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277697 WHITE - CITY CLERK � l^y PINK - FINANCE COUIICII `� � CANARY - DEPARTMENT G I TY OF SA I NT PAU L '� � �'-� BLUE - MAYOR File N O. C uncil Resolution Presented By Referred To Committee: Date � Out of Committee By Date WHEREAS: 1 . On October 13, 1981 , the Port Authority of the City of Saint Paul adopted Resolution No. 1908, giving preliminary approval to the issuance of a Tax Exempt Mortgage Note (Private Placement) in the initial principal amount of approximately $3,800,000 to finance the acquisition and remodeling of the Nalpac Building at the corner of Fifth and Sibley Streets for 333-On-Sibley (Minnesota Corporation). The Nalpac Building contains 240,000 Sq. Ft. The Minnesota Corporation consists of Bruce C. and Lucy E. Bearer, Keith T. and Diane N. Harstad, John J. and Catherine R. McCulloch and Marcel Construction, Inc. ; 2. Laws of Minnesota 1976, Chapter 234, provides that any Tax Exempt Mortgage Note 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 Tax Exempt Mortgage Note 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 ; RESOLUED, 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 �he aforesaid Note for the purposes described in the aforesaid Port Authority Resolution No. 1908 the exact details of which, including, but not limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of additioMal 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 additiona� 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 Yeas Nays Requestgd by Department of: Hunt Levine In Favor �e�- � McMahon snowaite� Against BY Tedesco �Ison N�y i 7 �9�� Form Appro Ci A rn Adopted by Council: Date � Certified 's d b��-/"'v* ci , cre B By • � Approv by :Navor: Dat 2 �98� Approve ayor for Submis i C ncil By _ BY PUBLISHED N 0 V 2 g 19�1 PO�itT � �,� AUTHORtTY �"�� OF THE CITY OF ST. PAUL Memercndum TO: BOARD OF COMMISSIONERS DATE October 9, 1981 (MEETING OCTOBER 13, 1981 ) � FROM: ponald G. Dunshee SUBJECT: 333-ON-SIBLEY (MINNESOTA PARTNERSHIP} PUBLIC HEARING - PRELIMINARY AND UNDERWRITING AGREEMENT $3,800,000 TAX EXEMPT MORTGAGE (PRIVATE PLACEMENT) NALPAC BUILDING RESOLUTION N0. 1908 1 . COMPANY The Minnesota Partnership consisting of Bruce C. and Lucy E. Bearer, Keith T. and Diane N. Harstad, John J. and Catherine R. McCulloch, and Marcel Construction, Inc. , propose to acquire the Nalpac Building at the corner of Fifth and Sibley Streets. The Company proposes improvements to the building including new windows on the front, improved air conditioning system and finishing of the remainder of the space in the facility. This would be a general partnership with all persons personally guaranteeing the tax exempt mortgage. 2. PROJECT The Nalpac Building is located in Lowertown and contains 240,000 Sq. Ft. of which 39,600 Sq. Ft. is now vacant. The vacant space would be finished for lease. 3. FINANCING The project would be financed through the issuance of a $3,800,000 Tax Exempt Mortgage that would be privately placed. The mortgage would be done based on the credit of the partnership and not the Port Authority. The proceeds of the tax exempt mortgage would be as follows: Acquisition $2,770,000.00 Remodeling 1 ,000,000.00 Bond Issue Expense 15,000.00 Discount 15,000.00 3,800,000.00 r • BOARD OF COMMISSIONERS (MEETING OCTOBER 13, 1981 ) Page 2 In addition to the sinking fund earnings the Port Authority would rece�ive its sta�dard fiscal and administrative fee based on the formula of .42% per million per year for the first 10 years, .54% per million per year for the second 10 years, and .66% per million per year for the final term of the lease. The Partnership will be providing $1 ,200,000 in equity in the project in the form of cash to the present owners at closing. 4. UNDERWRITING . Miller and Schroeder Municipals has agreed to try and find a private placement for the mortgage. 5. RECOMMENDATION Staff has interviewed the partnership, reviewed the financial statements and recommends approval of Resolution No. 1908. DGD:sjs3la ..... ::::::::: �� w , �('�'1� , � ....._ ....... 