84-1596 WHITE - CITV CLERK
PINK - FINANCE �j I TY O SA I NT PA U L Council
CANARV - DEPARTMENT
BLUE - MAVOR File NO. � '/� --
�
CoR ci Resolution
,
Presented By
✓ Re o �� ��A�� Committee: Date 1�°6
Out of Committee By Date
WHEREAS:
1. On October 23, 19$4 the Port Authority of the City of Saint Paul adopted
Resoluton No. 236b givin� preliminary approval to the issuance of revenue bonds in
the ini.tial principal amount of $985,000 to finance the construction of a 450 stall
parking ramp immediately north of the Childrens ATUSeiim in St. Paul Fnerg;y by AHW
Corporation. The bonds will be underwritten by l�tiller & Schroeder Municipals, Inc.
2. Laws of riinnesota 1976, Chapter 234, provides that any issue of revenue
bonds authorized by the Port Authority of the City of Saint Paul, shall be issued
only with the consent of the City Council of the City of Saint Paul, by resolution
adopted in accordance with law;
3. The Port Authority of the City of Sain.t Paul has requested. that the City
Council give its requisite consent �ursiiant to said law to facilitate the issuance of
said revenue bonds by the Port Authority of the City of Saint Paul, subject to final
approval of the details of said issue by the Port Authority of the City of Saint
Paul.
RESOLVED, by the City Council of the City of Saint Paul, that in accordance with
Laws of r�innesota 1976, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the purposes described in the aforesaid Port Authority
Resolution No. 2365 the exact details of cvh3ch, including, but not limited to,
provisions relating to maturities, interest rates, discount, redemption, and for the
issuance of additional bonds are to be determined by the Port Authority, pursuant to
resolution adopted by the Port Authority, and the City Council hereby authorizes the
issuance of any additional bonds (including refunding bonds) by the Port Authority,
found by the Port Authority to be necessary for carrying out the purposes for which
the aforesaid bonds are issued.
COU[VC[LMEN Requested by Department of:
Yeas Nays�
fisleher�N�t/6V � ��1?
°'eN1 In Favor --
Masanz
NiCOSia a 1�, �,�, � /
Sensieef `"� _ Against BY S� �1��� ���`,�
Tedesco
rllt s ri
Adopted by Council: Date
NOV Z 7 1g$� Form Approved by City Attorney
Certified Pass d uncil Se ar BY–` �-' " �~ n ��
B , rn—� y sy .
s
t#pprove 1�lavor. at
�, —�"1 � 7 �9 �F Ap ro d by Mayor for Sub i io to C uncil
By BY
PUBL1S�iED D F C 1 �984
� � � . � , C?� �y-/s��
� Resolution No. �3�vs
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 developanent 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 taa 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 AHW Corporation
(hereinafter referred to as "Company" ) a request that the
Authority issue its revenue bonds to finance the acquisition,
installation and construction of facilities for a 450-stall
parking ramp in Energy Park (hereinafter collectively called
the "Project") at Energy Park in the City of St. Paul, all as !
is more fully described in the staff report on file; and €
�
WF�EREAS, the Authority deaires 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
� , � . (� �y/s9�v
Wf�REP,S, 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
resulting low borrawing cost, the Project would not be
undertaken;
WHEREP,S, Miller & Schroeder Municipals, 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;
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
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
Conanissioners 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
follo�rs:
l. 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 la 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 development of
economically sound industry and commerce and assist in the
2
- � . � � �y-�s9�
prevention of the emergence of bli�hted 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 taa 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 $985,000 (other than such
additional revenue bonds as are needed to complete tlze Project)
� is authorized to finance the costs of the Project and the
recommendations of the Authority's staff, as set forth in the
staff �memorandum to the Com4nissioners which was presented to
the Commissioners, are incorporated herein by reference and
approved.
3. The Authority has also agreed to loan the
Company up to $500,000, on the terms and conditions set forth
in the Preliminary Agreement and the Board Memorandum.
