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84-1598 WH17E - GITV CLERK PINK - FINANCE GITY OF SAINT PAITL Council {//� CANARV - OEPARTMENT File NO. V � /�� BLUE - MAVOR 1 � �o nc � Resolution Presented By ✓ Re erred To T-� l ' Committee: Date � �� � Out of Committee By Date t�iAEREA S: l. On October 23, 1984 the Port Authority of the City of Saint Paul adopted Resoluton No. 2363 givin� preliminary approval to the issuance of revenue bonds in the initial principal amount of $4,500,000 to finance the conversion of the Cruciform Building into a 51,000 sc�uare foot affice building in Fnergy Park by Atrium Office Partners, AHW Corporation General Partners. The bonds will be underwritten by Miller & Schroeder Munici�als, Inc. 2. Laws of A3innesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority of the City of Saint Paul, shall be issued only with the consent of the City Council of the City of Saint Paul, by resolution adopted in accordance with law; 3. The Port Authority of the City of Saint Paul has requested that the City Council give its requisite consent pursuant to said law to facilitate the issuance of said revenue bonds by the Port Authority of the City of Saint Paul, subject to final approval of the details of said issue by the Port Authority of the City of Saint Paul. RESOLVED, by tt�e City Council of the City of Saint Paul, that in accordance with Laws of Minnesota 1976, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purPoses described in the aforesaid Port Authority Resolution No. 2363, the exact details of which, including, but not limited to, provisions relatin� 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 Auth.ority, anc� the Gity Council hereby authorizes the issuance of any additional bonds (includin� refunding bonds) by the Port Authority, found by the Port A.uthority to be necessary for carrying out the purposes f.or which the aforesaid honds are issued. COUNCILMEN Yeas �'�ays � ,re- Requested by Department of: a�/FJl/ � ��=� o..w . In Favor Masanz �'�'��°' � __ Against BY �Z4u�'��'3�^ � � Tedesco �-� N�V 2 7 ��4*F Form Approved by City Attorney Adopted by Council: Date e� Certified P•ss d y Council Se etar B �' � � ~ � �� By Approved �Navo . Da —�'�- 6 Ap r by Mayor for Sub ss 'n to Council B _ , B C PUBUSHED D F C 1 1�84, . r � � . , . � �s�/.s9� Y Re solution No.�3��- RESOLUTION OF _ THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREP,S, 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 canmerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unesaployment and to aid in the development of existing areas of blight, marginal land and petsistent uneraployment; and WHEREAS, factors necessitating the active promotion and development of econaaically sound industry and coanraerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of goverrunental 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 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 Atrium Office Partners (hereinafter referred to as "Company") a request that the Authority issue its revenue bonds to finance the renovation of a portion of the existing Cruciform Building into a 51,OOU square foot office building (hereinafter collectively called the "Project") in Energy Park in the City of St. Paul, all as is more fully described in the staff report on file; and WHEREP,S, the Authority desires to facilitate the selective development of the community, to retain and improve its tax base and to help it provide the range of services and employment opportunities required by its population, and said Project will assist the City in