number:
,
ATTACHMENTS (List and Number All Attachments) :
1 . Staff Memorandum
2. Draft City Council Resolution
3. Port Authority Resolution No. 2568
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
� PORT� � ��-- �.�iSB�
AU �' HORITY
OF THE CITY OF ST. PAIiL
IlAemorandum
TO: BoARD OF C0:�4rIISStONERS DATE:
�Special Meeting November 12, 1985 Nov. 12, 1985
FROM: F. �_.��`�,
SUB.lECT: RES. N0. 2567, McCOLL BUILDING - REFUNDING BONDS - $5, 100,000
RES. N0. 2568, McCOLL BUILDING - COMPLETION BONDS - $800,000
In restructuring the financing of Galtier Plaza, Chem.ical Bank has
req.uested that the partners also provide sufficient funds for the
completion of the McColl Building project. '"he original $5, 100,000
was pr?vately placed with Chemical Bank. When ref unded these bonds
would also be acquired by Chemical Bank as would the additional
$800,000 in completion bonds.
Since the Port A�ithority nor the City do not have any bond allocation
remaining, this project will be subject to submission to the state
poal on Ncvember 26th. It would only be refunded and additional bonds
issued if the additional $800,000 were available from the allocation
pool.
Staff recommends approval of Resolution Nos. 2567 and 2568.
EAK:�ed
.. _ _ , .._w�....��..
. , , �b ��'- /.5' ��
�. ,
�
?viOT ON PREPARED AGNEDA:
Resolution ap r ving $30,250,000 for Energy Park Refunding. (Port Authority)
F��/"�,✓v/�
es lution approv ng $2,750,000 for Amhoist Acquisition Bonds. (Port Authority)
�,�ro��-e�
eF� soluti :
� �L�proving $800,000 for McColl Completion Bonds. (Port Authority)
Resolution approving $2,500,000 for Lowertown V. (Port Authorit ) .
Y
/��r?JZ��G�
� � � � �—'""'.��s- ���
,�.. ' . CITY OF S�I1TT P�.UL
, �
� �>>�� `- OFFICF OF TSF CITY COU�TCIL
;�t1�:t:�m
.... i
Cammitte� Regart '
F':i�ance. Mana��ment. � P�rsonnel Cammitte�.
� n �
V 1. Anproval oi :ninutes frou� meetiag lic2d `lovember ld, 1985. ,/T'P r,� e�
, ��-r.�,.�
,( 2. Resolut:on amending C.1�. 25i52: to aLlow :or the establish.zenc o£ designat�d nay
Y pe^ad aL anarapr:ace cime� to a:low for the �ayr,teaL of he�lth benesi�s to occ�:
wi hin a 35-1ay pe:i�:i sc� by.St- �ta�yte. (Ris� ttgmc.) Laid over om 1!Il. '
/ -- I-�'��U �ve�. I t�e�K. ��nc1,r��GVr��n CO��,�t t�'►1:��1 Cc-�( �"{��- .
t 3> PresentaLion r Ramse}• uunty Tax• c=on on L�h assessed Val atioa Reauc�:on. _ ,
� �� (Laid ove: =:om 11/1•1/35)/������� <��1�'E�� ��r �V�tn .
��� J o; Cc,
� �4. ResaluLion(s) �nroving the finaac�ng ana snending plan for the city K�aaan Serv'ce�
InitiaLive ?rogram. (Canmunity 5ervices)% �Q j� �t/e� � ���,z//��
r,., ,
� 5. Letter oi AFSC•tE Council No. 14 asking for a review of the grade oi the ti:Ie
t Ani.aaL Concrol Of:�ce:. (Rezer_ed to Financ� II/7/85J / „�� Ov,�� / /� �Z/JZ/8�"�
, � �'"`�f v
. � J� Resolution aut.'�ori:.ing the exoendituze os $20,�0 allawing the �ty to join wit2t
� oL, r mecro area �alities in craLest:.z3 the YSP eiect:ic :ace inc�ase.
' ����'�r��.�`""
• �2 os 1 a �eauesL�g $20,000 to allow che ei.ty to nartici�aze sri�'� other cities
' in ier.�c rate case. ? •
• i ����3�r8 '��
" : . ` 8: e I ion aa v�.ng 1 85-I986 agreemenL between the Gity and the Inie=-:iational ' � �
. . � Assa. of tfac^.inist�an�} �eraspace �Yor.ce�� �Q P onnei)
� /� .� � �� / ��
� �; ; 9. R�esdi�t� anZfroving�5-I987 .M�aintenance�Lah��`greemenL bes�een the Independent
� . Sc:1o�o1,D,i�str� ff,6/2�y and E3ectr_cal �Y1orKe-s, ocal 0. (Personnei) :
� . S J� Resoluti n au�orzutg'!te iss�ce o�$1,-740�U0 Parc Authar_r� Revent:e Bands
; to finance �he consLxucrion of an affice and disL:icutian center for RAB Assqciates
: ; ia Riverri.ex Industrial Area West. (Porc authori.ty) j)�� /�� �/� ,.,// •
''� ' /'7f� �, v �/L..
' � ' ,lI Aesolution authorizing the issuaace of $2,665,000 Pon Authorzty Revenue donds ta � .
� ti fizan.ce the acaui.sition o= bui2dings on the s.e. mxner of WesLerss anc Daytan �
Avenues far Cathedrai Hill�Associates. (Port author•_.y) '^�O�/�...�/`-_. • -
�/� 1/
. 13. [Lesolutian authorizing Prooer eity officials to reLtu:�t ef e� ta owners of Burglar
. Alara Systems Pai,d ur t o Le� 3� the iegislative Code. .
��- ]� � v� r� i2`�s�
— 13 ITiesblh�Yon authorizing issuaace of 55,��,000 Port iuthorir� Revenue bonds to
finance the acauisi 'on and remodeling o= Caaitol Holiday Inn =or :�BS �.ssoc:ate.s.
(Port �utl:orityl .}���,,���
14. Resotution auchorixing an agre�ment with the "R�1. DenL. of Health to nrovide a
Rei�sgea Health Progr:m in It�sey Co. for Octooer 1, 1985, thmug' Seat. 30, 1987.
(Communiry Servicrs)�,^ ` '/�� .�o .�.2�����/ �
1> U v v
15. Resolucion amending the budget cont:ol system established for sneci.sl :z:nds to
provide a fle:cible bud�et ooncrol ontion for pronrietary funds based on projeeted
: and actual fiscsl pe� r�rmj�•����Pt�Q �'�S G�
�—�-�' J �
' 3 26. Resolution authorizing ari'agre nt th IVhitacker Buick and Mezzo Ponch-,�udi,
Inc., for the lease af unmzriced Police vehicles. CPolice Depc.)
� Ll4'1 Z� �V��-- �� /�1,�---�5 .
� NOT ON PREPARED AGENDA: Resolution establishing the bud�et for the
� � Certificate o£ Occunancy Program that has b en transferred
� to the De�t. of F're F� Safet Services. .
. - , c -��,��pP'2'1/ � �
C;Ty H?,L,I, SEVENTH FLOOR Sr�,II�1T PAUL,D�IINNESOTA SSI02
�.�s � �, �� _
� --