276728 WHITE - CITY CLERK �
PINK - FINANCE COUIICII ���28
CANARY � DEPARTMENT G I T Y O F S A I N T PA U L
B!UE - MAYOR File N O.
Ci�ty Attny/SDM • •
_ . _Co c esolution
�
Presented By
Referred To Committee: Date
Out of Committee By Date
Resolution approving the �lrticles of Incorporation
of the Saint Paul 503 Development Company and
appointing members thereto.
WHEREAS, on January 27, 1981, the City Council by Resolution,
Council File No. 276265, did recommend the establishment of a
city-wide non-profit development company to administer and process
Small Business Administration SBA-503 loans; and
WHEREAS, said Resolution supported the use of City staff to
establish and administer the city-wide development company; and
WI�REAS, the City Council desires to appoint the membership
of the city-wide development company according to the guidelines
set forth in the proposed by-laws of the company in order to
insure that the goals and policies of the City of Saint Paul are
met; and
WHEREAS, the City Council desires to appoint two of its mem-
bers to be members of the company pursuant to said guidelines; and
WHEREAS, the City Council by Resolution, Council File 271618,
adopted August 11, 1978, decided that no Council member shall be
allowed to serve as a Board member to any neighborhood-based
Local Development Corporation or Community Development Corporation
in order to eliminate any potential conflict of interest between
the City and the neighborhoods; and
COU[�1CILMEN Requestgd by Department of:
Yeas Nays t�
Hunt ``
�evine In Favo[
Maddox
McMahon B
snowaite� Against y
Tedesco
�Ison
Form Approved by City Attorney
Adopted by Council: Date
Certified Yassed by Council Secretary BY
By�
Approved by :Nayor: Date _ Approved by Mayor for Submission to Council
By _ BY
�r���`��8
}
2.
WHEREAS, the city-wide development company does not present
the same potential for conflict of interest that neighborhood-
based Local Development Corporations present; and
WHEREAS, Resolution C. F. 276265 did refer to the proposed
city-wide development company as the Saint Paul Development
Company; and
WHEREAS, the name Saint Paul Development Company has been
taken by others according to the Minnesota Secretary of State;
NOW, THEREFORE, BE IT RESOLVED THAT:
1. References to "Saint Paul Development Company" in Resolu-
tion C. F. 276265 are hereby amended to mean "Saint Paul 503
Development Company. "
2. The •�rticles of Incorporation of the Saint Paul 503
Development Company, a Minnesota non-profit corporation, are hereby
approved and execution thereof by the proper persons is hereby
authorized.
3. The membership of the Saint Paul 503 Development Company
shall consist of 28_ members appointed by the City Council upon
recommendation of the Saint Paul 503 Development Company' s Board
of Directors according to the guidelines set forth in the company
by-laws.
4. Two of the members of the Saint Paul 503 Development
Company shall also be duly elected members of the Saint Paul City
Council.
WMITE - CITY CLERK ����f1�
CA AR* - DEPARTMENT %
GITY OF SAINT �AUL Council
BLUL , - MAYOR File NO.
Cou i eso ution
Presented By • + � �
Referred To Committee: Date
Out of Committee By Date
3.
5. The following persons are hereby appointed to be the
incorporating members of Saint Paul 503 Development Company:
James Bellus
William Wilson
George McMahon
COUIVCILMEN
Yeas Nays Requestgd by Department of:
Hunt PLANNING AND ECONOMIC DEVELOPMENT
Levine In Favor
Maddox
snoWaiter � _ Against BY
T��� J J. Be 1 irector
Wilson
Adopted by Council: Date APR 2 i ��� Form Approve y Cit Attorne \
Certified Y• ; e by Council retar B
B�
� APR 2 3 i�� Approved by Mayor for Submission to Council
Ap d by :Vlayor a —
_ BY
PUBLISHEO M AY 2 1981
. 2���7��
ARTICLES OF INCORPORATION
OF
SAINT PAUL 503 DEVELOPMENT COMPANY
We, the undersigned, for the purpose of forming a company under and pursuant
to the provisions of Chapter 317 Minnesota Statutes, known as the Minnesota Non-
profit Corporation Act, and for the purposes expressed in Article II hereof, do
hereby associate ourselves as a body corporate and adopt the following Articles of
Incprporation.