achieving that objective. Said Project will help to increase the assessed valuation of the City and help maintain a positive relationship between assessed valuation and debt and enhance the ivaage and reputation of the City; and � � �I F ��/�3'�� , � 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, coannercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but the Company has also advised this Authority that but for revenue bond financing, and its resulting low borrowing cost, the Project would not be undertaken; WFiEREAS, Nliller & Schroeder Municipals, Inc. (the "Underwriter") has made a proposal in an agreesaent (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 o� � 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 Canmissioners 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 la of Section 474.U2 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 w�ould not undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the develognent of economically sound industry and canmerce and assist in the 2 , , G���'��-/S9� . prevention of the emergence of blighted and marginal land, and will help to prevent chronic unemployment, and will help the City to retain and ivaprove 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 wYiere their services may not be as effectively used and will result in more intensive develogaent and use of land within the City and wi.11 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 developaent to assist the Company in financing the Project. 2. Subject to the mutual agreez�►ent of the Authority, the Company and the purchaser of the revenue bonds as to the details of the I.ease or other revenue agre�nent 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 acnount not to exceed approxisaately $4, 500,000 (other than such additional revenue bonds as are needed to cpa►plete the Project)- is authorized to finance the costs of the Project and the recanmendations of the Authority' s staff, as set forth in the staff inemorandum to the Commissioners which was presented to the Canmissioners, 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 Commissioner of Energy and Economic Developaent, - 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. 'I'here has heretofore been filed with the Authority a form of Preliiainary Agree�nent between the Authority and Company, relating to the proposed construction and financing of the Project and a form of the Underwriting Agreement. The forn� of said Agre�nents have been exarained by the Commisaioners. It is the purpose of said Agre�nents to evidence the commitment of the parties and their intentions 3 � . (�- ��is9� � � with respect to the proposed Project in order that the Coinpany may proceed without delay with the commenc�aent 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 deened 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 ultiraate 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 Agreanents. 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 r�ining issues necessary .to the preparation of the lease and other doc�saents necessary to the adoption by the Authority of its final bond resolution and the issuance and d�elivery 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 agre�aent 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 suppl�aental 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 ta�cing powers of the Authority or the City is pledged for the payment of the bonds (and interim note or notes) or interest thereon. 