00-267Council File # O� - d �'7
Green Sheet # le� l`� G,
Presented By
RESOLUTION
� PAUL, OTA
��
aa
Referred To
Committee: Date
RELATING TO RIVERCENTRE PARKING
RAMP IMPROVEMENT FINANCING
WHEREAS, the parking ramp for the RiverCentre of the City of Saint Paul, Miimesota,
2 (the "Cit}�') has consistently generated a profit and is in need of renovation at a cost estimated to
3 require the issuance of $7,800,000 of bonds; and
4
5 WI�REAS, the renovation can be financed at an affordable interest rate and without an
6 election if The Housing and Redevelopment Authority of the Ciry of Saint Paul, IvTimiesota (the
7 "Authorit�'), (1) issues its revenue bonds for the parking ramp renovation as a redevelopment
8 project of the Authority, and (2) leases the renovation improvements to the Ciry pursuant to an
9 annual non-appropriation clause lease (which annually permits the City not to appropriate rents
10 and thus not to renew the lease) at rents sufficient to pay the revenue bonds, and (3) pays the
11 revenue bonds solely from the rents from the non-appropriation clause lease; and
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
WHEREAS, the rents under the lease would not be limited to payment from any particular
source, but (1) resources of the Civic Center Authority otherwise earmazked for the parking ramp
($30Q000 -$400,000/year), (2) resources of the Civic Center Authority freed up upon the
retirement of the bonds payable from taa� increments of the Downtown Tax Increment District
($660,OOOfyeaz begimiiug in 2008), and (3) the City's sales tas receipts within the 40% amount
appropriate for use for the RiverCentre (after payment of other obligations) would 6e adequata to
pay rents sufficient to pay debt service on the Authority's revenue bonds; and
WFIEREAS, initial proposals for financing the renovarion of the RiverCentre pazking
ramp were solicited, and it is desirable to proceed to negotiate a financing with U.S. Bancorp
Piper Jaffray:
2 NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Saint Paul, �� '��°�
3 Minnesota, that staff of the City, particulazly in the Office of Financial Services and Treasury, are
4 hereby authorized and directed to cooperate with staff of the Authority and Civic Center
5 Authority, Springsted Incorporated as Snancial wnsultant, Briggs and Morgan, Professional
6 Associatioq as bond counsel, and U.S. Bancorp Piper Jaffray as underwriter to proceed with a
7 financing for renovation of the RiverCenue parking Ramp.
Requested by the Office of:
Ado tion Certified by Council
Sec�etary
By:
Date �� ��.
iN�7NCi�G ��1zviCBS
�
B �.,� ,�I, ,
-c: u =
Form proved by City Attorney
BY'l/c--- � � G�� �
�.. j(, n �-
by Mayor for Submission to
Approved b Mayor• Date,�i3/ZE�!? By:
By: ��_�� � )��
Adopted by Council:
INIMTm
�,,,,,� GREEN SHEET
��ro�
� � �.,�,.e+* �E�roR
NUMBERFOR
ROIITING
OROER
TOTAL # OF SIGNATURE PAGES
No 101146
��.
� p1YATTOPI�Y ❑ CRYCLER% _
❑ AIRNCNLSERVICESCBL ❑ FfiRNCN1.SERV1ACCfG
� W� .���-w�'� ❑
1 (CLJP ALL LOCATIONS FOR SIGNATURE)
resolNbn gives the Olfice o( Fnancal Serrices. Treasury Section, Ne aNhority N initiate ail necessary action leadin9 to the finandng Mthe renwation oF
t Rive�Centre Patldng Ramp.
PLANNING COMMISSION
GB CAMMITfEE
CIVIL SERVICE COMMISSION
;SONAL SENVICE CONTRACTS M115T ANSWER THE FOLLV W1f1G {2
Has this persoNfirtn ever vrorked under a contact for thrs departmeM�
YES NO
00 _���7
Has this person/firm ever been a cily employee?