ARTICLE I �
The name of this Corporation shall be SAINT PAUL 503 DEVELOPMENT COMPANY.
ARTICLE II
The general purpose and nature of its business shall be for the purpose of
furthering the economic development of the City of Saint Paul and to promote,
and assist the growth, and development of business concerns, including small
business concerns in said area; to encourage and �assist in the location of new
business and industry, rehabilitate and assist existing business firms and industry
in said area; to accomplish these purposes by making plant and other facilities
available to all such business concerns through lease or other means and thereby
to contribute to the economic well-being of the area as measured by increased
employment, payroll, business volume and corresponding factors rather than monetary
profits to the members. The corporation does not afford pecuniary gain, incidental
or otherwise, to its members.
Articles of Incorporation of Saint Paul 503 Development Company - 2 -
� � �1
�- �
ARTICLE III
The corporation is authorized and in power to do all things necessary to
carry on and accomplish the aforesaid purposes for which it is organized and
chartered,. including authority and power;
To enter into, make, and perform contracts of every kind and description.
To borrow to raise monies for any of the purposes of the company, and from
time to time without limit as to amount, to draw, make, except, endorse, execute
and issue promissory notes, drafts, bills of exchange, warrants, bonds, debentures,
and' other negotiable or non-negotiable instruments and evidences of indebtedness;
and to secure the payment of any thereof and of the interest thereon by mortgage
upon or pledge, conveyance or assignment in trust of the whole or any part of the
property of the company whether at the time owned or thereafter acquired, and to
sell pledge or otherwise dispose of such bond or other obligations of the company
for its company purposes.
To lend to any person, firm or company any of its funds, either with or
without security.
To promote and assist the growth and development of small business concerns
and others.
To have one (1) or more offices to carry on all or any of its operations and
business and without restriction or limit as to amount to purchase or otherwise
acquire, hold, own, mortgage, lease, sell, convey or otherwise dispose of, real
and personal property of every class and description.
To acquire, construct, convert, or e�and plant facilities for lease or sale.
� � � �l ::� � ..�� �
Articles of Incorporation of Saint Paul 503 Development Company - 3 -
ARTICLE IV
The area served by the Saint Paul 503 Development Company shall be all
property within the City limits of the City of Saint Paul.
ARTICLE V
The period of duration of the Company shall be perpetual.
ARTICLE VI
The location and post office address of the registered office of the
corporation in Minnesota shall be 25 West Fourth Street, 13th Floor, Saint Paul, '
Minnesota 55102.
ARTICLE VII
This non-profit company is a non-capital stock company.
ARTICLE VIII
The amount of steady capital with which this corporation shall begin business
shall not be less than One Thousand Dollars ($1,000.00) .
AR.TICLE IX
The names and addresses of each of the first incorporators of this company
are:
Name Post Of.fice Address
James J. Bellus 25 West Fourth Street
1400 City Hall Annex
St. Paul, Minnesota 55102
William Wilson Room 719 City Hall
St. Pau1, Minnesota 55102 �
George McMahon Room 716 City Hall
St. Paul, Minnesota 55102
r : ,
� c .>;,.:- �.
. . �,
Articles of Incorporation of Saint Paul 503 Development Company - 4 -
ARTICLE X
The names and post office addresses of the first directors of this
corporation:
Name Post Office Address
James J. Bellus 25 West Fourth Street
1400 City Hall Annex
St. Paul, Minnesota 55102
William Wilson Room 719 City Hall
St. Paul, Minnesota 55102
George McMahon Room 716 City Hall
St. Paul, Minnesota 55102
ARTICLE XI
The members of said company shall have no personal liability for any company
obligations or methods of enforcement and collection.
