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84-767 WHITE - CITV CLERK PINK - FINANCE COUIICII CANARV - DEPARTMENT G I TY OF SA I NT PALT L 7 BLUE - MAVOR File NO. ��_ " � � � ` i .ncil Resolution Presented By Referred To 6" �� `� Committee: Date �/� `Z' p� Out of Committee By Date ; WHEREAS: 1. On April 17, 1984 the Port Authority of the City of Saint Paul adopted Resoluton No. 2263 giving preliminary approval to the issuance of revenue bonds in the initial principal amount of $10,000,000 to finance the construction of a 200,000 square foot manufacturing facility for ETA Systems, Inc. in Energy Park. 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, sub3ect 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. 2265, 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. COU[VCILMEN d��artment of: Yeas Nays Fletcher �� D�� In Favor Ma�nr�— ��ie�i�-- scneibei �_ Against BY Tedesco Wilson Adopted by Council: Date J�� 14 198� Form Approved by City Attorney �� Certified Y�ssed by Coun ' Secr r� BY gy, l�pprove iNavo . ate _ JUN � �t �O� App by Mayor Eor S mi sio�► to Council B _ ' \ �/� PU6lISHED JUN 2 31984 �: , � , �F �r�-7(o� . � Resolution No. 2265 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 e�aergence of blighted and marginal lands and areas of chronic unemr�loyment 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 comm�rce 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 whic'n will provide an adequate tax base to finance these increased costs and access to employment opportunities for such oopulation; and WHEREAS, the Port Authority of the City of Saint Paul (the "Authority" ) has previously received an Urban Development Action Grant from the United States Denartment of Housing and Urban Development, and has used funds from that grant to acquire land and make certain infra structure improvements to Saint Paul Energy Park; and `�iEREAS, the Authority has previously agreed to sell some of the land thus acquired in Saint Paul Energy Park to ETA Systems, Inc. ; and � WHEREAS, the Authority has received from ETA Systems, Inc. (hereinafter referred to as "Compar�y") a request that the Authority issue its revenue bonds to finance the acquisition, installation and construction of computer technology facilities . � . Gr �"y- 7'�� (hereinafter collectively called the "Project" ) on the land in Saint Paul Energy Park which it has purchased from the Authority, all as is more fully described in the staff report on file; and WfiEREAS, 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 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 WHEREP,S, the Project to be financed by revenue bonds will result in substantial employment opportunities � in the Project; WHEREAS, the Ruthority 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 law borrowing cost, the Project is economically more feasible; WHEREAS, Miller & Schroeder Niunicipals, Inc. (the "Underwriter" ) has made a nroposal in an agreement (the "Underwriting Agreement" ) relating to the purchase of the revenue bonds to be issued to finance the Project; �i�HEREAS, 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. 2 . , �.� �y-�� NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the Pc�rt 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 one or more revenue producing enterprises engaged in any business within the meaning of Subdivision 1 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 will be a substantial inducement to the Company to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the development of economi.cally 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 $10,000,000 (other than such additional revenue bonds as are needed to complete the Project) is authorized to finance the costs of the Project and the recomr.iendations 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 _ - , CIsF ��f-yG'1 ` 3. In accordance with Subdivision 7a of Sectian 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. 