280695 WH17E - CITV CLERK COUIICII �����
PINK - FINANCE G I TY OF SA I NT PALT L
CANARV - DEPARTMENT
BLUE - MAVOR File NO.
� � c�l Resolution
Presented B c '
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1. On July 19, 1983 the Port Authority of the City of Saint Paul adopted Resolution
No. 2167 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 KAPA Partnership in Energy Park. The KAPA
partnership is composed of Kraus—Anderson Construction Company and the Port Authority.
Miller and Schroeder Municipals has provided an underwriting agreement for the KAPA
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. 2167 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.
COUNC[LMEN
Yeas Nays Requested by Department of:
Fletcher �
[n Favor
Masanz ' , �
Nicosia
scneibe� _ � Against BY ����'`'"�
Tedesco
Wilson
AUG 4 ���3 Form Approved by City Attorney
Adopted by Council: Date ^
// � � �
Certifie assed b oun � Secre r�`y „ �y�
s5,
� ?—o���3
t\p r v y Mavor: Da _ G � 1983 Ap ve by Mayor for S b CouRZil
By _ �.;
FUBl1SNED AU G 1 � 1983 � �
P � RT ����:9�
AUTHORITY � .
OF THE CITY OF ST. PAUL
Memo�andum
TO: BOARD OF COh�IISSIONERS DATE: July 14, 1983
(July 19, 1983 Regular Meeting) '
�1
,
FROM: B.A. Maus: ��
. �
SUBJECT: KAPA PARTNERSHIP
PUBLIG HEARING - PRELIMINARY AGREEhIENT
$1Q,000,000 RES. 876 REVENUE BOND ISSUE
ENERGY PARK
RESOLUTION N0. 2167
PUBLIC SALE HEARING - SALE OF LAN�
KRPA PARTNERSHIP
RESOLUTION N0. 2168
PUBLIC HEARING - PRELIMINARY AGREEMENT
$10,000.,000. RES. 876 REVENUE BOND ISSUE
ENERGY PARK CIRCLE PARTNERSHIP �
RESOLUTIQN NQ. 2169
On �une 22, 1982, the Port Authority Comnission passed a resolution
authorizing staff to proceed with an industrial condominium.�development
in Energy Park. Since that time; extensive-time and effor.t have been
devoted to the: project which includes comnissioning a feasibility study
and advertising the concept to the: general pub7ic, not onTy in the Twin
City metropolitan area but nationally to determine the level of dem�nd.
Thus far a substantial number of companies have indicated their interest
in'the: project. Due. to pending legislati�n in Washington that could
affect the further development of this project, staff ,is requesting
that Board of Commissioners reaffirm its approvaT of the project in
principal recognizing the amount of time, effort and expense that have
been devoted to it o�er the past year.
Staff. recomnends approval of Resolution Nos. 21�7, 2168 and 2169
approving the Preliminary Agreements amd Pu61ic Land Sale.
BAM:ca
• ` ' � 1�;7
� � ����'j��
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.
2021 giving preliminary approval to the issuance of up to
approximately $10,000,000 of Industrial Development Revenue
Bonds to provide funds to KAPA Partnership (hereinafter
referred to as "Company") to finance the acquisition,
installation and construction of a multi-tenant industrial
building (hereinafter collectively called the "Project") in
Saint Paul Energy Park in the City of Saint Paul; and
WHEREAS, since the adoption of Resolution No. 2021,
- the Authority, as well as ot�er parties, have expended
considerable time and effort on the Project and have
commissioned a feasibility study and advertising for the
concept of an industrial condominium development in Saint Paul
Energy Park; and
WHEREAS, staff has asked the Authority to reaffirm
its interest in and commitment to the Project, all as more
fully described in the staff inemorandum on file.
� � • e ����
' .
WHEREAS, there has heretofore been filed with the
Authority a form of Preliminary Agreement between the Authority
and Company evidencing the commitment of the parties and their
intentions with respect to the proposed construction and
financing of the Project.
NOW THEREFORE, BE IT RESOLVED by the Commissioners of
the Port Authority of the City of Saint Paul, Minnesota as -
follows:
1. That the staff of the Authority are authorized and
directed to continue negotiations with the Company so as to
resolve any remaining issues necessary to the preparation and
execution of the Preliminary Agreement.
2. That the staff be directed to continue their efforts
toward the development and financing of the indsutrial
condominium development in Saint Paul Energy Park.
Adopted: July 19, 1983
President
ATTEST:
�.� ' • // �i
t�', � .
�i� s-„ . r ,
��� Secretary %' - �
�:
.
� � �80695
Port Authori tv _ DEPARThtEiVT
_ i
B A. Maus , F_A_ Kr_a�it�'ONTACT
224-5686 PHONE �� ��
Jul 19, 1983 DATE �v
(Routing and Explanation Sheet)
Assign Number for Routing Order (Clip All Locations for Mayoral Signature): VED
D tment Di rector �U!._. `�5 t�$:�
� � /
nt/Ma,yor R�cE't�t'� C�TY ATTORNEY
g -�
�_ Fi nance and Managemen e s Di rector ��L 2 � ��a3
�_ Ci ty C1 erk �AY�R�, pF�ICE
Budget Director
What Will be Achieved 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 KAPA Partnership in Energy Park.
The partnership is comprised of Kraus-Anderson Construction Company and the Port
Authority.
Financial , �udgetary and Personnel Irr�acts Anticipated:
The amount of the bond issue is $10,000,000 for a term of 30 years. This project
will create approximatley 75U new jobs for the City of St. Paul.
Funding Source and Fand Activity Number Charged or Credited:
Attachments (List and Number all Attachmentsl :
1 . Staff Memorandum
2. Draft City Council Resolution
3. Port Authority Resolution No. 2161-.
cc. R. Thor n r rv'
DEPARTMENT REVIEW CITY ATTORNEY REVIEW
X Yes No Council Resolution Required? Resolution Required? � Yes No
Yes X No Insurance Required? Insurance Sufficient? � Yes No
Yes X No Insurance Attached?
Revision of October, 1982
(See Reverse Side for �jnstructions)
�r�. �
''°'' � �'—d,� 7nd� ,"���� "�3 �. �
z.>t �` � ..._..t_._.___�___- ___
3r.d�� ~/ � r � � ��._�����t.'�.-'�_....._.4J�..�"_^.-.�'�/ .� .
�
Yeas �;a;;, �
'.�.E'PGHER
�t���696
GALT,ES .
rtas�rtz �'�y�D
NICOS7A
S��iEIIiEL ' .
R
WII�S�N
g
MR. PRESIDENT TIDESCO '