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281038 M�H17E - CITV CLERK PINK - FINANCE GITY OF SAINT PAUL COUIICII 2��a�� CANARV - DEPARTMENT BLUE - MAVOR File NO. �- Cou c ' ,�Zesolution Presented By .+--► �eferred To � ��/��-�� Committee: Date 1�� Out of Committee By Date WHEREAS: 1. On September 20, 1983, the Port Authority of the City of Saint Paul adopted I�solution No. 21 93 giving preliminary approval to the issuance of industrial revenue bonds in the initial principal amount of $7,275,000 to finance the acquisition of 63,867 square feet of net rentable space on floors 9, 10, 11, 12, 13 and 14 of the Conwed Tbwer in St. Paul for Albion Limited Partnership III. The bonds will be underwritten by Miller & Schroeder Municipals Inc. 2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority of the City of Saint Paul, shall be issued only with the consent of the City Council of the City of Saint Paul, by resolution adopted in accordance with law; 3. 'IY�e Port Authority of the City of Saint Paul has requested that the City Council give its requisite consent pursuant to said law to facilitate the issuance of said revenue bonds by the Port Authority of the City of Saint Paul, subject to final approval of the details of said issue by the Port Authority of the City of Saint Paul. RESOLVED, by the City Council of the City of Saint Paul, that in accordance with Laws of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution No. 21 93 the exact details of which, including, but not limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of additional bonds are to be determined by the Port Authority, pursuant to resolution adopted by the Port Authority, and the City Council hereby authorizes the issuance of any additional bonds (including refunding bonds) by the Port Authority, found by the Port Authority to be necessary for carrying out the purposes for which the aforesaid bonds are issued. COUNCILMEN Requested by De artment of: Yeas Nays � Fletcher ,�..:.+a GAlJ.�S [n Favor Masanz Nicosia f� scneibel __ Against BY Tedesco Wilson Adopted by C ouncil: Date OCT 1$ 1983 Form Ap ved by City Attorney � ^� Certified a s d y ut .il tar B, � � A r ve by .Vlavor: a e � OCT 2 1 1983 A r ve by Mayor for Subm' ion o Council B — — PUBL�st�,� OCT �� 1983 ♦�r�" � 3 .�� : d :' gq L h2{�'g. c ati,� . . ,o-k � y R `n 3 i,"$ {'G" t1 „ k ..� �� `y � ..� i 4�r ,�.M�rL,�.� � � �A�yxi�i,% 4 E �i # /� �` Ti. � 1� 2' e �{ Lt. }�;�,� }� � � � �'$ ��r� � � �tt � . , •.a'. .t,�t,��. � i , ��,.t `s^;:z,; 4�.�,�.� �e�,;.o.. f ., -�'�; �,. ,��, � �.,�rsr,`'...�� `"� � � ta�� r, �q �:" �p -�-_. c�:� � � § ,� k; � „�.! y. �:� �` ��,�� , t' -��`a� �� `. �k+ 3 �` 3� � �' .��. �. tir k':µ �.- � � � ^�f� 4 .� �� yF °r a} � � i kf j `°" y . r a � F d�� d n.r ;F�¢ �� '� �` ..s a�u � - w '.:� # ' � ,�* : sx �� ' .re'�* � ` � �i �'�yj�� R t~. � :e��.� .��,�� -,� �. �:�t. � t�- �t � x'" � .s, ��.''� g �t� `�;�1� � '�� a �; � . ,� , . � . �t ,..� ..;;c�, ��s - .'. _ ;°� �„ < Y �.. 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R "'�F- �. A h` E g } �: S'k t �� .r t.y' �`�^., '# �� :� � -� .�ilJ�1-- � �� r� �, ` r� �,� r ' ��1 �� ^� � } _' �� .»�iq�. , � . ". � � � " * �._ '-��. r . � � ��.� ka < � , , �y . _' s � , � } y�r y �� y� ,_�; �� iE�Si��+�F� �, a� .:��t�.��r � �u-� � :.w. .a r� � +c� �N �� . N F .,w ye�� .'F � Y � � ",. 1 .� . {r� � 5' ., ) .d �.�. � . �5.i �� i�� 5 . " r'� � i"FS� _ � a ��°K��x,�`{�'}: 5'�'�Rf { � ' - Y Z' t i �. S � «4`�t'�5 ��y�� :� ' � �� r� �: � �n� N ��, C� 1 � � f t �+ % ��' � �' � �c�� i �F��'�� r� � � �� ' �� '4 > .,i t � .: M y��*�, �'�k , � -c` ,�g,�,�'b 1� �d '�`�, . �v k' �i�'.��'" G�� *• .,� ,� � � ,�, � !�' � w�VJ a�e ,� � ��11� �� ,3 s _ ��:- �� r. i M ��rai��'. ¢ Y 5t�a.�. , , . ._ . . .�,.._ -_ ...a, a . ,s vrt_. .. � � ..i . . _��x +"`-+��<.. _ 4. " ,. � "_` � O R T , 2��.�� '' AUTHORITY OF THE CITY OF ST. PAUL Memorandurn � TO: BOARD OF COMMISSIONERS DATE:Sept. 16, 1983 (Sept. 20, 1983 Regular Meeting) � < - FROM: E.A. K►^aut - SUBJECT: PUBLIC HEARING AMENDING AUGUST 30 APPROVAL PRELIMINARY AND UNDERWRITING AGREEMENTS - $6,400,000 REVENUE BOND ISSUE ALBION LIMITED PARTNERSHIP I RESOLUTION N0. 2191 PUBLIC HEARINGS - PRELIMINARY AND UNDERWRITING AGREEMENTS ALBION LIM�ITED PARTNERSFIIP 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. . ' � . � 281��38 BOARD OF COMMISSIONERS September 16, 1983 Page -2- When the material was forwarded to the Commission relative to the Oxford Guaranty, the financial statement of Oxford Development of Minnesota was included. This was in error because the Guaranty of the debt service is 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 � � , . 