4. 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�nissioner of
Energy and Economic Develogment, 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.
5. 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
3
� � � . � . �= �y is9�
� the Commissioners. It is the purpose of said Agreements to
evidence the commitrnent 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 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
provide temporary financing thereof) to finance the entire cost
of the Project upon agreement beir�g 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.
6. Upon execution of the Preliminary Agreement by
ths Company, the staff of the Authority are authorized and
directed to continue negotiations with the Company so as to
resolve the ren►aining 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 5ecretary
� (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 Under,�riters 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.
7. 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.
4
. " . . ��'//���
' S. 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 neeessary to complete the
Project or to =efund 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.
9. 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 - /
� . / `
;� ,
Attest �� " " /�. /
PresTde�t
The Por Authority of the City
� / � of Sai Paul
" 'i�;��, �.��/�-_,���, �
- , - .
Secretary
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. ' PnORT . � � � � ������
AUTHORITI�
OF THE CITY OF ST. PAUL �
Memoco�dum
TO: DATE
Board of Commissioners Oct. 19, 198k
Meeting Oct. 23, 1984
FROM: E. A. Kraut
SUBJECT: pUBLIC HEARING - PRELIMINARY AND UNDERWRITING AGREEMENT - $985,000
REVENUE BOND ISSUE - AHW CORPORATION PARKING RAMP - 450 STALLS - ENERGY PARK
RESOLUTION N0. 2365
$500,000 LOAN AGREEMENT - AHW CORPORATION FOR HOUSING PARKING
RESOLUTION N0. 2366
In the re-evaluation of the number of housing units to be constructed in Energy
Park by AHW Corporation it was determined that the construction of 950 units was
impractical from a density point of view. It was first proposed that the number
of units be reduced to 641. In subsequent negotiations we were successful in
getting them increased to 741 which will result in an additional cash flow of
$130,000 in tax increment funds.
In order to accommodate the parking, the Energy Park Management team has revised
the tax increment budget by deleting therefrom $4,210,800 originally slated for
concourse construction and reallocated these funds to various different costs
including $1,300,000 for parking. Therefore, it is proposed that a 450-car
parking ramp be constructed by the Port Authority immediately north of the
Childrens Museum. The financing for this ramp will be 876 revenue bonds in the
amount of $985,000.
The AHW Corporation has agreed to pay $100,000 in debt service to service their
portion of the construction costs. The balance of the construction costs will
be paid by the Port Authority from the Energy Park tax increment funds. The
ramp construction will be publicly bid and is estimated to cost $1,500,000,
requiring an appropriation from Energy Park funds of $732,794. This parking
ramp is also essential to service the Atrium Office building, the Health Club,
the Childrens Museum, and Bandana Square.
The 5100,000 payment by AHW Corporation annually will be for debt service only.
There will be no Port Authority fees involved. The Debt Service Reserve in the
amount of �$115,150 will be capitalized in the bond issue and reinvested to self-
amortize. When fully amortized it will accrue to the benefit of the Port
Authority.
The tax increment stream anticipated to be derived from this 450 car parking
ramp is $64,694 per year.
, � , : . � . ���i���
Boar'd of Commissioners
Oct. 19, 1984
Page —2—
The bond issue will be comprised as follows:
Construction $767, 207
Reserve 115,150
Capitalilzed Interest — 6 Months 52,943
Expenses 30,000
Underwriting 19,700
$985,000
Staff recommends approval of Resolution No. 2365 and appropriation of the
balance needed based upon the contract award amount to fund the parking facility
in cooperation with AHW Corporation.
In addition, staff recommends approval of a loan agreement with the AHW
Corporation in the amount of $500,000 to fund a portion of the residential
parking deck needed to serve the additional 100 units of housing.
This money also to be appropriated from the Energy Park Fund and repaid from tax
increment would be loaned to AHW for a term of up to 30 years or until the
property is sold, whichever occurs first. The loan is to be non—interest
bearing and would be retired in a balloon payment on sale or maturity.