ARTICLE XII
The Articles of Incorporation may at any time be amended by the affirmative
vote of the holders of the majority of the voting power of all members of the
company entitled to vote, with the approval of the City Council of the City of
Saint Paul.
. ARTICLE XIII
The Board of Directors shall have authority:
(a) To propose applications for memberships to the City Council of the
City of Saint Paul, and
(b) to make and alter the by-laws of the company subject to the power of
the members to change or repeal such by-laws.
e
. . , .
� � `i i �:
Articles of Incorporation of Saint Paul 503 Development Company - 5 -
ARTICLE XIV
Any disolution of this non-profit company shall be controlled by the pro-
visions of Chapter 317 of Minnesota Statutes.
ARTICLE XV
Members of this company will be appointed by the City Council of the City
of Saint Paul, membership shall be limited to 2$ persons who are residents of or
conduct a business located in the City of Saint Paul. The members will serve
at the pleasure of the City Council of the City of Saint Paul. ,
IN WITNESS WHEREOF, we have hereunto set our hands this day of
, 1981.
James J. Bellus
William Wilson
George McMahon
STATE OF MINNESOTA )
) SS.
COUNTY OF RAMSEY )
On this day of , 1981, personally appeared before me,
James J, Bellus, William Wilson and George McMahon, to me known to be the persons
described in and who execute the foregoing Articles of Incorporation, and each
acknowledged that he was a person of full age and that he executed the same as his
own free act and deed for the uses end purposes therein expressed.
(NOTARY SEAL)
Notary Public, Ramsey County, Minnesota
My commission expires
� , ' . �
� ������
BY - LAWS
OF
SAINT PAUL 503 DEVELOPMENT COMPANY
ARTICLE I - OFFICES
The principal" office of the corporation shall be at 25 West
Fourth Street, 13th floor, Saint Paul, Minnesota, 55102 . The
� corporation may also have offices at such other places within
or without this state as the Board of Directors may from time
to time determine or the business of the corporation may require .
ARTICLE II - PURPOSES
The general purpose and nature of its business shall be
for the purpose of furthering the economic development of the
City of Saint Paul and to promote, and assist the growth, and
development of business concerns , including small business
concerns in said area; to encourage and assist in the location
of new business and industry, rehabilitate and assist existing
business firms and industry in said area; to accomplish these
purposes by making plant and other facilities available to all
such business concerns through lease or other means and thereby
to contribute to the economic well-being of the area as measured
by increased employment, payroll, business volume and corres-
ponding factors rather than monetary profits to the members .
ARTICLE III - MEMBERSHIP
1 . QUALIFICATIONS FOR MEMBERSHIF__
There shall be twenty-eight (28) members of the corporation
and every member shall reside in or do business in the City of
Saint Paul , Minnesota. The Board of Directors sitting until
the First Annual Meeting shall recommend names of the first
twenty-eight (28) members to the Saint Paul City Council for
appointment by the City Council . Thereafter, if there are less
than twenty-eight (28) members because of death, resignation,
disqualification or removal or if the City Council determines
that more than twenty-eight (28) members would promote the
purposes of the corporation, then the Board of Directors shall
recommend and the City Council may appoint such additional
members . Members shall serve at the pleasure of the City
Council and may be removed with or without cause at any time.
.
t
� �
� _. .
-2-
The members of the corporation shall be appointed from the
following constituancies:
Mayor of the City of Saint Paul
or his designee 1
Saint Paul City Council members 2
Director, Department of Planning
and Economic Development 1
A resident of or person 1 1
conducting a business 2 1
in Planning District 3 1 ,
4 1
5 1
6 1
7 1
8 1
9 1
10 1
11 1
12 1
13 l �
14 1
15 1
16 1
17 1
North Area LDC 1
Greater East Side LDC 1
University Avenue LDC 1
Hamline-Midway LDC 1
West Midway LDC __ 1
West Seventh Street LDC i
West Side LDC
TOTAL 28
2. MEMBERSHIP MEETINGS
The Quarterly Membership Meeting of the corporation shall be
held on the second day of January, April , July, and October each
year, except that if such day be a legal holiday, then in that
event the Directors shall fix a day not more than two (2) weeks
from the date fixed by these By-Laws . The Secretary shall cause
to be mailed to every member in good standing at his address as
it appears on the membership roll book of the corporation, a
notice stating the time and place of the Annual Meeting.
