277571 WNITE - CITY CLERK F�
PINK - FINANCE ���;../�
CANARY - DEPARTMENT
�J I T Y O F s A I N T �A U L Council r� �
BLUE - MAYOR �
File N 0.
� uncil Resolution
Presented
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1 . On October 6, 1981 , the Port Authority of the City of Saint Paul adopted
Resolution No. 1899 giving preliminary approval to the issuance of up to $25,000,000 in
revenue bonds to finance construction in Energy Park. The security for such bonds will be a
letter of credit to which the Port Authority's Accumulated Net Revenues and the tax increment
assigned to the Port Authority by the City Council under the Joint Powers Agreement is pledged.
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 on1y 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 1aw 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 Reso7ution
No. 1899, the exact detai1s of which, inc1uding, 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
Por�t Authority, and the City Counci7 hereby authorizes the issuance of any additional bonds
(inc7uding 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.
COUIVCILMEIV Requestgd by Department of:
Yeas Nays
Hunt
Levine In Favor
Maddox �
McMahon B
Showalter __ Against Y
Tedesco �
�MIM�n
OCT 1 3 1�Q� Form App' ed by C' A orney
Adopted by Council: Date — .
Certified P s- by Council cret By �O-]'d
sy' l
Ap by ;Navor: D OCT i 5 1981 Approv Mayor for Sub �s ion to ouncil
B _ BY
BL SHED 0 C T 2 41981
•• � ' Resolution No.�9
.r�
������
. RESOLUTION OF
THE PORT AUTHORITY OF THE CITY OF SAINT PAUL
� W�EREAS, the purpose of Minnesota Statutes, Chapter 458,
(hereinafter called "Act") as found and d�termined by the legislature
is to promote the means by which marginal area properties may be �
developed or redeveloped to help cure the problems incident to the
existence of such properties as set forth in Minnesota Statutes, _
Section 458.1,91, Subdivision 3; and . .�
WHEREAS, a sound development of the economic security of
the peoples of the City of Saint Paul is dependent upon proper
. developm�nt and redevelopment of marginal properties, and the
general welfare of the inhabitants of the Port District requires
the remedying of such injurious conditions to which marginal pro-
perties ars now subject; and
� WHEREAS, the development and redevelopment of such marginal
area properties cannot be accomplished by private enterprise alone
c.�ithout public participation and assistance in the acquisition of
land and plar_ning and in the financing of land assembly in the work
of clearance, development and redevelopment, and i.n the making of
improvements necessary therefor; and
WHEREAS, to protect anc� promote sound development and
- re3evelopment of marginal larid 'and the general- welf are of the in- .
- habitants of the Port District, it is necessary to remedy .such
injurious conditions through the employment of all appropriate means;
and
WHEREAS, whenever the development or redevelopment of such
marginal lands cannot be accomplished by private enterprise alone,
without public participation and assistance in the acquisition of
land and planning and in financing of development and redevelopment,
it is in the public interest to advance and expend public moneys for
those purposes and to provide for means by which such marginal
lands may be developed or redeveloped; and
WHEREAS, the development or redevelopment of such marginal
lands and the provisi�n of appropriate continuing land use constitute
public uses and purposes for which public moneys may be advanced or
expended and private property acquired, and are governmental functions
and are of state concern in the interest of health, safety and
�•�elfare of the peoples of the State of Minnesota and of the City of
Saint Paul; and ,
WHEREAS, the Port Autho.rity of the City of Saint Paul
(the "Authority") has heretofore established in the City of St.
Paul an economic develop:nent ciistrict ("Saint Paul Energy Park")
in accordance with Section 458. 191 of the Act and Laws of Minnesota,
1971, Extra Session, Chapter 35, Section 9, all as is more fully �
described in the staff report on file; and `
, IVI �� I �
WHEREAS, pursuant to authorization previously given by the
Board of Commissioners, the staff of the Authority has expended
substantial time and resources in providing for the financing of land
acquisition and public improvements (the "Energy Park Project") to be
undertaken by the Port Authority in Saint Faul Energy Park; and
ydHEREAS, in order to provide for such financing, the staif
has negotiated a Credit Agreement (the"Credit Agreement") to be
entered into between the Authority and The First National Bank of -
Saint Paul (the "Bank" ) to provide take-out financing evidenced by
a note (the "Bank Note") to secure any short term obligations issued
by the Authority to finance the Energy Park Project, and the staff
has recommended approval of the Credit Agreement in substantially
the form presented to the Authority Commissioners; and
WHEREAS, the staff proposes that the Port Authority give
preliminary approval of the issuance of �25,00O, OOQ Short Term
Energy Park Revenue Bonds (the "Bonds") secured by the Credit
Agreement to finance the Energy Park Project, subject to the consent
- of the City Council of the City of Saint Paul, as required under
Laws of Minnesota, 1976, Chapter 234; and
T•�HEREAS, Miller & Schroeder Municipals, Inc. (the •
"Underwriter" ) has made a proposal in an agreement (the "Underwriting
Agreement" ) relating to the sale of the Bonds to be i�sued to
finance the Energy Park Project,- -
NOW, THEREFORE, BE IT RESOLVED by the Commissioners of
the Port Authority of the City of Saint Paul, Minnesota, as follotas:
1. On the basis of information available to the Authority
it appears, and the Authority hereby finds, that the premises on which
the Energy Park Project is to be located constitute marginal land
within the meaning of Section 458. 191, Subdivision 4 of the Act;
that the availability of the financing under the Act and willingness ot
the Authority to furnish such financing will be a substantial induce-
ment to private enterprise to locate revenue producing private
faciliti,es in Saint Paul Energy Park, and that the effect of the
Energy Park Project, if undertaken , will be to encourage the develop=
ment of economically sound industry and commerce 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
employment opportunities required by its population, 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.