4. There has heretofore been filed with the Authority a forn� 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 Commi.ssioners. It is the purpose of said Agreements to evidence the commitment of the parties and their intentions with respect to the proposed Project in order that the Company may proceed without delay with the commencement of the acquisition, installation and construction of the Project with the assurance that there has been sufficient "official action" under Section 103 (b) of the Inter�al Revenue Code of 1954., as amended, to allow for the issuance of industrial revenue bonds (including, if deemed appropriate, any interi.m note or notes to �rovide temporary financing thereof) to finance the entire cost of the Project upon agreement being reached as to the ulti.mate details of the Project and its financing. Said Agreements are hereby approved, and the President and Secretary of the Authority are hereby authorized and directed to execute said Agreements. 5. Upon execution of the Preliminary 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 lease 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 �uthority, 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 accordance 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 4 � , - . . �� -y�7 ,� 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 liabi.lity of the Authority or the City or a charge against their general ��- � credit or taxing powers and neithe� 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 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 describing 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 confirmed. Adopted April 17, 1984 Attest President ,; The Port Authority of the City , �� ,� �� of Saint Paul , '� � �%'?'�-t�G�i j;'' �:=-��'-/��';.1., ..- �/�� .�-- ��L- �- �Se.Eretary `� S G� d'y- 7'�� PORT AUTHORITY OF THE CITY OF SAINT PAUL 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 May 9, 1984 RECEIVED MAY �. 01984. Mr. Jim Hart Assistant City Attorney CITY ArTURNEY City of St.Pau1 City Ha11 and Court House St. Pau1 , Minnesota 55102 SUBJECT: $10,000,000 REVENUE BOND :SSUE ETA SYSTEMS, INC. - ENERG'Y PARK RESOLUTION N0. 2265 Dear Jim: At the request o�f Jim Be�1us T am fiorwarding this package �o you for process�ng. Yours truly, .��2�u-�'.� � �/z.�c..��,s` � - Bruce A. Maus �'"a Assistant Director of Industria� Development BAM:jmo �nc1 . cc: J. Be11us � ROBERT F. SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G. DUNSHEE, C.I.D. CLIFFORD E. RAMSTED PERRY K.FEDERS FXECUfNE VICE PRESIDEM GENERAL MANAGER AND DIRECTOR.INWSIRIAL DEVELOPMENT CHIEF ENGINEER DIRECTOR OF flNANCE ASST.FXEC.VICE PRESIDEM COMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIFERT PRESIDEM VICE PRESIDENT SECRETARV iREASURER C.I.D. Certified Industrial Developer RO� � '� ��_ ��-�� !l� � � O � I: TIf OF THE CITY OF ST. PAUL Memorand unr TO: BOARD OF COMMISSIONERS DATE: April l7, 1984 (April 17, 1984 Regular Meeting) HLOM: E. � � SUBJECTs ETA SYSTEMS, INC. PUBLIC HEARING - PRELIMINARY & UNDERWRITING AGREEMENT $10,000,000. REVENUE BOND ISSUE - ENERGY PARK RESOLUTION N0. 2265 � PUBLIC SALE HEARING . SALE OF LAND ETA SYSTEMS, INC. RESOLUTION N0. 2266 In approving the sale of land in Energy Park �to ETA Systems, Inc. , the Por�t Authori�ty also pledged to make revenue bond financing available if permitted by law. Both the House and Senate versions of the new revenue bond regulations or statutory changes have been passed but contain significant differences. We are not sure at this time whether or no�t we wouTd indeed be able to provide $10,D00.,000 worth of revenue bond financing for ETA under the new law. However, because of the fact that action taken now may be grandfathered, we are recommending the adopti.on of a Preliminary Agreement for a $10,000.,000 revenue bond issue to finance the first phase of the ETA facility in Energy Park. Public Sale Hearing - Sale of Land - Resolution No. 2266 