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84-1237 WHITE - CITV CLERK PINK - FINANCE G I TY OF SA I NT PAU L F Ie ci1N0• ��_ �� 3 7 _ CANARV - DEPARTMENT BIUE - MAVOR 1 t RF,Cou ci �esolution Presented By Referre Committee: Date , Out of Committee By Date WHERF'.AS: 1. On September 4, 1984 the P�r� Authority of the City of Saint Paul adopted Resoluton No. 2334 giving preliminary ',approval to the issuance of taxable revenue bonds in the initial princi�al amount of $66,Q�0,000 to finance the acquisition and construction of the World �ade Center in St. Paul by fJxford Development Minnesota, Inc. The bonds will be unaerwritten by Miller & Schroeder Munici�als, Inc. 2. Laws of Minnesota 1976, Chapter 234, provides that any iss� of revenue bonds authorized by the l�rt Authority of the City o£ 5aint Paul, shall be issued only with the consent of the City Council of the City ot Saint Paul, by resolution adopted in accordance with l.aw; 3. The Port Autharity of the City of Saint Paul has requested that the City Council give its requisite qonsent pursuant to said law to facilitate the issuance of said revenue bonds by the Fbrt Author�ty 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. RE9C)LVEU, 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 pur�oses described in the aforesaid Ibrt Authority Resolution No. 2334 the exact details of which, includinc�, but not limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of additional bonds are to be dete�n9.ned by the Pert Authority, pursuant to resolution ado�ted by the Pbrt Authority, and the City Council hereby authorizes the issuance of any additional bonds (including refunding bonds) by the R�rt Authority, found by the P�rt Authority to be necessary for carrying out the purposes for which the aforesaid bonds are issued. COUNCILMEN ' Requested epar ment of: Yeas �� '�' "D�� [n Favor Masanz Nicosia scnetbe� __ Against BY Tedesco Wilson SEP 13 198� Form Approv by City Attorney Adopted by Council: Date � �—� Certified Ya: • uncil S r BY��`�"�` - `'' B}, Y- l� �y E1p o by Mavor: D t _ �Cr � � �'* Approved by Mayor f Submission to Council B _ �,_W.�� PUBLISHED S E P 2 2 1984 •�{ � � � . r� �� ;:� �,y�,c� f 3 I � 2 1 P'L't�'ir. i'u�� T F„e�� S! �l g, •,. .,',, 1 •'.i 1�e q �C P� 3 . � � �� a� �:� � � F F � j y � {yy, �, �� i �� '�t �`�.t X ��^ 5" v{ 6f F . r s'� ��- ` `� � ''r �� ,�. ~ ��. � � #, � nq � � ��, .. . . id 's� ��+ �' , : �� z- ' ��M�' 4� tg' �, �t. 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F � � „� �,'� t� � � '.� � �� t��t� `t��i � � �� ,�,;;.,�� '�� ' � �'� ��. �`��an�� , �� $Y � ' ` '�� .�,�;��„�;;�;;�� ' �; k �4iWr+ww � .w�f�rb�r ':"`• !`�4,Ni�ti7'�� ':� � i } f ' ) '` fi�7 + � � � �� . � '�y �� ,. . �# � `��' � ��#" i t��,*` � �� q�� ,� � °� '` �� e C�r� ' 4�z ' °i� '� � /� � �� _ � t e i �'� ir w'#�i"",'��'�° •+:- ,� '��"�� 'a " � . _ ,.�. .... . .. .. � ... ;I� . . �� . ._. ,:. ,.. .� .�._., ,� � .�, ��`.�,y . - - - �� . 'j .. ,. ._. i , �. ' .., . . �. ..... �i .. :;'. : ;. ,, .. .,. .:.: �-.• ,a�il .� _t.. . �- - . �=dxl—/�� Resolution No. `� RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL . . WHEREAS, the purpose of Chapter 474, Minnes+ota 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 in3ustry 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 develogment 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 arid 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 Oxford Development . Minnesota, Inc. (hereinafter referred to as "Company" ) a request that the Authosity issue its taxable revenue bonds . (which may be in the form of a single note) to finance the acquisition, installation and construction of the World Trade Center (hereinafter