The estimated tax increment stream from this facility would be $21,565 per year.
Under the tax increment agreement with the City of St. Paul all taxes generated
in Energy Park flow direct to the Port Authority on an annual basis to retire
the tax increment bond issue.
Staff recommends approval of Resolution No. 2366.
P
�y -,
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': =;��r�i s�;�; �,��} � O��':l+1C1: OIa".1'X-II: CI'J.'X COi7�Ct X.. ' ��1✓
:���. ::.��::- �� . . ���
�:� �:��.,:s,::_;l �t;; 1,�-
' � --,�. �'�'` > /�r D cl t C : November 15, I984
' `�;-r;'`t«, <�''�/ .
...,:.:..r- C4iV1l� I��'� � R E PO ��' .
�"O = �r�t�� Pa� t �iiy Cot,�� cit . .
�R O �I = C O Y'jJ j"y���`�'Q� a� FINANCE; MANAGEMENT � PERSONNEL � -
- � ' C H A 1 R James Scheibel • - � �
_. Approval of minutes from neeting held November 8, 1984
2. Resolution consenting to �the issuance of Port Authoxity Revenue Bonds in the asnount o�
$1,750,000 to finance the construction of ap�xox. 30,000 sq, ft_ of net ren�able space
- in th� Health Club b Heal�h�Club Partners, �i19 Corp. General Par�ners. in Energy Par�_
(Port Authority) . _
.�. Resolution consen�ing to the .issuance of Port Authority Revenue $onds in the amount of
$13,000,000 to finance the parti ci.pation equivalent to the amouiit oxigin �cI Ied
�
to be ut into the �9oxld Trade Center xo ect b UDAG. ��
. p P. ) Y (Por� �Authority)
Resolution consenting to the issuance. of Port Authority Revenue Bonds xn the a�ount of.
$98�,000 to finance the construction of a 450 stall parking xamp itnmediatel -
� the Childrens Musewn in St. Paul Energy Park by AHtV Corp. (Poxt Autliority) ,
�. Resolution consenting to the issuance of Port Authority Revenue Bonds in the amowzt of
$5,�00,000 to finance the' construction of up to a 100 room Sunc,;ood Inn at the south
half of Bandana l9est in St, Paul Energy Park by AHtV Corp_ and the Brutoer Companies.
(Pcrt Au�hority) . �����-�:.���
... P.esolution consenting to the issuance of Poz-t Authority Revenue Bonds in the amount o£
$4,500,000 to finance•'the conversion of the Cruciforn Buildina into a 51,000 sc�uare
foot of�ice building in Enexg Park by Atri.um Office Partners, A�It�i Corp_ General
Partners. (Port Authority). � �;;' � � _
. . Reso�ution amending the Salary Plan and Rates of Compensation Resolution regarding
accounting for the earning of floating holidays. (Personnel� •
S. Resolution anending the 1984 budget by adding $93 000 to the Financino Plan and Spending
Plan for Town Square Park. (Comrr,unity Services) _
�. Resolution amending the 1984 budget by adding �y26,393 to the Finaitci �* an and Spending
Plan for the Housemovers Deposit Trust Fund. (Co;n;�unity Services) � �
:C. Discussien of a resolution £rom the �Iuman Rights Commission reRuesting t)iat the City Cou,c:
reconsider action on the Human Rights Dept. budge� and ather ,at�C},.�s���i,.+�j� ��tm� Right:
. :�'?c�'i:_;�a�Ti.�
11. Resolu�ion granting preliminary approval for issuance of �eneral Obligatzon $onds
and Tax Anticipation Certificates in 1935 £or the puxpose of funding the Capi-�a1 Irpr��•f
r:�nt Budget fo� 19g5, of funding the j'later Pollution Abatement Program, of funding
:redevelopment proj ect activit�.es, and of ineeting �eneral fund cash floi,� req�irements_
�
�'ITY HALL "
, S�V£IvT�I FLOOR SAINT PAUL, rfli�i�E30T��SS103
-�t"``-��.��
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