In the original approval of the package which secured ETA Systems, Inc. for Energy Park, the 24-acre site sold to them by public hearing was located immediately east of the Energy Technology Center. Fur�ther 5ite investigations and design concepts indicate that a location on the east end of the Park abutting Lexington Avenue is more prac�tical f rom a plant layout point of view. The sale price is $1 . We are, therefore, recommending the public hearing for the sale of land to ETA Systems as described in the Resolution and as illustrated on the layout prepared by Pope and Associates. Staff recommends approval oT Resolution Nos. 2265 and 2266. EAK:ca �� O�!- 7�7 PORT AUTHORITY OF THE CITY OF SAINT PAUL 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 Apri1 25, 1984 �,a Mr. James Be11 us. Director Planning and Economic Deve1opment Department City of St. Pau1 14th Floor, City Hall Annex St. Paul , M�nnesota 55102 SUBJECT: $10,000,000 REVENUE BOND ISSUE ETA SYSTEMS, INC. - ENERGY PARK RESOLUTION N0, 2265 A�ar Jim: We submit herewith for your rev�ew and referra1 to the office of the Mayor, City Counci1 and City Attorney's office detai1s pertaining to the issuatice of $10,000,000 in revenue bonds to finance the construction of a 200,000 square foot manufacturing facility for ETA Systems, Inc. in Energy Park. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Counci1 Resolution and a copy of Port Authority Resolution No. 2265 which au�horized �he sa1e of revenue bonds in the amount of $10,000,000. Your expeditious handling of this matter wi11 be appreciated. Yours truly, ��, f Eugene A. Kraut Genera1 Manager �AK:jmo Attach. cc: R. Broeker ROBERT F. SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G. DUNSHEE, C.I.D. CLIFf-0RD E. RAMSTED PERRY K.FEDERS EXECUTIVE VICE PRESIDEM GENERAL MANAGER AND DIRECTOR,INDUSTRIAL DEVELOPMENT CHIEF ENGINEER DIRECIOR OF flNAfVCE ASST.EXEC.VICE PRESIDENT � COMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M.WEST CHRIS NICOSIA WILLIAM J. SEIFERT PRESIDEM VICE PRESIDENT SECRETARV TREASURER C.I.D. Certified Industrial Developer Port Authori ty DEPARTf�tENT �� c�-710�'I E. A. Kraut �pNtACT � 224-5686 � PHONE �+� �� ,(� g i 4-18-84 DATE ! 4� �� Routing and ExpTanation Sheet) _ e..,�...._�. f' , ��A��".^w�.:"w... _. . 'i�l�f}�,Y� T�O/�!h. ... .. �t!'�^t� .. �+R� � ... .. ,y.. .r��.�' :ti . ti. . � . � . . . . �� . .. .. . ' ...... . 'y` .�� a.. :..'.. a.s.:�� '__... .,.. , __ . ._ y .'w:v d __..�nr�..��.,_��. �.. ..j+�.�.._....as "�'_`�"-�.^"��.::_ Assign i�umber for Routing Order (Clip Al1 Locations for hlayoral Siqnature) : � Oepartment Director 2 City Attorney 3 Director of Management/May�r 4 Finance and� Management Services Director 5 City Clerk Budget Di rector LJhai, Will be Achi�ved�'iak�ng Action on the Attached Materials?�Purpose/Rationale� The purpose of the bond issue is to finance the construct�on of a 200,000 square f oot manu- facturing faci1ity for ETA Systems, Inc. in Energy Park. Approval of the project is requested in the everlt 9egislation is passed which would permit the project to be grandfathered. When completed, it is estimated that up to 1 ,600 persons would be employed in the facility. Financial , BudqQtary and Personnel Impacts Anticipated: N/A Funding Source and Fund Activity Number Charged or Credited: N/A Attachments (L�st and Number all Attachments) : � Staff Memorandum Draft City Council Resolution . Port Authority Resolution No. 2265 - �. ,s t k-�,.� - DEPARTMEIVT REVI�4! CITY ATTORNEY REYIEW X Yes No Council Resolution Required? Resolution Required? X Yes No Yes X ho insurance Required? Insurance Sufficient? X Yes No Yes X No Insurance Attached? cc: R. Thorpe Revision of October, 1982 ��pP RPVPY'CP Sidp t�r Instru�tions) p�= O� � T ��- ��7 � U� Tl� OR� 1� T1F .OF THE CITY OF ST. PAUL Memorondum TO: BOARD OF COMMISSIONERS DATE: April 17, 1984 (April 17, 1984 Regular Mee'ting) � FROM: E. . � � SUBJECT: ETA SYSTEMS, INC. PUBLIC FIEARING - PRELIMINARY & 11NDERWRITING AGREEMENT $10,000,OOO. REVENUE BOND ISSUE - ENERGY PARK RESOLUTION N0. 