called the "Project") 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 . �. - ._ �-�/�-1�� WKEREAS, the Project to be financed by revenue bonds will result in substantial empl�yment 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, and the Company has advised this . Authority that but for the aid of revenue bond financing, and its resulting low borrowing cost, the Project would not be undertaken; WHEREAS, Miller & Schroeder Municipals, Inc. (the "Underwriter" ) has made a proposal in an agreement (the "Underwriting Aqreement") relating to the purchase of the revenue bonds to be issued to finance the Project; NOW, THEREFORE, BE IT RESOLVED by the Conaaissioners of the Port Authority of the City of Saint Paul, Minnesota as follaws: 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(a) of Section 474.02 of the Act; that the Project furthers the purposes stated in Section 474.01 of the Act, that but for the availability of the financing under the Act and willingness of the Authority to furnish such financing, the Company would not 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 unemplayment, and will help the City to retain and improve its tax base and provide the range of services and employment opportunities required by its �opulation, 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 pevple of the City of Saint Paul and in furtherance of the general plan of development to assist the Company in financing the Project. • � - -- U=�-��37 � 2. Subject to the mutual agreement of the Authority, the Company anc� 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 taxable revenue bonds of the Authority ` , (which may be in the form of a single note) in an amount not to exceed approximately $66,000,000 (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 wa�� presented to the Commissioners, arelincorporated herein by �reference and approved. 3. There has heretofore been filed with the A��thority a form of Preliminary Agreement between the Authority and Company, relating to the proposed construction and financing of the Project and a form of tYie Underwriting Agreement. The form of said Agreements have been examined by the Commissioners. It is the purpose of said Agreements to evidence the cominitment 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. Said Agreements are hereby approved, and the President and ��cretary of the Authority are hereby authorized and directed to execute said Agreements. 4. Upon execution of the Preliminary Agreement by the Company, the staff of the Authority are authorized and directed to continue negotiations with the Company sa as to resolve the remaining issues necessary to the preparation of the revenue agreement and other docwaents 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 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 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. 5. 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 pawers of the Authority or the City is pledged for the payment of the bonds (and interi.m note or notes) or interest thereon. 6. In order to facilitate corapletion 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 (includinq 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. Adopted September 4, 1984 ; i / . . , �, Attest � � ��,—� Pr�s_iy'Ce t �� The P t Authority of the City of S nt Paul /� / f�, � S etary PORT - ��ro�.�37 AUTHORITY OF THE CITY OF ST. PAUL Memorandum TO: 1�oard of Ccxrmissianers DATE: Auc�. 31, 19ti4 , S�ecial. C"eetinq Se�t. 4, ly�i4 �� , � t FROM: �. .