3 °.:d.. ` Resolution t�o. 1908 RESOLUTION OF THE PORT AUTHORITY OF THE�CITY OF SAIIJT PAUL WHEREAS, the purpose of Chapter 474, Minnesota Statutes, known as the Minnesota 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 industry and commerce to prevent so far as possible 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 population in the metropolitan areas and the rapidly rising increase in the amount and cost of governm�ntal .services required to meet the needs of the increased population and the need for development of land use wha.ch 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 333-On-Sibley, a Minnesota partnership (hereinafter referred to as "Company") a request that the Authority issue its revenue bonds (which may be in the form of a single note) to finance the acquisition, construction and renovation of the Nalpac Building (hereinafter collectively called the "Project" ) located at Fifth and Sibley Streets in the City of St. Paul, all as is more fully described in the staff report on file; and � 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, and said Project will assist the City in achieving that objective. Said Project 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 . , . = ' _..... � / � C� �� c:_ ' WHERFAS, the Project to be financed by revenue bonds will result in substantial employr,ient opportunities in the Project; WHEREAS, the Authority has been advised by repre- sentatives of the Company that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but the Company has also advised this Authority tY�at with the aid of revenue bond financing, and its resulting low borrowing cost, the Project is economically more feasible; W�iEREAS, Miller & Schroeder Municipals, Inc. (the "Placement Agent") has made a proposal in an agreement (the "Placement Agreement") relating to the purchase of the revenue bonds to be issued to finance the 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 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 respect to the proposal. NOW, THEREI'ORE, BE IT RESOLVED by the Commissioners of the Port Authority of the City of Saint Paul, t4innesota as follows: 1. On the basis of information available to the Authority it appears, and the Authority hereby finds, that said Project constitutes properties, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision Ia of Section 474.02 of the Act; that the Project furthers the purposes 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 substantial inducement to the Company to undertake the Project, and that the effect of the Project, 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 i vJ / , . , �::::::::. � �,� ``:� �� , • will help to .prevent chronic unemployment, �nd will help the � City to retain and improve zts tax base and provide the range of services and employment 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 t2ze Project. 2. Subject to the mutual agreement of the Authority, the Company and the purchaser of the revenue bonds as to the details of the lease or other revenue agreeraent as defined in the Act, and other documents necessary to evidence and effect the financing of the Project and the issuance of the revenue bonds, the Project is hereby approved and authorized and the issuance of revenue bonds of the Authority (which may "be in the form of a single note) in an amount not to exceed approximately $3,800,000 (other than such additional revenue bonds as are needed to complete the Project) is authorized to finance the costs of the Project and the recommendations of the Authority's staff, as set forth in the staFf inemorandum to the Commissioners which was presented to the Commissioners, are incorporated herein by reference and approved. 