280648 WHITE - CITV CLERK COUIICII ���p�(j�
PINK - FINANCE ��'f
CANARV - DEPARTMENT G I TY OF SA I NT PAU L ��� � �l jZ�
BLUE - MAVOR
, File N .
Co il Resolution
Presented By
,/Referred To �'y ►10. htR Committee: Date -�'����
Out of Committee By Date
WHEREAS:
1. On June 21 , 1983, the Port Authority adopted Resolution No. 2154 giving preliminary
approval to the issuance of a tax exempt mortgage in the amount of approximately
$1 ,000,000 for Austin/King Enterprises Medical Building to finance leasehold improvements
for the tenants occupying the building located at 360 Sherman Street in St. Paul . The
Tax Exempt Mortgage will be privately placed with the help of Miller & Schroeder
Municipals, Inc.
2. Laws of Minnesota 1976, Ghapter 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 Tax
Exempt Mortgage 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 Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the
aforesaid Tax Exempt Mortgage for the purposes described in the aforesaid Port Authority
Resolution No. 2154 the exact details of ►�hich, 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.
COUNCILMEN Requested by Department of:
Yeas Nays c-�
Fletcher ,a/
Galles �
Masanz
[n Favor
Nicosla
scheibei __ Against BY
Tedesco
Wilson
Adopted by Council: Date ��� 211983 Form Approved by City Attorney
t'�
Certified Pa.s y ouncil Se tar BY "'"" ^'�
g}, � O` � �iJ
t�ppr d y 17 vor: ate JUi. 2 71983 A by Mayor for �n to Council
�B 7 3 B
PUBUSHED AUG 6 1983
P O R T . . ����,���
AUTHORITY � � `������ �
OF THE CIN OF ST. PAUL
Memorandum
TO: BOARD OF COMMISSIONERS DATE: �une 17, 1983
(Meeting June 21 , 1983) -
.t .
FROM: Donald G. Dunshee ��
SUBJECT: AUSTIN/KING ENTERPRISES MEDICAL BUILDING
PRELIMINARY AND UNDERWRITING AGREEMENTS - $1 ,000,000 TAX EXEMPT MORTGAGE
RESOLUTION N0. 2154
The Port Authority Commission on March 15, 1980, by Resolution No. 1677
approved the issuance of $10,000,000 in industrial development revenue
bonds to finance the construction of a medical office building and apartment
structure adjacent to United Hospitals on West 7th Street. On October 28
by Resolution 1726 the Commission approved the sale of $4,350,000 in revenue
bonds to finance the construction of the medical office building. The revenue
bonds that were sold covered the basic construction of the building but did
not provide funds for the leasehold improvements of the various tenants.
Austin/King Enterprises secured a letter of credit in the amount of $714,000
from the First National Bank of St. Paul to cover part of the cost of the
leasehold improvements but also provided additional cash that was used to
make the improvements already completed.
Austin/King Enterprises has been in negotiation with the First National �Bank
of St. Paul regarding the purchase of a $1 ,000,000 tax exempt mortgage to
complete the leasehold improvements to the building. The tax exempt mortgage
would have a term of 8 years with interest only payments.
The Port Authority would receive earnings on the sinking fund as well as all
customary fiscal and administrative fees based on a formula of .42°o per million
per year for the first 8 years.
Staff recor�nends approval of Resolution No. 2154 authorizing the preliminary
and underwriting agreements.
sj s4b
� ` ���;����
� ' • � Resolution No.���S'
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 development of economi-
cally sound industry and commerce to prevent so far as possi'Ale
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 s�rvices 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 the Austin/King Medical
Office Enterprises (hereinafter referred to as "Company" } a
request that the Authority issue its revenue bonds in the form
of a single note to finance certain tenant improvements
(hereinafter collectively called the "Project" ) to the medical
office building located at Old Fort Road in the City of
Saint Paul and previously constructed by the Company and
occupied by the Company pursuant to the terms of the Lease from
the Port Authority to the Company dated as of September l,
1980, 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 w311 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 - .
