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84-1321 WFIITE - CITV CLERK PINK - FINANCE G I TY OF SA I NT PAIT L Council ��- CANARV - DEPARTMENT File NO. ��-/��l BLUE - MAVOR 1 � �C' �il Resolution Presented By � � � V Re erred To y!' 1V�"1�[l.0 Committee: Date �'�� Out of Committee By - Date WHEREAS: 1. On August 21, 1984, the Port Authority of the City of Saint Paul adopted Resolution No. 2313 giving preliminary approval to the issuance of revenue bonds in the initial principal amount of $4,750,000 to finance the construction of a 80,000 square foot cooler and freezer facility in Riverview Industrial Park for GRL Cold Storage. 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 purs�ant 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 Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution No. 2313 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 ar,e 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. COUNCILMEN Requested by Department of: Yeas Nay�s �F,cyu� �i �c� o'e'" [n Favor Masanz ' Nicosia �� l�, Schetbel _�___ Against BY �-"� Tedesco �� Adopted by Council: Date SEP 2 7 198�4 Form Approved by City Attorney � � -� Certified P•ss d b Cou cil S tar BY By p " '_� ( � � A�pprov by 1�lavor: Date — � ��U� Approved by Mayor for S 'on to Council g By PUBLISHED OCT � 19 4 � � ^,. ., ., �j� ,_ , .. .::� ,'� . ' . a:t . ,�-'�",�'E'ng��e � d �- ��r :- ,.. �. e �[ {�j�� ..�{r '� �'x� "�� fi'�� M ry�*[M��I T'�i1��'/'. b/ 4 .. NY *::�� J�n• �' �w�.,i �� ee e Ir 4� S�1l�l' �J 4 t n r a ; � # ' �, a�� : s < ° G �y��,.��( � s.� K '' �` +#! • °e 5 J 4�.,.r ; k �5. � �}��? � �FL7��, 1 . � � - Y�� ~� � h��?,y,. �� Y� �t x�' j.� � h +k A 2� y�.,y +� �_� S i - -y5 S, 1 f � .� '- �^"S�Y F� Y'�� k -�{'F' 2:� iy� _ '� 7, .N z�, ;,} t A'��v '�I �`�^�'n`F J 'x`�€ y �idt +�Y? $3� Y �':_: 'd`"n: y :;� �^ 6 ''� �� : 4,�sr''{'�°F. .. �, . � �� } �' � � ti�. c � �� r �'�3' � ,� ✓�-1 � G. 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S F� v°t;. $"`�r ��,� : �a� �"'� � , �` b ro � ` _ w �,n�'�, t � � x � � r�� t;��,�l s"§, �"h ��f' �4'�3,'�" �:x .`�v�* �. g,.R' �k �x';'�S 4 �"�`� t�'} aZ �� ,'�* �4 A�.eay q�, P �"��,� �' '� `` � x z ;�,� ; r � �;d�r j ��r�s � � ,� � M ��'�� ¢��t; �-� ..� x a �, a �� ;�� ..;,�s .�. t :', „ ': �. `". � i � y. ' `�� 4 i . ,. ,��' �r„� �iv.'�, 55., . �.,..Y M... � .... . � �.J r>`.:._ ... _ . .. __.- , ..`F%..�.�" t,..i '4r , s� J,.. ,..t . x m, ri:'a. � S��' fvS."w.�'�a7e�.�4�,.„ .,'W�.S,...r ..��.XC.'.:. � O R T . . � � � �%�//.�-�� ✓� AUTHORITY �� OF THE CITY OF ST. PAUL Memorandum TO: BOARD OF COMMISSIONERS �AT� August 17, 1984 (Regular Meeting 8/21/84) FROM: D. G. Dunshee SUBJECT: GRL COLD STORAGE $4,750,000 INDUSTRIAL DEVELOPMENT REVENUE BOND ISSUE 8?6 - PUBLIC HEARING PRELIMINAI?Y & UIrTDERWRITING AGREEMENT RIVERVIEW INDUSTRIAL PARK RESOLUTION N0. 2313 1. The Company The Port Authority Commission on April 15, 1969 approved the issuance of $2,665,000 in industrial development revenue bonds for Metro Meats, Inc. to finance the construction of a 138,900 sq.ft. beef cutting and packaging facility located on a site containing 7.55 acres. On September 19, 1972 the Port Authority Commission approved the issuance of $2,300,000 for Twin City Meats in industrial development revenue bonds to finance a 78,473 sq.ft. cold storage addition. The addition was situated on an additional 5 acres of property immediately south of the Metro Meats site. On January 19, 1973 the Port Authority commission approved the assignment of the Metro Meats' and Twin City Meats' leases to Bell Cold Storage, Inc. and G & R Realty, Inc. , wholly owned subsidiaries of Old Home Foods, Inc. At � the present time, of the $4,965,000 in bonds originally issued for the project $4,000,000 remain outstanding. 2. The Project �ain City Meats business has been increasing since the two buildings were assigned in 1973 and propose to construct an additional 80,000 sq.ft. cooler and freezer facility south of the T.C. Meats building. At the present time the Company employs 215 people and expects to increase employment by 20 when the facility opens. The Company currently operates plants in both St. Paul and Minneapolis but will be closing their Minneapolis facility and transferring all operations to St. Paul. t . ' � � � ��/..