84-680 WH17E - CITV CLERK
PINK - FINANCE GITY OF SAINT PAiTL Council
CANARV - DEPARTMENT (//��
BLUE - MAVOR File NO. � �v�D
�
' Cou ' Resolution
Presented By
� Or-
Re o rf ��LE Committee: Date S 1 �'
Out of Committee By Date
�EAS:
1. On March 20, 1984, the Port Authority of the City of Sa.int Paul adopted
Resoluton No. 2263 giving preliminary approval to the issuance of revenue bonds in
the initial principal amount of $32,000,000 to finance the ca�rnpletion of the Ordway
Theatre project. 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, sha.11 be issued
only with the consent of the City Cbuncil 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, subject to final
approval of the details of said issue by the Port Authority of the City of Saint
Paul.
�LUID, 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. 2263 the exact details of which, including, but not limited to,
provisions relating to maturities, interest rates, discount, red�tion, 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 Gbuncil 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.
COUIVCILMEN Requested by De tment of:
Yeas Fletcher Nays
ceu� � In Favor -�
Masanz
�iiwsie� �`'•
Scheibel 0 __ Against BY ;
T�.see
1Nilson
MAY 2 4 �gg� Form Appr d by City Attorney
Adopted by Council: Date r--� �
Certifie assed b C cil cretary BY✓�'�"�'
By � � s� �!�Z��' �
t�p by Mavor: Date Ap r ved by Mayor for Sub sio to C ncil
By
PUBI.iSHfQ JUN 2 - 1984
- , , , . - � ��_ �����
Resolution No. ��l03
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 economically 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 population 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 City of Saint Paul
(the "Authority" ) has received from the Ordway Music Theatre
(hereinafter referred to as "Company") a request that the
Authority issue its revenue bonds to finance the acquisition,
installation and construction of a multi-use arts facility to
be known as the Ordway Music Theatre (hereinafter called the
"Pro�ect") located at the intersection of Fourth Street and
Washington Street in the City of St. Paul, all as is more fully
described in the staff report on file; and
WHEREAS, the Authority desires to facilitate the
selective development of the community, to retain and improve
its tax base and to help it provide the range of services and
employment opportunities required by its population, and said
. � � �5� ��°
Project will assist the City in achieving that objective. Said
Project will 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
WHEREAS, the Project to be financed by revenue bonds
will result in substantial employment opportunities in the
Project;
WHEREP,S, 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
only on a limited basis and at such high costs of borrowing
that the economic feasibility of operating the Project would be
significantly reduced, but the Company has also advised this
Authority that with the aid of revenue bond financing, and its
resulting low borrowing cost, the Project is economically more
feasible;
WHEREAS, Miller & Schroeder Municipals, Inc. (the
"Underwriter") has made a proposal in an agreement (the
"Underwriting Agreement" ) relating to the purchase of the
revenue bonds to be issued to finance the Project;
WHEREAS, the Authority, pursuant to Minnesota
Statutes, Section 474.01, Subdivision 7b did publish a notice,
a copy of which with proof of publication is on file in the
office of the Authority, of a public hearing on the proposal of
the Company that 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 recommendations
contained in the Authority' s staff inemorandum to the
Commissioners 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 Commissioners
of the Port Authority of the City of Saint Paul, Minnesota as
follows:
1. 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 ane or more revenue producing enterprises within the
� � . � � !� �y ��a
meaning of Subdivision la of Section 474.02 of the Act; that
the Project furthers the purposes stated in Section 474.01 of
the Act, that the availability of the financing under the Act
and willingness of the Authority to furnish such financing has
been a substantial inducement to the Company to undertake the
Project, and that the effect of the Project will be to
encourage the development of economically sound industry and
commerce and assist 'in the prevention of the emergence of
blighted and marginal land, and will help to prevent chronic
unemployment, and will help 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 persons out of
the state and to areas within the state where their services
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
that 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 financing
the Project.
