85-1718 WH17E - CITV CLERK �
PINK • - FINANCE COUIICIl �/-/
CANARV - DEPARTMENT GITY OF SAINT PAUL File NO. ��- / ��"
BLUE - MAVOR
• �
C unci Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLUTION DESIGNATING AND APPROPRIATING CERTAIN
MONIES AND FUNDS FOR USE AS AN OPERATING
RESERVE FOR THE BLOCK L PUBLIC PARKING RAMP
BE IT RESOLVED, by the Council of the City of Saint Paul, Minnesota, as follows:
1. It is necessary and beneficial to the City of Saint Paul, Minnesota (the "City")
to undertake and construct or financially assist in the construction of that
block bounded by Sibley, Jackson, and Fourth Streets and Kellogg Boulevard
("Block L"), a public parking ramp for approximately 1,000 cars (the "Ramp").
2. Financing for the construction of the Ramp, in the form of a $8,000,000
ten-year mortgage loan in favor of the Housing and Redevelopment Authority
of the City of Saint Paul, Minnesota (the "HRA") (the "Loan"), is to be provided
by The First National Bank of Saint Paul (the "Bank") based upon, among
other things, certain undertakings of the City hereinafter described,
and certain assumptions as reflected in the operating projections for the
Ramp prepared by Walker Parking Consultants entitled "Preliminary Financial
Analysis Block L Parking Facility" dated October 15, 1985 (the "Projections").
3. Terms of the Loan will include, among other things, establishment of
an operating reserve fund and a debt service reserve fund (the "Reserve
Funds"), which Reserve Funds are to be totally funded at the closing
of the Loan by the HRA and Lowertown Redevelopment Corporation.
4. The Bank has also required, as a condition precedent to making the Loan,
the creation of an additional custodial reserve fund (the "Custodial Fund"),
which Custodial Fund will be funded by the City and disbursed to pay
certain operating and debt service deficits of the Ramp as and when
they occur during such time as any amounts remain unpaid under the Loan.
'the Custodial Fund is to be funded by the City from its Parking and Transit
Fund (the "Transit Fund"), into which Transit Fund is deposited by the
City and Ramsey County the revenues and income of (a) the City's parking
meters, parking ramps and lots, (b) Ramsey County's parking fines, and
(c) the HRA's parking lots.
COUNCILMEN Requested by Depa ent of:
Yeas � Nays
Drew In Favor
Masanz
NiCOSia
scneibei __ Against BY
Tedesco
�or�nen
Form Ap v City Atto ne
Adopted by Council: Date
Certified Passed by Council Secretary BY
gy.
t#pproved by Nlavor: Date Approv y Mayor Eor Submi 'on $ Council
By _ — By
�� : . . . � �5--i���
5 . There shall be established, at the Bank or First
Trust Company, Inc. , a joint account in the name
of the Bank and the City, in which the Custodial
�Fund will be held. Said account shall be designated
the "Custodial Fund - Block L Parking Ramp Account"
(herein the "Block L Account" ) . The Block L Account
and the Custodial Fund held therein shall be maintained
at all times while any amounts remain unpaid under
the Loan. . �
6 . Unless otherwise consented to by the Bank, the
Block L Account may only be drawn upon to pay
Operating Deficits (including any Operating Deficits
for any prior year or years ) . Operating Deficits
shall mean:
�( For �ach calendar year, the amount, if any,
��by which t�he sum of :
(a) Actual Ramp operating expenses, plus
� (b) The amount of reasonably scheduled reserves
- for major maintenance and repairs, plus
(c) All principal and int�erest payments
due on the Loan, �
exceeds the sum of :
(i ) All revenues and income (exclusive
� of insurance proceeds ) from the operation
and use of the Ramp, plus
� (ii ) The amounts scheduled by the HRA to
� be paid from the Reserve Funds to pay
operating expense deficiencies of the
Ramp and debt service deficiencies
on the Loan, as set forth in the attached
Exhibit A, which amounts are based
upon, among cther things , the Projections .