��/ � BOARD OF COMMISSIONERS August 17, 1984 _ Page 2 3. Financing The proposed financing would be done as an 876 industrial development revenue bond issue for a 30 year term. Proceeds from the bond issue would be as follows: Construction $4,335,000.00 Bond Issuance Expense 30,000.00 Capitalized Interest During Construction — 6 Months 242,500.00 Debt �ervice Reserve — (Funded in cash by Company — $515,000) Discount 142,500.00 $4,750,000.00 The Port Authority would receive earnings on the sinking fund and it's customary fiscal and administrative fees based on a formula of .42y per million per year for the first ten years, .54X per million per year for the second ten years and .66� per million per year for the third ten years of the lease. The Company will be financing the debt service reserve in cash at the bond closing. 4. Underwriting Miller & Schroeder Municipals, Inc. has agreed to underwrite the 30 year bond issue at an interest rate to be set the date the bonds are sold. We anticipate the bonds will sell at the regular October 1984 commission meeting. 5. Terms of the Lease The terms of the bond issue would be for 30 years with the Company having an option to purchase the building for 10% of the original bond issue cost plus retirement of any outstanding bonds. 6. Recommendation The Port Authority has interviewed the officers of the Company, reviewed their financial statements and recommend approval of Resolution No. 2313. DGD:lr � , . . � � C��'�"�.�a� t _ _ ltesolution No. �3/3 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 unesnployment and to aid in the develoFxnent of existing areas of blight, marginal land and persistent unemployment; and WHEREAS, factors necessitating the active promotion and developrnent 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 developnent 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 GRL Cold Storage (hereinafter referred to as "Company") a request that the Authority issue its revenue bonds (which may be in the form of a single note) to finance the acquisition, iristallation and construction of an 80,000 square foot cooler and freezer facility (hereina$ter collectively called the "Project") as an addition to its existing facilities in Riverview Industrial Park 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 developanent 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 delat and enhance the image and reputation of the City; and 1 . . , �� /r/3�� , - WHEREp,S, the Project to be financed by revenue bonds - will result in substantial employment apportunities in the Project; WHEREP,S, the Authority has been advised by repre- sentatives of the Company that conventional, canmercial 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 econ�ni.c feasibility of operating the Project would be significantly reduced, but the Company has also advised this Authority that but for the revenue bond financing, and its resulting low borrawing cost, the Project would not be undertaken; WHEREAS, Miller & Schroeder Municipals, Inc. (the "Underwriter") has made a proposal in an agrees�►ent (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 ��fiEREAS, the Authority did conduct a �ublic hearing pursuant to said notice, at which hearing the rec�nendations 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 follvws: 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 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 develop�nent of economically sound industry and canmerce and assist in the prevention o.f the � ,\ ..----- , . . a . �9" ��'/3°�'( ; 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 movesnent 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 developanent 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 rPVenue 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 (which may be in the form of a single note) in an amount not to exceed approximately $4,750,000 (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 m�orandum to the Commissioners which was presented to the Co�renissioners, 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 Canmissioner of Energy and Economic Development, 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 Co�nmissioners. It is the purpose of said Agreements to evidence the commitment of the parties and tYieir 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 o£_the Project