WHEREAS, the Project to be financed by revenue bonds
will result in substantial employment opoortunities;
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 borrowing
that the economic feasibility of operating the Project would be
significantly reduced, but the Company has also advised this
Authority that with the aid of revenue bond financing, and its
resulting low borrowing cost, the Project is economically more
feasible;
WHEREAS, 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
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
follows:
- �������
� 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 the 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
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 educate3 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
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 (which may
be in the form of a single note) in an amount not to exceed
approximately $1,000,000 (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 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
Securities, 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.
� �������
. t��..� _
� 4. 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
the Commissioners. It is the purpose of said Agreements to
evidence the conunitment 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 being reached as to the ultimate
details of the Project and its financing. Said Agreements are
hereY�y 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 Underwriters made by the
Underwriters to purchase said bonds and to execute an
underwriting agreement settiny 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 supnlemental bond resolution to
be adopted prior to the delivery of said revenue bonds.
6. The revenue bonds tincluding 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 taxing powers of the Authority or the City is pledged
for the payment of the bonds (and interim note or notes) or
interest thereon.
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 yinnesota, 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 deein 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.
S. 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 Securities, State of
Minnesota, for approval of the Project, which has been
available for inspection by the public at the office af the
Authority from and after the publication of notice of the
hearing, are in all respects ratified and confirmed.
. >
r'
Adopted June 21, 1983
�! i .
Attest G ��
P e
The Po Authority of the City
' —�� � � of Sa'nt Paul
,
�i����Z j� �'�'``��,.�,��:p
�Secretary '
,�;�� �
<<.,_a .t �
,St Pa�l Port Authori ty DEPARTI,IENT �
D. G. Dunshee or �ONTACT
�:�'_KY�.d --
224-5686 PHONE ���� � �
June 21 , 1983 DATE
(Routing and Explanation Sheet)
Assign, Number for Routing Order (Clip All Locations for Mayoral Signature):
�_ Department Director -
� City Attorney
�_ Girector of Management/Mayor
�_ Finance and Management Services Director
_� City Clerk
Budget Director
►�hat Will be Achieved by Taking Action on the Attached Materials? (Purpose/Rationale) :
The purpose of the Tax Exempt Mortgage is to finance leasehold improvements for tenants
occupying the Austin/King Enterprises Medical Building located at 360 Sherman Street in
St. Paul . The Tax Exempt Mortgage will be in the amount of $1 ,000,000 for a term of eight
years. When the building is fully occupied we estimate there will be more than 150 people
working in the facility.
Financial , Budgetary and Personnel Impacts Anticipated:
Funding Source and Fund Activity Number Charged or Credited:
Attachments (List and Number all Attachments) :
Staff Memorandum
Draft City Council Resolution
Port Authority Resolution No. 2154
UEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? X Yes No
Yes X No Insurance Required? Insurance Sufficient? X Yes _ No
Yes X No Insurance Attached?
Revision of October, 1982
(Coo Dnvorcc Cirlc fnr Instructi0ns)
P O R T �����t��
AUTHORITY � �
OF THE CITY OF ST. PAUL
Memorandum
TO: BOARD OF COMMISSIONERS DATE: June 17, 1983
(Meeting June 21 , 1983) � .
FROM: 1`� •
Donald G. Dunshee i
SUBJECT: AUSTIN/KING ENTERPRISES MEDICAL BUILDING
PRELIMINARY AND UNDERWRITING AGREEMENTS - $1 ,000,000 TAX EXEMPT MORTGAGE
RESOLUTION N0. 2154
The Port Authority Commission on March 15, 1980, by Resolution No. 1677
approved the issuance of $10,000,000 in industrial development revenue
bonds to finance the construction of a medical office building and apartment
structure adjacent to United Hospitals on West 7th Street. On October 28
by Resolution 1726 the Commission approved the sale of $4,350,000 in revenue
bonds to finance the construction of the medical office building. The revenue
bonds that were sold covered the basic construction of the building but did
not provide funds for the leasehold improvements of the various tenants.
