276984 WHITE - CITY CLERK y
PINK - FINANCE ������A
CANARY - DEPARTMENT G I T y O F S A I N T PA IT L COUIICII ,�
BLUE - MAYOR
File N 0.
' Co ncil Resolution
Presented By d
. Referred To Committee: Date
Out of Committee By Date �
WHEREAS:
,1 . On April 21 , 1981 , the Port Authority of the City_of Saint Paul adopted Resolution
No. 1809 giving preliminary approval to the issuance of revenue bonds in the amount of
approximately $5,000,000 to finance the construction of a 330 space parking ramp and motor
court, with restaurant and meeting room facilities comprised of approximately 20,000 square
feet of space on the Farmers Market site by R.E.W. Associates, a partnership comprised of
Robert E. Woolley and Landel Properties.
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 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 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 Resolution
No. 1809, the exact details of which, including, but not 1imited to, provisions relating
to r�aturities, 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
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.
COUIVCILMEN Requestgd by Department of:
Yea� Nays
Hunt
Levine �❑ FBVOi
McMa�hon O
� Against BY
Tedesco
Wilson
JUN 1 1 1981 Form Ap roved by City ttorney
Adopted by Council: Date —
Certified P• -sed y Co npi-��ecr��`K�`/ BY
B ��� s'"�`--- ,
� Ap r v d by•Mayor f b s ion to Council
Appr y Mayo : —
By ,
. PUBLISHED J UN 2 01981 �
6/11
George -- � ��
9 �Y
Attached are the two resolutions on the
Farmers ' Market site which you agreed to take into
Council this morning as non-agenda items.
Jane
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, ..,. . : OM Ol: J 2/19?5
. . • Rev. : . 918/76
EXPLANATION �OF ADMINISTRATIVE ORDERS, F m + P� #81-q t , I
RESOLUTI4NS, AN0 ORDINANCES � F. � : ����
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Date: April 23, 1981 A�� �'�98� :
� +V1A��S�IF� APR 2 41981
T0: MAYOR GE GE .LATIMER P�Atvt�INi� � �����M��
DEV�L�PM�� "
FR: - E. A. Kra �Paul Port Authority
RE: R.E.W. AS IATES (GRANADA ROYALE WOMETEL) � �, �[`-�,_ � �
$5,f�?Q,000 REVEMIlE BOND ISSUE `"'�'1
�Iz�,�g�
ACTiON REQUESTED:
In ac��ce with the Laws of Minnesota, Chapter 234, it is requested that tFr� City
Council, tiy Re�solution, a draft copy of which is attach�d hereto, approve the lssuanc� of
a revenue b�nd issue in the amount of approximately $5,0OO,OUO to finance the construction
of a 33� spa�e parking ramp and motor court, with restaurant and meeting raom facilities
� ��c�nnprised of approximately 20,Q00 square feet of space on the Farmers Market si�e by R.�'.W.
ssoc9ates, a partnership comprised of Robert E. Woolley and Landel Properties.
:PUR'POSE AND RATIONALE fOR THIS ACTION: � �
The purpose of the revenue bond issue is to finance the construction of a 330 s�� parking
r�rp and motor coart, with restaarant and meeting raom facilities compri�ed vf �p�at��artely
20,040 square feet of space on the Farmers Market site by R.E,W. Associates. The par^ici�#
ramp would be built in con,�unction with a 204-room, 9-story Granada Royale Flc�netal also
proposed tQ be constructed on the same site whose design will be sub�ect to't�e a�roval
of the City � 5#. Paul . When completed, it is anticipated that this pro3ect will �velop
real estate #,�es of $300,000 'per year and employ approximately 2a0 persons.
ATTACHMENTS:
Staff Memorandum '
Dr.aft City Council Resolution
Port Authority ResolWtion No. 1809 `
� P��ORT
AUTNORITY �i��:�g4
OF THE CITY OF ST. PAUL
Memo�andum
TO: Board of Comnissioners DATE April 17, 1981
Meeting of April 21 , 1981 •
FRObI: E.A.