2265 PUBLIC SALE HEARING SALE QF LAND ETA SYSTEMS, INC. RESOLUTION N0. 2266 In approving the sale of land in Energy Park to ETA Systems, Inc. , the • Port Authori�ty also pledged to make revenue bond financing available if permitted by law. Both the House and Senate versions of the new revenue bond regulations or sta�tutory changes have been passed but contain significant differences. We are not sure at this time whether or not we wouTd indeed be able to provide $lO,OQD.,000 worth of revenue bond financing for ETA under the new law. However, because of the fact that action taken now may be grandfathered, we are recomnending the adoption of a Preliminary Agreement for a $10,000.,000 revenue bond issue to finance the first phase of the ETA facil ity in Energy Park. Public Sale Hearinq - Sale of Land - Resolution No. 2266 In the original approval of �he package which secured ETA Systems, Inc. for Energy Park, the 24-acre site sold to them by public hearing was loca�ted irrnnediately east of the Energy Technology Center. Fur�ther site investigations and design concepts indicate that a location on the east end of the Park abutting Lexington Avenue is more prac�tical from a plan�t layout point of view. The sale price is $1 . We are, therefore, recommending the public hearing for the sale of land to ETA Systems as described in the Resolution and as illustra�ted on • the layout prepared by Pope and Associates. Staff recomnends approval oT Resolution Nos. 2265 and 2266. EAK:ca WMITE — ^�T v CL E�+K PINK — FiN4!V�E• CANARY — OEPpq,u (i I T�" O F �A I ti'T ��:� j_' I, Council E File N�. �� BLUE — .np;J:; - _ � � C ncil Resolution � � . �� . Presented f3�� -'j � -f' -�� _f�_��_r�r _._�.. ...�' R<'f�•r��' l� � ___------ Committee: Date ,�;.;, ,, : _ _ ...... i;, Date WHEREAS: 1. On April 17, 1984 the Port Authority of the City of Saint Paul adopted Resoluton No. 2263 giving preliminary approval to the issuance of revenue bonds in the initial principal amount of $10,000,000 to finance the construction of a 200,000 square foot manufacturing facility for ETA Systems, Inc. in Energy Park. The bonds will be underwritten by Killer & Schroeder Municipals, Inc. 2. Laws of :�finnesota 1976, Chapter 234, provides that any issue of revenue bonds autliorized by the Port Authority of the City of Saint Paul, shall be issued only with the cunsent 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, subject 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 i�innesota 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. 2265, 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 f.or which the aforesaid bonds are issued. COUNCIL1�tEN Yeas :Va�•s Requested by Department of: Fletcher " Galles [n Favor Masanz NiCOSia sct,e�bei _ Against BY Tedesco W ilson Form Approved by City Attorney Adopted 'o� Council: t�ate Certi;ied P�,;�ed b} Council Seccetary BY B� Approved by 19avor: Date _ Approved by Mayor for Submission to Council gy By �► � l� ��f - 7� � Resolution No. 2265 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 develcpment of economi- cally sound industry and commerce to preven•:: so far as possible the e�nergence of blighted and marginal lands and areas of chronic unemployment and to aid in the development of existing areas of blight, marginal land and persi�tent 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 ar�as 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 whic'n 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 previously received an Urban Development Action Grant from the United States Department of Housing and Urban Development, and has used funds from that grant to acquire land and make certain infra structure improvements to Saint Paul Energy Park; and WfiEREAS, the Authority has previously agreed to sell some of the land thus acquired in Saint Paul Energy Park to ETA