84-1595 WN17E — CiTV CLERK
PINK — FINANCE G I TY O F SA I NT PA IT L Council
CANARV — DEPARTMENT
BLUE — MAVOR File NO• � /���
� '
� u il Resolution
,
Presented By .
Referred To �N Committee: Date � �
Out of Committee By Date
W�r,°.L'"tri- ---
1. On October 23, 1984 the Port A.uthority of the City of Saint Paul adopted
Resoluton No. 2362 givin� preliminary a�proval to the issuance of community facility
revenue bonds in the initial princiPal amount of $13,OOO,Q00 to finance the
participation equivalent to th.e amount originally scheduled to be put into the World
Trade Center project by t1DAG. The bonds will be underwritten hy Miller � Schroeder
2•".unicipals, 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 issuecl
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 Pau1 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 sa.id issue by the Port Authority of the City of Saint
Paul.
RFSOLVEI), by the City Council of the City of Saint Paul, that in accordance with
Laws of r?innesota 1976, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the gurposes described in the aforesaid Port Authority
Resolution No. 2362 the exact details of which, includina, but not limited to,
provisions relating to maturities, interest rates, discoun.t, redemption, and for the
issuance of additional bonds are to he determined by the Port Authority, pursuant to
resolution adopted by the Port Auttiority, and the City Council hereby authorizes the
issuance of any additional bonds (incluclin� refunding bonds) by the Port Authority,
foun.d by the Port Authority to be necessary for carrying out the purposes for which
the aforesaid bonds are issued.
COUIVCILMEN Requested by Department of:
Yeas Nays
or'GI elwshsr c��S/N�it( � �� �
Masanz In Favor
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semtbaE �— A ga i n s t By ��� L�'��lZ�z� �-�
Tedesco
1Alilse�-
N�V 2 7 �9U't Form Approved by City Attorney
Adopted by Council: Date �
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Certified Pas e oune' Se ry BY�-'�K'�' � ' v ""r— �
B}.
����� �- g�
t�pproved b Mavo : te � —a'1 ���V 2 1 �9 Appro e by Mayor for is ion to Council
By � — B
��ety��?f�'�+��.� � i"-�� � �J��s
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Resolution Ho. a�.�.?
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 develop�nent of economi-
cally sound industry and commerce to prevent so far as possible
the emergence of blighted and marginal lands and areas of
chronic unemployment and to aid in the development of existing
areas of blight, marginal land and persistent unemployment; and
WHEREAS, factors necessitating the active promotion
and development of economically sound industry and commerce are
the increasing concentration of population in the metropolitan
areas and the� rapidly rising increase in the amount and cost of
governmental services required to meet the needs of the
increased population and the need for development of land use
which will provide an adequate tax base ta 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 Develop�nent Company,
Inc. (hereinafter re€erred to as "Company" ) a request that the
Authority issue its revenue bonds to finance the acquisition,
installation and construction of the parking ramp (the
"Project") to be included in the Wor1d Trade Center to be
located on Block 26 at 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
Project will assist the City in achieving that objective. Said
Project will help to increase the assessed valuation of the
City and helg maintain a positive relationship between assessed
valuation and debt and enhance the image and reputation of the
City; and
. . . . . . (� �'y-�s9�f
" 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 borrawing
� that the economic feasibility of operating the Project would be
significantly reduced, but the Company has also advised this
Authority that but for revenue bond financing, and its
resultinq lo�w borrawing cost, the Project would not be
undertaken;
WHEREAS, Miller & Schroeder Municipals, Inc. (the
"Underwriter" ) has made a proposal in an agreement (the
"Underwriting Agreement") rel.ating to the purchase of the
revenue bonds to be issued to finance the Project;
WHEREAS, the Authority, pursuant to Minnesota
Statutes, Section 47 4.01, 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 hearinq on tlle proposal of
the Company that the Authority finance the Project hereinbefore
described by the issuance of its industrial revenue bonds; and
WHEREAS, the Authority did conduct a public hearing
pursuant to said notice, at which hearing the recommendations
contained in the Authority' s staff inemorandum to the
Commissioners were reviewed, and all persons who appeared at
the hearing were given an opportunity to express their views
with respect to the proposal.