2. Subject to the mutual agreement of the Authority and
the purchaser of the Bonds as to the details thereof and other docu-.
ments necessary to evidence and effect the financinq of the Energy
Park Project and the issuance of the 'Bo�ds, the Energy Park Pxoject -
is hereby approved and authorized and the issuance of Bonds of the
, Authority and, if and to the extent required to refund the Bonds,
the Bank Note, in respective amounts not to exceed approximately �
$25, 000, 000 (other than such additional revenue bonds as are needed
to complete the Project) is authorized .to finance the costs of the
Energy Park Project. �
f .
•� ` ' � �����
3. The Credit Agreement and Underwriting Agreement are
hereby approved in substantially the forms presented to the
Authority, and the President and Secretary are hereby authorized
and directed to execute the same on befialf of the Authority.
4. The staff of the Authority is authorized and directed . _
to complete negotiations with the purchaser of the Bonds so as to -
resolve the remaining issues necessary to the preparation of the
final bond resolutions and other documents necessary for issuance �
and delivery �of the Bonds. -
5. The Bonds and Bank Note and a.nterest thereon shall not
constitute an indebtedness of the Authority or the City of Saint
� Paul within the meaning of any constitutional or statutory la.mitation
and shall not constitute or give rise to a pecuniary liability of . �
the Authority or the City 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 for the payment of the
Bonds or Bank vote or interest thereon.
6. In order to facilitate completion of the revenue bond
f inancing herein contemplated, the City Council is hereby requested
to consent, pursuant to Laws of Minnesota, 1976, Chapter 234, to
the issuance of the Bonds and Bank Note herein contemplated, and any
additional bonds which the Authority may from time to time thereafter
deem necessary to complete the ��roject or to refund such Bonds or
� Bank IJote; 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 Credit Agreement and any
additional available information the City Council may request.
_ � ��� � � �
Adopted October 6, 1981 `-' • /
. � �
, , � `•'
� Attest-
, P eside
� The Authority of the City of
�,�1/ ;�cC�L- Saint Faul
e retary
i : _ ,
`�' , ' . OM Ql• "�2J i 9T5
. . Rev. :• .9/8/75 -
� EXpLANATION �OF ADMINISTRATIVE ORDERS, � f�{�
RESOLUTIONS, AND ORDINANCES �
^ �
� ,
Date: October 6, 1981 �?��^��_f���
T : MAY R GE LATIMER �� `�� �
0 o a
i.�q;'pF^ n�cjrF
FR: � E. A. t. Paul Port Authority .
RE: $25,OOfl,000 ENERGY PRRK BONDS SECURED BY LETTER OF CREDIT
ACTION REQUESTED: �
In accordance with the Laws of Minnesota, Chapter 234, it is requested that the City Council ,
by Resolwtion, a draft copy of which i�s attached hereto, approve. the issu�r�ce of up to
$25,000,000 in bonds to finance construction in Energy Park. The security for swch bonds
will be a letter of credit to which the Port Authority's Accumulated Net Revenues and tt�
tax increment assigned to the Port Authority by the City Council under the Joint pt�wers `
.Agreement is pled_ged.
RURPflSE AND RATIQNALE FaR THIS ACTIt�(V: - �
TI�e purpose of the bond i ssue, which i s for a term of 3.6 years and which ma,� from tit�e
to tir� be reissued and extended over a longer period of time when market conditions
imp►rove, is to permit the Port Authority and the City of St. Paul to fulfill the pied�d
deveiopment of Energy Park. Under the Energy Park budget from tax increment praceeds
approved by the City Council and other federal , state and Port Authority €unds this
additional amount is required due to the uncertainty of additional grants from other
sources.
_ ATTACHMENTS:
Staff Memorandum '
Draft City Council Resolution
Port Authority Resolution No. 1899
cc: R. Thorpe ' _
-. A O R T ��'���`��.
