280105 . j
WHITE - CITY CLERK
PINK - FINANCE `,r
CANARY - DEPARTMENT G I T Y O F S A I N T PA U L � Council ���I�
BL.UE - MAYOR . R�.� -
� � File N 0.
^Co c ' Resolution
��
Presented By
Re o Committee: Date
Out of Committee By Date
WHEREAS,
1. On March 31 , 1983, the Port Authority adopted Reso1ution No. 2112 giving preliminary
approval to the issuance of taxab1e revenue bonds in the amount of approximate1y $3,020,000
to finance the acquisition of equipment in the Brown & Bigelow Company facility valued at
approximate�y $3.5 mi1'lion by the Port Aut}�ority and �ease it back to Brown & Bigelow Com-
munications Corp. (Andlinger). The bonds wi�1 be private1y p1aced through the First Nationa1
Bank o�P St. Paul . by Mi11er & Schroeder. No underwriters �Pees wi11 be charged.
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City of Saint Pau1, sha11 be issued only with the
consent of the City Counci1 of the City of Saint Pau1, by reso'lution adopted in accordance
with 1aw;
3. The Port Authority of the City of Saint Pau'I has requested that the City Counci�
give its requisite consent-pursuant to said 1aw to faci1itate the issuance of-said revenue
bonds by the Port Authority of the City of Saint Pau1, sub�ect to fina'I approva1 of the
detai1s of ,said issue by the Port Authority of the City of Saint Pau�.
RESOI,VED, by the City Council of the City pf Saint Pau1, �hat in accordance with l.aws
of Minnesota. 1976, 'Ct�apter 234, the City Council hereby consents to the issuance of the
aforesaid revenue bonds for the purposes described in the a�oresaid Por�t Authority Reso1ution
No. 2112, the exact details of which, including, �ut not �imited to, provisions re��ting
to maturities, interest rates, discount, redemption, and f01^ the issuance o�F additional
bonds are to be determined by the Port Authoirty, pursuant to resolution adopted by the
Port Authority, and the City Counci'I hereby authorizes the issuance o�P any additiona� bonds
(inc�uding refunding bonds) by the-�Port Authority, �Pound by the Port Authority to be
necessary for carrying out the purposes �Por which the aforesaid bonds are issued.
COUNCILMEN Request d by Department of:
Yeas Nays � �r�
L ne Fletct�dr � C� �
In Favor
M dox Gal{es , l
M ahon Masani . �o�
o ite► - _ Against BY
ed co Nicosi�
,�� Scheib�t
TedesCO �PR �,��3 Form Ap� by City Attorney
Adopted by Council: yy��spqDate
� � `�--��
Certified Y•.se b Counci e BY� �
ss• �` /' $�
ApR q Ap by Mayor f r mi sion to Council
Ap ove ;Vlayor: Date — 7 �•,83
BY - –
�UBLiSHED APK 1 � 1983
,• . r ������Jr
Resolution No. �//v
RESOLUTION OF THE
• PORT AUTHORITY OF THE
CITY OF SAINT PAUL .