4 ' . G��-- ��-�s9� . � 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 tiine to time thereafter de�n necessary to complete the Project or to refund such revenue bonds; and for such purpose the Executive Vice President of the Authority is hereby authorized and directed to forward to the City Council copies of this resolution and said Preliminary Agreement and any additional available information the City Council may request. 8. The actions of the Executive Vice-President of the Authority in causing public notice of the public hearing and in describing the general nature of the Project and estimating the principal amount of bonds to be issued to finance the Project and in preparing a draft of the proposed application to the Caamissioner of Energy and Economic Development, State of Minnesota, fo= 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. 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' ...- _ �rv..... . �.. ..�: t .. .�:. - _ � f. �� _aT..:T. � . � ; _. .. _ �-'. . - . ,._ .� .. . ...� . „ .-.,._ .__ : +.f. . . .a . ' _ p. � � �� � � �� �-�� � ��� `;��t' �� j i - y��v � � yf Q ! " t : , � ' . � •� �� . � ' »� s 1 � ' � � ' �.��i • ' ,�: �1�i'� � :�.�(����� � ¢-.� �l S l k yt;,�,n,,, �#� _,,,�,I,�lY�1}!,�'i. �.,{ ��� �� �.i, Z '4 Y.�: �`41� , ., ���� �. �' ;.� �� 1' x��:.�� .'������?4 �� 'ti; +M�MMP w � ��µ� , .: . . �: f � � � � � �t �'.'�'��� '��� _ Y { �� �.y � �{ �f'" •. N5 � � � �t� �' Y . �'�- (-. !� iF _Y �� t �� � , -.���� ',�s.'� ; �� .�" � � ��e k' !; � 4 .. . =.: ,�^ � �� , � �'F4� �`` i t,�,�r++�.:'��r� ��'�� �'� ���� ;: - � ; ; ,� : � , . _. . . .. . . . . . . . .4 : . . � .;� ,, > >., . ,, , � � O R T . . (�--�y�.�-9� V AUTHORITY � OF THE CITY OF ST. PAUL Memorandum TO: Roard of Cor�e�.issioners DATE: {�ct. 1��, l�?s?� � FROM: r. A., Y.rau�'--° SUB.IECT: Y('FL 1C F'FAk LItiC — Y}'.FI.I^,IP:�'1FY A,":P 't"IrP�?(�,!'I'I'I?'G AC=Rr.F'�F^:T — ��,,5('.�,(i(�(� "��FT'i'F i'�'�'I) IS�T?F — AT4TT't1 (`FFiCF PP°T�LR�, Al'1�; C(�RPOP.ATI��' CF"'F?��1T. PAPT'!1'P� — ?�;`FP.{=}, PAPK PFSOi_i.Ttont r;o, 2363 pNFt,L'.'Ir<ArY t`°�T` I1t;i'E1?��:PI'I'i"�'G r`C;RFEP'F.?`'T — �1,�5� ,0(1(1 TAti'A.BT_E RC:^?r� I�SI'}' — 1'r�I.T}, C'I:tTB FART"'�:RS, Af" { r;F'PC?'ATI�r: C:Ft?FRAi, ?ART*:FPS — E'T:FR.(,Y P�RK r�FS�ti?Tier? r�o. 2364 The historic district in. F.nergy Park contains a buildi.n� commonlq referrec] to as the �ruciform nuilding. Tt is nroposed by ANW Cor�+orar.i.on that T.t�i� facility he converted to an office buildinQ containin� 51 ,000 square fPP_C of net rentarle of.fice space ar.d aPrroximately 3�,��0 square ieet of ret renta�lP space ir. the Health Clt�h which wotild incluc�e additional constructior to incorporat? the S�•'l.i"?T'1T�fT ��ol . Rach portion of thP huildin� will he serarat�lv cle�criF.e�' �r,c� �ep�ratelv ok�nec� anci financed hut are ir. esserce one �tr��ctt►re �-i.r.t•ir tre hiGtoric districr.. The �.Nt•� Corporation is a suhsidiarv of the Amherst ?�. �:il�?er Pounc�atian �aith G>hom the Port Aiithoritv ertered into a ]an� sal.e and c�P��PlOPmpnt ay-reemc�nr ir the earl}� sta�es of th? T'ners*y Park plannin�. AY6.� has t� �!atP con�.trucrF�? 35F honsinp units anci u�ill he con�tructing a totai nf 741 i�n�ts. Thev t�,avP r.emodeled a p�rtion of the Sho� buildi.n�- c�mr�on7.v calle� T'arcia.r.a [,:esr �-;hic}, iG leased to Si?A�F Trc. , ard are the !'eveloPPrs of Fandana Square T'ast cahich ie rhP Rast �hop l�uildin� �;•hich is h�ina cleveloped in t�•�� phaG�s. YhaGe i iG curr�ntiv F��% leasF�! anc� Prase 2 which is cchedule� t� orer in PecPr�l�er 1UP4 iG �9% 1Pasec!. The activitv i.n !�.nerkTy Yarl: in office facilities o4*nec� hy �t}��rs has reGu1_tPC' i.n currert �ccurancv of the �nerQV Technol�pv Center, t.