� urHOR � TY �
OF THE CITY OF ST. PAUL
Memorc�ndum
TO: Board of Commissioners pq� Oct. 6, 1981
FROM: E• �
SUBJE�T: CREDIT AGREEMENT BETWEEN PORT AUTHORITY AND FIRST NATIONAL BANK OF ST.
PAUL, ET AL, AND AUTHORITY TO ISSUE BONOS SECURED BY LETTER OF CREDIT -
� ENERGY PARK - $25,000,000
RESOLUTION N0. 1899
At the August 18 meeting the Commission granted preliminary approval to the
issuance of $25 million worth of Energy Park bonds to be issued based upon
revenues to be derived through the Joint Powers Agreement, which was also
approved on that date which pledges the tax increment from Energy Park to the ..
Port Authority to assist in retiring the issue once it goes out for long term.,
A draft agreement has been submitted to Standard & Poor's for a rating and
we were informed that such a rating might be available provided the line of
credit were instead a letter of credit and the guaranteeing banks were rated
financial institutions. Therefore, we have negotiated with First National
and First National Bank of Ntinneapolis to extend the letter of credit for the �
total $25 million based upon the following conditions:
1 . A fee of 1/2q annually.
2. If no permanent financing is found by the maturity date th� rate of �
interest will be the prime rate of interest effective at that time
and as such rates change from time to time.
3. Security for said letter of credit will be �he Joint Powers Agreement
(i.e. , the tax increment developed from Energy Park projects and Port �
Authority Accumulated Net Revenues. ) Such Accumulated Net Revenues shall
not be permitted to be drawn down in the event of a default to an amount
less than $1 ,500,000.
4. No land rents will be pledged against the debt nor is or can the land
be subordinated.
5. The proceeds of the bonds issued against the letter of credit shall be
used only for Energy Park development costs and the issuers of the
letter of credit shall have the right of approving any bonds hereinafter
issued after Resolution 1270.
6. The Port Authority may from time to time refund all or any part of this
bond issue by issuing long term bonds which shall not, however, in the
aggregate exceed $25 million authorized by the credit agreement.
In staff's opinion the credit agreement and issuance of the bonds enables
our assistance in fulfilling the development agreements and completing
Energy Park as it is planned and has been approved by the Port Authority,
the City of St. Paul Planning Commission, and the City Council . The terms
permit the Port Authority sufficient flexibility for operations and ;;he
ability to react to specific needs as they may arise and the conditioned
ability to issue additional bonds under Resolution 1270 without the consent of
the First National Bank unless they are required to advance funds or in the event
of a default. Staff recommends approval of Resolution No. 1899.
EAK:jmo .
�r P O R T � . � ;���7�'71
AUTHORITY
OF THE CITY OF 57. PAUL
Memorandum
TO: Board of Commissioners DATE Aug. 13, 1981
Meeting Aug. 18, 1981
FROM: E. A
SUBJECT: PRELIMINARY APPROVAL OF ENERGY PARK BOND ISSUE--$25,000,000
The First National Bank of St. Paul has approved a line of credit for the
Port Authority at a maximum of $25 million of which their credit limit is
$17 million. Staff and �he First National are currently arranging dis-
cussions with other St. Paul banks and First Bank Systems to package the
remaining $8 million. The terms of the agreement will be a fee of 1/2% per
annum.
The purpose of this line of credit is to provide the ability for the Port
Authority to issue �25 million in revenue bonds to be backed by the tax
increment funds which are authorized under the Joint Powers Agreement between
the City of St. Paul and the Port Authority. In addition to the tax increment
funds, we will be required to pledge additional revenues not now pledged f rom
the Accumulated Net Revenue fund.
The funds will be used primarily for Energy Park. We are uncertain that the
complete Grant funds will be forthcoming. By borrowing the money now we
will be able to leverage it until such time as the tax increment stream
� is generated thereby lowering the cost of our borrowing by reinvestment
pending the actual outlay.
Example:
$25 MILLION ISSUE AT 9.5%
Construction $19,000,000 �
Capitalized Interest - 3 Years 5,400,000
Expenses 100,000 �
Underwriting 500,000
TOTAL $25,000,000
We had originally contemplated this issue to be sold as tax exempt commercial
paper, however, the I.R.S. regulations would permit us to borrow only that
amount that would actually be expended within six months and it gave us no
leverage. With the current spread between an anticipated 9.5% interest rate
and a reinvestment rate of 15%, we will be able to earn $4,275,000 which would
reduce our actual interest cost from �5,400,000 to $1 ,125,000 assuming that
50q of our proceeds are expended within the first year and one-half.
'� � ������
Board of CoRUni ssioners
Aug. 13, 1981
Page -2-
In essence, this would be an interest cost of $375,000 per year, or 1 .5%.