WHEREAS, the Port Authority of the City of Saint Paul
(the "Authority") has previously issued its Industrial
Development Revenue Bonds, Series 1979-1 in the aggregate
principal amount of $3, 700,000, Series 1979-2 in the aggregate
principal amount of $9, 000,000 and Series 1979-C in the
aggregate principal amount of $1,000,000 (collectively the
"Bonds" ) to finance the construction, equipping, and
improvement of a manufacturing, storage and distribution
facility, together with certain related and incidental
facilities (collectively, the "Project" ) which was to he
occupied by Brown & Bigelow, Inc. ; and
WHEREAS, in connection with the issuance of the Bonds
the Authority entered into a revenue agreement in the form of a
lease with Brown & Bigelow, Znc. dated as of April 1, 1979 (the
"Lease" ) ; and
WHEREAS, subsequent to the issuance of the Bonds and
execution of the Lease, Brown & Bigelow, Inc. was merged into
Saxon Industries, Inc. ( "Saxon" ) and the Lease was amended
October 28, 1980 by an amendment to lease between the Authority
3nd Saxon; and
� � �_ ����.4:'5
.. � � �
WHEREAS, the Lease, as amended, requires that Saxon
_ pay installments of Basic Rent in an amount suf£icient to pay
the principal, interest and any premium on the Bonds and to
also pay and perform other obligations relating to the
construction of the Project and the use and occupancy thereof;
an d
WHEREAS, on April 15, 1982 Saxon filed for protection
under Chapter 11 of the Bankruptcy Reform Act and is currently
acting as debtor-in-possession in the Chapter 11 Reorganization
proceeding pending in the United States Bankruptcy Court for
the Southern �istrict of New York (the "Reorganization" ) ; and
WHEREAS, pursuant to Section 13.1 (b) of the Lease, as
amended, the filing of the petition instituting the
Reorganization was an event of defaul�C under the Lease for
which, because of the automatic stay of actions imposed by
Section 362 of the Bankruptcy Reform Act, the Authority has not
heretofore taken any remedial action; and
WHEREAS, the Authority is required, under the terms
of its covenants with the holders of the Bonds, that in the
event of a default by the lessee of any facility, it will
exercise its best efforts to cause such facility to be operated
to provide funds to help pay the principal, interest and any
call premium or reserve for the Bonds issued to finance the
facility; and
i .
� . �_ ����.�5
. ,
� WHEREAS, the Authority and Saxon have been
negotiating with several entities interested in leasing or
otherwise using the Project and have tentatively agreed to
enter into various agreements and undertakings which wouTd
result in the use of the Project by B & B Communications Corp.
( "B & B") , which agreements include: (a) the termination of the
Lease by Saxon; (b) the sale of certain equipment by Saxon to
the Authority; (c) the lease of Project and certain equipmen�t
by the Authority to B & B, all as more fully set forth in the
staff inemorandum presented to the Commissioners at this
meeting; and
WHEREAS, the Authority has studied the marketability
and usefulness of the Project and has �ietermined that under the
terms and conditions of a lease, in substantially the form
attached as Exhibit A (the "B & B Lease" ) , it will receive a
fair and reasonable return to help pay the principal and
interest on its Bonds; and
WHEREAS, Authority has determined that the facility
can best be operated by B & B, and B & B is willing to operate
the facility under the terms and conditions of the B & 8 Lease.
WHEREAS, the approval of the transactions outlined
above is contingent upon Saxon receivin3 the approval of the
Bankruptcy Court presiding over the Reorganization; and
WHEREAS, the Authority desires to support �axon in
its application for approval of this transaction.
, . � `
. . . �'.����.����
r
� NOW THEREFORE, BE IT RESOLVED BY THE PORT AUTHORITY OF THE
CITY OF SAINT PAUL AS FOLLOWS: -
1. The lease between the Authority and B & B Communica-
tions Corp. , in substantially the form attached hereto as
Exhibit A, is approved, subject to such modifications as staff
feels are in the best interest of the Project and the holders
of the Bonds.
2. The President and Secretary of the Authority, or such
other officers as are appropriate in the absence of either the
President or Secretary, are hereby authorized and directed to
execute any and all documentation necessary to effect the lease
of the Project to B & B Communications Corp. , incli�ding any
documentation required by Saxon prior to seeking the approval
of this transaction from the Bankruptcy Court.
3 . The entering into of the lease with B & B Communica-
tions Corp. and the purchase of certain equipment from Saxon is
all dependent on Saxon receiving approval of these transactions
from the bankruptcy court, evidenced by an order o.f that court
in form and substance satisfactory to counsel to the Authority,
and the expiration of any applicable appeal period.