2. Subject to the mutual agreement 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 necessary to evidence
and effect the financing of the Project and the issuance of the
revenue bonds, the Project is hereby approved and authorized
and the issuance of revenue bonds of the Authority in an amount
not to exceed approximately $32,000,000 (other than such
additional revenue bonds as are needed to complete the Project)
is authorized to finance the costs of the Project and the
recommendations of the Authority' s staff, as set forth in the
staff inemorandum to the Commissioners which was presented to
the Commissioners, 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
Securities, 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.
. , . � � �y-��''d
4. There has heretofore been filed with the
Authority a form of Preliminary Agreement between the Authority
and Company, relating to the proposed construction and
financing of the Project and a form of the Underwriting
Agreement. The form of said Agreements have been examined by
the Commissioners. Said Agreements are hereby approved, and
the President and Secretary of the Authority are hereby
authorized and directed to execute said Agreements, in
substantiallythe form naw on file.
5. Upon execution of the Prelimi.nary Agreement by
the Company, the staff of the Authority are authorized and
directed to continue negotiations with the Company so as to
resolve the remaining issues necessary to the preparation of
the and 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 such
absent officers, are hereby authorized in accvrdance with the
provisions of Minnesota Statutes, Section 475.06, Subdivision
1, to accept a final offer of the Underwriters made by the
Underwriters to purchase said bonds and to execute an
underwriting agreement setting forth such offer on behalf of
the Authority. Such acceptance shall bind the Underwriters 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 within
the meaning of any constitutional or statutory limitation and
shall not constitute or give rise to a pecuniary liability of
the Authority or the City or a charge against their general
credit or taxing powers and neither the full faith and credit
nor the taxing powers of the Authority or the City is pledged
for the payment of the bonds (and interim note or notes) or
interest thereon.
7. In 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 note or notes) herein contemplated and any
additional bonds which the Authority may prior to issuance or
. , , . . �� ��l-�8�
from 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 resolution and said Preliminary Agreement and any
additional available information the City Council may request.
8. The actions of the Executive Vice-President of
the Authority in causing public notice of the public hearing
and in describ.ing the general nature of the Project 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 Securities, 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 confirmecl.
;
Adopted March 20, 1984 � �
/LG , `./ ..
Attest l �'\ � �� �`r
� Pres
. The PortC Authority of the City
of Sairit Paul
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4 , CITY OF SAINT PAUL
� ,�ui�im� ; DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT
� nIt 11 a
� A
,�,� JAMES J. BELLUS, DIRECTOR
25 West Founh Street,Saint Paul,Minnesota 55102
GEORGE UITIMER 612-292-1577
MAYOR
April 24, 1984
Mayor Latimer
Council President Victor Tedesco
Members of the St. Paul City Council
City Hall
St. Paul, MN 55102
.
Dear Mayor and Council Members:
Attached for your consideration is a resolution allowing the Port Authority
to issue $32 million in revenue bonds to finance the completion of the
Ordway Music Theater. I am recommendin� favorable consideration of this
resolution.
I want to make you aware, however, that we have still not reached an
agreement with the Ordway Theater regarding the transfer of the city-owned
land which is located underneath part of the Theater development. Until
. such time as that land is transferred, under terms satisfactory to the
St. Paul City Council , it is my understanding the actual revenue bonds
cannot be sold.
I will keep all of you informed as to the status of the land transfer
and will be bringing the item before the City Council for consideration,
once the legal and technical details are worked out.
� Sincerely,
C .,;�.
_`
a s J. Bel us
i ector
JJB/lle
attachment
cc: Gene Kraut, St. Paul Port Authority
� � ORT . . G�T �� ��d
� AUTHORITY� � � -
OF THE CITY OF ST. PAUL �
Memorandum
TO: Board of Commissioners DATE: March 16, 1984
MeetinQ March 20, 1984
--r� %
FROM: �% ,�-�YcF�aut.-�,��
SUBJECT: ORDWAY MUSIC THEATRE - PUBLIC HEARING - PRELIMINARY ANO UNDERWRITING AGREEMENT
$32,OQO,OQO REVENUE BOND ISSUE - SHORT TERM FINANCING - OFF-SITE
RESOLUTION N0. 2263
The basic funds for the construction of the Ordway Theatre are heing
derived from major donors and from pleclges which will be paid in over
a number of .years.