2�1�38 Resolution No. ._ ;` %', RESOLUTION OF THE PORT AUTHORITY OF THE CI'rY OF SAINT PAUL WHEREAS, t'ne purpose of Chapter 474, Minnesota Statutes, kn�wn as the P4innesota 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 in3ustry and commerce to prevent so £ar as possible the emergence of blighted and marginal lands and areas of chronic unemployment and to aid in the develooment of existing areas of blight, marginal land and persistent unem�loymen�; and WHEREAS, factors necessitating the active �romotion and development of economically sound industry and commerce are the increasing concentration of population in the metroLoolitan areas and the rapidly rising increase in the amount and cost of governmental services requirzd to meet t'ne needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these � increaszd costs and access to employment opportunities for such popula tion; and WHEREP,S, The Port Authority of the �ity of Saint Paul (the "Authority") has received from Albion ZII Limited Partner- shin, a Minnesota limited partnersh'ip (the "Company") and Oxford Development tdinnesota, Inc. , ( "Oxford") a request that the Authority issue its revenue bonds to finance the acquisition of r^loors 9, 10, 11, 12, 13 and 14 of the Conwed Tower located at 444 Cedar Street in Saint Paul, Minx�esota 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 pursuant to a Development Agreement (the "Development Agreement") between the Authority, Oxford, the City of Saint Paul (the "City") and the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") relating to the develooment of Block 26 in the City (the "Block 26 Project") ; and said request will facilitate development of the Block 26 Project as more fully set forth in the Development Agreement; and ' . . ��,�e.JV V 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, an3 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 relationshi�o between assessed valuation and debt an3 enhance the image and reputation of the City; and WHEREAS, the Development Projects will result in substantial employment opportunities in the City; tVHEREAS, the Authority has been advised by repre- sentatives of the Company and Oxford that conventional, commercial financing to pay the capital cost of the I`evelopment Projects is available only on a limited basis and at suc'n high costs of borrowing that the economic feasibility of operating the Development Projects 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, both the Office Project and the Block 26 Project are economically more feasible; ��IfiEREAS, Miller & Schroeder Municipal�, Ine. (the "Underwriter") h3s made a proposal in an agreement (the "Bond Agreernent") relating to the purchasP of the revenue bonds to be issued to finance the Office Project; tafiEREAS, 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 Office 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 resDect to the proposal. NOW, THEREr'ORE, BE IT RESOLVED by the iommissioners of the Port Authority of the City of Saint Paul, Minnesota as follaws: 2 ' . 16r',J�,41�V 1. On the basis of information available to the Authority it appears, and t'ne Authority �iereby finds, that said Office Project constitutes prooerties, used or useful in connection with one or more .revenue producing enterprises engaged in any busin�ss 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 af 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 Office Project and for Oxford to undertake the Block 2b 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 unemnloyment, and will help the City to retain and improve its tax base and provide t'ne range of services and employcnent opportunities required by its povulation, and will help to prevent the movement of talented and educated persons out of the state and to areas within thz 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 oort 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 Agreeraent. . 2. Subject to the mutual agreement of the Authority, the Company and the purchaser of the revenue bonds as to the detaiis of the lease or other revenue agreement as defined in the Act, and other documents necessary to evidence and effect the financing of t'ne �ffice 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 apnroximately $7,275,000 (other than such additional revenue bonds as are needed to complete the Office Project) is authorized to finance the costs of the Office Project and the recommendations of the Authority' s statf, as set forth in the staff inemorandum to the Commi.ssioners which was presented to the Commissioners, are incorporated herein by reference and approved. 