,
' � -f � ��. ��.
-3-
The presence of any Membership Meeting of not less than
fifteen (15) members shall constitute a quorum and shall be
necessary to conduct the business of the corporation; however,
a lesser number may adjourn the meeting for a period of not
more than four (4) weeks from the date scheduled by the By-Laws
and the Secretary shall cause a notice of the re-scheduled date
of the meeting to be sent to those members who were not present
at the meeting originally called. A quorum as hereinbefore
set forth shall be. required at any adjourned meeting.
A membership roll showing the list of inembers as of the
record date, certified by the Secretary of the corporation,
shall be produced at any meeting of inembers upon the request
therefor of any member who has given written notice to the
corporation that such request will be made at least ten (10) .
days prior to such meeting. All persons appearing on such
membership roll shall be entitled to vote at the meeting.
Members will be provided with all information which manage-
ment wishes to discuss at any membership meeing, that information
being in written form, at least ten (10) days prior to any regular
membership meeting.
3 . SPECIAL MEETINGS '
Special Meetings of the corporation may be called by any
three members of the Board of Directors .• The Secretary shall
cause a notice of such meeting to be mailed to all members at
their addresses as they appear in the membership roll book at
least ten (10) days but not more than fifty (50) days before
the scheduled date of such meeting. Such notice shall state
the date, time, place and purpose of the meeting and by whom
called.
' No other business but that specified in the notice may
be transacted at such Special Meeting without the unanimous
consent of all present at such meeting .
4 . FIXING RECORD DATE
For the purpose of determining the members entitled to notice
of or to vote at any meeting of inembers or any adjournment thereof,
or to express consent to or dissent from any proposal without a
meeting, or for the purpose of any other action the Board shall
fix, in advance, a date as the record date for any such determin-
ation of inembers . Such date shall not be more than fifty (50)
nor less than ten (10) days before any such meeting, nor more
than fifty (50) days prior to any other action.
�
� � , ' , �.. J L; r;'�F�S
-4-
5 . ACTION BY MEMBERS WITHOUT A MEETING
Whenever members are required or permitted to take any
action by vote, such action may be taken without a meeting,
by writt�en consent, setting forth the action so taken, signed
by all the members entitled to vote thereon.
6 . PROXIES •
- No proxies shall be allowed.
7 . ORDER OF BUSINESS
The order of business at all meetings. of inembers shall be '
as follows:
(1) Roll call
(2) Reading of the minutes of the preceding meeting
(3) Reports of committees
(4) Reports of officers
(5) Old and unfinished business
(6) New business
(7) Good and welfare
(8) Adjournment
ARTICLE IV - DIRECTORS
l. MANAGEMENT OF THE CORPORATION
The corporation shall be managed by the Board of Directors
which shall consist of two members of the City Council, the
Director of the Department of Planning and Economic Development
(PED) for the City of Saint Paul and four (4) additional directars
elected by the members from the membership.
2 . ELECTION AND TERM OF DIRECTORS
At each January meeting of inembers, the membership shall
elect additional directors to hold office until the next January
meeting. Each additional director shall hold office until the
expiration of the term for which he was elected and until his
successor has been elected and shall have qualified, or until
his prior resignation or removal .
,
• ' • � '' / �,I(�h
-5-
3. INCREASE OR DECREASE IN NUMBER OF DIRECTORS
The number of Directors may be increased or decreased by
vote of the members or by a vote of a majority of all of the
members . No decrease in number of Directors shall shorten
the term of any incumbent Director.