Systems, Inc. ; and • WHEREAS, the Authority has received from ETA Systems, Inc. (hereinafter referred to as "Compar�y") a request that the Authority issue its revenue bonds to finance the acquisition, installation and construction of computer technology facilities � �/= �y-��`� � (hereinafter collectively called the "Project" ) on the land in Saint Paul Energy Park which it has purchased from the Authority, 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 heZp it provide the range of services and employment opportunities required by its population, and said 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; WHEREAS, 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 riunicipals, 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; t+VHEREAS, 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. 2 t � � , �r= �y- 7�� ' NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the Port Authority of the City of Saint Paul, MinnQsota 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 one or more revenue producing enterprises engaged in any business within the meaning of Subdivision 1 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 will be a substantial inducement to the Company to undertake the Project, and that the effect of the Project, if undertaken, 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 ths 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 necessar� 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 $10,000,000 (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 mzmorandum to the Commissioners which was presented to the Commissioners, are incorporated herein by reference and approved. 3 .. � �� y-�� ° 3. In accordance with Subdivision 7a of SPction 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. 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 Commi.ssioners. It is the purpose of said Agreements to � evidence the commitment of the parties and their intentions with respect to the propGSed Project in order that the Company may proceed without de�ay with the commencement of the acquisition, installation and construction of the Project with the assurance that there has been sufficient "official action" under Section 103(b) of the Internal Revenue Code of 1954., as amended, to allow for the issuance of industrial revenue bonds (including, if deemed appropriate, any interim note or notes to �rovide temporary financing thereof) to finance the entire cost of the Project upon agreement being reached as to the ultimate details of the Project and its financing. Said Agreements are hereby approved, and the President and Secretary of the Authority are hereby authorized and directed to execute said Agreements. 5. Upon execution of the Preliminary 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 lease 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 �uthority, 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 accordance 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 4 � , � � �= ��-�� underwriting agreement setting forth such o€fer on behalf of the Authority. Such acceptance shall bir:d the Underwriters to . said offer but shall be subject to approval and ratification by the Port Authority in a formal supnlemental 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 th� 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 contemolated, 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 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 describing 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 confirmed. Adopted April 17, 1984 Attest President ;; The Port Authority of the City j--�• ,-�� of Saint Paul . :� , � '%'?i�/�Z '� ,��-�/�f'';,l✓L. �f�- �Se.�retary ` 5 � ��2�� - 7fv7 � � t � � , � PORT AUTHORITY OF T9�E CITY OF SAINT PAUL 25 WEST FOURTH STREET • SUITE 1305 • ST, PAUL, MINN, 55102 • PHONE (612) 224-5686 Apri1 25, 1984 Mr. James Bellus Director P1anr�ing and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: $10,000,000 REVENUE BOND ISSUE ETA SYSTEMS, INC. - ENERGY PARK RESOLUTION N0. 