YES NO
Does this persoMfirm possess a sldll not nortnatlypossessetl by any curteM city employee?
YES NO
Is this persoNfirm a Yargetetl ventloR
YES NO
�Explain an yes ansvrers on sepaare sneec art
ITIATING PROBLEM ISSUE, OPPORTUNITY (Who, Whak `�'�hen, Where, Why)
EASE PIACE THS RESOLUTION ON THE COUNCIL AGENDA OF JANUARY 19, 2000.
e paridng ramp for the R"rverCenter of the Ciry of Saint Paul is m need of renovation at a cost es6mated th require the issuance of $7,800,000
bonds
IF APPROVED
; resolution is pretiminary as it onry au[horizes staRio proceeed vrith a finandng far renovation of the RiverCentre parldng 2mp. A detailed bond sale resolution calling for the sale
he presented ta the full Counal on April 19, 2000. �+ Mpn$(u,•
. R���� �
IFAPPROVED
IF NOT APPROVED
a preliminary resolution, the staff wnuld not be authonzed M inRiate necessary achon I�tlinB to a parldng rsmp renovation fina�cing.
OF TRANSACTION S
SOURCE
CASTIREVENUE BUDGETED (CIRCLE ONE)
ACTNI7Y NUMBER
YES NO
�IC.3�7
Council File # O� - d �'7
Green Sheet # le� l`� G,
Presented By
RESOLUTION
� PAUL, OTA
��
aa
Referred To
Committee: Date
RELATING TO RIVERCENTRE PARKING
RAMP IMPROVEMENT FINANCING
WHEREAS, the parking ramp for the RiverCentre of the City of Saint Paul, Miimesota,
2 (the "Cit}�') has consistently generated a profit and is in need of renovation at a cost estimated to
3 require the issuance of $7,800,000 of bonds; and
4
5 WI�REAS, the renovation can be financed at an affordable interest rate and without an
6 election if The Housing and Redevelopment Authority of the Ciry of Saint Paul, IvTimiesota (the
7 "Authorit�'), (1) issues its revenue bonds for the parking ramp renovation as a redevelopment
8 project of the Authority, and (2) leases the renovation improvements to the Ciry pursuant to an
9 annual non-appropriation clause lease (which annually permits the City not to appropriate rents
10 and thus not to renew the lease) at rents sufficient to pay the revenue bonds, and (3) pays the
11 revenue bonds solely from the rents from the non-appropriation clause lease; and
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
WHEREAS, the rents under the lease would not be limited to payment from any particular
source, but (1) resources of the Civic Center Authority otherwise earmazked for the parking ramp
($30Q000 -$400,000/year), (2) resources of the Civic Center Authority freed up upon the
retirement of the bonds payable from taa� increments of the Downtown Tax Increment District
($660,OOOfyeaz begimiiug in 2008), and (3) the City's sales tas receipts within the 40% amount
appropriate for use for the RiverCentre (after payment of other obligations) would 6e adequata to
pay rents sufficient to pay debt service on the Authority's revenue bonds; and
WFIEREAS, initial proposals for financing the renovarion of the RiverCentre pazking
ramp were solicited, and it is desirable to proceed to negotiate a financing with U.S. Bancorp
Piper Jaffray:
2 NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Saint Paul, �� '��°�
3 Minnesota, that staff of the City, particulazly in the Office of Financial Services and Treasury, are
4 hereby authorized and directed to cooperate with staff of the Authority and Civic Center
5 Authority, Springsted Incorporated as Snancial wnsultant, Briggs and Morgan, Professional
6 Associatioq as bond counsel, and U.S. Bancorp Piper Jaffray as underwriter to proceed with a
7 financing for renovation of the RiverCenue parking Ramp.