Adopted: March 28, 1983 ,�
,
PORT AUTHOR � Y O CITY
OF SAI L
�
� -� � �La-
%� Pr nt
Attes. �-� �. �
, /�� �s��'�'��
�'" t - Secretary
, � � . , �����5
� Resolution No. , l/�
RESOLUTION OF
THE PORT AUTHORITY OF THE CITY OF SAINT PAUL
WHEREAS, the purpose of Chapter 474, Minnesota �
Statutes, knc�n 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 ecor�omi-
cally sound industry and commerce to prevent so far as pos�sible
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 unempl.oyment; 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 ta 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 the B & B Communications
Corp. (hereinafter referred to as "Company") a request that the
Authority issue its revenue bonds to finance the acquisition of
certain items of equipment to be purchased by the Authority
from Saxon Industries and leased to the Company (the
"Project" ) ; and
WHEREAS, the Authority desires to facilitate the
selective development of the community, to retain and improve
its tax base arid 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 objectiv�. Said
Project will help to increase the assessed valuation af the
City and help maintain a positive relationship between assessed
valuation and debt and enhance the image and reputation of the -
City; and
, _ ' � WHEREAS, the Authority has been advised by repre-
� sentatives of the Company that conventional, commercial �,,�Q����
� financing to pay the capital cost of the Project is available
only on a limited basis and at such high costs of '4orrowing
that the economi.c feasibility of operating the Project would be
significantly reduced, but the Company has also advised the
Authority that with the aid of revenue bond financing, and its
resulting low borrowing cost, the Project is economically more
feasible;
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, Sectio� 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 Pro�ect 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 Commissioners
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 la of Section 474.02
of the Act; that the Project furthers the purposes stated in
Section 474.01 of the Act, that the availability of the
financing under the Act and willingness of tYte Authority to
furnish such financing will be a substantial inducement to the
Company to 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
prevention of the emergence of blighted and marginal land, and
. � � ������.�5
' � 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 ta].ented
and educated persons out of the state and to areas wi.thin 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
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 $3,000,000 (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 Commissioners, are incorporated herein by �seference 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 Deoartment of
Com�nerce, requesting approval, and other officers, employees
and agents of the AUTHORITY are hereby authorized to provide
the Department of Commerce with such preliminary information as
it may requi.re.
4. There has heretofore been filed wi.th the
Authority a form of Preliminary Agreement between the Authority
and Company, relating to the proposed financing of the Project
and a form of the Underwriting Agreement. The form of said
Agreements have been examined by the Commissioners. It is the
purpose of said Agreements to evidence the commitment of the
parties and their intentions with respect to the gronosed
Project in order that the Company may proceed without delay
with the commencement of the acquisition, of the. Project with
the assurance that there has been sufficient "official action"
under Section Z03(b) of the Internal Revenue Code of 1954, as
amended, to allow for the issuance of industrial revenue bonds
. �,, ,g� F��
. � �c►����
� ' 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 A3reements. '
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 doeuments 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 Seeretary
(or Assistant Secretary if the Secretary is absent) of the
Authority, or if either of such otficers (a�d his al.ternative)
a=e 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
unde�writing 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 and interest thereon shall not
constitute an indebted�ess of the Authority or the City of
Saint Paul wi.thin 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 c=edit or taxing powers and neither the
full faith and credit nor the taxing powers of the Authority o�
the City is pledged for the payment of the bonds or interest
thereon.
7. In order to facilitate completion of the revenue
bond financing herein contemplated, the City Council is 'nereby
requested to consent, pursuant to Laws of Minnesota, 1976,
Chapter 234, to the issuance of the revenue bonds 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 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.
y �V�i����
* ,
- 8. The actions of the Executive Vice-Przsident 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 Department of Commerce, State of Mi.nnesota,
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 Mar�ch 31, 1983 �
,
C \
Attest
�/ Presiden
� The Port uthority of the City
' '` of Sain Paul
i ✓��f�i% � ,� .
!i `
Secreta
Port �iuthoritv DEPARTt�1ENT
4' .. •' ` E. A. Kra ut -�'-ONTACT � �
;,,�------s
r ' : 224,5686
: _ _ PHONE i ��'� ` �7✓
4-1-83 - DATE �
(Routing artd Explanation� Sheet) .
A ,. . _. .. ,. .
: Assig,n Tiva�ber far Routing Order (Clip All Locatlans for MayaraT Si4nature):
. _��
_ �
, 3 Di rector of Mana�ement/Mayar
�` ; Fi nance and l�lanac,�:n�nt Servi ces Dj recto .
