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281039 WHITE - CITV CLERK �u+' ■{�� PINK - FINANCE G I TY OF SA I NT PAIT L Council 01U CANARV - DEPARTMENT BLUE - MAVOR File NO• � � Co cil Resolution Presented By � � ✓Referred To �� C Committee: Date 1� T+� � Out of Committee By Date WfiERFA.S: r 1. On September 20, 1983, the Port Authority of the City of Saint Paul adopted Resolution No. 21g2 giving preliminary approval to the issuance of industrial revenue bonds in the initial principal amount of $6,135,000 to finance the acquisition of 53,774 square feet of net rentable space on floors 6, 7, 8, 17 and 18 of the Conwed Tower in St. Paul for Albion Limited Partnership II. 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 adapted 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 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 R�solution No. 2 192 the exact details of which, including, but not limited to, provisions relating to maturities, interest rates, discount, red�nption, 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 De tment of: Yeas Nays 1 Fletcher � t �e�e (�.pLl.E5 [n Favor � Masanz � Nicosia scheibe� _ __ Against BY Tedesco Wilson Adopted by Council: Date OCT 1 8 1983 Form Approved by City Attorney - r�� Certified ss y ou il S cre � . 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K►^aut SUBJECT: PUBLIC HEARING AMENDING AUGUST 30 APPROVAL PRELIMINARY AND 11NDERWRITING AGREEMENTS - $6,400,000 REVENUE BOND ISSUE ALBION LIMITED PARTNERSHIP I RESOLUTION N0. 2191 PUBLIC HEARINGS - PRELIMINARY AND UNDERWRITING AGREEMENTS � ALBION LIMITED PARTNERSIiIP 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 recorrunends 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. ` .r , • . ��V�J j � 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 , t �� Resolution No. �/� RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS, t'ne purpose of Chapter 474, Minnesota � Statutes, known as the Minnesota Municioal 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 dPVelopment of economi- cally sound industry and commerce to prevent so far as possi'�le the emergence of blighted and marginal lands and areas of chronic unemployment and to aid in the development of existing areas of blight, marginal land and persistent unemployment; and WHEREAS, factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of �opulation in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services �equired to meet the needs o.f 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; and WHEREAS, The Port Authority of the City of Saint Paul (the "Authority") has received from Albion II Limited Partner- ship, a Minnesota limited partnership (the "Company") and Oxford Development Minnesota, Inc. , ( "Oxford") a request that the Authority issue its revenue bonds to finance the acquisition of Floors 6, 7, 8, 17 and 18 of the �onwed 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 reQort on file; and WHEREAS, said request has been made oursuant 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 development of Bl,ock 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 . �8.�039 3 . � . jVHEREAS, the Authority desires t� facilitate the selective development of the community, to retain and improve its tax base and to help it provide the range of services an3 emnloyment opportunities required by its ponulation, 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 relationship between assessed valuation and debt and enhance the image and reputation of the City; and WHEREAS, the Development Projects will result in substantial emnloyment 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 available only on a limited basis and at sueh hig'n costs of borrowing that the economic feasa.bility 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, an3 its resulting low borrowing cost, both the Office Project and the Block 26 Project are economically more feasible; ►9HEREAS, Miller & Schroeder Municipals, Inc. (the "Jnderwriter") has made a proposal in an agreement (the "Bond Agreement") relating to the purchase of the revenue bonds to be issued to finance the Office Project; WHEREAS, 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 Pro�ect 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 t'ne 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 respect to the proposal. NOW, THEREFORE, BE IT RESOLVED by the �ommissioners of the Port Authority of the City of Saint Paul, Minnesota as follows: 2 . . , 2��.Q39 1. On the basis of information available to the Authority it appears, and the Authority hereby finds, that said Office Project constitutes properties, used or useful in connection with one or more revenue producing enterprises engaged in any business �within the meaning of Subdivision 1 of Section 474.02 of the Act; that the Office Project furthers the ��urposes stated in Section 474.01 of the Act, that the availability of the financing under the Act and willingness of the Authority to furnish such financing will be a substantzal 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 heln to prevent chronic unemployment, and will help the City to retain and improve its tax base and provide the range of services and employr:lent opportunities required by its population, and will help to prevent the movement of tale;zted and educated nersons 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 2b Project as contemnlated in the Development Agreament. 