Requested by the Office of:
Ado tion Certified by Council
Sec�etary
By:
Date �� ��.
iN�7NCi�G ��1zviCBS
�
B �.,� ,�I, ,
-c: u =
Form proved by City Attorney
BY'l/c--- � � G�� �
�.. j(, n �-
by Mayor for Submission to
Approved b Mayor• Date,�i3/ZE�!? By:
By: ��_�� � )��
Adopted by Council:
INIMTm
�,,,,,� GREEN SHEET
��ro�
� � �.,�,.e+* �E�roR
NUMBERFOR
ROIITING
OROER
TOTAL # OF SIGNATURE PAGES
No 101146
��.
� p1YATTOPI�Y ❑ CRYCLER% _
❑ AIRNCNLSERVICESCBL ❑ FfiRNCN1.SERV1ACCfG
� W� .���-w�'� ❑
1 (CLJP ALL LOCATIONS FOR SIGNATURE)
resolNbn gives the Olfice o( Fnancal Serrices. Treasury Section, Ne aNhority N initiate ail necessary action leadin9 to the finandng Mthe renwation oF
t Rive�Centre Patldng Ramp.
PLANNING COMMISSION
GB CAMMITfEE
CIVIL SERVICE COMMISSION
;SONAL SENVICE CONTRACTS M115T ANSWER THE FOLLV W1f1G {2
Has this persoNfirtn ever vrorked under a contact for thrs departmeM�
YES NO
00 _���7
Has this person/firm ever been a cily employee?
YES NO
Does this persoMfirm possess a sldll not nortnatlypossessetl by any curteM city employee?
YES NO
Is this persoNfirm a Yargetetl ventloR
YES NO
�Explain an yes ansvrers on sepaare sneec art
ITIATING PROBLEM ISSUE, OPPORTUNITY (Who, Whak `�'�hen, Where, Why)
EASE PIACE THS RESOLUTION ON THE COUNCIL AGENDA OF JANUARY 19, 2000.
e paridng ramp for the R"rverCenter of the Ciry of Saint Paul is m need of renovation at a cost es6mated th require the issuance of $7,800,000
bonds
IF APPROVED
; resolution is pretiminary as it onry au[horizes staRio proceeed vrith a finandng far renovation of the RiverCentre parldng 2mp. A detailed bond sale resolution calling for the sale
he presented ta the full Counal on April 19, 2000. �+ Mpn$(u,•
. R���� �
IFAPPROVED
IF NOT APPROVED
a preliminary resolution, the staff wnuld not be authonzed M inRiate necessary achon I�tlinB to a parldng rsmp renovation fina�cing.
OF TRANSACTION S
SOURCE
CASTIREVENUE BUDGETED (CIRCLE ONE)
ACTNI7Y NUMBER
YES NO
�IC.3�7
Council File # O� - d �'7
Green Sheet # le� l`� G,
Presented By
RESOLUTION
� PAUL, OTA
��
aa
Referred To
Committee: Date
RELATING TO RIVERCENTRE PARKING
RAMP IMPROVEMENT FINANCING
WHEREAS, the parking ramp for the RiverCentre of the City of Saint Paul, Miimesota,
2 (the "Cit}�') has consistently generated a profit and is in need of renovation at a cost estimated to
3 require the issuance of $7,800,000 of bonds; and
4
5 WI�REAS, the renovation can be financed at an affordable interest rate and without an
6 election if The Housing and Redevelopment Authority of the Ciry of Saint Paul, IvTimiesota (the
7 "Authorit�'), (1) issues its revenue bonds for the parking ramp renovation as a redevelopment
8 project of the Authority, and (2) leases the renovation improvements to the Ciry pursuant to an
9 annual non-appropriation clause lease (which annually permits the City not to appropriate rents
10 and thus not to renew the lease) at rents sufficient to pay the revenue bonds, and (3) pays the
11 revenue bonds solely from the rents from the non-appropriation clause lease; and
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
WHEREAS, the rents under the lease would not be limited to payment from any particular
source, but (1) resources of the Civic Center Authority otherwise earmazked for the parking ramp
($30Q000 -$400,000/year), (2) resources of the Civic Center Authority freed up upon the
retirement of the bonds payable from taa� increments of the Downtown Tax Increment District
($660,OOOfyeaz begimiiug in 2008), and (3) the City's sales tas receipts within the 40% amount
appropriate for use for the RiverCentre (after payment of other obligations) would 6e adequata to
pay rents sufficient to pay debt service on the Authority's revenue bonds; and
WFIEREAS, initial proposals for financing the renovarion of the RiverCentre pazking
ramp were solicited, and it is desirable to proceed to negotiate a financing with U.S. Bancorp
Piper Jaffray:
2 NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Saint Paul, �� '��°�
3 Minnesota, that staff of the City, particulazly in the Office of Financial Services and Treasury, are
4 hereby authorized and directed to cooperate with staff of the Authority and Civic Center
5 Authority, Springsted Incorporated as Snancial wnsultant, Briggs and Morgan, Professional
6 Associatioq as bond counsel, and U.S. Bancorp Piper Jaffray as underwriter to proceed with a
7 financing for renovation of the RiverCenue parking Ramp.