Adding the .5% fee, this would then equal 2% per year for three years.
We, therefore, request that the Port Authority authorize us to proceed to
prepare the necessary documents to publicly market a $25 million bond
issue. Such resolutions to contain a provision authorizing these bonds to
be resold on a long-term basis at any time during the next three years. -
This additional authorization is essential to fix our financing and to
protect us from any significant changes that may occur in the I.R.S. or '
Treasury Department regulations governing the issuance of revenue bonds.
We are attaching a tax increment projection along with a Port Authority cash
flow sheet which outlines the source of funds by which both the short-term
and the ultimate long-term bonds will be amortized.
EAK:jmo
Attach.
. � � . Avgust 5, 1981
�����1
PORT AUTHORITY OF TNE CITY OF ST. PAUL
CASH FLOW PROJECTION
CHANGE IN NET CASH PROIVDED ANNUALLY
FOR PERIOD 5-20-8i TNROUGH 7-31-81
NE� �CASH INCREASE NET CASH
P.ROVIDED IN HET PROVIDED
ANNUALLY CASH ANNUALLY
AT 5-20-81 PROVIDED AT 7-37-81
1981 $ 3,047,732 $ 185 ,677 $ 3,233,409 -
1982 2,676,660 230,898 2,907,558
1983 2,640,�07 234,432 2,87�,339
1984 2,652,562 228,529 2,881 ,091 '
1985 2,712,920 230 ,916 2,943,836
1986 2,740,517 229 ,639 2,970,156
1987 2,989,135 230,916 3,220,051
1988 2,458,854 230,916 2,689,770
1989 2,708,376 230,916 2,939,292
1990 3,059,252 255 ,848 3,37�,100
1991 3,029,500 232 ,148 3,261 ,648
1992 3,238,928 233,380 3,472,308
1993 3,352,991 233 ,380 3,58fi,371 �
1994 3,250,860 233 ,380 3,484,240
19�5 3,377,122 233 ,380 3,670,502
1996 3,338,970 = = 233 ,380 3,572,350
1997 3,478,714 233,380 3,7�2,094
1998 3,403,857 233 ,380 3,637,237
19°9 3,690,787 233,380 3,924,167
2000 4,689,110 233,380 4,922,490
2001 3,678,848 230,310 3,909,158
2002 3,630,076 231 ,543 3,8fi7 ,619
2003 3,501 ,655 231 ,543 3,733,198
2004 3,570,597 231 ,543 3,802,140
2005 3,423,9]1 231 ,543 3,6��,454
2006 3,4�5,193 231 ,543 3,67b,736
2G07 4,051 ,397 231 ,543 4,2$2,940
2008 3,555,�89 231 ,543 3,787,032
2009 4,319,]34 231 ,543 4,��0,677
2010 6,382,�56 231 ,543 6,614,099 �
2011 1 ,035,062 118,875 1 ,153,937
5103,131 ,672 57,054 ,327 $110,18�,999 �
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� :� �1�+1 ••}'� . .
�1f�T��� �. . .
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- pa fi e ; October 8, 1981
�
1� 01'/1 �� � � �L � . � � � � ��
� T0 : Sain�t Pau1 Gity Council . _ . �
��Q i�' � C o m m i fi�e� ��1 FINANCE, MANAGEM�NT & PERSONNEL .
George McMahon � c�airman, makes ihe fotlov,ring � �
report on� C.F. �� ._[� Ordinance �
��) � Resofution .
� Other '
T t�'LE :: �' -
At its meeting of October 8, 1981, the Finance Committee recommended approval
' of the following: . � -
� 1. Resolution approving issuance of up'to $25,000;000 in bonds by Port �Authority
to finance construction in Energy Park. _
2. Resolution approving issuance of .$500,000 Tax Exempt Mortgage Nate by the Port
Authority to finance construction of office building for Fairmount Investments, Inc.
(12334-GM) . .
3. Resolution approving issuance of approximately $1,200,000 in revenue bonds by
• the Port Authority to finance new pollution control equipment `or Cargill, Inc.
' ' (12333-GM) .-
4. Resolution authorizing issuance of duplicate City of Saint Paul bonds and .
coupons reported lost. (12319-McM) � . . _ �
5. Resolution replacing class specification for Storekeeper I. (12267-GM) " �
6. Resolution amending minimum qualifi�ations on class specification for Police � � -
Officer. (12266-GM) � _
7. Resolution removing title of Food Service Equipment Specialist from tk�e
Equipment Maintenance (Non-Supervisory) Group and placing it in Maintenance
Supervisory Group. (12275-GM)
CITY H�-'1LL SEVE?tiTH FLOOR SAIIIT 1'AUL,I4iIi��3FSUTr� 5310Z
•y;JT�ala�
_. .._.Y.__... --+.-