SUBJEGT: GRANADA ROYALE HOMETEL
PUBLIC HEARING - SALE OF BONDS - PRELIMINARY AND UNDERWRITING AGREEMENT -
200 ROOM HOTEL - $10,Q00,000 REVENUE BOND ISSUE - CITY MARKET SITE -
RESOLUTION N0. 1807
PUBLIC SALE HEARING - SALE OF LAND - RESOLUTION N0. .1808
PUBLIC HEARING - SALE OF BONDS - PRELIMINARY AND UNDERWRITING AGREEMENT -
330 SPACE PARKING RAMP - $5,0OO,,fl00 REVENUE BOND ISSUE - RESOLUTION N0. 1809
PUBLIC SALE HEARING - SALE OF LAND - RESOLUTION N0. 1816
1 . THE PROJECT - GRANADA ROYALE HOMETEL - FARMERS MARKET SITE
The Commission on March 31 , adopted Resolution No. 1799 relative to the
proposed financing of the development of the Farmers Market site. The
City Council on April 14 unamimously approved the vacation of the Farmers
Market site and relocation of the market to a site yet to be selected to
make way for the construction of the complex proposed by Robert E. Woolley,
principal of Granada Royale Hometels. Robert E. Woolley is a principal
or a partner in numerous developments throughout the United States and
is the owner of Hometels of America and various subsidiaries.
PARTNERSHIP - HOTEL
St. Paul Hometel Associates is a partnership comprised of Robert E.
Woolley; Cornell Moore; Randy Giesen, Paul Frerichs and Cy Sheehy, Jr. , all
with Sheehy Construction; Gus Arizio and Steve Oveson, executives with
the Granada Hotels and related enterprises.
Cornell Moore is an attorney-developer residing in the Twin Cities with
various real estate and stock holdings.
PARTNERSHIP - RESTAURANT, PARKING ANCICLARY FACILITIES - BOND ISSUE
R.E.W Associates is a partnership comprised of Robert E. Woolley and
Landel Properties.
The City of St. Paul currently owns the Farmers Market site which has
an appraised value of $1 ,280,000. A developer agreement has been
entered into between the Planning and Economic Development Department
and the company to acquire the site based upon a cost allocation for
� the three proposed phases.
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Board of Commissioners
;�`�b��4
April 17, 1981
Page -2-
2. THE FACILITY
The development phases will include: •
A. A 200-room, 9-story Granada Royale Hometel whose design will be
- subject to approval of the City of St. Paul .
B. A parking ramp and motor court containing approximately 330 spaces,
restaurant and meeting room facilities comprised of approximately
20,000 square feet of space,
C. l . A 100,000 square foot condominium office building, or,
2. A residential facility containing 85 units,
Under the terms of the City's agreement with Woolley and its conditions
of sale, Phase 3, i .e. , the office building or the residential units,
must be constructed within one year after the hotels completion or that
portion of the property reserved for Phase 3 will revert back to the City
of St. Paul .
Any construction of office space will be subject to conditions existing
in the office space market in St. Paul at the time of development.
In evaluating the development and recommending financing, staff has
evaluated again the original hotel room need study performed by Ken
Bordner and Associates and related this to commitments that have been
made subsequent to that study. The study indicated a need for 2,536
rooms to be opened by 1986. Of that amount, 1 ,187 rooms exclusive of
this project, are built, under construction, or committed to open by
mid-summer 1982. Including the 200 rooms proposed here which will open
in the spring of 1983, this amounts to 1 ,387 rooms, leaving a balance
recommended in the study of 1 ,149.
The only other hotel project now being discussed is the proposed Civic
Center project including the new theater which will be incorporate�in a
UDAG grant application to be submitted to HUD within the next 45 days.
If funds are granted to participate in this project, and these funds
are essential to any ability to finance the hotel or portions thereof wtth
bonds, the opening of the Civic Center Hotel project could not occur
prior to 1984 or later.
The City of St. Paul agreement with Robert Woolley provides that con-
struction of the facility would not corr�nence until after the current
marketing season is over, which occurs during the last week in October,
and therefore, would not interfere with marketing activities there during
the 1981 season. -
Board of Commissioners
2'��9�4
April 17, 1981
Page -3-
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Costs of the project would be allocated as follows:
Granada Royale Hometel $10,000,000
Restaurant, banquet, meeting room facilities 1 ,500,000
Parking facilities 3,000,000
Partnership Equity (hard costs only) 1 ,664,000
The hotel facility, commonly called "The Suite Life", will provide 200
suites which consist of a bedroom, bathroom, living room, and efficiency
kitchen. It also provides ready convertibility to condominiumization
or conversion if desirable at some future date.