NOW, THEREFORE, BE IT RESOLVED by the Conanissioners
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 and, but for the
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-
ment of economically sound industry and commerce and assist in
2.
. � � � � . ���y�5��
� the preventi.on 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
Con�any 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 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 (which may be in the form of
a single note) in an amount not to exceed approximately
$13,000,000 (other than such additional revenue bonds as are
needed to complete the Project) is authorized to finance the
costs of the Project and the recommendations of the Authority' s
staff, as set forth in the staff inemorandum to the
Commissioners which was presented to the ConQaissioners, 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 Com�nissione= of
Energy and Economic Development, requesting his approval, and
other officers, employees and agents of the AUTHORITY are
he=eby authorized to provide the Commissioner with such
preliminary information as he may require.
4. There has heretofore been filed with the j
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 o£ said Agreements have� been examined by
the� Conanissioners. It is the purpose- of said Agreements to
evidence the commitment of the parties and their intentions
3
. . � . . . . � �y-�sy.�
" with respect to the proposed Project in order that the Company
may proceed without delay with the com�nencement 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 allaw for the issuance of industrial revenue bonds
(including, if deemed appropriate, any interim note or notes to
provide 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
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
l, to accept a final offer of the Undezwriters made by the
Underwriters to purchase said bonds and to eaecute 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 fonaal 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 pawers 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 interim note or notes) or
interest thereon.
4
' r � � � 0 7/�J��.J�
� 7. In order to facilitate campletion of the revenue
bond financing herein contemplated, the City Counci.l is hereby
r�quested to consent, pursuant to Laws of Minnesota, 1976,
Chapter 234, to the issuance of the revenue bonds (including
any interim note or notas) herein contemplated and any
additional bonds which the Authority may prior to issuance or
fraa time to time thereafter deem necessary to complete the
Project or to refund such revenue bond�; 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 Energy and Economic
Development, 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 October 23, 1984 '
1� ,:
i �Attest ��l` � � - ��^-
P r��en
The Por Authority of the City
�� of Sain,t Paul
,- /
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`S cretary
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` P O R T � . ' ����_�s9.�
AUTHORITY
OF THE CITY OF ST. PAUL
Me�noraedum
TO: Board of Commissioners �A�' Oct. 22, 1984
Meeting Oct. 23, 1984
FROM: E. A. Kraut
SUBJECT: pUBLIC HEARING - PRELIMINARY AND UNDERWRITING AGREEMENT
$13,000,000 COMMUNITY FACILITIES REVENUE BOI�D ISSUE -
WORLD TRADE CENTER FACILITIES
RESOLUTION N0. 2362
The World Trade Center financing was structured to incorporate $9,000,000
worth of low interest rate funds under a UDAG grant from the federal
government with the fund flow to repay the loan guaranteed by Oxford
Development. The denial of the UDAG loan has put the pro�ect in �eopardy
and there is considerable risk that the pro�ect may not be developed
without assistance from the local business community and the Port Authority �
of the City of St. Paul.
The pro�ect will contain 440,000 square feet of net rentable office space
and 20,000 square feet of space for the World Trade Institute. The retail
portion of the facility will contain 145,000 square feet of net rentable
space. The World Trade Club wi�l contain 14,000 square feet. This
aggregates a total pro�ect of 599,000 square feet. Current commitments to
lease, according to Richard Broeker, Executive Director of the World Trade
Center, total 251,000 square feet. The pro�ect costs are as follows:
Construction $97,500,000
Tax Increment Financing - City of St. Paul < 10,000,000>
587,500,000
First Mortgage <$58,000,000>
� Total $29,500,000
Union or Other Funds < 9,000,000>
Balance $20,500,000
Port Authority Net Bond Proceeds < 9,000,000>
Oxford Equity Minimum $11,500,000
The Port Authority staff has been in negotiation with the City of St. Paul
and the First National Bank along with representatives of Miller &
Schroeder to structure a bond issue to provide the participation equivalent
to the amount originally scheduled to be put into the pro�ect by UDAG.
