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281037 M�HITE - C�TV CLERK COIlIICll �� j� PINK - FINANCE CANARV - DEPARTMENT G I TY OF SA I NT PAU L f� � BLUE - MAVOR File NO. , � Co cil Resolution Presented By � O�� f' � ✓Referred To ��/��—� Committee: Date � `'� � Out of Committee By Date WfiEREAS: l. On September 20, 1983, the Port Authority of the City of Saint Paul adopted Resolution No. 2194 giving preliminary approval to the issuance of industrial revenue bonds in the initial principal amount of $5,475,000 to finance the acquisition of 54,625 square feet of net rentable space on floors 19, 20, 21, 22, and 23 of the Conwed Towoer in St. Paul for Albion Limited Partnership IV. The bonds will be underwritten by Miller & Schroeder Municipals Inc. 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, subject to final approval of the details of said issue by the Fort 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 R,esolution No. 21 gq 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 Fort Authority to be necessary for carrying out the purposes for which the aforesaid bonds are issued. COUNCILMEN Yeas Nays Requested b Department of: Fletcher � '+'"'�"'° ��u`�5 In Favor Masanz Nicosia - scheibe� _ __ Against BY Tedesco Wilson 0�'T � g �9$3 Form Approved by City Attorney Adopted by Council: Date � � Certified Ya s d y ouncil Se ar B�� ss� � ,�-- _ CT 2 1 19 3 p ve by Mayor for S iss 'n to ouncil ta ro by 1�lavor: — sy Pt�BUSHED QCT 2 9 1983. ��t�� -:� '`��.;��,�» ,�� ,,� ��.. � ��"'•t �j ' �� .f � `' ��}'�c ��a�m g��°� �`� �...�. �� gs V� �',;�'"4z� '. �r � � �`' `��-� ¢ ? ��. ,4�.� ..�&' i'��. ` �� s.�r•,_-' ,� �„� - � � �#y � ,�BC� :,�- '�:i `p - I �, �� ` _ °vr 'S� _� s s�:, '#� ��SI�� _Y y '' } { �,��t�w5 « �*� ��:- a �� e., � �> �. f' 1`�`'` � "i+.�F r�,�r.vr t .a '�,�� ""� � " 3ai `"'�;�.'�� ; - .-'-�3y o. +�-. . y�-^a �, �,� S .;'� a * ,<.'r,: -X - r . :,,# . �"�+'i�w<< yp�.��'. ��a ``M, %�`,+ �, F y�` �`�s"a r .�_;> � ��o y . +� r:5 e: M " •E � v�� .� � � , it` -�p� 3��r' { ` .� _. `�Y g�-i �-�' �+-. �rG�� ss3''f �i5 � ic�..,} _ "�t�fy t `�.1#'_ �; .� � X �`m.� Y+> -^n, ��'�'ef , .. �•v 't� , . 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't'"� �o'''�''� � ti. � � �FV �+�1�.t i 'i>L �*� 2�§ '' �. r,• �.�.': ,P'�4`,� i-.{�5 �t�*: .r�t> . * � t ;>'`'. �' r r i t �.�;p � � e ,� �3.�:. �. a ,F . _..._,.. ... .. ._ . .s...n c�-...rv1�.AC��.. .. . _. ... . . . ... ..., Ha't._ „. . .... _ � �„s_:^�vi��e+�3.� , .... �..'.1....5,-,'!5'£*-.. *is'E ..n-_...i'�A:+��; � O R T . 2�1 tl�� . . _ AUTHORITY OF THE CITY OF ST. PAUL Mlemorondu� TO: BOARD OF COMMISSIONERS DATE:Sept. 16, 1983 (Sept. 20, 1983 Regular Meeting) . - FROM: E.A. Kraut - SUBJECT: PUBLIC HEARING AMENDING AUGUST 30 APPROVAL PRELIMINARY AND IJNDERWRITING AGREEMENTS - $6,400,000 REVENUE BOND ISSUE ALBION LIMITED PARTNERSHIP I RESOLUTION N0. 2191 PUBLIC HEARINGS - PRELIMINARY AND UNDERWRITING AGREEMENTS ALBION LIMITED PARTNERSHIP II - $6,135,000 REVENUE BOND ISSUE RESOLUTION N0. 2192 ALBION LIMITED PARTNERSHIP III - $7,275,000 REVENUE BOND ISSUE RESOLUTION N0. 2193 ALBION LIMITED PARTNERSHIP IV - $5,475,000 REVENUE BOND ISSUE RESOLUTION N0. 2194 Public Hearing Amending August 30 Agreement At the August 30, Special Meeting at which time the Oxford Development Agreement, the Preliminary Agreement on Albion I and the sale of land were approved, the Albion I bond issue was approved in the amount of $5,765,000. Subsequent to that approval , the bond issue has been amended to an amount of $6,400,000 and a new public hearing notice published in this amount. Staff recommends approval of the amendment subject to the public hearing increasing the issue to $6,400,000. Albion II , III and IV The other three bond issues in this series that will affect the condominiumization of the Conwed Tower as previously approved in the Development Agreement between Oxford and the St. Paul Port Authority and for which Preliminary Agreements are being presented for approval today in conjunction with duly published notice of public hearing are Resolution No. 2192 , Albion II for $6,135,000; Resolution No. 2193, Albion III for $7 ,275,000; and Resolution No. 2194 , Albion IV for $5,475,000. � � 2�1�� . . . . BOARD OF CGMMISSIONERS September 16, 1983 Page -2- When the material was forwarded to the Commission relative to the Oxford Guaranty, the financial stateme'nt of Oxford Development of Minnesota � was included. This was in error because the Guaranty of the debt service �s being provided by Oxford Development Group Limited