The parking ramp facility will be one story_ under a deck from which rise
the hotel , the motor court parking and other facilities to be built at
a later date. Parking will be adequate for the developments proposed
for the site.
3. FINANCING
HOTEL
The hotel �financing is proposed to be a $10,000,000 issue allocated as
follows:
Construction $ 6,827,250
Reserve 1 ,172,750
Capitali2ed Interest-18 Months 1 ,650,000
Expenses (Est. ) 50,000
Underwriting 300,000
TOTAL $10,000,000
PARKING RAMP AND RESTAURANT AND ANCILLARY FACILITIES
The parking ramp, restaurant and ancillary facilities is proposed to be
a $5,000,000 issue allocated as follows :
Parking Ramp Ancillary Facilities
30 Years 20 Years
Construction $2,026.650.00 $1 ,339,925.00
Reserve 353,350.00 260,775.00
Capitalized Interest-18 Months 495,000.00 315,000.00
Expenses 35,000.00 25,000.00
Underwriting 90,000.00 60,0OO.OJ
TOTAL �3,000,000.00 $2,000,000.00
The parking ramp, restaurant and ancillary facilities issue would consist
of two series with the restaurant and ancillary facilities issue amortized
� over a period of ZO years and the parking ramp amortized over 30 years.
The hotel would also be on a 30-year iease basis.
Board of Commissioners
�'r���34
April 17, 1981
� Page -4-
The hotel facility agreement contains a provision which would permit
either funding of the reserve in the bond issue, escrowing the reserve
in cash, or deposit of an irrevocable letter of credit equal to the
� reserve fund to be replaced within the first five years by cash.
Notwithstanding any of these recorr�nended alternative methods of funding
the reserve,the equity required, unless it is cash deposited for reserves,
will be 10% which can be used for hard costs or F, F and E (furniture,
fixtures and equipment) . In no event will bond proceeds be used to
finance F, F and E.
We have provided under separate cover copies of financial statements of
the principal partners which indicate a combined net worth in excess of
$38,000,000. The leases on all the facilities proposed will be personally
guaranteed.
4. UNDERWRITING AGREEMENT
Both of the 876 issues totaling $15,000,000 will be publicly sold.
Miller & Schroeder Municipals have presented us with an underwriting
commitment to purchase the bonds. The rate of interest will be based
on the market rate for 876..issues at the time of closing.
5. TERMS OF THE LEASE
The terms of the agreements will be for 30 years with the exception
of the ancillary facilities series which constitutes a bond issue of
$2,000,000 which will be amortized over 20 years.
The Port Authority will charge fees on the entire project based upon
the following schedule:
.36% per million per month for the first 10 years $54,000.00
.48� per million per month for the second 10 years 72,000.00
.60% per million per month for the last 10 years 78,000.00
The Port Authority will also retain all the earnings on the sinking
fund and its debt service reserve funds which are capitalized in the
bond issue.
In the event the partnership elects to lease F, F and E, any such lease
will be subordinated to the Port Authority bonds. The agreements will
contain an option to purchase at the end of the term or at amortization
of the outstandfng bonds for $1 .00. The preliminary agreement provides
that all negotiated conditions shall be met at the date of closing and
issuance of the bonds shall be subject to obtaining an 'A' rating from
Standard & Poor's.
Board of Commissioners ,����j��4
April 17, 1981
Page -5-
It is anticipated that taxes on the initial phase of the project will
be approximately $300,000 per year.
6. RECOMMENDATIONS
- The significance of this development on a site currently considered
under utilized by the City of St. Paul is to expand the available
lodging and recreational facilities within the downtown community and
to take another step toward meeting the needs for hotel rooms forecast
by the independent consultants. This also fits in with the projected
room needs forecast in the Laventhol & Horwath Civic Center expansion
study. The facilities built by Robert E. Woolley throughout the United
States are outstanding in their amenities, and it is staff's opinion
that this is a significant and important addition to St. Paul 's downtown
community.