� 7 . On January 1 , 1988 , the City shall deposit $200 , 000
into the Block L Account. Thereafter, on December .
1 , 1988 , and on December 1 of every year thereafter
while any amounts remain unpaid under the Loan,
the City and the Bank shall mutually agree upon
the estimated Operating Deficits for the ensuing
2
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calendar year and any unpaid Operating De£icits
for the current calendar year. Said estimated
Operating Deficits shall be determined based upon,
among other relevant f�ctors , the following:
(a ) The Projections ,
(b) The current calendar year' s operating revenues
and income, operating expenses and debt service
- payments for the Ramp,
(c) The amounts withdrawn or estimated to be
withdrawn from the Block L Account for the
current calendar year ,
(d) Amounts scheduled to be disbursed from the
Reserve Funds in the ensuing calendar year,
� and
� (e) The debt service payments to be made in the
• ensuing calendar year on the Loan.
On January 1 of each year during which any amounts
remain unpaid under the Loan, the City shall cause
to be deposited into the Block L Account the amount
of (i ) such agreed upon estimated Operating Deficits
for the calendar year then beginning, plus (ii )
the unpaid Operating Deficits for the prior calendar
year, less (iii ) the amount of any undisbursed
funds in the Block L Account for the prior calendar
year. If the required amount of funds are not
then on deposit in the Transit Fund, the City
shall deposit said amounts into the Block L Account
. as soon as revenues sufficient therefor are deposited
into the Transit Fund. If the City and the Bank
cannot reach agreement in December on the amount
of the estimated Operating Deficits for any ensuing
calendar year, the amount to be so deposited on
January 1 of said ensuing calendar year shall
_ in any event not be less than $200 , 000 plus the
unpaid Operating Deficits for the prior calendar
year; however, the City and the Bank shall in
all cases negotiate in good faith to estimate
. said Operating Deficits.
8 . �f during the course of any calendar year it becomes
apparent that the amount on deposit in the Block L
Account will be insufficient to pay that calendar
year' s actual operating and debt service deficits
� for the Ramp (taking into account those amounts
. 3
' 11UL an oDiigation or the City within the meaning -
of any State law or the City Charter. �
11 . Monies on deposit in the Block L Account .shall
be invested at market rates , at the direction
of the City Treasurer, for the benefit of the
City. Interest earnings in the Block L Account
� shall be paid to the City annually for deposit
. in the 2ransit Fund.
12. At such time as the Loan is paid in full , all amounts held
� in the Block L Account shall be paid to the City.
. 4
� . . .
• � ` } . �� " \ �..
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WHI7E - CITV CLERK .
PINK - FINANCE COUIICII v �/ _��/ //
CANARV - DEPARTMENT G I TY OF SA I NT PALT L /J �S ! ��
eLUE - MAVOR File NO. v �� �
�
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
13. The form of the "Funding Agreement" attached hereto relating to the above is
hereby approved, and and are hereby
authorized to execute and deliver the same to the Bank on behalf of the City.
5 �� P,� b ��.
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COUNCILME[V Requested by Department of:
Yeas � Nays �
Drew [n Favor
Masanz
Nicosia
Scheibel __ Against BY
Tedesco
���`�'en
��� 3 j '�85 Form A ov y ty Atto e �
Adopted by Council: Date
Certified Pa: Council eta BY �
- By,
�lpprov lVlavor: Date DEC 3 i �g� Appr d Mayor for Submiss' t Council
BY - BY �'^"°'
PU��=��d�� u���`� 1 l 1986
-
_ _ � _ .
. � . � � �'�� �
L7,� �s-��7i�
-2-
fin,ancing, such reserve to be funded from the City' s
Parking nd Transit Fund (the "Transit Fund") .
5 . There shal. be established, at e First National
Bank of Sain Paul , a joint acc unt in the name of
the Bank and t e City (the "Blo k L Parking Ramp
Project Reserve ccount" or "B ock L Account")
which shall be m intained duri g the term of the
Bank' s financing.