with the assurance that there has been sufficient "official action" under Section 103(b) of the Internal Revenue Code of 1954, as ' � . . . . � �j i3�i ; _. amended, to allow for the issuance of industrial revenue bon3s (including, if deesned appropriate, any interim note or notes to provide temporary financing thereof) to finance the entire cost of the Project upon agree�nent 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 P,greement s. 5. Upon execution of the Preliminaxy Agreement by the Compariy, the staff of the Authority are authorized and directed to continue negatiations with the Company so as to resolve the remaining issues necessary to the preparation of the lease and other documents necessary to the adoption riy the Authority of its final bond resolution and the issuance and delivery of the revenue bonds; providPd 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. 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 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 • ' � .,. . . . . �� 3�/ ; .. authorized and direeted to foxward to the City Council copies of this resolution and said Preliminazy 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 est.i.mating 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 Energy and Economic Developsnent, 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 August 21, 1984 ,j �Attest � c � � Presi The Port uthority of the City � �� ' of Sain Paul ,- � i �� ,.z. �li�L.% ��/�%�� Secreta . ' �.� ��,y. /�°�I ,, • Finance Committee Agenda September 20, I984 Page 2 9. Resolution consenting to the issuance of Port Authority Revenue bonds in the amount of $4,750,000 to finance the construction of an 80,000 square foot cooler and freezer facility in Riverview Industrial Park for GRL Cold Storage. 10. Resolution consenting to the issuance of Port Authority Revenue bonds in the amount of $1,100,000 to finance leasehold improvements at 450 N. Syndicate for the C. Angus Wurtele, Clarkson Lindley �, Mary {Vurtele Vaughan Trusts. 11. Resolution consenting to the issuance of Port Authority Revenue bonds in the ramount of $1,325,000 to finance the construction of a 25,000 sq. ft. office, _ �warehouse and distribution facility in Energy Park for P.M. Properties, Inc. ''to be subleased to Craighead F� Associates, Inc. dba Power/Mation: 12. Resolution consenting to the issuance of Port Authority Revenue bonds in the amount of $5,000,000 to finance the construction of a 72, 170 sq. ft. building in Energy Park for Partnership Technology, Inc. , a subsidiary of 1Vinfield Developments, Inc. 13. Resolution consenting to the issuance of Port Authority Revenue bonds in the amount of $600, 000 to finance the construction of a 2,500 sq. ft. truck an d garage repair facility and a 2, 100 sq. ft. c.*ooler addition to the building at 370 University Ave. for Old Home Foods, Inc. 14. Resolution consenting to the issuance of Port Authority Revenue bonds in the amount of $1,000,000 to finance the rehabilitation of an existing 90,000 sq. ft. facility at 800 Iiampden in St. Paul and to expand it by 40,000 sq. ft. for Roger Greenberg dba Bro-Tex, Inc. 15. Resolution consenting to the issuance of Port Authority Revenue bonds in the amount o� $1,400,000 to finance the construction of a 40,000 sq. ft. warehouse addition to the building at 403 Fillmore. Avenue East in Riverview Industrial Park for Kaplan Paper Box Co. , Inc. 16. Ordinance amending Sections 34.K F, 34. L in the Civil Service Rules by establishing the classification Associate Director of Personnel in the Unclassified Ser;�ice. (Personnel) 17. Resolution amending the Salary Plan and Rates of Compensation Resolution regarding the Associate Director of Personnel classification. (Personnel) 18. Resolution revising the class specification for Water Laborer in the Civil Service Rules. (Personnel) 19. Resolution approving 1984-1'985 Agreemenr betiveen the ISD #625 and the Teamsters Local 320 representing Food Service Personnel. (Personnel) 20. Ordinance amending Chapter 183 of the St. Paul Legislative Code and pertaining to the set-aside program �rohibiting acts regarding the same, and vesting investigative responsibilities in the Human Rights Department �vith respect to the set-aside program. 21. Issuance of Industrial Revenue Bonds for Continental Safety Building. (PED)