_.._._
5 City Clerk :
B:udget Director . �
i�hat Wi 1 I be A�hi eved�7ak_ i ng Acti on on the attached Nlateri a]s? (Pu ose Rational e :
TMe p!eirpose of the bond issue is to finance the acquisition of t1� �quipment in the Brown &
Bigelow facility and lease�:it back to Br�vn &�Bige1ow Communications Corp. (Andlinger,�, .
which' wiil keep �the plant operating and ultimately increase the �rtptoyment as the busirtess
activities o� Brown & Bigelow are reactivated. The faci1ity wou1d be 9eased on a la-year
lease with two 10-year�renewa1 o�ptions. The equipment acquisition wou1d be fi:nanced by a
$3,020,000 taxab�e revenue bond issue which will be private1y p1aced. The equi�nt is
valued at approximate1y $3.5 mi11ion. �
. F3nancial�, Sudgetary and Personnei In�pacts Anti�ipated: -
N/A
''Fus�ding Source and Fund Activity Nu�er Char�ed or Creditedr
N/A
Attachments (List and Number all Attachments) :
�
Staff Memorandum
praft City Counci1 Reso1ution
Part Authority �eso1u�ion No. 2110 and 2112 �
DEPARTMEN� REVIEW CITY ATTQ�thtEY REYI�1+l
X Yes No Caun�il Resolution Required? Resolution :Required? x` Yes� No �
, �, Yes � No Insurance Required? Insurance Sufftcient? Yes � No
Yes � Na Insurance Attached?
ec• R. Th�tpe Revision of October, ]982.
� ��PP RPVPI"SP .Sil(fP f�r �Tnstructions)
� � �, OilT
� A�VTHORITY ��������'
OF THE CITY OF ST. PAUL
Memo�andum
TO: Board of Commissioners DAT� March 28, 1983
(Special Meeting March 28, '1983)
1. �
FROlA; E.A , r .
SUBJ6CTsBROWN & BIGELOW COMMUNICATIONS, INC. 10-YEAR LEASE
ANDLINGER GROUP
RESOLUTION N0. 2910
After extensive negotiations with Saxon Industries, Inc. and the Andlinger
Group, we have arrived at an agreement subject to Corrannission approval
which wi11 keep the plant operating and u1timately increase the employment
as the business activities of Brown & Bigelow are reactivated.
The Andlinger Group, as previously out1ined, operates eight different
companies in the United States and Europe and in our opinion represents
the best opportunity for continued operations and growth in the Brown &
Bige1ow plant.
We have negotiated with others , but in the final analysis the only group
that produced the financia� commitments in time to meet the Creditor's
Comnittee deadline of Apri'I � was the Andlinger Group.
In a11 of our negotiations from the outset we were 'looking to abatement
of taxes for t�he initia'1 three years. After detailed analysis of this
issue and the problems it caused, such as a minimum three-year lease
and a recurring negotiation at the end of three years, we concluded
that this was not the best approach even though it would have helped
share the cost burden for some of the subsidies that are required to
keep this plant in operation and to give it a fair chance to succeed
i n t1ie future as i t has i n the past.
We, therefore, proposed to the And1inger Group that they enter into
a 'lease for a `longer term and continue to pay the real estate taxes
as is customary.
We are recommending approval of a 10-year lease based upon the rental
schedule set forth below. The Lease provides two 10-year options to
renew at an arbitrated fair market value. All equity in the plant would
inure to the Port Authority and no option to purchase is granted at
this time.
� �� � � � � . ����.��5
' Board of Commissioners
March 28, 1983
Page -2-
A B C D E
RENT TO P.A. RENT TO P.A.
PROPOSED FROM SUBLETTING FROM SUBLETTING
YEAR REN1' B&B OFFICE SPACE (1 ) FACTORY SPACE TAX OFFSET TOTAL
1 300,000 300,000
2 400,000 240,000 100,000 740,000
3 500,000 230,000 175,000 100,000 1 ,005,000
4 600,000 220,000 150,000 100,000 1 ,070,000
5 600,000 220,000 150,000 100,000 1 ,070,000
6 600,000 220,000 150,000 100,000 1 ,070,000
7 1 ,000,000 180,000 50,000 100,000 1 ,330,000
8 1 ,000,000 180,000 50,000 100,000 1 ,330,000
9 1 ,000,000 180,000 50,000 100,000 1 ,330,000
10 1 ,000,000 180,000 50,000 100,000 1 ,330,000
7,000,000 1 ,850,OOQ 825,000 900,000 10,575,000
9,675,000
Sinking Fund Earnings 258,000
TOTAL INCOME - 10 YEARS $10,833,000
The debt service on the bonds through the term of this 10-year lease will
equal $12,215,958. Therefore, the Port Authority's 10-year contribution,
provided we are successful in leasing the space that And1inger considers
excess,at the rate projected be1ow would be $1 ,392,958. This does n�t
in�clude, however, the loss of investment income from the f unds that will be
needed to fi11 the gap in the early years.