The Downtown District 17 Council has received early notification of this
project and a presentation of it was made to them by James Bellus,
Director of the Planning and Economic Development Department, on Thursday,
April 16. �
The City has taken the steps to proceed to vacate the site, and it is
staff's recommendation based upon evaluation of the Granada operations, and
the partners financial -statements, that the following resolutions be
adopted and the project financed with industrial revenue bonds issued
under the Port Authority`s 876 resolution:
Resolution No. 1807 - Public Hearing - Sale of Bonds - Preliminary
and Underwriting Agreement - 200 Room Hotel -
$10,000,000 Revenue Bond Issue
Resolution No. 1808 - Public Sale Hearing - Sale of Land
Resolution No. 1809 - Public Nearing - Sale of Bonds - Preliminary and
Underwriting Agreement - 330 Space Parking Ramp -
$5,,000,000 Revenue Bond Issue
Resolution No. 1816 - Public Sale Hearing - Sale of Laad
EAK:jmo
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" . Resolution No. 1809
RESOLUTION OF
THE PORT AUTHORITY OF THE CITY OF SAINT 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
governmental services required to meet the needs of 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 the R.E.W. 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, installation and
construction of parking and restaurant and related facilities
(hereinafter collectively called the "Project" ) in the City of
St. Paul, all as is more fully described in the staff report on
f ile; 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
employr.ient 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
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" WHEREAS, the Project to be financed by revenue bonds
will result in substantial employment 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 that with the aid of revenue bond financing, and its
resulting law borrowing cost, the Project is economically more
£easible;
WHEREAS, Miller & Schroeder Municipals, Inc. (the
"Underwriter") has made a proposal in an agreement (the
"Underwriting 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, THEREFORE, BE IT RESOLVED by the Commissioners
of the Port Authority of the City of Saint Paul, Minnesota 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 1 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 aid in the redevelopment of
marginal land and encourage the development of economically
sound industry and commerce and assist in the prevention of the
emergence of blighted and marginal land, 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
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
the 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 agreement 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 in an amount
not to exceed approximately $ 5,000, 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 Commissioner 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 Underwriting
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 for the issuance of industrial revenue bonds
(including, if deemed appropriate, any interim note or notes to
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- provide temporary financing thereof) to finance the entire cost
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
Agreements.
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; provided that the President (or
Vice-President if the President is absent) and the Secretary
(or Assistant Secretary 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 lieu of such
absent officers, are hereby authorized in accordance with the
provisions of Minnesota Statutes, Section 475.06, Subdivision
� 1, to accept a final offer of the Underwriters made by the
Underwriters to purchase 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. �
6. The revenue bonds 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 City or a charge�
against their general credit or taxing powers and neither the
full faith and credit nor the �axing powers of the Authority or
the City is pledged for the payment of tlie bonds 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.
. �'����r,�
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° 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
application to the Commissioner of Securities, State of
Minnesota, 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.
� Adopted April 21, 1981 �
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Attest ��' liu-
, _
Presi
The Port Authority of the City
of Saint Paul
�Co.�t Secretary "
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PORT AUTHORITY OF THE CITY OF SAINT PAUL
25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 •
April 23, 1981
� Mr. James Bellus
Director
Planning and Economic Development Department
City of St. Paul
14th Floor, City Hall Annex
St. Paul ,'Minnesota 55102
SUBJECT: R. E. W. ASSOCIATES (GRANADA ROYALE HOMETEL)
$5,000,000 REVENUE BOND ISSUE
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 revenue: bonds to finance the construction of a 330
space parking ramp and mo�or court, with restaurant and meeting room
facilities comprised of approximately 20,000 square feet of space on
the Farmers Market site by R.E.W. Associates, a partnership comprised
of Robert E. Woolley and Landel Properties.
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. 1809 which authorized the sale of bonds in the amount
of $5,000,000.
Your expeditious handling of this matter will be appreciated.