3. In accordance with Subdivision 7a of Section 474.01, Minnesota Statutes, the Executive Vice-President of the � AUTHORITY is hereby authorized and directed to submit the proposal for the above described Project to the Commissioner of Securities, requesting his approval, and other officers, employees and agents of the AUTHORITY are hereby authorized to provide the Comr.iissioner with such preliminary information as he 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 construction and financing of the Project and a form of the Placement Agreement. 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 respect to the proposed Project in order that the Company may proceed without delay with the commencement of the acquisition, installation and construction of the 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 �or the issuance of industrial revenue bonds (including, if deemed appropriate, any interim note or notes to f:�� • r�� (:: . . - • provide temporary financing thereof) to finance the entire cost r of the 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 Agreenients. 5. Upon execution of the Preliminary Agreement 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 preparation of the lease and other documents necessary to the adoption by the ' Authority of its final bond resolution and the issuance and delivery of the revenue bonds. 6. The revenue bonds (including any interim note or : notes) and interest thereon shall not constitute an indebtedness of the Authority or the 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 C:ity or a charge against their general. credit or taxing powers and neither the full faith and credit nor the taxing powers of the Authority or the City is pledged f.or 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 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 Project or to refund such revenue bonds; and for such purpose the Executive Vice President of 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 Executive Vice-President of the Authority in causing public notice of the public hearing and in describing the general nature of the Project and estimating the principal amount of bonds to be issued to finance the Project and in preparing a draft of the proposed . �:::: . . . a � 7� 9 � �: . . . ...... � application to the Commissioner of Securities, State of P�iinnesota, for approval of the 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. 7 ,� , Adopted October 13, 1981 _ ' . � / v / ` � Attest , � Presi nt� The Port!Authority of the City • of Saint Paul ` �� ,��i,'�� . ecretary �11 , : �� I� � I �' `� Councilman Victor Tedesco � � , Hall 55102 Room 701 �Minnesota � st. Paul, � PORT AUTHORITY OF THE CITY OF SAINT PAUL i + 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 October 13, 1981 Mr. James Bellus Director planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: 333-On-Sibley (Minnesota Corporation) $3,800,000 Tax Exempt Mortgage (Private Placement) Nalpac Building Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council , and the�°City Attorney's office details pertaining to the issuance of a $3,800,000 Tax Exempt Mortgage Note (Private Placement) to finance the acquisition and remodeling of the Nalpac Building at the corner of Fifth and Sibley Streets by the above Company. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 1908 which authorized the Tax Exempt Mortgage Note in the amount of $3,800,000. Your expeditious handling of this matter will be appreciated. Yours truly, ,�Eugene A. Kraut Assistant Executive Vice President EAK:sjs cc: R. Broeker ROBERT F.SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETTL EXECUfNE VICE Pf2ESIDEM PSSISTAM EXECUfNE VICE PRES�DEM OIRECTOR,INDUSiRIAlOEVELOPMENT CHIEF ENGINEER CHIEF ACCOVMANf COMMISSIONERS GEORGE W.WINTER RUBY HUNT ARTHUR N.GOODMAN G.RICHARD SL4DE DAVID HOZZA LOUIS H.MEYERS WILUAM J.SEIFEf PRESIDEM � - VICE PRES�DEM SECREiARV TREPSURER - "�t C.I.D. Cerfified Industrial Developer l � Councilwoman Joanne Showalter �--� �'''�,' Room 713 City Hall "'— P , ,� St. Paul , Minn. 55102 ��f�"� � , � . �. . � ; , i ; ; � PORT AUTHORITY OF THE CITY OF SAINT PAUL , + 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 