whose net worth is $118,000,000. A copy of their financial statement is on file in the Port Authority Office. Staff recommends approval of Resolution Nos. 2191 , 2192, 2193 and 2194. EAK:ca - , �'.J�� ! � . Res�lution No. �--'�'%J / RESOLU'r20N OF THE PORT AUTHORITY OF THE CITY O�' aAINT PAUL WHEREAS, the purpose of Chapter 474, Minnesota Statutes, known as the �iinnesota i�unicipal Industrial Develo�- ment Act (hereinafter called "Act") as founc� and datennined 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 pos�ible the �mergence of blighted and marginal lands and areas of chronic unexnployment and to ai3 in the development ot existing , areas of blight, marginal land and persistent unemployment; and WHEREAS, factors n�ceasitating the active promo-tic�n and development of economically sound industry and commerce are tnz increasing concentration of population in the metropolitan areas and the rapidly rising incr�ase in the amount and cost of governtaental services 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; a:�d WHEREAS, The Port Authority of the City of Saint Paul (the "Authority") has received from Albion IV Limited Partner- ship, a Minnesota limited partnershin (the "Company") and Oxford Development Minnesota, Inc. , ( "Oxford") a request that the Authority issue its revenue bonds to finance the acquisition of Floors 19, 20, 21, 22 and 23 of the Conwed Tower located at 444 Cedar Street in Saint Paul, Minnesota for use as offices (hereinafter collectively called the "office Project") all as is more fully described in the staff report on file; and WHEREAS, said request has been made Dursuant to a Development Agreement (the "Development Agreenent") between the Authority, Oxford, the City of Saint Paul (the "City") and the Housing and Redevelopment Authority of the City of Saint Paul, yinnesota (the "HRA") relating to the development of Block 26 in the City (the "Block 26 Project" ) ; and said request will facilitate development of the Block 2o Project as more fully set fortii in the Development Agreement; and � � . ��t1 / WHEREAS, the Authority desir�s 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 popul3tion, and the Office Project and Block 26 Project (collectively the "Development Projects" ) will assist the City in achieving that objective and will help to increase the assessed valuation of the City and help maintain a positive relationshin between assessed valuation and debt and enhance the image and reoutation of the City; and tiii'rIEREAS, the Develooment Projects will result in substantial employment opportunities in the City; WHEREAS, the Authority has been advised by repre- sentatives of the Company and Oxford that conventional, commercial financing to pay the capital cost of the Development Projects is availa�ile only on a limited basis and at such high costs of borrowing that the economic £easibility of operating the Develo�ment Projects would be significantly reduced, but tne Company has also advised this Authority that with the aid of revenue bond financing, and its resulting low '�orrowing cost, beth the Office Project and the Block 26 Project are economically more feasible; '�REAS, Miller & Schroeder Municipals, Inc. (the "'Jnderwriter") has made a proposal in an agreement (the "Bond Agreement") relating to tne purcnase of the revenue bonds to be issued to finance the Office Project; t�VEiEREP,S, the Authority, oursuant to Minnesota Statutes, Section 474.01, Subdivision 7b did publish a notice, a copy of which with proof of publication is on fi1.e in the office of the Authority, of a public 'ne3ring on t'ne proo�sal of the Company that the Authority. finance the Office Pro�ect hereinbefore described by the issuance of its industrial revenue bonds; and WHERr,AS, the Authority did conduct a public hearing pursuant to said notice, at which hearing the recommend�tions contained in the Authority' s staff inemoxandum to the Commissioners were reviewed, and all persons who anpeared at the hearing were given an opportunity to express their views with respect to the pr000sal. NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the Port Authority of the City of Saint Paul, Minnesota as follows: 2 . . . �U'��1�� l. On the basis of information available to tiie Authority it appears, and the Authority 'nereby :Einds, that said Office Project constitutes properties, used or usePul in connection with one or more revenue producing enterprises engagec3 in any business within the meaning of Subdivision 1 of Section 474.02 of the Act; that the Office Project furthers the purposes stated in Section 474.01 of the Act, that the availability of the financing under the Act and willingness caf the Authority to furnis'n such financing will be a substantial inducement to the Company to undertake the Office Project and for Oxford to undertake the Block 26 Project, and that the effect of the Development Projects, 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 em�loyment 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 Office Project and Oxford in reallocating its equity towards development of the Block 26 Project as contemplated in t'ne Development Agreement. 