280694 �NMITE - C�TV CLERK
PINK - FINANCE � G I TY OF SA I NT PAITL Council ...yyy'''���
CANARV - DEPARTMENT �������
BLUE - MAVOR �
, File N .
' , 'Co il, Resolution
Presented By L-
Referred To Committee: Date
Out of Committee By Date
WI�REAS:
1. On July 19, 1983 the Port Authority of the City of Saint Paul adopted Resolution
No. 2169 giving preliminary approval to the issuance of revenue bonds in the initial
principal amount of $10,000,000 to finance the construction of an approximately 250,000
square foot condominium development for the Energy Park Circle Partnership in Energy Park.
The partnership is composed of the Energy Park Circle Partnership and the Port Authority.
Miller & Schroeder Municipals has provided an underwriting agreement for the Energy Park
Circle Partnership.
2. Laws of Minnesota 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, sub�ect 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 revenue bonds for the purposes described in the aforesaid Port Authority
Resolution No. 2169 the exact details of which, 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[VCILMEN Requested by Department of:
Yeas Nays
Fletcher
��" [n Favor
Masanz � � —
Nicosia
Scheibel �__ Against BY '�"��"� ��� �'''�'�`
Tedesco
W ilaon
a�G 4 �983 Form Approved by City Attorney
Adopted by Council: Date E��
Certifie assed b - ou ' Se ary ✓ p, � �
By � � ��—p�.r Q.�
• AUG O 1983 pp ved by Mayor for ' uncil
b1p r v d by 17avor. at —
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�PUBIiSNfO AU G 13 1983 t_
P O R T � , ���q�
AUTHORITY
OF THE CITY OF ST. PAUL
Memorandum
TO: BOARD OF COMMISSIONERS DATE: July 14, 1983
(July 19, 1983 Regular Meeting)
FROM: B.A. Maus ��
SUBJECT: KAPA PARTNERSHIP
PUBLIC HEARING - PRELIMINARY AGREEFIENT
$10,000,000 RES. 876 REVENUE BOND ISSUE
ENERGY PARK
RESOLUTION N0. 2167
PUBLIC SALE HEARING - SALE OF LAND
KAPA PARTNERSHIP
RESOLUTION N0. 2168
PUBLIC HEARING - PRELIMINARY AGREEMENT
$10,000,000 RES. 876 REVENUE BOND ISSUE
ENERGY PARK CIRCLE PARTNERSHIP
RESOLUTION N0. 2169
On June 22, 1982, the: Port Authority Commission passed a resolution
authorizing staff to proceed with an industrial condominium development
in Energy Park. Since that time, extensive time and effort have been
devoted to the projecL which includes commissioning a feasibility study
and advertising the concept to the general public, not only in the Twin
City metropolitan area but nationally to determine the level of demand.
Thus far a substantial number of companies have indicated their interest
in the project. Due to pending legislation in Washington that could
affect the further development of this project, staff is requesting
that Board of Commissioners reaffirm its approval of the project in
principal recognizing the amount of time, effort and expense that have
been devoted to it over the past year.
Staff recommends approval of Resolut�on Nos. 2167, 2168 and 2169
approving the Preliminary Agreements and Pu61ic Land Sale.
BAM:ca
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RESOLUTION OF THE PORT AUTHORITY
OF -THE CITY OF SAINT PAUL
WHEREAS, on June 22, 1982 the Port Authority of the
City of Saint Paul (the "Authority") adopted Resolution No.
2022 giving preliminary approval to the issuance of up to
approximately $10,000,000 of Industrial Development Revenue
Bonds to provide funds to Energy Park Circle Partnership
(hereinafter referred to as "Company") to finance the
acquis�tion, installation and construction of a multi-tenant
industrial building (hereinafter collectively called the
"Project") in Saint Paul Energy Park in the City of Saint Paul;
and
-- WHEREAS, since the adoption of Resolutioz� No. 2022,
the Authority, as well as other parties, have expended
considerable time and effort on the Project and have
commissioned a feasibility study and advertising for the
concept of an industrial condominium development in Saint Paul
Energy Park; and
WHEREAS, staff has asked the Authority to reaffirm
its interest in and commitment to the Project, all as more
fully described in the staff inemorandum on file.
' ��l.f`�1�7'�
,' . WHEREAS, there has heretofore been filed with the
Authority a form of Preliminary Agreement between the Authority
and Company evidencing the commitment of the parties and their
intentions with respect to the proposed construction and
financing of the Project.
NOW THEREFORE, BE IT RESOLVED by the Commissioners of
the Port Authority of the City of Saint Paul, Minnesota as
follows:
1. That the staff of the Authority are authorized and
directed to continue negotiations with the Company so as to
resolve any remaining issues necessary to the preparation and
execution of the Preliminary Agreement.
2. That the staff be directed to continue their efforts
toward the development and financing of the indsutrial
condominium development in Saint Paul Energy Park.
Adopted: July 19, 1983
,
President
ATTEST:
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�i'/.,�-/�. �, i -_
��.�,�:r-. Secretary � ,j
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, �Q694
Port Authori ty DEPARTt,1ENT `
B.A. Maus, E.A. Krautr.ONTACT
224-5686 PHONE ���� ��
Ju1y 19, 1983 DATE
(Routing and Explanation Sheet)
Assign Number for Routing Order (Clip All Locations for Mayoral Signature)� R EC EIVED
1 artment Di rector �
City Attorney ECEIVED ��!- `�'�� i`��'"'
R
/Mayor ���_ 2 6 i�83 CITY ATTORNEY
4 Finance and Management Director
5 City Clerk E��YO�� J��ECC
Budget Director
What Will be Ach�eved by Taking Action on the Attached Materials? (Purpose/Rationale):_
The purpose of the revenue bond issue is to finance the construction of an approximately
250,000 square foot condominium development for the Energy Park Circle Partnership
in Energy Park. The partnership is comprised of the Energy Park Circle Partnership
and the Port Authority.
Financial , Budgetary and Personnel Impacts Anticipated:
The amount of the: bond issue. is $10,000,000 for a term of 30 years. This project
will create approximately 750 new jobs for the City of St. Paul .
Funding Source and Fund Activity Number Charged or Credited:
,, ,� j
Attachments (List and Nu�er all Attachments�:
1 . Staff Memorandum
2. Draft City Council Resolution
3. Port Authority Resolution No. 2169
cc. R. Thor e Man ower Servic s
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? X Yes No
Yes X No Insurance Required? Insurance Sufficient? � Yes No
Yes X No Insurance Attached?
Revision of October, 1982
(See Reverse Side for �Instructions)