�, �� :�`�- ' ' � � i I � SUBJECT• YRELIMIr�ARY AND UNDF..RF�}�ITII��G AGRF,f�;MEr?T - SE�6,C(10,000 TAXAFLF. REVE,�i[?E F?OtTL` � ISSUE - GVORLD TRAnF CE'NTE,R RFxSUL[►TI(�1 NO. 2334 In the initial pro�osal t� f.inance the ti�rorld Trade Center the R�rt A..uthoritv made a cammitmer.t to constn�ct the parkincr ran;p anc3 the incuhat.or space and to acatiire one floor for R�rt A.t�thority c�ccupancy. P_e.cause �f the interest rates on the tax exem�t bonds pro�osec? and a reducticn in thF size of the parkinq ramp which was the space leverac�ed to �ennit tax exem�?t f.inancincl for the incuhator space, a }�roblem was cre�t.ed which l imit.ee� the ar?c�unt of_ tax exempt financinc� which we could provide. Farly in the nec7�tiations with Cbcford anc] in St. Paul 's initial cliscussicns on the lcxati�n of the �tinrld �ade Center, we proposed that if necessary taxahle tx�ncis woul.cl he sc�lc� for the faeil ity. The Citv has a�t�l.ied for a UPAG �rant in the am�unt af $12 million ancl �lec�ec3 ap�mximately S10 mill.ion in tax incr�Pnt f_unds r,evP]o�?PC3 from within the total block development, and Cncford has corrnnitt� �uir_y ca�ital of approximatley $10 rnillion, anc3 we are reccxr+r*�enclinc� that rhe Pnrt A.utuhority authcrize the isGUance of SF�F million in taxahle revPnue h�nc!s to provide for the senior lonn term financinc� f_�r the �?roject. 4�•�e have receivec3 an unclerwritinr� commitir.ent frc:a� '"iller � �chrcxcier Munici�als to accruire the Fx>nds which inclt�des a nrivate nlacerrpnt hasec� upon the creclit of (7xfor�l L�evelo�ment Inc. and c�xfr�rd I�vel��ment of r�.innesota Inc. which will include their asset c�uarantv as wel]. as � short fall ruarantv. Sale of these bonds will not entail an ohli�ation �f the �rt Authority's cr.eciit nnr create any liahility f�r the Authc�rity. F'ecati� �f the ma�nit.ude of thP �,roject anc3 the remsiremenr_ that if. it wer.e publicly solc� it must- he rer.isterPd with thP Ser_urit.ies Fxchanae Corrmi_ssion, all of the :x�nds will he privately }�laceci. � �"=��G-1�37 Foard of Ccxranissi�ners Aua. 31, 19$4 Paae -2- It is esti.mated that hasec3 on current rates this placement wi_ll he r!ade at a 13.5$ interest rate for a terrn of 25 vear�. The net wnrth of the quarantors is in excess of S1�O,U00,000. Staff recommends apnroval of Fesol.iation P.�. 2334 �uthorizirx� the issuancP of S66,OOO,ODU wcrth of taxable honds to �articipate in the financin� of. the worlc� Trade Center. F'PR:�mo � � t . �--- . � �'i��G- - ��-��'� 1�.��v,��- � �� PORT AUTHORITY OF THE C1TY OF SAINT PAUL 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 �e�te�^ber 7, 1 y84 P�r. James Rellus Ci rector Planninc� and �concxnic i:�velot�rent t��art�nr_ Citv of St. Pau7 14th Flc�or. , City Pall Annex St. Paul, M1"inna..�ta S51(�2 5[JRTFCT: 566,OUO,OQU TAXRP�LE REVE'l»UP f'(�ti'DS - t,R�RL:P TRADF CF�iTR° RE�C?T..tITIGI� NO. 2334 f�aar ,Tim: ti��e suhmit herewith f�r ycur review ancl referral r_o the �ffice �f. the ^�avor, City Council and Cirv Attornev 's of_f_icP details �ertaininn t� the issuancp of S66,UC►0,0!)0 in taxable revenue honcis to finance the accuisition anc� construction of thP ��k�rlci 'I�adP Center_ hv C�xf�rc? [�evelo�ment Minnesota, Inc. Tn a�dition t� the staff rnemc�randwr, �A� are attachinr, a draft c-orv of t1�P �rer.osed Citv C�uncil res�luticn and a copv of F�rt Aut+��ritv Re�lutien A'o. 2334 which authorizec� the Gale of revenue honds in the �rrunt of S6F,OOO,OI)0. Your expec�itious handlirx� of this matter will be ao�reciat.ect. Yours trulv, ��ene �. Kraut C=eneral �^ana�er_ EAK:�n�c - Attach. cc: '�aver t.ar.irrer ?T F. SPRAFKA EUGENE A KRAUT.C.I.D. DONALD G. DUNSHEE. C.I.D. CLIFFORD E. RAMSTED PERRY K.FEDERS �E VICE 7RESIDEM GENERALMANAGERAND DIRECTOR.INDUSTRIAL DP/ELOPMENt CHiEF ENGINEER DIREC'CR OF RNANCE ASST.EXEC.VICE PRESIDENT AISSIONERS GEORGE W. WINTER WILLIAM WILSON ARTHUR N. GOODMAN VICTOR P. REIM JEAN M. WEST CHRIS NICOSIA WILLIAM J. SEIFERT P!7ESIDENT VICEPRESIOENT SECRETARV iREASURER ('`I I'l ("crtificrl Inri�ictrinl flcvclr^,nar pc�ti hu�nur i �y ❑El'AK I h1ttV 1 E `A. Kraut � �ONTACT - ._ ' � c(—�.