2265 Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council and C9ty Attorney's office details pertaining to the issuance of $10,000,000 in revenue bonds to finance the construction of a 200,000 square foot manufacturing facility f or ETA Systems, Inc. in Energy Park. In addition to the staff inemorandum, we are attaching a draft copy of the proposed C�ty Council Resolu�ion and a copy of Port Authority Resolution No. 2265 which authorized the sale of revenue bonds in the amount of $10,000,000. Your expeditious hand� ing of this matter will be appreciated. \. Yours tru1y, .�� '��,. �---�—`__,��...._. Eugene A. Kraut General Manager EAK:jmo Attach. cc: R. Broeker >BERT F. SPRAFKA EUGENE A KRAUT,C.I.D DONALD G. DUNSHEE, C.I.D. CLIFFORD E. RAMSTED PERRY K.FEDERS CUTNE VICE PRESIOEM GENERAI MANAGER AND DIRECTOR.INDUSTRIAL DEVEL07MENT CHIEF ENGINEER DIRECTOR OF ANANCE ASST.EXEC.VICE PRESIDENT �MMISSIONERS GEORGE W. WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIFERT PRESIDEM VICE PRESIDENT SECRETARV TREASURER Gl.f�_ CPrtified Industrial Develoner � ��-� ��_ ��'7�7 � , ; � � � L i PORT AUTHORITY OF THE CITY OF SAINT PAUL � 25 WEST FOURTH STREET • SUITE 1305 • ST, PAUL, MINN. 55102 • PHONE (612) 224-5686 Apri1 25, 1984 � Mr. James Bellus Director Planr�ing and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: $10,000,000 REVENUE BOND ISSUE ETA SYSTEMS, INC. - ENERGY PARK RESOLUTION N0. 2265 Dear Jim: We submit herewith for your "review and referral to the office of the Mayor, City Council and City Attorney's office details pertaining to the issuance of $10,000,000 in revenue bonds to finance the construction of a 200,000 square foot manufacturing facility for ETA Systems, Inc. in Energy Park. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolu�ion and a copy of Port Authority Resolution No. 2265 which authorized the sale of revenue bonds in the amount of $10,000,000. Your expeditious handling of this matter will be appreciated. ,\ Yours truly, , ._�; ��. ..�w�C.._'�._.L�.?`..� Eugene A. Kraut General Manager EAK:jmo Attach. cc: R. Broeker �BERT F. SPRAFKA EUGENE A. KRAUT.C.I.D. DONALD G. DUNSHEE. C.I.D. CLIFFORD E. RAMSTED PERRY K.FEDERS ECUTNE VICE PftES�DEM GENERALMANAGERAND DIRECTOR,iNDUSTRIAL DEVELOPMENT r_HIEF ENGINEER DIRECTOROFRNANCE ASST.EXEC.VICE PRESIDENT JMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIfERT PRESIDENT VICEPRESIDENT SECrzETAR1' iREASURER C.I.D. Certified industrial Develoner l� y��. C��= �yr—7�� . F c �: t i PORT AUTHORITY OF THE C1TY OF SAINT PAUL � 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 Apri1 25, 1984 Mr. James Bellus Director Planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: $10,000,000 REVENUE BOND ISSUE ETA SYSTEMS, INC. - ENERGI( PARK RESOLUTION N0. 2265 Dear Jim: We submit herewith for your "review and referral to the office of the Mayor, City Council and C�ty Attorney's office details pertaining to the issuance of $10,000,000 in revenue bonds to finance the construction of a 200,000 square foot manufacturing facility f or ETA Systems, Inc. in Energy Park. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 2265 which authorized the sale of revenue bonds in the amount of $10,000,000. Your expeditious hand] ing of this matter will be appreciated. \ Yours truly, ��;: � `�, ,...�_�_:��.:�.._.._ Eugene A. Kraut General Manager EAK:jmo Attach. cc: R. Broeker JBERT F. SPRAFKA EUGENE A KRAUT,C.I.D DONALD G. DUNSHEE, C.I.D. CLIFFORD E. RAMSTED PERRY K.FEDERS ECUiNE VICE PRESIDEM GENERAL MANAGER AND DIRECIOR.INWSTRIAL DEVELOPMENT CHIEF ENGINEER DIRECTOR OF pNANCE ASST.EXEC.VICE PRESIDENT OMMISSIONERS GEORGE W. WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIFERT PRESIDENT VICEPRESIDENT SECRETARV TREASURER C'I I� �PrtifiPCi Inciustrinl f�PVel�nPr �" r-�-`--�-��,�, � ��-7(�� r , � � � , � PORT AUTHORITY OF THE CITY OF SAINT PAUL 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 Apri1 25, 1984 Mr. James Bel l�:s. Director Planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: $10,000,000 REVENUE BOND ISSUE ETA SYSTEMS, INC. - ENERGY PARK RESOLUTION N0. 