4 . NEWLY CREATED DIRECTORSHIPS AND VACANCIES ,
Newly created directorships resulting from an increase in
- the number of Directors and vacancies occurring in the Board
for any reason except the removal of Directors without cause,
may be filled by a vote of a majority of the Directors then in
office, although less than a quorum exists . Vacancies occurring
by reason of the removal of Directors without cause shall be •
filled by vote of the members. A Director elected to fill a
vacancy caused by resignation, death or removal shall be
elected to hold office for the unexpired term of his predecessor.
5 . REMOVAL OF DIRECTORS
Any or all of the Directors except the City Council Members
and the Director of the Department of PED may be removed for
cause by vote of the members or by action of the Board. Directors
may be removed without cause only by majority vote of the members .
No one may be a Director who is not also a member.
6 . RESIGNATION
A Director may resign at any time by giving written notice
to the Board, the President or the Secretary of the, corporation.
Unless otherwise specified in the notice, the resignation shall
take effect upon receipt thereof by the Board or such officer,
and the acceptance of the resignation shall not be necessary
to make it effective .
7 . QUORUM OF DIRECTORS
Unless otherwise provided in the Certificate of Incorpor-
ation, a majority of the entire Board shall constitute a quorum
for the transaction of business or of any specified item of
business .
8 . ACTION OF THE BOARD
Unless otherwise required by law, the vote of a majority
of the Directors present at the time of the vote, if a quorum
is present at such time, sha11 be the act of the Board. Each
Director present shall have one (1) vote.
.
� � � , � �.�,� 7 � �
-6-
9 . PLACE AND TIME OF BOARD MEETINGS
The Board may hold its meetings at the office of the cor-
poration or at such other places , either within or without the
state, as it may from time to time determine.
10. REGULAR ANNUAL MEETING
A Regular Annual Meeting of the Board shall be held immed- �
iately following the January Meeting of inembers at the place of
- such January Meeting of inembers .
,
11. NOTICE OF MEETINGS OF THE BOARD, ADJOURNMENT
Regular Meetings of the Board may be held without notice +
at such time and place as it shall from time to time determine.
Special Meetings of the Board shall be held upon notice to the
Directors and may be called by the President upon three (3)
days ' notice to each Director either personally or by mail or
by wire; Special Meetings shall be called by the President or
by the Secretary in a like manner on written request of two (2)
Directors . Notice of a meeting need not be given to any Director
who submits a waiver of notice whether before or after the meeting
or who attends the meeting without protesting prior thereto or
at its commencement, the lack of notice to him.
A majority of the Directors present, whether or not a quorum
is present, may adjourn any meeting to another time and place .
Notice of the adjournment shall be given all Directors who were
absent at the time of the adjournment and, unless such time and
place are announced at the meeting, to the other Directors .
12 . CHAI RM11N
At all meetings of the Board the President or, in his absence,
a chairman chosen by the Board shall preside. '
13. EXECUTIVE AND OTHER COMMITTEES
The Board, by resolution adopted by a majority of the entire
Board, may designate from amorig the membership of the corporation
an Executive Committee �nd other committees , each consisting of
three (3) or more Members . Each such committee shall serve at
the pleasure of the Board.
_ ,
• ' . _ : �,� � „}(..+�:.
�7�
ARTICLE V - OFFICERS
1. OFFICES, ELECTION, TERM
Unless otherwise provided for in the Certificate of In-
corporation, the Board may elect or appoint a President, one
(1) or more Vice-Presidents, a Secretary and a Treasurer, and �
such other officers as it may determine, who shall have such
duties, powers and functions as hereinafter provided. All
officers shall be elected or appointed to hold office until
the meeting of the Board following the January Meeting of �
members. Each officer shall hold office for the term for
which he is elected or appointed and until his succe$sor has ,
been elected or appointed and qualified.