October 13, 1981 Mr. James Be11us Director planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: 333-On-Sibley (Minnesota Corporation) $3,800,000 Tax Exempt Mortgage (Private Placement) Nalpac Building Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council , and the'�City' Attorney's office details pertaining to the issuance of a $3,800,000 Tax Exempt Mortgage Note (Private Placement) to finance the acquisition and remodeling of the Nalpac Building at the corner of Fifth and Sibley Streets by the above Company. - In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 1908 which authorized the Tax Exempt Mortgage Note in the amount of $3,800,000. Your expeditious handling of this matter will be appreciated. Yours truly, � ��Eugene A. Kraut Assistant Executive Vice President EAK:sjs cc: R. Broeker ROBERT F.SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETTLE :XECUfNEVICEPfiESIDEM ASSISfAMEXECUfNEVICEPRES�DEM DIRECTOR.INDUS�WLDEVELOPMEM CHIEFENG�NEER CHiEFACCOUNTAM COMMISSIONERS GEORGE W.WINTER RUBY HUNT ARTHUR N.600DMAN G.RICHARD SLADE DAVID HOZZA LOUIS H.MEYERS WILLIAM J.SEIFER' PRESIDEM � � VICE PRES�DEM SE(:RETMV � TREPSURER - � �a 2 C.I.D. Certified Industrial Developer ' � � Councilman Ron Maddox '��,�; Room 703 Ci ty Hal l � �� St. Paul , Minn. 55102 I ,,1 �� , ; � PORT AUTHORITY OF THE CITY OF SAINT PAUL i 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 October 13, 1981 Mr. James Bellus Director planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: 333-On-Sibley (Minnesota Corporation) $3,800,000 Tax Exempt Mortgage (Private Placement) Nalpac Building Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council , and the�Cit�i Attorney's office details pertaining to the issuance of a $3,800,000 Tax Exempt Mortgage Note (Private Placement) to finance the acquisition and remodeling of the Nalpac Building at the corner of Fifth and Sibley Streets by the above Company. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 1908 whieh authorized the Tax Exempt Mortgage Note in the amount of $3,800,000. Your expeditious handling of this matter will be appreciated. Yours truly, ��Eugene A. Kraut Assistant Executive Vice President EAK:sjs cc: R. Broeker ROBERT F.SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETR EXFCUfNE VICE PRESIDEM ASS�STAM EXECUINE VICE PRESIDEM DIRECTOR,iNDUSiRIAL pEVELOPMEM CHIEF ENGINEER CMIEF ACCIXIMAM COMMISSIONERS GEORGE W.WINTER RUBY HUNT ARTHUR N.GOODMAN G.RICHARD SIADE DAVID HOZZA IOUIS H.MEYERS WIWAM J.SEIFEf PRES�DEM - � V�CE PRESIDEM SECRETARV iRFi1SURER � "�2 C.I.D. Certified Indust�iai Developer � Councilman L. W, Levine !, � Room 718 City Hall ,�, ...1' St. Paul , Minn. 5510� �� }'��. � -� � � ,; ; \ � ' , � PORT AUTHORITY OF THE CITY OF SAINT PAUL � 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 October 13, 1981 Mr. James Bellus Director planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: 333-On-Sibley (Minnesota Corporation) $3,800,000 Tax Exempt Mortgage (Private Placement) Nalpac Building Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council , and the�=�City Attorney's office details pertaining to the issuance of a $3,800,000 Tax Exempt Mortgage Note (Private Placement) to finance the acquisition and remodeling of the Nalpac Building at the corner of Fifth and Sibley Streets by the above Company. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 1908 whieh authorized the Tax Exempt Mortgage Note in the amount of $3,800,000. Your expeditious handling of this matter will be appreciated. Yours truly, .