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84-726 M�MITE - CITV CLERK PINK � - FINANCE G I TY OF SA I NT PA U L Council ///��� /� CANAR�Y - DEPARTMENT ���J� BLUE - MAVOR File NO. �� . , C u�cil Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS, the State of Minnesota has passed a law regulating the allocation of tax exempt industrial revenue bond authority to municipalities and WHEREAS, it is expected that the United States Congress will soon pass legislation affecting the use and dollar volume of tax exemept industrial revenue bonds to be used by states and municipalities and WHEREAS, the City of St. Paul needs to continue to take a broad approach in its effort to revitalize our City including a continued emphasis on industrial, retail, office and housing, including both neighborhood and downtown redevelopment and WHEREAS, the St. Paul Port Authority is one of the most successful industrial development agencies in the Country and because of the development of their reserve fund can also act in a very important fashion in supporting projects that might otherwise not be able to be funded and WHEREAS, the City has created, in its Department of Planning and Economic Development, a broad based redevelopment agency structured to undertake projects that require close coordination between our City's planning and development objectives, including housing development and both large and small-scaled real estate oriented redevelopment projects and WI-iEREAS, the limiting of the amount of tax exempt industrial revenue bond authority will create a need to more clearly identify the responsibilities of the Port Authority and the Department of Planning and Economic Development and COUNCILMEN Requested by Department of: Yeas Nays � Fletcher °feN1 In Favor Masanz NiCOSia scheibei __ Against BY 7edesco Wilson Form oved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY �� By A►pproved by INavor: Date A r ed by Mayor for i o Council t gy B • � • w ��y'7� WHEREAS, the allocation of industrial revenue bond authority will come directly to the City of St. Paul to be further allocated as the City Council and Mayor deems appropriate. NOW, THEREFORE BE IT RESOLVED, that the St. Paul City Council adopts the following policies regarding the allocation of industrial revenue bond authority between the Department of Planning and Economic Development and the St. Paul Port Authority and also identifies the specific areas of responsibilities that each agency will have in issuing tax exempt and taxable bonds for development projects within the City: I. In an effort to continue to support the creation of jobs through expanded industrial activity, the St. Paul City Council will allocate 55% of the annual allocation of industrial revenue bonds to the St. Paul Port Authority The Port Authority will use the funds provided under this allocation for all projects under the following guidelines: A. Port Authority refunding bonds where the cap allocation is necessary and financially prudent B. Hospital Equipment Loan Bonds under the existing Port Authority program C. District Heating Conversion Bonds D. Refunding Bonds on all defaulted property E. Projects on industrially zoned property including: 1) Bonds for exempt facilities and nonprofit projects on Port Authority owned land 27 Office and R & D facilities for industrial corporations 3) To the extent permitted by law the use of bonds that are unallocated after the annual September 1 deadline F. All expansion bond issues on property currently impacted by a Port Authority 876 Resolution mortgage . WHITE — CITV CLERK PINK � — FINANCE G I TY O F SA I NT PA U L Council CAIdAfyV — DEPARTMENT File. NO. ��—/I` � BLUE — MAVOR . � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date II. The Housing and Redevelopment Authority of the City of St. Paul will receive 45% of the annual allocation to be used to fund all other projects not mentioned above. These projects will include: A. All downtown or neighborhood area commercial projects B. All housing projects C. All nonprofit projects D. All student loan programs E. In addition, funds will be made available from the HRA share for any downtown commercial projects where the City specifically requests that Port Authority use its 876 authority in order to make a project financially feasible. III. In an effort to minimize confusion and duplication, the same specific areas of responsibilities will apply to the issuance of taxable bonds even though, obviously, the percentage split will no longer be relevant. AND BE IT FUR"fHER RESOLVED, that this agreement should remain in effect until the end of December 1985 at which time it will be re-evaluated and that the Department of Planning and Economic Development and the Port Authority staff should be directed to meet at least once every other month to discuss development projects and to monitor the status of the use of funds. COUNCILMEN Requested by rtment of: Yeas Fletcher Nays. Drew � In Favor Masanz Nicosia schetbei __ Against BY 7edesco W ilson Adopted by Council: Date J�N 5 — �98� Form A proved by City Attorney Certified P ss d y Cou ci , c y BY� C�\ �• By t� by lVlavor: D te � — A ro by Mayor for Sub ' s'on to Council ` By PUBLISHEO JUN 16 19$4 { 1 ` . . . �I � �� P1 anni ng & Econ. Deve. DEPARTt,1ENT ,7a m Ro i 7��� _....:ONTACT 7494 x 9f11 PHONE. � � 5/23/84 DATE ��� � (Routing and Explanation Sheet) Assi r for Routin Order Cli All Locations for oral Si nature : uepartment �i rector . . RECEIVE'� � Ci ty Attorney 6�`7-'°r� �`.� ,% � Di rector of Management/M�yor ��`�� % �Y 2 3 1984 . 3 Fi nance and Management Servi ces D.i rector �•`� C�TY AT 6 ��ty ��erk . TORNE� 4 Budget Director i�hat Will be Achieved by Taking Action on the Attached Materials? (Purpose/Rationale): The amount of tax exempt industrial revenue bond authority is soon to be limited by Federal and State legislation. The allocation of the revenue bond authority will come directly to the City, to be further allocated as the City Council and Mayor deem appropriate. This resolution adopts a policy regarding this allocation between the Department of Planning and Economic Development and the St. Paul Port Authority. Financial , 6udgetary and Personnel In�acts Anticipated: See above. Funding Source and Fund Activity Nu�er Charged or Credited: None Attachments (List and Nurr�er all Attachments): Resolutian DEPARTMENT REVIEW CITY ATTORNEY REVIEI�1 X Yes No Council Resolution Required? Resolution Required? Yes No Yes No Insurance Required? Insurance Sufficient? Yes No Yes No Insurance Attached? Revision of October, 1982 (SPe RevPr�P Sidp for �Instructions)