2. Subject to the mutual agreecnent of t'ne Authority, the Company and the purchaser of the revenue bonds as to the details of the lease or other revenue agreexnent as defined in the Act, and other documents necessary to evidence and effect the financing of t'ne Office Project and the issuance of the revenue bonds, the Office Project is hereby approved and authorized and the issuance of revenue bonds of the Authority in an amount not to exceed approximately $5,475,000 (other than such additional revenue bonds as are needed to comnlete the Offic� Project) is authorized to finance the costs of the Office Pxoject and the recommendations of the Authority' s staff, as set forth in the staff inemorandum to the �ommissioners which was presented to the Commissioners, are incorporated herein by reference and approved. 3. In accordance with Subdivision 7a of Section 474.01, �tinnesota Statutes, the Executive Vice-President of the AUTHORITY is hereby authorized and directed to submit the pronosal for the above described Office Project to the 3 � � . � � 2�1�3�7 f�Iinnesota Energy and Economic Develonment Authority ( the "MEEDA") requestin�3 its approval, and otner officers, employees and agents of the AUTHORITY are hereby authorized to pr�vide �MEEDA with such preliminary in.formation �s it 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 acquisition anc� financing of the Office Project and a form of the Bond Agreement. The form of said Agreeiaents have been examined by the Commissioners. It is t'ne purpose of said Agreements to evidence the co.mmitment of the parties and their intentions with respect to the proposed �ffice Project in order that the Company may proceed without delay with the commencement of the acquisition of the Office 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 �ffice 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 Agreemerit 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 prenaration of the revenue agreement and other documents necessary to tl�ie adoption by the Authority oE its final bond r�solution and the issuance and delivery of t'ne revenue bonc�s; provided that the President (or Vice-Przsident if the Presid�nt is absent) and the Secretary (or Assistant Secretary if the Secretary is ansent) of the Authority, or if either of suc'n 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 acceot a final offer of the Underwriters made by the Underwriters to purchase said bonds and to execute an underwriting agreement setting forth suc'n 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 supplementa]. bond resolution to be adopted prior to t'ne delivery of said revenue bonds. &. The revenue bonds (including any interim note or note3) and interest thereon shall not constitute an 4 � - , . 281�)3'7 in3ebtedness of t�ie Authority or t'ne City of Saint Paul within the meaning of any constitutional or statutory limitation and s'nall not constitute or give rise to a pecuniary liability of the Authority or the City or a ciiarg� against t'neir general credit or taxing powers and neit'ner the full faith and credit . nor the taxing powers of the Authority or the City is pledge3 for t'ne paycnent of the bonds (and interim note or notes) or interes�t t'nereon. 7. In order to facilitate completion of the revenue bond financing hezein conte.�mplated, the City Council is 'nzreby requested to consent, nursuant to Laws of Minnesota, 1976, Chapter 234, to the issuance of t'ne revenue bonds (including any interim note or notes) herein contemplated and any additional bonds which the Authority may prior to i�suance or from time to time thereafter deem necessary to complete the Office Project or to refund such revenue bonds; anc� for such purpose the Executive Vice President of the Authority is hereby authorized and directed to iorward to the City Council copies of this resolution and said Preliminary Agreeraent and any additional available information the City Council may request. 