2 . REMOVAL, RESIGNATION, SALARY
Any officer elected or appointed by the Board may be re-
moved by the Board with or without cause. In the event of the
death, resignation or removal of an officer, the Board in its
discretion may elect or appoint a successor to fill the unex-
pired term. Any two (2) or more offices may be held by the
same person, except the offices of President and Secretary.
All o�fficers shall serve without compensation. Al1 officers
must be members of the corporation except the assistant
treasurer and the assistant secretary, if any.
3 . PRESIDENT
The President shall be the chief executive officer of the
corporation; he shall preside at all meetings of the members
and of the Board; he shall have the general management of the
affairs of the corporation and shall see that all orders and
resolutions of the Board are carried into effect.
�. VICE-PRESIDENTS
During the absence or disability of the President, the
Vice-President, or if there are more than one, the Executive
Vice-President, shall have all the powers and functions of the
President. Each Vice-President shall perform such other duties
as the Board shall prescribe.
5 . TREASURER
- The Treasiarer shall have the care and custody of all the
funds and securities of the corporation, and shall deposit
said funds in the name of the corporation in such bank or trust
company as the Directors may elect; he shall , when duly authorized
�
• ' ` � r �l
. � , L� �� G `7�
-8-
by the Board of Directors, sign and execute a11 contracts in
the name of the corporation, when countersigned by the President;
he shall also sign all checks, drafts, notes , and orders for the
payment of money, which shall be duly authorized by the Board of
Directors and shall be countersigned by the President; he shali
at all reasonable times exhibit his books and accounts to any
Director or member of the corporation upon application at the
office of the corporation during ordinary business hours . At .
the end of each corporate year, he shall have an audit of the
accounts of the corporation made by a committee appointed by
. the President, and shall present such audit in writing at the
January Meeting of the members, at which time he shall also
present an annual report setting forth in full the financial
conditions of the corporation.
6 . ASSISTANT-TREASURER
Under the supervision of the Treasurer , the Assistant-
Treasurer shall have the powers and functions of the Treasurer.
7 . SECRETARY
The� Secretary shall keep the minutes of �he Board of
Directors and also the minutes of the members . He shall have
the custody of the seal of the corporation and shall affix and
attest the same to documents when duly authorized by the Board
of Directors . He shall attend to the giving and serving of all
notices of the corporation, and shall have charge of such books
and papers as the Board of Directors mai� direct; he shall attend
to such correspondence as may be assigned to him, and perform
all the duties incidental to his office . He shall keep a
membership roll containing the names , alphabetically arranged,
of all persons who are members of the corporation, showing
th,eir places of residence and the t�me when they became members .
8. ASSISTANT-SECRETARIES
Under the supervision of the Secretary, the Assistant Secre-
tary shall have all the powers and functions of the Secretary.
9 . SURETIES AND BONDS
In case the Board shall so require, any officer or agent
of the corporation shall execute to the corporation a bond in
such sum and with such surety or sureties as the Board may
direct, conditioned upon the faithful performance of his duties
to the corporation and including responsibility for negligence
arid for the accounting for all property, funds or securities
of the corporation which may come into his hands.
.
• • � . . • � 7� �� ' ��
-9-
ARTICLE VI - SEAL
The seal of the corporation shall be as follows :
A circular impression, engraving, facsimile,
or printing which shall have inserted around
the circumference the full name of the corpor- �
ation and elsewhere thereon shall bear the
words "Corporate Seal" .
ARTICLE VII - CONSTRUCTION
If there by any conflict between the provisions of the
Articles of Incorporation and these By-Laws , the provisions
of the Articles of Incorporation shall govern.
ARTICLE VIII - AMENDMENTS
The By-Laws may be adopted, amended or repealed by the mem-
bers at the time they are entitled to vote in� the election of
Directors. By-Laws may also be adopted, amended or repealed
by the Board of Directors but any By-Law adopted, amended or
repealed by the Board may be amended by the members entitled
to vote thereon as hereinbefore provided.