2. Subject to the mutual agreeraent of the Authority, the Company and the ourchaser of the revenue bonds as to the details of the lease or ot'ner revenue agreement as defined in the Act, and other documents necessary to evidence and effect the financing of the Office Project and the issuance oF t'ne revenue bonds, the Office Project is hereby ap�roved and authorized and the issuance of revenue bonds of the Authority in an amount not to exceed approximately $6,135,000 (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 rec�endations of the Authority' s staff, as set forth in the staff inemorandum to the �ommissioners which was presented to the Commissioners, are incoroorated herein by referen�e and approved. 3. In accordance with Subdivision 7a of Section 474.01, i�iinnesota Statutes, the Executive Vice-P.resident of the AUTHORITY is here'�y authorized and directed to submit the proposal for the above described �ffice Project to the 3 , _ ��1��aJ t�iinnesota Energy an�� Economic Development Authority (the "MEEDA") requesting its ap+uroval, and �ther officers, employees and agents of the AUTHORITY are hereby authorized to provide MEEDA wi�th sucti preli.minary information as it may require. �. There has heretofore been filed with the Authority a form of Preliminary Agreement between the Authority and Company, relating to the proposed acquisition and financing of the Office Project and a form of the Bond A�reement. The form of said Agreements have been examined by the Commissioners. It is the purpose of said Agreements to evidence the commitment of the parties and their intentions with resnect to the proposed Office Project in order that t'ne 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 ('r�} 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 p.rovide temnorary 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 Agreerr:ients are herek�y 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 t'ne Authority are authorized and directed to continue negotiations with the Company so as to resolve the remaining issues necessary to t'ne preparation of t31e 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-Przsident if tlie President is absent) and the Secretary (or Assistant Secr�tary if the Secretary is absent) of the Authority, or if either of such officers (and his alternative) are absent, the Treasurer of the Authority in Iieu of such absent officers, are hereby authorized in accordance with the provisions of Minnesota Statutes, Section 475.06, Subdivision 1, to accent a final offer of the Underwriters made by the Underwriters to nurc'nase 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 approval and ratification by the Port Authority in a formal supplemental bond resolution to be adopted prior to the delivery of said revenue bonds. &. The revenue bonds (including any interim note or notes) and interest thereon shall not constitute an 4 • . , . - . �aV1�t�� in3Pbtedness of the Authority or t'ne City of Saint Paul within the meaning of any constitutional or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Authority or the City or a ch3rge against t'neir general credit or taxing powers and neither t'ne 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 contemnlated, the City Council is hereby requested to consent, pursuant to Laws of Minnesota, 1976, Chapter 234, to the issuance of the revenue bonds (including any interim note or notes) herein contemplated and any additional bonds which the Authority may prior to issuance or from time to time thereafter deem necessary to complete the , Office Project �r to refund such revenue bonds; and for such ' purpose the r.xecutive Vice President of the Authority is hereby authorized and directed to forward to the City Council co�ies of this resolution and said Preliminary Agreement and any additional available inforsn�tion the City Council may request. 8. The actions of the Executive Vice-President of the Authority in causing oublic notice of the public hearing and in describing the general nature of the Office Project and estimating the princip3l amount of bonds to be issued to finance the Office Project and in preparing a draft o� the proposed application to MEEDA, for approval of the �ffice Project, which has been available for inspection by the public at 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 �y,_�,/_'<-..� , 1983. PORT AUTHORITY� OF THE CITY OF SAINT PAUL, MINVESOTA ; � � Atte : % �,G{� C�.. :;-- , i, � Pr��s iderit _ ,� � L� , � �� S cretary 5 � ,. . . . r . ��aJ ALBION II 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 138 .42 feet and 173. 64 feet and lying between plane surface elevations of 267. 64 feet and 291. 08 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 111.0? 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 Sta�es Coast and Geodetic Surveys , North American Datum, 1929. � �V��V� Agenda Finance, bfanaoement �, Personnel Committee October 13, 1983 Pa�e 2 10. Resolution amending the Civil Service P,ules by inserting a special provision for newl�pointed 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) �'°-� 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. �'%'� . 13. Resolution establishing the title and class specification of EDP Lead Programmer in the Civil Service Rules. (Personnel) �`�''� 14. Resolution approving securities pledged by Summit State Bank of Phalen Park tv protect funds of the City of Saint Paul while held in said bank - $350,000. (Finan� 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) ��_ _ � 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) � 17. Resolution transfering $720,500 between Co�enunity Health Administration and various CHS accounts. (Community Services) L.q:o O�J�i' 18. Resolution amending Capital Improvement Budget to provide increased financing for the Hillcrest Recreation Center Sitework Project. .5�� 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. y�,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�p 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.) �i� 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.) . �,,o � 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� '