Yours truly,
,Eugene A. Krau
Assistant Executive
Vice President
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cc: R. Broeker
20BERT f.SPRAFKA EUGENE!a KRAUf,C.I.D. DONALD G.DUNSHEE,C.I.D. CUFFORD E.RAMSTED RONALD O.SCHEITLE
XECUTNE ViCE PRESIOEM ASSISTANT EXECUINE VICE PREypEM � dRECTOR,INpU$R2VJ,pEVEtppMEry{ CHIEF ENGMJEER , CNiEf ACCWNTANT
�OMMISSIONERS GEORGE W.WINTER GEORGE R,McMAHON ARTHUR N.GOODMAN VICTOR P.REIM JEAN M.WEST WILLIAM WILSON WILLIAM J.SEIFERT
PRES�OEM VICE PRESIDEM SECREIARV 1REP.AJRER
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C.I.D. Certified industrial Developer
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� PORT AUTHORfTY OF THE CITY OP SAINT PAUL
( 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 •
April 23, 1981
Mr. James Bellus
Director
Planning and Economic Development Department
City of St. Paul
14th F1oor, City Hall Annex
St. Pau1 , Minnesota 55102
SUBJECT: R. E. W. ASSOCIATES (GRANADA ROYALE HOMETEL)
$5,000,000 REVENUE BOND ISSUE
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 revenue: bonds to finance the construction of a 330
space parking ramp and mo�or court, with restaurant and meeting room
facilities comprised of approximately 20,000 square feet of space on
the Farmers Market site by R.E.W. Associates, a partnership comprised
of Robert E. Woolley and Landel Properties.
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. 1809 which authorized the sale of bonds in the amount
of $5,000,000.
Your expeditious handling of this matter will be appreciated.
Yours truly,
,Eugene A. Krau
Assistant Executive
Vice President
EAK:jmo
cc: R. Broeker
ROBERT F.SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETTLE
:XECUfNE VKE PRE5IDEM ASS75iAM FJ(ECUfNE VICE PRESDEM DIRECTOR.INWSiRIAL DEVELOPMEM CMffF ENGINEER CMIEF ACCOUMAM
COMMISSIONERS GEORGE W.WINTER GEORGE R.McMAHON ARTHUR N.GOODMAN VICTOR P.REIM JEAN M.WEST WIWAM WILSON WILLIAM J.SEIFERI
� PRESIDEM V10E PRESIDEM SECRETN7v 7RFIWMER
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C.I.D. Certified Industrial Developer
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� PORT AUTHORITY OF THE CITY OF SAINT PAUL
( 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 �
April 23, 1981
� Mr. James Bellus
Director
Planning and Economic Development Department
City of St. Paul
14th Floor, City Hall Annex
St. Pau1 , Minnesota 55102
SUBJECT: R. E. W. ASSOCIATES (GRANADA ROYALE HOMETEL)
$5,000,000 REVENUE BOND ISSUE
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 revenue..bon,�s to finance the construction of a 330
space parking ramp and mo�or court, with restaurant and meeting room
facilities comprised of approximately 20,000 square feet of space on
the Farmers Market site by R.E.W. Associates, a partnership comprised
of Robert E. Woolley and Landel Properties.
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. 1809 which authorized the sale of bonds in the amount
of $5,000,000.
Your expeditious handling of this matter will be appreciated.
Yours truly,
,Eugene A. Krau
Assistant Executive
Vice President
EAK:jmo
cc: R. Broeker
ROBERT F.SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETfLE
:xECUfNEV1C:EPRESIDEM ASS�SfANiIXECUINENCEPRE9DENf � OIRECTOR.INWStRIALDEVELOPMEM CHIffENGINEER � CNiEFACCWNTANf
COMMISSIONERS GEORGE W.WINTER GEORGE R.MCMAHON ARTHUR N.GOODMAN VICTOR P.REIM JEAN M.WEST WILLIAM WILSON. WILLIAM J.SEIFERT
PRESiDEM V10E PRESIDEM SECRETARV 7REASURER
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C.I.D. Certified Indust�ial Developer
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PORT AUTHORITY OF THE CITY OF SAINT PAUL
25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MiNN. 55102 • PHONE (612) 224-5686 •
April 23, 1981
Mr. James Bellus
Director
Planning and Economic Development Department
City of St. Paul
14th Floor, City Hall Annex
St. Pau1 ,�Minnesota 55102
SUBJECT: R. E. W. ASSOCIATES (GRANADA ROYALE HOMETEL)
$5,000,000 REVENUE BOND ISSUE
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 revenue .bonds to finance the construction of a 330
space parking ramp and mo�or court, with restaurant and meeting room
facilities comprised of approximately 20,000 square feet of space on
the Farmers Market site by R.E.W. Associates, a partnership comprised
of Robert E. Woolley and Landel Properties.
