278303 WNITE - CITY CLERit (��Q-j��
PINK ° FINANCE r�' «
BLN�ARY _ MAYOR MENT COUflCIl ra � �
�, ` GITY OF SAINT PAITL File NO.
Ca.�-��--A�torney/JTH , ,
ouncil Resolution
Presented By •
Referred To Committee: Date
Out of Committee By Date
RESOLUTION REDUCING AMOUNT OF TAX INCREMENT
PLEDGE TOWARDS PAYMENT OF PROJECT GENERAL
OBLIGATION BONDS FOR PLEDGE TO PAYMENT OF
SPECIAL OBLIGATION TAX INCREMENT REVENUE
NOTE, SEVENTH PLACE REDEVELOPMENT PROJECT
WHEREAS, by its Resolution, C.F. No. 272206 , adopted December 12,
1978, relating to the issuance of $11,810,000 general obligation
bonds consisting of $5, 300, 000 General Obligation Refunding Bonds
of 1978 and $6,510,000 General Obligation Development Bonds of 1979,
Series A (collectively the "Bonds") , the City Council pledged all
tax increments derived from the Seventh Place Redevelopment Project
Area to the Common Debt Service Account for payment of the principal
and interest on said Bonds; and
WHEREAS, by Part III, Paragraph 8, Resolution C.F. No. 272206 ,
the City reserved the right to reduce the tax increments so pledged
pursuant to Minnesota Statutes Section 462.585 Subdivisions 3 and 4,
provided such action did not preclude the City from paying when due
the debt service on the Bonds or otherwise impair the City' s full
faith and credit pledge; and
WHEREAS, the Housing and Redevelopment Authority of the City
of Saint Paul, Minnesota (HRA) proposes to issue a Special Obligation
Tax Increment Revenue Note (Block 40 Redevelopment Pro�ect) , Series
1982, (the "Note") , in amount of $3,150,000 with interest at the
rate of thirteen and one-half percent per annum to finance part of
the public redevelopment cost of Block 40 in the Seventh Place
Redevelopment Project Area in the manner provided in the Seventh
Place Tax Increment Financing District Plan and a Public Improvements
And Loan Agreement between HRA and the Block 40 redeveloper; and
COUIVCILMEN Requestgd by Department of:
Yeas Nays
Hunt �
Levine In Favor
Maddox
McMahon
snoweite� - __ Against BY
Tedesco
Wilson
Adopted by Council: Date Form Appro y City At cne
. . � �
Cectified Passed by Council Secretary BY �
Bl' -- .
Approved by :14ayor. Date _ App e y Mayor fo S mis on tcrCouncil
Bv - — By
. �__ � " �F�t���ti�
2 .
WHEREAS, payment of the principal and interest on the Note
is to be in installments as follows :
Date Amount Due
June 20, 1982 $435, 000
December 20, 1982 435 ,000
June 20, 1983 435 , 000
December 20, 1983 435, 000
June 20, 1984 435,000
December 20, 1984 435 , 000
June 20, 1985 452, 500
December 20, 1985 452 ,500
June 20, 1986 455, 000
December 20, 1986 455, 000;
which installments HRA has requested, and the Note so provides,
to be paid from tax increments derived and received by the City
from the Seventh Place Redevelopment Project and Tax Increment
District; and
WHEREAS, the HRA Note would be issued to finance redevelopment
project costs and in aid of the Seventh Place Redevelopment Project,
and the City Budget Director advises the City Council that the
estimated tax increment receipts from said Project and District
in each of the years 1982 through 1986 will be sufficient to meet
debt service on the Bonds due in said years, to provide prior
established reserves for debt service after 1986 and to meet the
principal and interest installments due on the HRA Note in the
period 1982 through 1986 , inclusive; and
WHEREAS, in the event that the City reduces its pledge of tax
increment for payment of debt service on the Bonds for the purpose
and in the amount of the debt service payment installments due on
the Note, such reduction in the amount of the tax increment pledge
and purpose therefor, would be in the manner permitted by law and
would not preclude the City from paying when due debt service on
the Bonds nor impair its full faith and credit pledge for said
payment, and the City Council so determines; now therefore, be it
RESOLVED, by the Council of the City of Saint Paul as follows :
1) That the pledge of all tax increment derived from the
Seventh Place Redevelopment Project to the Common Debt Service
Account for payment of the princibal and interest due on the
WNITE - CITY CLERK
PINK - FINANCE �� �� �
CANARY r OEPARTMENT COUflC1I 6
ew�_ -' MAYOR G I T Y O F S A I N T PA IT L File N O.
• � � Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
3.
Bonds, to the extent that said Account has available from all
sources other than direct annual ad valorem taxes for such year
sufficient sums to meet annual debt service on the Bonds payable
in that year, shall be reduced in amount required to meet prin-
cipal and interest payments when due on the Special Obligation
Tax Increment Revenue Note (Block 40 Redevelopment Project) ,
Series 1982, in amount of $870,000 in the years 1982, 1983 and
1984 , in the amount of $905,000 in the year 1985, and in the
amount of $910,000 in the year 1986 .
2) That the tax increment derived by the City from the
Seventh Place Redevelopment Project and Tax Increment Financing
District in the amount provided for in Section 1) above, is
hereby pledged and credited to the Special Obligation Revenue
Note Debt Service Account hereby created to be held and admin-
istered by the Director of Finance and Management Services as
a separate City account for that purpose, which Account shall
be used solely to pay when due principal and interest on the
Special Obligation Tax Increment Revenue Note (Block 40 Redevel-
opment Project) , Series 1982 issued by the HRA,.
COUIVC[LMEN Requestgd by Department of:
Yeas Nays
��� ��
�evine In Favor
Maddox �
McMahon B
snowa�ter __ Against Y
��o
-�Ali+wr
FEg 2 3 �� Form Approve by City ttor y
Adopted by Council: Date
Certified P s•e Coun il , t BY �
By . .. �-
Approved b avor: ate � �� App o by Mayor for S mi sidR to Council
sy� _ By
. PU�LISHED MAR � 1982 �
> -�t'�3z
,,��**�. CITY OF SAINT PAUL
`� ' OFFICE OF THE MAYOR
e a a:��r � ��
.+ Illlllp r �w
� 1 11 tl o �J ��
• n
���� 347 CITY HALL
SAINT PAUL, MINNESOTA 55102
GEORGE LATIMER (612) 298-4323
MAYOR
February 22, 1982
Councilwoman Ruby Hunt
722 City Hall
Saint Paul, Mn. 55102
RE: Special Obligation Tax Increment Revenue Note
(Block 40 Redevelopment Project) Series 1982;
Pledge of Tax Increments
Dear President Hunt and
Councilmembers:
This is to advise the City Council that the current Budget
Office projection of tax increment recei�ts from the Seventh
Place Redevelopment Project for the years 1982 through 1986
will be sufficient - after first providing for debt service
and reserves for the General Obligation Refunding Bonds of
1978 and General Obligation Development Bonds of 1979, Series
A, transfers to the Urban Renewal Bond debt service account,
and advances on the District Heating loan - to meet debt
service payments on the referenced Tax Increment Revenue Note
of $870, 000 in the years 1982, 1983 and 1984 , of $905,000
in 1985 and $910, 000 in 1986 .
Our projections indicate a significant fund balance after
meeting all of the above transfers and debt service payments,
without including estimated increment from the redevelopment
of Block 40 .
Yours very truly,
� _��
i -�-
Gre oYy ees
Bud et D' rector
1
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