This results in a bond issue comprised of the following:
Construction $ 9,000,000
Capitalized Interest - 2 years 2,017,600
Reserve 1,852,400
Expenses 65,000
Underwriting 65,OQ0
Total $13,000,000
� � - � C.���-���.�
Board of Commissioners
Oct. 22, 1984
Page —2—
Under the proposed schedule the interest would be capitalized for two years
and a reserve fund equal to $1,852,4GG would be established from bond
proceeds to accrue interest earnings to offset fluctuations in the prime
rate. We are seeking to market the bonds at a lower floating rate of 53y
of prime plus a letter of credit fee of 1X. This obviously is sub�ect to
successful negotiations with the First National Bank of St. Paul relative
to the structure of the financing and the letter of credit fees.
The pro forma cash flow, the interest and principal, and Oxford guarantees
and shortf311 is illustrated on Schedule A attached hereto.
The repayment schedule, Item 4 on the attached, is equivalent to the
repayment schedule under the UDAG agreement. The participation provision
under Column 7 is 25X of the net project income flowing to the Port
Authority through maturity of the bonds.
The attached schedule also illustrates a possible St. Paul Progress Loan
and repayment schedule whereby St. Paul Progress would make a loan to the
Port Authority at 6% interest and such loan would be paid back during years
10 through 16 on a basis of principal and accrued interest. It should be
pointed out that this schedule has not been formally approved by St. Paul
Progress. It has, however, been discussed with members of the Executive
Committee and appears feasible.
While all of the payments and $9,000,000 would be guaranteed by Oxford,
there is nonetheless a short fall in years 5 through 15 which would in
essence be the Port Authority's contribution to the project in the event
that the cumulative debt service reserve fund earnings were impacted by
dramatic changes in the prime rate.
The $900,000 which is shown as Port Authority participation is a minimal
figure since the pro�ect income based on Oxford's cash flow pro forma would
result in a$6,290,461 cash flow in 1998, 25X of which would equal
$1,572,615.
The Oxford financing statements when the Minnesota Corporation and Oxford
Properties Inc. are combined represent a net worth in U.S. dollars of
$100,000,000. The project is an extremely significant one for St. Paul.
The current state of office space rentals in Class A space indicate that
the space that is not committed will lease up to historical absorption
square footage without a serious impact on the office rental situation in
St. Paul by the time it is complete. The current retail success of the
Oxford Town Square pro�ect and the downtown Dayton's store and the demand
for additional space indicate a ready lease up of the retail space which
will contribute significantly to the cash flow projected.
While there is a short fall coverage proposed it is not sufficient to
impact the Port Authority operations in any way since projected revenues
for the next 30 years (see Page 3, Schedule A) would be sufficient to
� ' Board of Comrni ss i one�rs � C� �y �`�9`5
Oct. 22, 1984 -
Page -�-
adequately protect the Port Authority's fiscal position in any event. The
Port Authority's position would be one of holding the second mortgage.
The portions of the facility that will be owned by the Port Authority will
be coordinated with those funds coming from the City's tax increment. The
Port Authority will, however, own and operate the parking facility which
the attached schedule indicates will develop a net cash flow initially of
$180,000 per year. For the purposes of being conservative we have
indicated that this income would remain the same throughout the bond
amortization period. We have also estimated the earnings on the interest
and the debt service reserve fund at 8% for the same reasons.
Staff recommends adoption �f Resolution No. 2362 authorizing the issuance of
$13,000,000 in revenue bonds.
EAK:�mo
Attach.
� � - � �=��i��
SCflEDULE A
DEFINITIONS OF WORLD TRADE CENTER
PRO FORMA CASH FLOW COLtJIrIIdS
This schedule and the pro forma cash flow result from capitalizing the
interest on the bond issue for years 1985 and 1986 and using the interest
earnings derived from the principal payout anticipated over an 18—month
period to make principal and interest paqments through years 3 and 4.
1. Bond amortization years.
2. Interest payable based upon 53X of prime plus 1X letter of credit fee.
3. Amortization of principal.
4. This represents the Oxford guarantee payments which are 4X and 6�
interest on the unpaid balance with interest accruing from years two
through four.
5. Total debt service shortfall; i.e., Oxford payments less total
interest and principal.
6. St. Paul Progress loan and repayments.
7. Conservative estimate of 25% of net pro�ect income from years 15
through 30 representing Port Authority participation. Schedule years
10 through 15 represent St. Paul Progresa loan repayments.