Austin/King Enterprises secured a letter of credit in the amount of �714,000
from the First National Bank of St. Paul to cover part of the cost of the
leasehold improvements but also provided additional cash that was used to
make the improvements already completed.
Austin/King Enterprises has been in negotiation with the First National Bank
of St. Paul regarding the purchase of a $1 ,000,000 tax exempt mortgage to
complete the leasehold improvements to the building. The tax exempt mortgage
would have a term of 8 years with interest only payments.
The Port Authority would receive earnings on the sinking fund as well as all
customary fiscal and administrative fees based on a formula of .42% per million
per year for the first 8 years.
Staff recommends approval of Resolution No. 2154 authorizing the preliminary
and underwriting agreements.
sj s4b
� . �:������
' Resolution No.��'�y
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 Develap-
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 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 provi.de 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 Austin/King Medical
Office Enterprises (hereinafter referred to as "Company") a
request that the Authority issue its revenue bonds in the form
of a single note to finance certain tenant improvements
(hereinafter collectively called the "Project") to the medical
office building located at Old Fort Road in the City of
Saint Paul and previously constructed by the Company and
occupied by the Company pursuant to the terms of the Lease from
the Port Authority to the Company dated as of September 1,
1980, all as is more fully described in the staff report on
fiZe; and
: �����4�3
. ` 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 populati.on, and said
Project will assist the City in achieving that objective. Said
Project w3.-11 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
WHEREAS, the Project to be financed by revenue bonds
will result in substantial employment opportunities;
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 borrowing
that the economic feasibility of operating the Project would be
significantly reduced, but the Company has also advised this
Authority that with the aid of revenue bond financing, and its
resulting low borrowing cost, the Project is economically more
feasible;
WHEREAS, 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
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
follows:
� . � �������
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 af Subdivision la of Section 474.02
of the Ac�; 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 the Au�hority 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, wi.11 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
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
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 (which may
be in the form of a single note) in an amount not to exceed
approximately $1,000,000 (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 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
Securities, 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. 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
the Commi.ssioners. It is the purpose of said Agreements to
evidence the conunitment 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 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 a'ASent) 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 agreement settiny 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 supnlemental 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
/ • r �W .�
. ' � . � ��
� ��,_✓,..�f�
�
shall not constitute or give rise to a pecuniary liability of
the Au�hority or the City or a charge against their general
credit or taxing powers 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.
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 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 capies
of this resolution and said Pre2iminary 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 Securities, State of
Minnesota, for approval of the Project, which has been
available for inspection by the public at the office af the
Authority from and after the publication of notice of the
hearing, are in all respects ratified and confirmed.
-,
Adopted June 21, 1983
� �
Attest ��
; P e
The Po Authority of the City
�" �� �,j of Sa'nt Paul
` ;
��;����' ����%.�� z �-
%� L G ✓ ✓ G �
Secretary
Honorable George Latimer
St= Pau1 Port uth rity DEPARTf,1EI�T• • ' � htayor of the City of St. Paul
D. G. Dunshee or 347 City Hall
..��_�, - - �ONTACT St. Paul , Nii nnesota 55102
224-5686 PHONE
June 21 , 1983 DATE reen� � y� � �; '��,�,��
(Routing and Explanation Sheet) -
Assign Number for Routing Order (Clip All Locations for Mayoral Signature�:
�
oepartment oi rector RECEIVED
�{+" �A~np , JUN 2 7 19a3
� ' _ /Mayor
_� Fi nance and Management Servi ces Di rector CITY Ajj�R��
� City Clerk
Budget Di rector
��hat Will be Achieved by Taking Action on the Attached Materials? (Purpose/Rationale):
The purpose of the Tax Exempt Mortgage is to finance leasehold improvements for tenants
occupying the Austin/King Enterprises Medical Bui}ding located at 360 Sherman Street in
St. Paul . The Tax Exempt Mortgage will be in the amount of $1 ,000,000 for a term of eight
years. When the building is fully occupied we estimate there wi11 be more than 150 people
working in the facility.