�i�ich ic 2�(�,f?nC ccnare *t•et of office s��ace, �f. ap�roxi.Tately 45°!, and tre Fner�y Park �usine�� ('Pnter cor^�risec� nf 15(�,O('��' sauare fPet of nffice/wareheuse/ind��stri�l i� �C" 1Fa�e:� . P!��; in its Pr��+osal to us have inc?icate� thPV t�.ave rrefinzncin�* cor�r�i tr�Pn*c i.n tre ?trium �fficP ruilc'int* nf 22,�`C(? s�u�re fPpC. , U=�/is9� R�ard of Cor�missioner.s (!ct. 19, 1°�4 Pzs�e —2— The Project will he syrdicatec� to take advantage of the hist�ric crPClits. Financin� in a�i�lition to the rroceeds of the tax exer+rt r�nd is�i�e of S4, S�f',;'(`� wi.11 involve appro�imately S2,('45,C�0� in syndication �roceec�s. The iron I!orse Cluh c•,hich will he finance� with taxahle 1^onds is le2se� t� f:luF Corporation of America, who wi_i.l make a]_1 of the necessary facil.ity imrrover�ents with w�rking capi[al derived frnm �ther sourceG. At+W o�ill he re�ronsihle �� the master lease �u�rantor for the ta�cable honds. The two hond issues will he r�ac'e up as follows: Atrium �ffice ruilc+in� �onstruction S 3,305,725 Reserve 515,5?5 Caritalized Tnterest — 12 months 4:�3,75� F.xnenses 6C,!)�� T'nderwritin�* 135,Of?0 � 4,SC��,Cnc? Nealth Club Partners Construction S 1, 1�9,437 reserve 249,937 Capitalized tnterest — 12 months 24f?,h25 F.xpenses 35,0�(1 l�nderwri.tin� 35,��0 $ 1,i5u,Q�0 Tn addition to the normal financinQ costs, the rental from thP nffice huil�lin� to the Port Aiithority 4:i11 he Sh1 ,2�C per year, and from the Fealth C]uh the rental_ will he S3(�,OdO per year. These costs are in ad�ition to other feeG. S«hseat�ent to the last financing that the Port Authority a��thorized fc,r ;�}:�•' Corporation, �oe have heer. Provided Giith a new Arthur �.nc'ersen Gertifi�r� au�?it �:hich reflects a current net �•Torth of SF,{�ng,2F3 af.ter a r_a�ital contrihiiti�n �-y the '.��il.der Fotmc�atior of 55,�'05,�00 si�hseauent to ,Time 30, 19�.� (`'�t� 5). The SePtemher 3O hal�nce sheet i_n�►i.cates that G�ilder. 's contrihuted ca,ital to l�ACP P(1i1R�.S ,5'I��(�Q(l�fi22. The $4.5 milli�n t�triiim (;ffice financin� c,;oulcl re 1?esolution F'7� c,�ir_r t�•e T`eht 5ervice E��n�ied in the pe�Prve. Sinki_na Fur�ls, irterest or the !`eht �ervic�, an� fi_scal �nd �'��m1.It1SiT�C1VP fee� i��ul� flc�w to tF,e Pnrt A�ithorit��. ; �_ ��is�� , , � . . °nard of C�mmissioners �ct. 1�?, 1984 Fage —?— T`t,e Yealth Cluh which o*ill he a taxabl.e hond issue caill he r�arketed sep�ratelv and every effort �.�ill he made to �lace tt?e issue witt�ot�t the �'7h �uaranty. F�owever, since i_t is a vital element in the overall income structure of tl-�e total rroject, we are recormenc�in� that wP t�e autl-orizPC� to structure i.t under R7h k�ith a master l.ease �uarantv from rhe ANiv' C�rp�ration in the event r-:axketir� tha_ ta.xahle honds ic not n�ssible withoiit the '�' ratin�. A� a part of this developroenr. AL,1d and the lyilder Found�tion are currentl�� rem�c'elin� at a cost of 51 .2 mi.11ion the� hlacksr�ith s}',ot? which will hecome tha Childrens T.`usei�m. The estimatPd tax increment from �rojects hein� recor�r�en�+ed to�?av is as f�llow�: �st. '"arket ��SSesGe.�± F�t7?^AtPci Pro�ect Cost Va1ue Value Taxes F�ouGin� Parkin� S 5(�0,000 S 425,000 S 142.,750 � 21 ,5h5 Paricir.g Ramr 1 ,50(?,00(1 1 ,275,00(? 54P,75�' �4,F°� Sunwood inn S,S�O,QQO 4,675,000 2,01�,25C 237,21(? Chi).clrens 1•'�isetim 1 ,20(i,t?(?f) 1 ,�2(',QC'(' 43f,60t` 51 ,755 �ffice 4,5�?�,�nC 3,g25,�n0 1,h44,75c� 194,CR1 Nealr_h C]uh 1 ,50(?,Of?� 1 ,275,0(l� 54F,250 F4,h�4 S14,7(�(!,(10� 512,4Q5,(?