8. Estimated parking ramp net income. Projected gross income for initial
years is $300,000.
9. This column represents surplus or deficit calculated only with a
minimum income from the parking ramp and from the 25X participation.
10. Cumulative surplus or deficit.
11. This represents annual eamings on the debt service reserve fund based
upon an investment of $1,870,000 at bond closing earning 12.20%
interest. It also incorporates earnings on interest estimated at 8X.
12. This represents the cumulative debt service reserve fund balances if
fluctuations in the prime rata did not require any interest support
from the debt service reserve fund earnings.
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pTHER OPERATiN6
S 1 NC IN6 f1JlOS 1 NIEREST F.IIRN I N6S ON CJ1SH PROV I OED �SH
876 NON-876 A�t�ATED RESERVES FISCAL 3 PaOYIDED
RE�LUT I ON NON-ttES. S 1 NC 1 NQ S 1 NC 1 N!3 RESERYE I�T REVENUE A�11 N6 TO AOM i N. FROM
876 876 FUND Rq� FUI�D FUI�O PdtT AUTH. FfES OPERATtONS
.�.���. �.�..�.�. -..r.--�-�. -�-..�-...� --�--.�� �.""�""� """"'�' """'�'� .�-----
(t) (2) (3) (4) �S) �6) (7) t8) (9)
� �iZ�21S.296 5282,007 51,234,�T S2l9.244 51,160,513 S1,6S0�107 f0 f1,1SS,7S2 53,526.414
9 2�086�963 386,828 1,ZS3,3i4 Z7S,976 1,158,676 1�757�396 0 1�069�712 8�018�866
6 1�806�bi2 116�164 t,217,143 2S8�1i4- 1,Z34,8�8 1,935,476 - 0 1,069,S2s 7�667�891
� 1�811�475 �3S,S22 1,243,792 251.176 1,Z90,S48 2�096�'307 90S,90S 1,066,931 8�230�812
! 1,869,s68 �Z09.332' 1,237,604 23S.7SS 1,198,300 2,�7,008- O 1,065,210 7,664,314
i 1,883.687 �1SS,932 1,Z37,ZOS �5,212 1.198,500 2,4sS,623 Q 1,070.477 7,9S4,7S3
� 1,91i,37s 235,047 1,242,031 220,447 i,194,4�9 2,659,931 0 1,098,83Q 8,562,099
1 1,639,487 201,993 1,224,704 211,SS0 1,185,036 2,88t,237 116,600 1,140,16i 8,620.768
2 1�846�899 45,38? 1.215,4?0 538�2a6 1'�183�036 3�120�936 0 1�208�728 9�160�742
3 1�882�772 �137�844 1,213,783 311,344 1,Z07,006 3�300�228 187�600 1�222�752 9�187�840
4 1,896,874 141,797 1,224,193 1'1.3' �139 1�207�006 3�'574�807 0 1�280s311 9�450�326
S 1,902,309 122,464 1,230,748 124,282 1.Z03,887 3,87Z,231 96,480 1,276.165 9,828,366
6 1,881�608 141,086. 1.222,367 121�712 1�203�887 4�194�400 0 1�ZS2�Z97 t0�Q17�358
7 1�862.136 141.518 1�2t1�343 121�572 1�09S�S23 4�'343�375 85�100 1,245�078 i0,305,644
B 1,634,234 53,938 t,201,726 13S,S14 1�063�241 4�921�383 198�OS1 1�240�643 10�468�729
9 1.887,601 134.887 1,189,155 113,722 1,OS7,312 5�330�842 167�040 1�250�210 11�130�769
0 2�395�017 144�214 1�171�468 113�722 1,043,948 5,774,369 248,310 1�273�725 l2�1b4�772