�3 � • 224-5686 PHONE � � � DATE re� . (Routing and Exptanation� Sheet) . .. . . . . .. .. .. . �. f.=:i r Assi gn ��umber for Routi ng Order (Cl i p Al l Locati ons for hlayoraT Si gnature) : � Department Di rector �_ City Attorney � � Director of Management/Mayor _� Finance and Management Services Director 5 C�ty Clerk $66,000,000 TAXABLE BOMD ISSUE 8udget Directo r WORLD TRADE CENTER �lhat Will be Achieved by iaking Action on the Attached Materials? (Purpose/Rationaie : The purpose of the bond issue is to finance �the acguisition and construction of the 4Jorld Trade Center by Oxford Development Minnesota, Inc. through the issuance of a taxable revenue bond issue in the amount of $66,000,000. Fi nanci a1�, Budg�tary and Personnel Impacts Anti ci pated: � y/A Furtding Source and Fund Activity Number Charged or Credited: N/A Attachments (List and Number a11 Attachments) : Staff ��1emorandum Draft City Council Resolution - Port Authority Resolution No. 2334 � OEPARTMENT REVIcW CITY ATTORNEY REYIEIrI Yes No Council Resolution Required? Resoiution Required? Yes No Yes (Vo Insurance Required? Insurance Sufficient? Yes No Yes No Insurance Attached? Revision of October, 1982 �coo Qp�Prca S;riP fnr Instructi ons) � ORT � �� ,�,�7 � AUTHORiTY OF THE ClTY OF ST. PAUL Memorandum TO: 1?aarcm of Ccx�missioners p,4�; Auc�. 31, 19£34 S�ecial. t�eetinq �e�t. 4, 1:'�4 �'�� i ;� a FROM: E• .r,K�� t ��_., SUBJECT: �'RF.LI�Ir�ARX AND UNDFRT►�RITII�'G A�RF'f�;h�E�?T - 5��,000,000 TAXAPLF. pL•Z%E"riUE L�'!' IS�I�E - ��'ORLD TRA[?F' CE'NTE1? RF:SOLI!TIn�! NO. 2334 In the initial �rc��osal t� finance the buorld 'IYade Center the R�rt Authoritv made a commit.ment to constnict the parkincr ratr.p anc� the incuhator space and to acc�uire one floor f�r R�rt Puthority c�ccuPancy• PecauGe �t the interest rates on tre tax exemt�t bonds �ro�os� and a recli�cticr in t�F size of the �arkinq ramp which was the snace leverac�ed to �nnit tax Pxer��t f.inancin� for the incuhator �pace, a �robl.err was cre�t.ec? which 1 imit-.er rhe arTri�nt �f_ tax exempt fir.ancinc� which wn ccxild provide. Farlv in the ne��tiatic�ns with C�xforcl anci in St. Paul 's inir_ial ri�c.is�ions �n the locati�n of the 4�brlcl �Yade Center, we proposed that if nPCesGarv taxahle tx�ncls w��d he solc� for the facil itv. The Citv has aP�li� for a U[�AG nrant in r_he aQnc�unt of S12 million anci nledned ap�mximatelv S10 million in t�x increner.t funds �evP]onPCl fr.�m wir.t?in the tc�tal block development, anc� c�xford has committeci �uiry ca�it�l of a�pmximatley Sli) rnilli�n, anc? we are recora^enc�in� tl�at rhe �-hrt A.ur.uhoritv autl�erize the is�uance of_ ShF milli�n in taxahle r�ver.ue hc�nc�s to �rovicie f.or the senior lon� term financinci f_c�r the }�roject. 4•�e have receivec9 an underwritin�; c�mmitment frc�r� Mill.�r � �chr�:Pr h�unici�als ro �cruire the hc�ncis which incli�c?es a r.ri.vatP nlacerrwn� h��Pr up�n the creclit �f Chcf.or�l i�vel��ment Inc.- ancl �xfc�rr f`eve]��Pnt cf ��•innesota Inc. which ��ill include r.heir asset �uarantv as wel) as a Gh�rt f.all c�uarantv. Sale of these boncls will� not err.ail an ohli�arion �f thP �hrt Aur_h�rity 's crec�it n�r create anV li�hi).ity fnr t�he Aut.h�rritV. F�ecau� c!f the ma�nitt�de of rhe �roject anc� the renuirPr*+�nt that. if. it wPr.e rl�hliclv G�lc? it �r��st he rP�i�tPrx3 with thP �xur.irieG F�cchanae Commi SGion, al l �f the `x�nds wil) he �rivately rlaceci. . � ��r-i�3� Poard of Cor�enissi�ners A.ua. 31, 1984 Pac�e -2- ' It is estimatec� that hasecl on c:urrent rates this placement wi_ll he made at a 13.5$ interPSt rate for a terrn of 25 vear�. The nPt wnrth of the auarantors is in excess of. S1(lt),ODU,000. Staf.f recommends a�nroval of_ Aesol.i�tion �'�. 