�Eugene A. Kraut Assistant Executive Vice President EAK:sjs cc: R. Broeker ROBERT F.SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETTL EXECUfNE VICE�RESIDEM FSSISTAM EXECUINE ViCE PRESIDEM DIRECiOR,MDUSiRIALDEVELOPMEM CHIEF ENGINEER CHIEF ACCWNTANf COMMISSIONERS GEORGE W.WINTER RUBY HUNT ARTHUR N.GOODMAN G.RICHARD SIADE DAVID HOZZA LOUIS H. MEYERS WILLIAM J.SEIFER PRESIDEM � � VICE PRESIDEM $ECRETARY TRFASURER -- C.I.D. Certified Industrial Developer �z Councilwoman Ruby Hunt � �' Room 722 City Hall ' '---� I St. Paul , Minn. 55102 ,�' V � �'�\� �� , � � � � � PORT AUTHORITY OF THE CITY OF SAINT PAUL � + 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 October 13, 1981 Mr. James Bellus Director planning and Economic Development Department City of St. Paul 14th Floor, City Ha11 Annex St. Paul , Minnesota 55102 SUBJECT: 333-On-Sibley (Minnesota Corporation) $3,800,000 Tax Exempt Mortgage (Private Placement) Nalpac Building Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council , and the`�ity Attorney's office details pertaining to the issuance of a $3,800,000 Tax Exempt Mortgage Note (Private Placement) to finance the acquisition and remodeling of the Nalpac Building at the corner of Fifth and Sibley Streets by the above Company. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 1908 which authorized the Tax Exempt Mortgage Note in the amount of $3,800,000. Your expeditious handling of this matter will be appreciated. Yours truly, , ��Eugene A. Kraut Assistant Executive Vice President EAK:sjs cc: R. Broeker ROBERT F.SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETfIE EXECUINE VICE PRESIDEM PSSISfAM E%ECNNE VICE PRESIDENT DIRECTOR,INDUS�TWL pEVELOPMEM CHIEF ENGINEER CHIEF ACCWMANT COMMISSIONERS GEORGE W.WINTER RUBY HUNT ARTHUR N.GOODtJiP,N G.RICHARD SLADE DAVID HOZZA LOUIS H. MEYERS WILLIAM J.SEIFER' , PRESIDEM - � VICE PRESIDEM SECREfARV iREASURER � .�(�o t C.I.D. Certified Industrial Developer ��'� William Wilson --� Room 704 City Hall �"" 1 � � ;,�,� St. Paul , Minnesota 55102 ' ; i '� � �� PORT AUTHORITY OF THE CITY OF SAINT PAUL � 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PNONE (612) 224-5b86 October 13, 1981 Mr. James Bellus Director planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: 333-On-Sibley (Minnesota Corporation) $3,800,000 Tax Exempt Mortgage (Private Placement) Nalpac Building Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council , and the�City' Attorney's office details pertaining to the issuance of a $3,800,000 Tax Exempt Mortgage Note (Private Placement) to finance the acquisition and remodeling of the Nalpac Building at the corner of Fifth and Sibley Streets by the above Company. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 1908 which authorized the Tax Exempt Mortgage Note in the amount of $3,800,000. Your expeditious handling of this matter will be appreciated. Yours truly, ,�Eugene A. Kraut Assistant Executive Vice President EAK:sjs cc: R. Broeker , ROBERT F.SPRAFKA EUGENE A KRAUi,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHEITLI :XECUfNE VICE PRESIDEM ASS�SfAM EXECUfNE�nCE PRES�DEM D�RECTOR,INDUSiRtP,L DEVELOPMENT CHIEF ENGiNEER CHIEFACCOUNTAM COMMISSIONERS GEORGE W.WINTER RUBY HUNT ARTHUR N.GOODMAN G.RICHARD SLADE DAVID H02ZA LOUIS H. MEYERS WILLIAM J.SEIFER PRESIOEM � - ' VICE PRESIDEM SECRETMV � TREASURER �� a�2 C.I.D. Certified Industrial Developer � �� ,..� °" � ; ,,� � Counci lman Room 716 George McMahon Cfty HaT] I °,,,1 St. Paul, Minn. 55102 � � j �� . � PORT AUTHORITY OF THE CITY OF SAINT PAUL � � 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN, 55102 • PHONE (612) 224-5686 October 13, 1981 Mr. James Bellus Director planning and Economic Development Department City of St. Paul 14th Floor, City Hall Annex St. Paul , Minnesota 55102 SUBJECT: 333-On-Sibley (Minnesota Corporation) $3,800,000 Tax Exempt Mortgage (Private Placement) Nalpac Building Dear Jim: We submit herewith for your review and referral to the office of the Mayor, City Council , and the`City Attorney's office details pertaining to the issuance of a $3,800,000 Tax Exempt Mortgage Note (Private Placement) to finance the acquisition and remodeling of the Nalpac Building at the corner of Fifth and Sibley Streets by the above Company. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 1908 which authorized the Tax Exempt Mortgage Note in the amount of $3,800,000. Your expeditious handling of this matter will be appreciated. Yours truly, .Eugene A. Kraut Assistant Executive Vice President EAK:sjs cc: R. Broeker ROBERT F.SPRAFKA EUGENE A.KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHERL EXECUTIVE VICE PRESIDEM /�SSISTANT E%ECVfNE VICE PRESIDEM DIRECTOR,INDi15iRIAl DEVELOPMEM CHIEF ENGINEER CHIEF ACCOUMANT COMMISSIONERS GEORGE W.WINTER RUBY HUNT ARTHUR N.GOODMAN G.RICHARD SLADE DAVID HOZ7A LOUIS H. MEYERS WIWAM J.SEIFE� PRESiDEM � � V�CE PRESIDEM � SECRETARV TREPSURER - "�2 C.I.D. Certified industrial Developer � .��— � Cz��' c�� L�:�;�.� �.�,..or� �� - •�r• '� r 7 �`�^:'.A � �. . .;�. �4��`';' . O:E'FZC� O. �c�r. ctr:� co��c..x. i ��... ':; �t"-1 � ' . � -st:• ='.i� �•y; 1 `� • . l ��;,r, t?„�'� ! . �� _ � � � �DQ t e : November 12, 1981 `• `'w'��', . . . . `�� ..�� . C � f�� i� � 1T� � P � �' � � � � ' . . . , _ - '�' O : Sain� Pdu! ��ifi� Cour3c�I ' . . _.,, - �R O tYi • C U 1 t.1�1�fi��A O n FINANCE, MFINAGEMENT AND, PERSONNEL _ . . .. . . _ _ � George McMahon::... � GIlO1FC11QP1 j tTlti�@S �'�1E fa� I0'�'ling : . . . � repvrf Gn �C.F. : . : �] Ordinatzce _ , . - . , . . . . � . � �. (io)� -� Res�lution � _ . .- . _ � . . : . . . . �: 4�h er : • . . . _ . � � . . . . . . . � _ _ � - . . ' • J . . . . � L � / �L • . . . � ' � . . . ' - .. �' .At its� meeting'of November 12, 1981, the Finance. Committee recommended approval of �he following: '. • - . . - . _ 1. � Resolution approving issuance of Tax�Exempt,Mortgage Note by Port Authority .to finance acquisition �of Nalpac Building by 333-On-Sibley. (12367-GM) 2. R�solution approving.securities pledged by American Natio�al Bank"of�Saint Paul to protsct city fun�s held in said bank. (12407=McM) - � : • . . . 3. Resolution •amending 19�9. Capital Improvemen�s Budget •for Harriet Island.Design�& �. •- -- � Site Plan, Como P.ark Design, Hidden Falls Park. Design and Taylor Park Sit�ewo�k. 4. Resolution authorizing Mayor to execute agreements' between Ci£p and HUD for � . . Urban Developmerit .�,ction. Grant for Broadway Square P'roject. ." :(12399-RH) � 5. Resolution amending Data Processing budget., (12406-GM) . , � • . ' 6. Resolution amending budget for Housing Information Office. (12415-McM) . . 7. Resolution amending budget to provide City's match for fundinq of Neighborhood -� � ' • Justiee Center. (12372-GM) • . � � � , •• 8. Resolution amending budget to. fund analysis of Ci�ty Hall, telephone equipmer�t _ and procedures by the Technology ConSortium. (I2429-GM} � - � 9. Resoiution approving budget amendment for Police clothing allowance. (12371-GM) 10. Resoluti�on approving budget amendment for Fire clothing allowance. (12370-GM) � (continued) .^tT�' iL�t.L SE�'E;�:TH F1.00:L S�I�'T PALFE., ►1�[[��ES�JTil 5j1�' �y _...__ � � . . ' �� m,�-Pe: � . �/-/8"�► : OM 01 : i 2!1975 � . Rev. : 918/76 � EXPLANATION Of AAMINISTRATIV€ ORDERS, �� RESOlUTIONS, ANO ORDINANCES � � . � �b, � Date: Qctober 13, 1981 �. . _ . _ T0: MAYOR GEOR ATIMER FR: � Eugene u�. � RE: . 333-0 Sibley (Minnesota Corporation) $3,80 ,OOO Tax Exempt Mortgage (Private Placement) Nalpac Building ACTI�t REQUESTED: In accordance with the Laws of Minnesota, Chapter 234, it is requested that the City Council , by Resolution, a draft copy of which is attached hereto, approve a $3,800,000 Tax fxempt Mortgage Note (Private Placement) to f.inance the acquisition of the Nalpac Building at the corner of Fifth ' � and Sibley Streets which contains 240,000 Sq. Ft. by 333-0n-Sibley. The , . Company propo�es improvements to the building iracluding new windows on th ' front, improved air conditioning system and fi�ishing of the remainder of � the space in the facility. RURPOSE AND RATIQNALE FOR THIS ACTION: � � The purpose of the Tax Exempt Mortgage Note is to finance the acquisition : and remodel'ing of the Nalpac Building by 333-0n-Sibley for office, cc�r�ner ial - and industrial real estate development use. Approximately 50 new jobs wi 1 be created as a result of this praject. A7TACHMENTS: Staff Memorandum � Draft City Council Resolution Fort Authority Resolution No. 1908 . �