Construction to date has been from the preliminary funds donated by
the Ordway family and by borrowings against the pledges from other
contributors.
To augment this financing during the time that the pledges are beinq
received, it is recommended that a revenue bond issue in the amount of
$32,Q00,000 maturing in 10 years be issued to complete the project.
This financing in the amount of $32,000,000 will also permit the
Theatre Group to earn arbitraqe on these funds durinq the payout
period, reduce the interest costs of the current interim borrowina,
and result in a fund of up to $7,00�,000 for operations.
As the issuer the Port Authority will receive fiscal and
administrative fees and bond service and registration costs.
The issue will be sold as a free-standing bond issue and will not be
sold against the Port Authority's 876 credit.
Staff recommends approval of the preliminary and underwriting
aQreements and authorization of the sale.
EAK:jmo
`�•t.y� v.�'.l' X V.N` ►�Al,LV`1' .C11 U L �
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, - _�� • � ��' �1-1v�6
�._-1 - �<;;,'��% ti or�,zaxt: oF �rFric CITY cov�ciL
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�.L Fiy��►"�i.�.�J .:. 1 v j
-- -�- ��1 D a t e . May 17, 1984
i�`! _v' � �;r`/
l
�`���r� COMM (T�' � E REPORT
TO = �q�n? Pau ! City Cour��it � •_ - i
;
F R O �I = C O CYl Ci�l I�'�@� Q(� FINANCE, MANAGEMENT �, PERSONNEL
CN A l R William Wilson (sitting in for James Scheibel) -
1. Approval of minutes from meeting held May 10, 1984��
2. �tesolution establishing the title and class specification for Assistant City Clerk -
in the Civil Service Rules:���� � i
3. Resolution amending the Salary Plan and Rates of Co�ensation Resolutior1 by _ �
� inserting new�salary rates for the title of Library Aide , j
_ ,
�
4. Resolution changing the title and class specification for pog Warden to Animal �
Control Officer in the Civi1 Service Rules �� �
5. Resolution approvin the 1984 Agreement between the City and the Pipef'itters Local :
Union No:-455. ��5�5'�-`� . � '
{
` 6. Resolution consenting to tl�e issuance of �ort Author3.t Revenue Bonds in the !
Y ,� �
�amount of $32,000,000 to finance the completion of the Ordway Theatre project. `� i
_ �
7. Resolution amending th� 1984 Capital Improvement Budget by adding Lafayette Overlay
from Grove St. to E. Seventh St. to be temporarily funded by the Public �Vorks
(MSA) Contingency Fund in the amount of �136,000 to be reimbursed from 1985 MSA �
and 1985 Public Improvement AYd. �����'�;1�'' . .
8. Resolution amending the 1984 Capital Improvement Budget by reducing the tVestern Ave.
� reconstruction project by $100,00�, reducing the Western Overlay, Como to I-94
project by $100,000, reducing Contingency Funds by $135,387, reducin rai��e,�n��ance
Funds by $111,796 and reducing total Nlunicipal State Aid by $447,18������::�.-'��'��
9. Resolut"ion approving Joint Purchasing Agreements with the it . of Pine City, City
of Eagan, City of Finlayson, and the City of St. Anthony.������� -
10. Resolution amending the 19�84 budget by adding $8,859 to the Financing Plan and
to the Spendin,g Plan � Dept. of Finance SpecXal Projects. s_k��
11. Resolution amending the 1984 Budget by adding $5,349 e Financing Plan and
to the Spending Plan for City Hall Annex Operating. �
12. Resolution approving and consenting to the designation by the Mayor of LeeAnn ."�j�`�i1f;f
T�chin as Acting Mayor to serve during the absence or disability o� the DiayorC��G
13. Discussion of severance pay for fire fighters. �_��__. ,�
��.-�...�
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