2334 authorizicx� thA issuancP of. S66,OQU,ODU wcrth of taxable honds to �articipate in the financinq �f. the v�torlc� Trade Center. FP.K:lmo I IG . � l.� i CLEAK . NK - FINGNCE G I TY OF SA I NT PALT I, Council / �/y//�� \N4RV - pEPARTMENT . Flle NO. _li'E - M4VOR ��(OCC/� � . � Council Resolution resented By Referred To Committee: Date Out of Committee By Date � , �^'HEREAS: 1. Cn �ptember a, 1934 the P�rt Authority of the City of Saint Paul adcptx3 kesoluton cao. 7334 �ivinq �reliminary approval to the iss�zance of_ taxat?le revenue bonds in the initial �rincipal amount of $66,000,000 to finance the accruisition anc? construction of. the tfuorld Tra�P Center in St. Paul by nxford Develo�s►nent �i_nnes�ta, Inc. The boncis will he undeYwritten by Miller & Schroeder �+!unicinals, Inc. 2. Laws �f �+innesota 1976, Chapter '134, provides that any issuP of r_evenue t�onc�s authorized by the R�rt Authoritv of the City of Saint Paul, shall ~e issue� only with the consent of the City Council of the City of_ Saint Paul, hy re�olution ac3onteci in accordance with law; 3. The Port Authority of the City of Saint Paul has rec?uestec-1 that the Citv Council c�ive its rec{uisite consent �ursuant to said law to facilitate ti� issuance ��f said ravenue bonds by the l�rt A.uthority of the City of_ Saint Paul, subject to fin�1 ap�roval of thp details of_ said issue by the }?ert Ruthority of the C:itv �f S�inr_ P�ul. RI�SOLVE;U, by the City Council of the City of Saint Paul, that in accorc3ance with Laws ef �Iinnesc�ta 1y76, the City Council hereb_y consents to the isst.iancz of. tre aforesaid revenue bonds for t}�e piir�oses described in the af�resai� Port Authority Pesol.uti�n r?o. 2334 the exact details of c�hich, includim, rut not limitec? to, z�rovisions relatina to Tnaturities, interest rates, discount, reciem�tion, anc� fcr the issuance ot adc�iti�nal bonc�s arP to be dat�rminecj by the �brt Authoritv, pursuant to resolution adont?d by the Port Authority, and the City Council hereh�� authorizes r_he issuance of any arditional bonc?s (incluc�ing refundirxi t�cmcls) k�y the Pc�rr_ ,autrarit�T, found by the Port Ruthoritv to be necess�ry for carr��ina cut the purpos�s for which ttze aforesaid bonds are issued. COUIVCILI7EN 'eas Navs Requested by Department of: Flsteher � Galies [n Favor Masanz Nlcosia scneibei A gai n s t BY Tedesco Wilson Form Approved by City Attorney �dopted bv Council: Date 'ertified Passed by Council Secretary By B� ,pproved by Ytavor: Date Approved by Mayor for Submission to Council sy� By ` �� . Resolution No. � "� RESOLUTI�N OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL . WHEREAS, the purpose� pf Chapter 474, Minnesata Statute�s, known as the Minnesd�a 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 develoFxaent 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 neces�itating the active promotion and development of economically sound industry and coriunerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the aiaount and cost of governmental services required to meet the needs of the increased population and the need for develogment of land use which will provide an adequate tax base to finance these increased costs and access to �mployment opportunities for such population; and WHEREAS, The Port Authority of the City of Saint Paul (the "Authority" ) has received from Oxford Development Minnesota, Inc. (hereinafter referred to as "Company" ) a request that the Authority issue its taxable revenue