3. In accordance with Subdivision 7a of Section 474.01, i�innesota Statutes, the Executive Vice-Przsident of the AUTHORITY is hereby authorizeci and directed to submit the proposal for the above described Office Project to the 3 � � . ��038 tdinnesota Energy and Ecociomic Development Authority (the "MEEDA") requesting its approval, and other officers, employees and agents of t7ie AUTHORIT�Y are hereby autnorize3 to provide MEEDA wi�th such preliminary information as 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 acc�uisition and financing of the Office Project and a form of tk�e Bond Agreement. The form of s3id Agreements have been examined by the Commissioners. It is t'ne purpose of said Agreements to evidence the commitment of the parties and their intentions with resnect to the proposed Office Project in order that the Company may proceed without delay with the commencement of the acquisition of the �ffice Project with the assurance that there has been sufficient "official action" under Section 103(b) of the Internal Revenue Code of 1954, as ar:lended, to allow for the issuance of industrial revenue bonds (including, if deemed ap�ropriate, any interim note or notes to provide temporary financing thereof) to finance the entire cost of the Office 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 witli the Company so as to resolve the remaining issues necessary to t'ne preparation of the revenue agreement 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-Presid�nt if the President is absen�t) and the Secretary (or Assistant Secretary if the Secretary is . . absent) of the Authority, or if either of suc'n officers (and his alternative) are absent, the Treasurer of the Authority in lieu of such assent officers, are hereby authoriz�d in aceordance with t'ne provisions of Minnesota Statutes, Section 475.06, Subdivision l, to acce�t a final offer of t�e Underwriters made by the Underwriters to purchase said bonds and to execute an underwriting agreement setting forth such offer on behalf of the Authority. Such acceptance shall bind the Underwriters to said offer but shall be subject to aoproval and ratification by the Port Authority in a formal sup�lemental bond resolution to be adopted prior to the delivery of said revenue bonds. 6. The revenue bond� (including any interim note or notes) and interest thereon shall not constitute an 4 � . _ . 2�1��8 indebtednes� of the Authority or the City of Saint Paul within the meaning of any constitutional or statutory limitation and s'nall not constitute or give rise to a pecuniary Iiability ot the Authority or the City or a charge against t'neir 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 La�vs of t�tinnesota, 1976, �hapter 234, to the issuance of tne revenue bonds (including any interim note or notes) herein cont�mnlated and any additional bonds which the Authority may prior to issuance or from time to time thereaFter deem necessary to compl�te the Office Project or to retund such revenue bon3s; and for such purpose t'ne Executive Vice President o:E 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. 8. The actions of the E:cecutive Vice-Przsident of the Authority in causing public notice of the public hearing and in describing the general nature of the Office 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, which has been available for inspection by the public at the office o£ the Authority from and aFter the publication of notice of the hearing, are in all xespects ratified and confirmed. ` ---- Adopted this ;1,� �� day of �nz-�.��-._- ', 1983. PORT AUTHOR�ITY OF`THE CITY OF SP.IINT �AUL, MINNESOTA , � G Attes / �G . ' � �2�1 •_-- �— ( Pr ,t. � � ��' . ,Z�L�' S etary 5 � � � � - /�'J��`t7�C7 �LBION III 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 173. 64 feet and 244 .14 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 goint of beginning of the tract cf 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 ' 25"W a distance of 111.07 feet, thence S54°58' 49"W a ciistance 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 �o. ) . 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 . � 281038 Agenda Finance, r3anagement $ Personnel Committee October 13, 1983 Paoe 2 10. Resolution amending the Civil �ervice P.ules by inserting a special provision for newly appointed Substitute Library Specialists: (Personnel) �� 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) �i°� 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. l�� . 13. Resolution establishing the title and class specification of EL�P Lead Programmer in the Civil Service Rules. (Personnel) �`�.� 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) , !'c� ' 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) . I . a/'�!�_ _ � 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, $100,000. (Finance) �iQi� 17. Resolution transfering $720,500 between Coaanunity Health Administration and various CHS accounts. (Community Services) L.9:o Oc%r 18. Resolution amending Capital Improvement Budget to provide increased financing for the Hillcrest Recreation Center Sitework Project. .q,o,a 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 t the acquisition of space at Conwed Tower for Albion Limited��nership III. (P.A.) � 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.) ��