2265 Dear Jim: We submit herewith for your "review and referral to the office of the Mayor, City Council and C�ty Attorney's office details pertaining to the issuance of $10,000,000 in revenue bonds to finance the construction of a 200,000 square foot manufacturing facility f or ETA Systems, Inc. in Energy Park. In addition to the staff inemorandum, we are attach9ng a draft copy of the proposed City Council Resolu�ion and a copy of Port Authority Resolution No. 2265 which authorized the sale of revenue bonds in the amount Qf $10,000,000. Your expeditious hand7ing of this matter will be appreciated. :\, Yours truly, `;..� , .�x_�.,.�__:�. Eugene A. Kraut General Manager EAK:jmo Attach. cc: R. Broeker �BERT F. SPRAFKA EUGENE A KRAUT,C.LD, DONALD G. DUNSHEE, C.I.D. CUFFORD E. RAMSTED PERRY K.FEDERS CUfNE VtCE GRESIDEM GENERAL MANAGER AND DIRECTOR.INWSTRIAL DEVELOPMENT � CHIEF ENGINEER DIRECTOR Of FINP,NCE ASST.EXEC.VICE PRESIDENT �MMISSIONERS GEORGE W.WINTER WILLIAM WIISON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIFERT PRESIDENT VICEPRESIDENT SECREfARV TREASURER C'I f� C'artifiari Inclustrinl f�PVPlnnar _ Q ��. -� G� �y-�� , � . , � � PORT AUTHORITY OF THE C1TY OF SAINT PAUL ti,..n 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 April 25, 1984 Mr. James Bellus Director Planning and Economic Development Department City of St. Pau1 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: $10,000,000 REVENUE BOND ISSUE ETA SYSTEMS, INC. - ENERGY PARK RESOLUTION N0. 2265 Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council and City Attorney's office details pertaining to the issuance of $10,000,000 in revenue bonds to finance the construction of a 200,000 square foot manufacturing facility for ETA Systems, Inc. in Energy Park. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolu�ion and a copy of Port Autharity Resolution No. 2265 which authorized the sale of revenue bonds in the amount of $10,000,000. Your expeditious handling of this matter will be appreciated. Yours tru1y, �� . �`, � � ..--�—;K._+,...,'�.,_�..�. Eugene A. Kraut General Manager �AK:jmo Attach. cc: R. Broeker )BERT F. SPRAFKA EUGENE A. KRAUT,C.I.D. DONALD G. DUNSHEE, C.I.D. CLIFFORD E. RAMSTED PERRY K.FEDERS CU11VE VICE PRESIDEM GENERALMANAGERAND DIRECTOR.iNDUS7RL4L OEVELOPMENT CHIEF ENGINEER DIRECTOR OF RNANCE ASST.EXEC.VICE PRESIDENT � �MMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIFERT PRESIDENf VICEPRESIDENT SECRETARV TREASURER ("I f� �artifi .xl Inc�uctrinl f)�vPlnnar � C� %�� _ ��-y�� , r � t � PORT AUTHORITY OF THE CITY OF SAINT PAUL .� 25 WEST FOURTH STREET • SUITE 1305 • ST, PAUL, MINN. 55102 • PHONE (612) 224-5686 Aprii 25, 1984 Mr. James Be11us Director Planr�ing and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: $10,000,000 REVENUE BOND ISSUE ETA SYSTEMS, INC. - ENERGY PARK RESOLUTION N0. 2265 Dear Jim: We submit herewith for your "review and referral to the office of the Mayor, City Council and City Attorney's office details pertaining to the issuance of $10,000,000 in revenue bonds to finance the construction of a 200,000 square f oot manufacturing facility for ETA Systems, Inc. in Energy Park. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolu�ion and a copy of Port Autharity Resolution No. 2265 which authorized the sale of revenue bonds in the amount of $10,000,000. Your expeditious hand7ing of th-is matter will be appreciated. Yours truly, �� `� 'i�. _..;.;.�_:�.._��..:�,..� Eugene A. Kraut General Manager EAK:jmo Attach. cc: R. Broeker JBERT F. SPRAFKA EUGENE A. KRAUT.C.I.D. DONALO G. DUNSHEE, C.t.D. CIIFFORD E. RAMSTED PERRY K.FEDERS KU1NE ViCE PRESIDEM GENERAL MANAGER AND DIRECTOR.INDUSTRIAL DEVELOPMENT CHIEF ENGINEER DIRECTOR OF FNANCE ASSf.EXEC.VICE PRESIDENT �MMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIFERT PRESIDEM VICE PRESIDENT SECRETARV TREASURER C.I.D. Certified Industrial Develo�er � �,,:.