('� �5,372,850 Sf,33,°Q� an�? total5 c,�hen thP h���sin�* iG i.ncli�ded an annnal flow c,�hen taxed of. �7��?,��'F. Ry havi.ng the Port Authority contr.ibute �5�(l,C�(• for the hous�n� ;�r�irg, A`'�:' will d� an adciitional 10(? t�nits of I'011S1PQ. Tt�e a��1ec+ housin� will ^�erer�t? �hout 513�,(1�)G in taxes per year. Pro�PCts not included in this memorandum are covered iirder separate r�er�ranr,lic^G. Staff recommends approval of Resoluti�n A'o. 2363 arprovinp the ��76 financin� of the F�trium Cffice Partners anc� tt�e taxahle finarcinu of the NeaZth C)iib "artnerG hv acioPtior of Nesolution r'o. 2364 , F^,Y :j�o >;yy �:.(- �; • �/ -'''�:3,' t�s;;°•"��: r,'�� � 0�+':L+1:L�F. OIa' '.1'II7�� CI�J.'1' CU171C.EL � �_ �J`��t3 ;'•-< <,,.:.,�;: :1 �,��� �y� ;.� . r,Rr,,-r�. , • . ;�.�.�\" ^��� D tl t C : November 15, 1984 ' '�:�-,��::- . ., ,�.; . >_�: .a �-,..:.:.-- C 0 E1� I� I��'� � i� E P O ��' . �"O = �c�t�� Pat� � Ci�y Cot�� cit . �R� IVI = C O Y�J S�?T f f`�� �� FINANCE; MANAGEMENT $ PERSONNEL � - - • C H A!R James Scheibel • - � _. Approval of mi.nutes from neeting held hovembex 8, 1984��� ?. Resolution consenting to �the issuance of Port Authoxz�y Revenue Bonds in the amount of 5�,750,000 to finance the construction of ap�rox. 30,000 sq, f�. of net rentable space - in th� Health Club b Healt�h Club Partners, �9 Corp. General Partners. in Energy Par�_ (Port Authorifiy) r � ' _ .�. Resolution consenting to the .issuance of Port Authority Revenue Bonds in the amount of $13,000,000 to finarcce the parti cipation equivalent to the amount origia �� Ied to be put into the ZVoxld Trade Center pxoject by UDAG. (Po� �Authority) > Resolution consenting to the issuance. of Pox-t Authority Revenue Bonds in the a�ount of. $985,000 to finance the construction of a 450 stall parkino ramp immediatel � the Childrens A:useum in St. Paul Enexgy Park by A�IiV Corp. (Poxt Authority) , � �. Resolui.ion 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 Suncyood Inn at the south half of Bandana lVest in St Paul Energy Park by �V Corp_ and the Brutoer Companies. (Port Au�hority} . ���.L]._._� P.esolution consenting to the issuance o� Port Authority Revenue Bonds in the amount of $4,500,000 to finance�the conversion of the Cruciforn Buildin� into a 51,000 square foot office bui.lding in Enexg Park by Atrium Office Partners, AHI1T Corp_ General Partners. (Port Authori�y). � "'��'"'�� . i . . Reso�ution amending the Sa�ary P].an and Rates of Compensation Resolution regarding accounting for the earning of floating holidays. (Personnel) � . ' �. Resolution anending the 1984 budget by adding $93 000 to the Financino Plan and Spendinb Plan for Town Squaxe Park. (Community Services) �����' ;. Resolu�ion amending the 1984 budget by adding �26,393 to the Finaiici � a1t and Spendino Plase for the Housemovers Deposit Trust Fund. (Co���unity Services) ������ � C. Discussien of a resolution �rom the Human Rights Commission xequesting tliat the City Cot��ci reconsider action on the }Iuman Ribhts bept. budge� and ather c�.�t-,�� �.,.{yijm� Right,- . �;i�.=_ �I �u: n,e�L.1` 11. Resolu�ion granting pxeliminary approval for issuance of �;eneral Obligation Sonds and T�x �lnticipation Certificates in 1935 for the purpose of fw-�ding the Capit�� Irpr�;,z m�nt Budget fo�c 1985, of fundino the 14'ater Pollution Abaternent Program, of funding :redevelopment proj ect activities, and of ineeting general fund cash flota requirements_ , . �' �'ITY NALL . S�VEI3TFI FLOOIt SAINT PAUL, DiII�I�'ESOTrt 55J03 �=r ts . . _ . .__.._.. ._�_._.. _ ._....._._. _ . .. . . . . ....__.. � '.'• -- — ' ' - . . . . . - -- � . --'. . .. . .._._. _-_.�,..._.._s-�—�.._�..._.�.�R.