6. The Block L Accoun may be d awn upon to meet Oper-
ating Deficits , whi h shall e defined as follows :
Operatin� Deficits re d fined as the annual
amounts of (1) actu r p operating expenses
due and payable in a alendar year; (2)
amounts scheduled to reserved or applied
to major mai.ntenance d repair expenses ; and
(3) scheduled debt s vi ce on the revenue bonds,_
in excess of revenue re eived from operations
of the Block L Park'ng Ra p and of amounts
scheduled to be ap ied to the expenses and
debt service from he Opera ing Reserve and
Debt Service Acco ts .
On December 1 , 1988 and each su sequent December 1
during the term of the Bank fina cing , the City and
the Bank shall mut ally agree up a projected annual
operating deficit. The annual pr ' ected operating
deficit shall be etermined based pon the following
factors :
(a) The proje tions contained in he "Prelim-
inary Fi ancial Analysis Bloc L Parking
Facility' dated October 15 , 19 5 by
Walker arking Consultants ;
3
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(b) The curre t year' s operating reve es
and expen s for the parking ramp ,
(c) The amounts ithdrawn or projec ed to
be withdrawn rom the Project scrow
Account for t e current calen ar year;
(d) Amounts schedul d to be app ied from
the debt service reserve counts in
the ne�t calendar ear; d
(e) The next years sche ul d debt service
on the revenue bond .
7 . The Block L Account shall funded, initially, on
January 1, 1988 with $200 00 to be pl.edged from the
Transit Fund.
8 . Upon mutual written a eement to the projected
annual operating defi its , the ' ty shall pledge an
amount from the Tran it Fund to e deposited in the
Block L Account suf icient to meet�. such projected
annual operating d ficits (the "Pledged Funds") .
The Pledged Funds shall be deposited as and when
available from t e Parking and Transit Fund.
9 . The agreement fund the Block L Account shall not
and does not nstitute a �eneral obligation of
the City nor , n obligation of the City within the
meaning of any State law or the City Charter.
WH17E - CITV CLERK �
PINK - FINANCE GITY OF SAINT PALTL Council
CANARV - DEPARTMENT � � } �
BIUE - MAVOR
File N 0.
� Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
-4-
10. Monies on depo ' t in the B1ock L count shall be
invested at mark t rates , at the irection of the
City Treasurer, f the benefit f the City.
Interest earnings s ll be paid to the City annually
for deposit in the Pa king and ransit Fund.
11. The City and Bank shall nter into , and the City
is authorized to enter i o nd execute, a Funding
Agreement specifying the , funding and disburse-
ment of the Block L Accoun The form and terms
of said Funding Agreement sh 11 be approved by the
City Attorney.
I� IZ�1
COUNC[LMEN Requested by Dep ent of
Yeas Nays
Drew
Masanz In Favor
Nicosia
Scheibel
sonnen __ Against BY
Tedesco
W i Ison
Form Approved by City Attor ey
Adopted by Council: Date
Certified Yassed by Council Secretary BY '
BY
A►pproved by ;4lavor: Date Approved by Mayor for Submission to Council
gy gy ��
WHITE - CiTY CLERK � � � �
PINK _ - FINANC�E G�TY OF SAINT� PALTL Council �.��:. r.. .�
� CANARV - DEPARTMENT
. BIUE -MAYOR' '_. F1Ie NO. ��F ... �.���.',
�� '►�`''�` �.-� Cou .nci R esolut`ion .
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Presented By t .�`.r'�:'f�.�r�`�`�..�;!. �
Referred To Committee: Date
Ont of Committee By Date, �
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COUNCILMEN `. < :. , ,. . ,�.��..:
Yeas Nays Requested by Depactiaent of:
Drew
Masanz In Favor �„ t
Nicosia
Scheibel ,
sonnsn. A gai ns t
� t
Tedesco `
Wilson ,�t` . � '
' � Forn�Ap oved by'�ity torney
Adopted by Eouncil: Uate• � -
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Certifietl Passed by Council Secretary BY
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By ,. .
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Approved by Mavor. Da�e Approv��by b,�ayor for S�ission tD ConnciT „
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