Financial , �udgetary and Personnel Impacts Anticipated:
Funding Source and Fund Activity Nur�er Charged or Credited:
Attachments (List and Number all Attachments) :
Staff Memorandum
Draft City Council Resolution
Port Authority Resolution No. 2154
UEPARTMENT REYIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? X Yes No
Yes X No Insurance Required? Insurance Sufficient? X Yes _ No
Yes X No Insurance Attached?
Revision of October, 1982
(See Reverse Side for instructions)
HOW TO USE THE GREEN, SHEET �
The GREEN SHEET has several purposes: �
1. To assist in routinq documents and in securing
required signatures
2 . To brief the reviewers of documents on the impacts
of approval
3. To help ensure that r.ecessary supporting materials
are prepared and, if required, attached.
ROUTING . .
�'�.ost G�EEV SHEET acti�ns must �e r�v_��ae� 5y a �e�ary:�ent
�irector, �:�e City �t�or:�ey, 4:�e �ir�ctor of i�tanages.�nt, the
Director of Finance and Management Services. Other possible
reviewers/signatures are listed.
BRIEFING �
M�ost of the GREEN SHEET headings are designed to assist in
developing a precis of the decision which the attachments
represent. The headings are offered to remind users of so�
of the more critical elements of this brief. .
The Financial� Budgetary and Personnel Impacts heading provides
a space to explain the cost/benefit aspects of the decision.
Costs and benefits relate both to City budget (General Fund and/or
Special Funds) and to broader financial i.mpacts (cost to users, �
homeowners or other groups affected by the action) . � The personnel
impact is a description of change or shift of Full-Time Equivalent
(FTE) positions. �
SJPPORTING MATERIALS
In the Attachments section, list all attachments. If the GREEN
SHEET is well one, no letter of transmittal need be included
(unless signinq such a letter is one of the requested actions) .
Note: Actions which require Cit� Council resolutions include:
a. Contractual relationship with another government unit.
b. Collective bargaining.
c. Purchase or sale of land, or lease of land.
d. Issuance of bonds by City.
e. Eminent domain.
f. Assumption of liability by City, or grantinq
by City of indemnification.
g. Agreements with State or Federal Government
under which they are providing funding.
Note also: If an agreement requires evidence of insurance/co-
insurance, a Certificate of Insurance should be one
� � of the attachments at time of routing.
. �_ -... .,.;:.�. v�� .a. V.7�: ►�J.c.i..a.y.� � � �._..�.+� �J'R 3 �
�jirf `(^ .•� (
'p�,•' �`I.1 ,• ! �:t`..�Ts��
�.+;.��,�-. .._�:�_,��;� a�rzcr or �rrr�rc ci•r.Y'' COIIi�CIL
�=° ��'�;�+.;._;:�'• ;' _� � . Dote ; July 14, 1983
`r��. ,��'Y -`~'�f. ' .
'��,_...,,._� ;
. � COMMi�'�" � E RE PORT
�' O = 5qtn� Paui Ci�y Cour�ci! � '_
� �F� U ��� = C O CYl C�1!�`�'e� O Yt FINANCE, MANAGEMENT $ PERSONNEL
. - ' � C E-� A I R COUNCII,MAN SCHEIBEL �
- . 1: 30 p.m. ' .
AGENDA
1. Approval of minutes from meeting heid July 7, 1983. .��prc��o . .
C-� �.
2. � �Resolution appravirig the issuance of a tax exempt mortgage in _the amount
�� of �1,000,000 for t}ie Austin/I�ing Enterprises Medical �3uilding to finance .
