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84-1063 WHITE - CITV CLERK PINK - FINANCE GITY OF SAINT PAITL Council /�, CANARV - OEPARTMENT Ay BLUE - MAVOR File �O• 4 _ /��� � � � Cou c l Resolution , . Presented By Re e o Committee: Date Out of Committee By Date WHEREAS, the Port Authority of the City of Saint Paul by Resolution Nos. 1961 and 1967 approved the issuance of $2,000,000 in revenue bonds for the construction of one floor of the Amhoist Tower on behalf of MM Associates; and WHEREAS, the Council of the City of Saint Paul by Resolution C.F. 277914, adopted January 7, 1982, approved the issuance of said bonds and any necessary refundings thereto; and WHEREAS, MM Associates has defaulted on its lease and revenue agreement with the� Authority and has surrendered possession of the pro�ect premises to the Authority; and WHEREAS, the Authority is desirous of issuing refunding bonds in order to reduce the debt service payments necessary; and WHEREAS, additional approval of the issuance of such refunding bonds is a condition of the Tax Equity Fiscal Responsibilities Act (TEFRA) of 1982; now, therefore, be it RESOLVED, that the Council of the City of Saint Paul consents to the issuance of $2,000,000 in industrial development revenue bonds for the refunding of the MM Associates project. COUNCILMEN Requested by Department of: Yeas Nays � Dr�Yr F�`/K/1C � Masanz [n Favor Nicosia � � __ Against BY Tedesco Wilson AUG — 7 ��� Form Approv d by City Attorney Adopted by Council: Date L � � /1 � Certified Y•s d ouncil S re BY � By� �A - 9 1984 pp by Mayor for Submiss' to ouncil t�p by IVlavor. 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E .,a����s y. ,:F i -�,b7'a. s�a p� cr. „,j� �. j,�,�r � � t , u.n • ,. x � :' �� u ,<nt' � x � �s a '^*p .�' k 1�. ` 'r � T �f -��' k. ,�¢ �- al� �.�° � � �'��SA �'4 S � i 4 h �4��AJI:..������ R; .t, �'�'r�. ��v �� 5�'� -` .: � ;'� � RF � � e°�' -k. ._ `C x� �-� ,..�2� ''� ..i . .. -„ , .. -�k. _.. .. . ... ��1.�=�`:` . ._ �,..�.�.s:.:..»., _ . . . . , `-�P....=a__bx..t;a.. ,�,,.�m Na., ..'a:$' ., ..x..,... . . , ,.�� . ��y-io�� PORT � AU4HORITY OF THE CITY OF ST. PAUL I►+femorandum TO: Eoard of Commissioners DATE: July 2U, 1984 Meetinq July 14, 1y�4 FROM: E. A:`Krat�� �4;.�� SUBJECT: pUBLIC HFARING - SALE OF $2,ODU,OOU RBFUNDING REVENUE EOL�TDS - AMHOIST `Il�l�1ER RESOLUTIO�I NO. 2301 On June 28, 1984 by Resolution No. 2300 the Corrm�ission approved a Lease Termination and Mutual Release Aqreement with MM Associates for the llth floor ot the Amhoist Tower. A Notice of Call has been published for the nearest call date, December l, 1y�4. Under the existing federal regulations a public hearinq is necessary to authorize the issuance of the refunding bonds. It is deemed advisable to sell the k�onds at the current tirr� so that the funds will be on hand to make the call on December ].. Durinq the interim the Leasehold Irr.provement fur� of �169,275.On and the Reserve fund of �293,520.U0 will continue to earn interest for the �brt Authority. The First National Bank of St. Paul has agreed to purchase the bor,ds under the same terms and conditions as the previous refur.dings. The issue will be a 30-year bond issue privately placed with the First National �ank of St. Paul at a tloatin� rate of 680 of prime. Staff_ reconanends approval of Resolution P1o. 2301. F_.AK:jmo