bonds (which may be in the form of a single note) to finance the acquisition, installation and construction of the World Trade Center (hereinafter called the "Project") 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 . . �� -�- ��-�a�� . _ � WKEREAS, the Project to be financed by revenue bonds xill result in substantial employment opportunities in the Proj ect; WFiEREAS, 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, and the Company has advised this . Authority that but for the aid of revenue bond financing, and its resulting low borrowing cost, the Project would not be undertaken; WHEREAS, Miller & Schroeder Municipals, Inc. (the "Underwriter" ) has made a proposal in an agreement (the "UnderKriting Agreement") relating to the purchase of the revenue bonds to be issued to finance the Project; NOW, THEREFORE. BE IT RESOLVED by the ConQnissioners of the Port Authority of the City of Saint Paul., Minnesota as follaws: 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 produ�ing enterprises engaged in any business within the meaning of Subdivision 1(a) of Section 474.02 of the Act; that the Project furthers the purposes stated in Section 474.01 of the Act, that but for the availability of the financing under the Aet and willingness of the Authority to furnish such financing, the Company wauld not undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the development of economically sound industry and conunerce 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 t2ze 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. . �_ -_ .-- � ��--��3� - 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 tYr,e Project and the issuance of the revenue bonds, the Project is hereby approved and authorized and the issuance of taxable revenue bonds of the Authority ` . (which may be in the form of a single note) in an amount not to exceed approxi.mately $66,000,000 (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 Comcaissioners which was presented to the Commissioners, are incorporated herein by reference and approved. 3. There has heretofore been filed with the Authority a form of Prelimi.nary 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 Co�►issioners. 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. Said Agreements are hereby approved, and the President and Secretary of the Authority are hereby authori2ed and directed to execute said Agreem�nts. 4. Upon execution of the Preliminary Agreement by the Company, the staff of the Authority are aut3iorized and directed to continue negotiations with the Company so as to resolve the remaining issues necessary to the preparation of the revenue agreement and other documents necessary to the adoption by the Authority of its final bond resolution and the issuance and delivery of the revenue boads; 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 accordance with the provisions of Minnesota Statutes, Section _ 475 .06, Subdivision 1, to accept a final offer of the Underwriters made by the Undezwriters to purchase said bonds and to execute an underwriting agreement setting forth such offer on behalf of the Authority. Such acceptance shall bind - .__ G= ��a3� ,. ' , the Undezwriters 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. 5. 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 pawers 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. 6. In order to facilitate completion of the revenue bond financing herein contemplated, the City Council is hereby requested to cvnsent, 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. Adopted September 4, 1984 ;� � ! . Attest � ` ""% Pres_iyTe t . The P t Authority of the City of S nt Paul : `-� ' ; G ' / J . , `�`�' _ S etary