" leasehold improvements for the tenants. (Poxt Authority) ���f�U��� �-�
3. Resolution amending the 1983 Do�+mtown and Seventh Place Tax� Tncrement Debt
Service Fund Budget to provide for contributions of excess Tax Tncxements
to General Debt Service Fund for Urban. Renewal Bond Annual Debt Service.. (PED) .
��?!C%�(<� ,3 "f�
4. Resolution approving contract�between the City.and the Ele�i�toxs Constructoxs
Local 9. (Personne l) ���j^DUPc� 3--(�, - •
S. Resolution, approving the Memorandum of Understanding per aining to employees
holding the title of Assistant Fire Chief. (Personnel) ���p ���r Gr)�. �.�Jt��_
6. Resolution amending the Civil Serv�ce Rules aoncerning Class Specifications.
. (Personnel) !_!t I� iJU°1� ��I)�L �,1�-.�'�'�- � �
7. Resolution renetiving •lease agreement with Union Oil Company for maintenance
of pipeline facilities, on Navy Island. (Finance) �nnr G€��d.. 3—� -
� ri�
8. Resolution increasing paramedic fees. (Fire Department) �a,+�„ �v,--y�
9. Ordinance amending Sections 33.04 and 370.16 of the St. Paiil I.egislative
Code (Community Servi ces) �q i� ��r-r ry�� i ;�,��,Y �
Not on Agenda
1D. Resolution approving and authorizing the filing of an application for a federal
grant for the Homegrown Economy Program. (PED) /��;3.�:; � -�.-� �..�/
11. Capital Allocation Policy (PED) ��j',�`/(�,;:f ��---C
WHI'.E� - CI7V CLERK
._�PIWK - FINANGE G I TY O F SA I NT PA U L Council ����A(]
BLUERy - MAVORTMENT File NO• �`=�` J L���
� �
C unc 'l Resolution
Presented By �� cs
" Referred To '� �
'T`��`��'� Committee: Date � � -3
Out of Committee By Date
CITY COUNCIL RESOLUTION AMENDING THE 1983 DOWNTOWN AND
SEVENTH PLACE TAX INCREMENT DEBT SERUICE FUND TO PROVIDE
FOR CONTRIBUTIONS OF EXCESS TAX INCREMENTS TO GENERAL DEBT
SERVICE FUND FOR URBAN RENEWAL BOND ANNUAL DEBT SERVICE,
WHEREAS, THE Mayor, pursuant to section 10.07. 1 of the Charter of the City of
Saint Paul, does certify that there are available for appropriation total
revenues in excess of those estimated in the 1983 budget; and
WHEREAS, Council File 277510, adopted October 1 , 1981 , did establish certain
Special Fund budget Policies; and
WHEREAS, the Mayor recommends that the following additions be made to the
1983 budget:
CURRENT AMENDED
FINANCING PLAN: BUDGET CHANGE BUDGET
�
1903 Downtown and Seventh Place TIGO
Debt Service Fund
89110-0200 Fund Balance $1,368,473 $100,669 $1 ,469, 142
Total Financing $1,368,473 $100,669 $1 ,469, 142
SPENDING PLAN:
1903 Downto�vn and Seventh Place TIGO
Debt Service Fund
89110-611-000 Downtown and Seventh $ 618,473 —0— $ 618,473
Place TIGO Debt Interest
89110-611-000 Downtown and Seventh $ 750,000 —0— $ 750,000
Place TIGO Debt Principal
COUNCILMEN Requested by Department of:
Yeas Nays �
Fletcher
�a��� [n Favor
Masanz
Nicosia
Scheibei __ AgeitlSt BY
Tedesco
Wflson
Form Approv y 'ty orney
Adopted by Council: Date
Certified Passed by Council Secretary BY
By �
�i
Approved by lqavor: Date Approv ay for Sub is Council
<<- � � ����
By _ By � � [` �
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