8. The actions of the Executive Vice-Prasident of the Authority in causing publa.c notice of the oublic hearing and in describing the general nature of the �ffice Project and estimating the principal amount of bonds to be issued to finance the Office Project and in preparing a draft of the proposed application to MEEDA, for approval of the Office Project, whicn has besn available for inspection by the public a�t the office of the Authority from and after the publication of notice of the hearing, are in all respects ratified and . confirmed. . :��° , Adopted this �'�' day of �-,.��-�-�� , 1983. PORT AUTHO�ITY' OF THE CITY OE SArILdT PAUL, MIIVNESOTA � � � �� Attes , � � �` i:��- G.--- Pr s' t ./l2�tU�/ ��C.�GJ_ / � �retary 5 � �. � � � � . . 2�.�.��37 ALBION IV PARCEL: That part of Lots 5 , 6 , 7 , 8 and 9 , Block 20 , Roberts and Randalls Addition to St. Paul , according to the recorded plat . thereof, County of Ramsey, State of Minnesota and that part of vacated Cedar Street lying between plane surface elevations of 291 . 08 feet and 350. 66 feet, City of St. Paul Datum, and lying within the following described boundaries: Commencing at the most Southerly corner of said Block 20 , thence on an assumed bearing of S55°29 ' OS"W along the Southwesterly extension of the Southeasterly line of said Block 20 a distance of 0.80 feet, thence N35°O1' ll"W a distance of 0.09 feet to the actual point of beginning of the tract of land to be described , thence N54°58 '49"E a distance of 41. 50 feet to a point hereinafter referred to as Point A, thence continuing N54°58 ' 49"E a distance ' of 97.77 feet, thence N35°O1'll"W a distance of 41.49 feet, thence N79°59 ' 26"W a distance of 111.07 feet, thence S54°58 '49"W a distance of 60.77 feet, thence S35°O1 ' ll"E a distance of 120 .07 feet, more or less, to the actual point of beginning; Together with and subject to the easements, restrictions and rights contained in Document No. � (Torrens Document No. ) . Elevation 0.0 City of St. Paul Datum equal elevation 694.10 feet mean sea level as established by United States Coast and Geodetic ' Surveys, North American Datum, 1929 . � 2b1�� Agenda Finance, Management � Personnel Committee October 13, 1983 Pabe 2 10. Resolution amending the Civil Service P.ules by inserting a special provision for , newly appointed Substitute Library Specialists. (Personnel) �I � 11. Resolution amending the Civil Service Rules by removing the Substitute Library Specialists from the Special Employments category and placing them in a grade. (Personnel) �� 12. Resolution declaring the intention that the six resolutions and one ordinance relating to the Substitute Librarian Specialist title be effective retroactively to September 15, 1983. �`i"� . 13. Resolution establishing the title and class specification of EDP Lead Programmer in the Civil Service Rules. (Personnel) �`1'� 14. Resolution approving securities pledged by Summit State Bank of Phalen Park to protect funds of the City of Saint Paul while held in said bank - $350,000. (Finance) !y� 15. Resolution approving securities pledged by Capital City Bank of St. Paul to protect funds of the City of St. Paul while held in said bank - 5 treasury notes. ' (Finance) . Gtie!°__ . � 16. Resolution approving the securities pledged by Exchange State Bank to protect funds of the City of St. Paul while held in said bank - $50,000, $I00,000. (Finance) aiei° 17. Resolution transfering $720,500 between Comnunity Health Administration and various CHS accounts. (Community Services) L,q:o O�/�i' 18. Resolution amending Capital Improvement Budget to provide increased financing for the Hillcrest Recreation Center Sitework Project. .S�P,o 19. Resolution accepting the settlement of $28,000 in the Minnesota State Human Rights Department's claim on behalf of Diane A. Boese against the City. �,o 20. Resolution for issuance of revenue bond in the amount of $6,378,000 to finance the acquisition of space at Conwed Tower. (Port Authority) .4�� 21. Resolution for issuance of revenue bonds in the amount of $6,135,000 to finance the acquisition of space at Conwed Tower for Albion Limited Partnership II. (P.A.) �'� 22. Resolution for issuance of revenue bonds in the amount of $7,275,000 to finance � the acquisition of space at Conwed Tower for Albion Limited Partnership III. (P.A.) � • �y.� 23. Resolution for issuance of revenue bonds in the amount of $5,475,000 to finance ' the acquisition of space at Conwed Tower for Albion Limited Partnership IV. (P.A.) � �O� � ; !