It has been determined that the building has an excess of office space of
approximate1y 40,000 square feet and the agreement provides that �he Port
t'�uthority and the company will jointly exert their best efforts to lease the
space. The estimated rental is $7.00 per square foot.
This space would �e made, avai1able at the beginning of year 2. Pending
further evaluation it appears that the p1ant itse1f may have an excess of
approximately 100,000 square feet of manufacturing space. In the event
that space is also made availab'le, it would be rented at an estimated $3.00
per square foot with $1 .75 credited to the Port Authority's account, so
the rental wou�d then be the same as that being paid for the bulk of the
space by Andlinger.
In the event that space is not available Andlinger's rent would increase
by the amount stipulated in Column C. It is hoped that the business volume
will be increased rapidly enough so that this space does not become avai1able
in year 3.
.,- , , � . . ����.��
Board of Commissioners
March 28, 1983
Page -3-
The lease also contains a provision that by mutua1 agreement the
operations would be 1ocated to a smaller faci1ity in St. Pau1 at any
time during the 10-year lease that a suitab1e buyer and other suitab1e
space becomes available.
In addition, the Port Authority wi11 acquire from Saxon Industries and lease back
to Brown & Bige1ow the equipment valued at approximately $3.5 million,
and such 1ease will be financed by the sale of a $3,020,000 taxab1e
revenue bond issue which wi11 be placed private1y.
Subject to Cormnission approva7, this matter will then be approved by
the Saxon Board and the Creditor's Corr�nittee and recommended to the
Bankruptcy Court. It should be pointed out that there are other companies
still interested in acquiring the company but the pressure from the
creditors on Saxon to se11 has created the deadline. By approving this
action and with approval of the court, liquidation would be avoided.
Under the terms of the building 1ease and the equipment lease, all of
the assets of Brown & Bige1ow wi�l be pledged to the Port Authority
subordinate on1y to the borrowing from the Chase Manhattan Bank.
Staff reconanends approval of Resolution No. 2110.
EAK:jmo
,� _P 4 R T ��;���:.�
,
� AU �THORITY
OF THE CITY OF ST. PAUL
Memo�aadurn
TO: Board of Commissioners �A'� MARCH 31 , 1983
FROM: E. A
sveJECT: PUBLiC HEARING - SALE OF BONDS - $3,020,000 TAXABLE REVENUE BONOS
BROWN & BIGELOW COMMUNICATIONS CORP (ANDLINGER)
RESOLUTION N0. 2112
Under the terms of the lease agreement with Brown & Bige1ow Communications
Corp. (Andlinger) the Po'rt Authority wi11 acquire equipment presently
located in the Brown & Bigelow plant for $3,020,000 by issuance of a
taxab1e revenue bond issue in that amount. The terms of the pre1iminary
agreement are a 10-year lease back of this equipment to Brown & Bige1ow
Communications Corp. with appropriate provisions for adequate maintenance
and rep1acement as needed. A11 of the equipment proposed to be acquired
has a life in excess of 10 years or more. As a condition of financing
this equipment all of the assets of Brown & Bigelow, including the
subsidiary entities , wi11 be pledged to the Port Authority subordinated
on1y to the 1oan from the Chase Manhattan Bank.
This provides that in the event t:he Bankruptcy Court approves the sale
to Brown & Bige1ow Communications Corp. bonds will be sold and the purchase
for that equipment, a 1ist of which is on file with the Port Authority,
would be made direct1y from Saxon.
Staff recommends approval o�f the preliminary agreement by adoption of
Resolution No. 21�12.
EAK:jmo