��,�� '�- 7�.�I � �: { r � f PORT AUTHORITY OF THE CITY OF SAINT PAUL .�► � 25 WEST FOURTH STREET • SUITE 1305 • ST, PAUL, MINN, 55102 • PHONE (612) 224-5686 Apri1 25, 1984 Mr. James Be11us. - Dire�tor P1anr�ing and Economic Development Department City of St. Pau1 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: $10,000,000 REVENUE BOND ISSUE ETA SYSTEMS, INC. - ENERGY PARK RESOLUTION N0. 2265 Dear Jim: We submit herewith f or your "review and referral to the office of the Mayor, City Council and City Attorney's office details pertaining to the issuance of $10,000,000 in revenue bonds to finance the construction of a 200,000 square foot manufacturing facility for ETA Systems, Inc. in Energy Park. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolu�ion and a copy of Port Autharity Resolution No. 2265 which authorized the sale of revenue bonds in the amount of $10,000,000. Your expeditious hand� ing of this matter will be appreciated. Yours tru1y, ��•��: ,�+ ..�_�.._�..._�_.��..:�,.....� Eugene A. Kraut General Manager �AK:jmo Attach. cc: R. Broeker �BERT F. SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G. DUNSHEE, C.I.D. CLIFFORD E. RAMS�ED PERRV K.FEDERS :ECUTNE VICE PRESIDEM GENERAL MANAGER AND DIRECTOR,iNWSTRIP.L DEVELOPMENT CHIEF ENGINEER DIRECTOR OF FINANCE FSST E%EC.VICE PRESIDENT OMMISSIONERS GEORGE W.WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIfERI PRESIDENT VICEPRESIDENT SECRETARV TREASURER C.I.D. Certified Industrial Developer 3 .x.� �$ .. . .. �. ,, n ', � . 'k . � fli� "� `-�" '�"t. �^§I �� ' �PAl�'��lT',` ` � �� r � � ,� � �, �-� .��.,� � � _- � r�: f � �� n�� 4 �� *� ' � ' ��i�' �.��,r - `�� -� ��3 ��.� . - �` '� �� I ,- ¢ �•` .zri�^ �t ��.A T Y? 4 � L �x'�� "�"'` .`.$ �„,��"�� `� H4NE � � � � �� ;.'� � � �� ,f,,�.��y i w� rt x � � .. 3.�� . `, y ; �. X � � . � �.�b�� r1'i � y 4{. C�� t x !? 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June 7, 1984 . ��i.... _ w � �"'�,�..,..✓� � COMMITT � E REPORT TO.= Sain� Pauf Cit� Cou�cil � � _ - - - F R � t�i = C O C'1l Ci'�i�T�e O h FINANCE, MANAGEMENT $ PERSONNEL _ � - ' C I�A I R James Scheibel � 1_ Appzoval of minutes from meetings held 1�!ay 24 and Niay 31, I98 - _ . .. . -- - . �� 2. Resolu�t�7�p�a�g t�ta�is�+� af �lU,000 reiren�� bond.s to finance the .- cons'��tion of 200,000 square foot ma �ility for ETA Systems, Inc. in Energy Park. (Port Authority) . . � _ 3_ Res�lution approving additions to �he 1984 Budget and appropriating $335 0 4 � -^ to the�inancing and Spending Plans of Cable TV Special Revenu° Fund_ �' � 4. Reso3utiort approving redu t'ons in the Public Utilities Tnvesfiigation Fvnd in. "� - � the amount of $21,177. � �- . � . . 5. Resolution approving additions to the 1984 Budget and approprzating �24,000 to � � � . the Financing and to the S endinQ Plans of Library Special Fevenue Fund_ - . (Community Services) � , '<`�'# � . � � 6. Resolution approving additions to the 1984 Budget and appropriating �28,769 to�� the Financing and to the Spending Plarts o£ Interlibrazy Loan Fund. (Com�nity Service 7. Resolution approving additions to the 1984 Budget and approprzating $1,893 to the Financing and to the Spendin Plans of Perrie Jones Library Special Revenue _ Fund. ( Co�nunity Services) � 8_ Resolution approving additions to the 198"4 Budget and ap�ropriatino $400,916. 12 to the Financing and to the Spend.in Plans of Library Grants Furid�Friends of the Library. (Community Sexvices) • J. � - 9. Resolution approving additions to the 1984 Budget and appropriating $1,2$3 to the Financing and to the Spending Plans of Rietzke b•Iemorial �rust Fund_ (Com_ Services) - f-". . .' . . �.. CIT'Y HALL SEVEN'TH FLOOR SAINT PAUL, `i1NNESOTA 55102 . �+� - • . . _ _._ . ----. ..____ ^.-----------� - - _�_.,.,_.�. . _,_ ... -r-�--•--- ----- ._. _----�— -- --- - - --