1 1�62s�9Z8° 144�234 1�133�49'S 113,722 1,018,491 6,069,1�9 12S�27S 1�301�609 11�531�892
2' 1�674�795 145�964 1�093�381 113�722 868l873 6,S1t,09t T18,S00 1�296�910 12�346�236
3 2,OS2.338 134,973� 1,060,984- �t3,rt7 n8,o69 �,�2�,oss 0 1�323�713 12�584�860
4 l�s��870 88�180 1�030�196 2'!1�7Z4 772.936� 7,713,SZT 0 1�333�594 12�711�027
�S 1,S?3,870 140,174 1,030,883 100,013 77Z,Z90 8,3SS,293 0 1,327,309 13,2Si,831
�6 1,464,926 141,7?4 1,027,313 t00,0i3 '772,290 9,030,433 0 1,325,791 13,882,560
R` 1,90i,32s 110�399 1,037,734 98.713 72�,084 9,803,451 0 1�297�617 iS�OS3�322
i8 1�6i'.t�9Z8 144�374 989�7a4 138�713 SS2'�663 10�619�098 0 1�278�671 15,339,Z3i
19 t,6s3,274 624,900 949,664- 116.719 480,8Z1' t1,S02,607 368�463 1�181�937 16�878�385
0 Z�397�306 36�317 804�724 'J0�7S1 284�318 12�459�624 1�661�250 1,045,107 18,743.396
1 327�888 78,430 629�984 �2,247 S9,ST0 13.496.ZB4 1,67Z.6S0 834.764 17,141,746
�Z �2�365�371 36�790 339�7Z2 40�664 23�367 14,619,ts3 3,061,604 SS3,271 16�309�200
13 11,3/1,644 -487,OS0 104,146 19,540 0 iS,83S,467 0 164.748 26,948,495
i4 221,075 0 8,843 0 0 17,152,978_ 0 0 17.382,896
SsS,0i1,109 52,948,145 53�,044,966 SS,003,227 526,99?,640 5206.738,077 59�072�828 534,251,749 5372,063,741
.....��
(1) t�Mt essh Prov t d�d Ma�r th� R�so 1 ut t on 876 S t nk i ng Fund. SN ScA�d u 1� B, eo I umn 9.
(2) N�t cash pravid�d fra� fAs non-R�solution 876 Sinktng Fu�ds. S� Seh�dui• C, column S.
(3) S� SeMdul• B-i, colu�n 4.
, �
(4) SN SelNdul• C. eolu�n 6. �
(S) S� Sehbul• D. eolu�n 6. �
(6) SN SeMdult E,. Coluwr 8.
,
(7) Cash prov(d�d fra�r r�v�s-accru t ng to>th� P�t AutAor i ty.
(8) Cash provid�d fraiu ada�lnistrattw fe�s.
(9) Totsl essh provtdea fro� oprations. This pusls• th� su� ot columns 1-8.
(10) Cash provtd�d fras Intsrsst eern�d ar th�Suppl�ntal R�s�rv� Fund. SN Schsdule F,
eolu�n 6.
(11) Cash prov i d�d tra� En�rgy Park l.and R�nta I s.
(12) �otal cash provtd�d. Thts squals the wa� of coluams 9, t0, and 11.
.iM1WHVG Ia�rlwr r� ' �"' '-�""'"_' _ ' _' "'_ " - ' _- _.
'�
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INIEREST ON EN�tBY PARK -
StlPPLEMENTK � LMO TOTJIL.
RESERVE Ft�O RE�IT/ILS CASH _
.�.�.....� �� �...�.� _
(10) til) (12)
4 5�9,995 t169,ii2 f4,SOS,321
S 877,386 169,112 9,06S,36S '
6 950,385 ?JDS,304 8�823,38C
7 1.OZ9.4S1 23S,I64 g.49S.73Z
8 1,11�,107' 235,464 9,014.8a6
9 1,Z07,884 Z3S,464 • 4,398,102
0 1,308,380 Z3S,464 10,tOS,943
1 1,417,Z3d 235,464 10,273,470 .
2 1,S3s,OZ0 235,464 10.931,2Z6
3 1.SSS,094 235,464 10,978,398.
4 1.684,478 233,464 11,370,268
S 1,824,1t1 23S,I64 11.888.141
6 1,975,877 23s,464 12,228,698 .
�7 2,144,093 235,464 12,685.201 .