If any By-Law regulating an impending election of Directors
is adopted, amended or repealed by the Board, there shall be set
forth in the notice of the next meeting of inembers for the
election of Directors the By-Law so adopted, amended or repealed,
together with a concise statement .9f the changes made.
�
::..:�_'-, CI'z'Y ' r:' �.�.TJ�
., � fl� ►�'i��.�:?ti �����
f::rX,,;�
��-�i £�; �'�-.;. O:E'F'ICL O.F �•zt�. Clr.t'X C0�1C?�'�
�; �� ��;-� ��:>
1 ;�! f:� =.c,i�'1 i'•;��
t� : 1.,'.•';`I,:.. �
:l �'�� i3S '.F� . .
�_''
�l '..'�� '- �. ' . . .
';:°`\... ,,�,��;,� D�t e : Apri 1 16, 1981
-��,��
CC� �� ^�� �i�' � � � � � � � � �
TC� : S�in� P�u� Cit�r Gr���^�l � � �y: �
�RQ �� = CO?!�°�.ii�2`�� U�1 FINANCE, MANAGFMENT & PERSONNEL . -
George McMahon ; e�aiFnan� n�a�ces th� fo3ic�r�ing ,
repor�� r,r� G.�. � Ordir�c�r�c�
. . (7) XX Res�lu�i�» -
� " . • � C?�h er . � -
I ��'L.'� :
At its meeting �of Apri1 16, 1981 , the Finance Corr�nittee recommended approval of
the fol'l ow.i ng:
1 . Resolution amending 1977, 1978, 1979 and 1981 Capital Improvement Budgets to�
. provide funding for Griggs Playground Renovation. (11872-GM) � �
2. Resolution amending .1979 Capital Improvement Budget to pravide funding for
Desnoyer Aven.ue Reconstruction. " .
3. Resolution abolishing titles and class specifications for titles in �Section 3.M, �
� Special Employments. (1�1882-GM) -- - �
4. Resolution amending_Special Employments Section of city's Salary Plan and Rates �
� of Compensation Resolution. (11883-GM)
5. Resolution adjusting rates of pay for various titles in Special Employment
- Section of City's Salary Plan and Rates of Compensation Resolution. (11884-�M)
6. Resolution approving transfer of funds to Treasury Division to provide
additional cash for change fund in connection with Surepay Electronic Fund .
. Transfer Option. (11899-GM)
7. Resolution changing the name of the Development Company to St. Paul 503 _
Development Company, authorizing incorporators for company, and stating the
City Council will appoint members according to By-laws and approve Articles
of Incorporation.
(CONTINUED . . .)
''[-�Y �L�1LL SEVEN"�-I FLOOR S:�I\7 PAUL, 1fI\tiESOTr� S�lC�'
.:«� ..._ ,_ '
� � OM Q1: 12/1975
Rev. : 9/8/76
*
EXPLANATION OF ADMINISTRATIVE ORDERS, '�`�b'��
RESOLUTIONS, AND ORDINANCES �'�
Date. April 8, 1981
T0: MAYOR GEORGE LATIMER .
�; ALAN D. EMORY-DEPUTY DIRECTOR,-,B�US�NESS REVITALIZATION DI�TISION ��
g�; 503 Development Company
ACTION REQUESTED:
To pass coim cil resolution chan�ing the name o� the Development Company to
St. Paul 503 Development Cc�mpany, and authorizing ineorporators for the
company. Also stating that the City Cotmcil will appoint members to the
company according to the By-laws: and approve the Articles of Incorporation.
�
PURPOSE AND RATIONALE FOR THIS ACTION:
, In order to incorporate the Development Company and submit our a�plication to
the SBA to become a certified Development Company enabling the use of SBA-503
(long-term-low-interest) fixed ass:et financing.
ATTACHMENTS:
1. Council Resolution
2. Articles of Incorporation
3. By-Laws .
ti
,
,