Requested by the Office of:
Ado tion Certified by Council
Sec�etary
By:
Date �� ��.
iN�7NCi�G ��1zviCBS
�
B �.,� ,�I, ,
-c: u =
Form proved by City Attorney
BY'l/c--- � � G�� �
�.. j(, n �-
by Mayor for Submission to
Approved b Mayor• Date,�i3/ZE�!? By:
By: ��_�� � )��
Adopted by Council:
INIMTm
�,,,,,� GREEN SHEET
��ro�
� � �.,�,.e+* �E�roR
NUMBERFOR
ROIITING
OROER
TOTAL # OF SIGNATURE PAGES
No 101146
��.
� p1YATTOPI�Y ❑ CRYCLER% _
❑ AIRNCNLSERVICESCBL ❑ FfiRNCN1.SERV1ACCfG
� W� .���-w�'� ❑
1 (CLJP ALL LOCATIONS FOR SIGNATURE)
resolNbn gives the Olfice o( Fnancal Serrices. Treasury Section, Ne aNhority N initiate ail necessary action leadin9 to the finandng Mthe renwation oF
t Rive�Centre Patldng Ramp.
PLANNING COMMISSION
GB CAMMITfEE
CIVIL SERVICE COMMISSION
;SONAL SENVICE CONTRACTS M115T ANSWER THE FOLLV W1f1G {2
Has this persoNfirtn ever vrorked under a contact for thrs departmeM�
YES NO
00 _���7
Has this person/firm ever been a cily employee?
YES NO
Does this persoMfirm possess a sldll not nortnatlypossessetl by any curteM city employee?
YES NO
Is this persoNfirm a Yargetetl ventloR
YES NO
�Explain an yes ansvrers on sepaare sneec art
ITIATING PROBLEM ISSUE, OPPORTUNITY (Who, Whak `�'�hen, Where, Why)
EASE PIACE THS RESOLUTION ON THE COUNCIL AGENDA OF JANUARY 19, 2000.
e paridng ramp for the R"rverCenter of the Ciry of Saint Paul is m need of renovation at a cost es6mated th require the issuance of $7,800,000
bonds
IF APPROVED
; resolution is pretiminary as it onry au[horizes staRio proceeed vrith a finandng far renovation of the RiverCentre parldng 2mp. A detailed bond sale resolution calling for the sale
he presented ta the full Counal on April 19, 2000. �+ Mpn$(u,•
. R���� �
IFAPPROVED
IF NOT APPROVED
a preliminary resolution, the staff wnuld not be authonzed M inRiate necessary achon I�tlinB to a parldng rsmp renovation fina�cing.
OF TRANSACTION S
SOURCE
CASTIREVENUE BUDGETED (CIRCLE ONE)
ACTNI7Y NUMBER
YES NO
�IC.3�7