�8 2,322,482 235.464 13t026,67s
9 2,315,712 235.464 13,881,9�45
0 2,725,071 235,464 13,123,307
�1 Z,878,389 23S,I64 14,645,744
i2 3,117,870 235,464 is`.699,5lO
13 3.377.277 235.464 16.19T.60i
w 3,658,267 235,464 16,604.758
IS 3,962,635 235,464 17,449,929
16 4,292.326 235.464 18,410,349
17 4,649,447 235,464 19,938,Z34
18 3,036,28i 235,464 20,6i0,976
19 5.436,S8S 235�46� 22,5'50,434
10 5,888,909 223,649: 2�,8SS,9S4
li 6,378.866 164,572 23,68S,18S
12 6,909,388 83.149 23,301,937
13 7,481�466 0 34,432,960
14 8,.107,173 0 2s.490,069
f98,17?.849 56,430.570 f476,67Z,1s9
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�.�`,1 '�t���i;.-,.�� lt�t'� • . . �
;,��t1 y+a._���SI •
��. `�'� �: f,�r D tl t C . November I5, 1984
�r' �� t�;l� .
� 4,'�. �-•� . . � .
=r���. .
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T0 = �CYtF�� P��.3I Ciiy CoL���I� . �
�R O I� � C O Tjl j'Yl�j�'�� (}�J FINANCE; MANAGEMENT F, PERSONNEL �
• � ' C H A 1 R James Scheibel - - �
_. Approval of minutes from neeting held Novembex 8, 1984 �
2. Resolution consenting to �the issuance of Port Au�hority Revenue Bonds in the amount of
$�,750,000 to finance the construction of ap�rox. 30,000 sq, ft. of net rentable space
- in th� Health Club b Healt�h Club Partners, �U Corp. General Partners. in Energy Pax�.
(Port Authority) � _
Resolution consenting to the .issuance of Port Authority Revenue Bonds in the amount of
$13,000,000 to finance the partici.pation` equivalent to the amouict origin �,�I�Ied
to be put into the Ztlorld Trade Center proj ecfi by UDAG. (Pox� �Authority) +�
=. Resolution consenting to the issuance. of Port Authority Revenue Bonds in the a�ount of.
$98�,000 to finance the construci.ion of a 450 stall parking ramp iramediatel
the Childrens b:useum in St. Paul Energy Park by A�-I��l Corp. (Port Authority) ,
�. Resolu�ion consenting to the issuance of Port Authority Revenue Bonds in th� amowzt of
$S,S00,000 to finance 'the construction of up to a I00 room Sunc,�ood Inn at the south
half of Bandana ]Vest in St_ Paul Energy Park by AF�V Corp. and the Brutoer Com�anies.
(Pcrt Authori.ty) . �`���_D����'-�'_...R . .
... P.esol.ution consenting to the issuance of Port Authority Revenue Bonds in the amount of
$4,500,000 to finance•the conversion of the Cruciform Buildino into a 51,000 sc�uare
foot of£ice building �in Enexg Park by Atri.um Office Partners, AHi� Corp_ General
Partners. (Port Authority)_ �� -,' .
. . Reso�ution amending the Sa�ary Plan and Rates of Compensation Resolution regarding .
accounting for the eaxning of floating holidays. (Personnel� '�D '
S. Resolution anending the 1984 budget by adding $93 000 to the �znanczna Plan and Spendin�
Plan for Town Square Park. (Comn:unity Services) '
;. Resolu�ion amending the 1984 budget by adding �26,393 to the Fina�ci R ,�ai�nd Spending
Pla.rt for the Housemovers Deposit Trust Fund. (Co;n.;�unity Services
:C. Discussien of a resolution £rom the ftuman Rights Commission requesting tizat the City Cor.,c
reconsider action on the Human Rights Dept. budge� and athex _I�. �*.,,����..(_y"�im� Right
. � u 3kc� .
11. Resolu�ion granting preliminary approval £or issuance of �eneral Obligatzon Bonds
and Tax Anticipation Certificates in 1985 £or the purpose of fwtding the C�pit�z� Irapr�t•,
rr.�nt Budget fo� 1985, of fundino the 1�later Pollution Abatement Program, o£ funding
�redevelopment proj ect activitzes, and of ineeting �eneral fund cash flo�,r requixements_
. ' .'s
!:,'ITY HALL , $�V�ItiTfI PLOOR
SAINT PAUL, Afii�t�'ESOTf�SS103
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