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. 1809 which authorized the sale of bonds in the amount
of $5,000,000.
Your expeditious handling of this matter will be appreciated.
Yours truly,
;Eugene A. Krau
Assistant Executive
Vice President
EAK:jmo
cc: R. Broeker
20BERT F.SPRAFKA EUGENE f�KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFfORD E.RAMSTED RONALD O.SCHETTLE
:XECUfNE VICE PRESIDEM 059STAM EXECUIIVE yICE pRE$IpE�d{ qRECTOR,INpU$IttIF1�pEyElppMEpJ� CHIEF ENGINEER CHffF ACCOUNTANT
�OMMISSIONERS GEORGE W.WINTER GEORGE R.McMAHON ARTHUR N.GOODMAN VICTOR P.REIM JEAN M.WEST WIWAM WIISON WILLIAM J.SEIFERT
- Pf7E5�DEM � ViCE PRESiDEM SEGtEiMV iRFASURER
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C.I.D. Certified Industrial Developer
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PORT AUTHORITY OF THE CITY OF SAINT PAUL
25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 �
April 23, 1981
� Mr. James Bellus
Director
Planning and Economic Development Department
City of St. Paul
14th Floor, City Hall Annex
St. Pau1 , Minnesota 55102
SUBJECT: R. E. W. ASSOCIATES (GRANADA ROYALE HOMETEL)
$5,000,000 REVENUE BOND ISSUE
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 revenue..bonds to finance the construction of a 330
space parking ramp and mo�or court, with restaurant and meeting room
facilities comprised of approximately 20,000 square feet of space on
the Farmers Market site by R.E.W. Associates, a partnership comprised
of Robert E. Woolley and Landel Properties.
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. 1809 which authorized the sale of bonds in the amount
of $5,000,000,
Your expeditious handling of this matter will be appreciated.
Yours truly,
� ,Eugene A. Krau
Assistant Executive
Vice President
EAK:jmo
cc: R. Broeker
20BERT F.SPRAFKA EUGENE A KRAUL C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETfLF
XECUfNE VICE PRELDEM FS95fANf O(ECUINF VICE PRESIDEM � dRECTOR.NaDUSfRNL DEVELOP�v1EM CHIEf F.NGINEER � ClaEF ACCOUNfANf
�OMMISSIONERS GEORGE W.WINTER GEORGE R.MCMAFION AR7F{UR N.GOODMAN VICTOR P.REIM JEAN M.WEST WIWAM WILSON WILLIAM J.SEIFERT
PRES�DENT VICE PRESIDEM SECREIAM TREASINtER
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C.I.D. Certified Industrial Developer
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PORT AUTHORITY OF THE CITY OF SAINT PAUL
25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 •
April 23, 1981
� Mr. James Bellus
Director
Planning and Economic Development Department
City of St. Paul
14th Floor, City Hall Annex
St. Pau1 , Minnesota 55102
SUBJECT: R. E. W. ASSOCIATES (GRANADA ROYALE HOMETEL)
$5,000,000 REVENUE BOND ISSUE
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 revenue,_bonds to finance the construction of a 330
space parking ramp and mo�or court, with restaurant and meeting room
facilities comprised of approximately 20,000 square feet of space on
the Farmers Market site by R.E.W. Associates, a partnership comprised
of Robert E. Woo1ley and Landel Properties.
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. 1809 which authorized the sale of bonds in the amount
of $5,000,000.
Your expeditious handling of this matter will be appreciated.
Yours truly,
Eugene A. Krau
Assistant Executive
Vice President
EAK:jmo
cc: R. Broeker
!OBERT F.SPRAFKA EUGBVE A KRAUL C.I.D. DONALD G.DUNSHEE,C.�.D. CLIFFORD E.RAMSTED RONALD O.SCHETTLE
KECUfNE VICE PRESIDEM AS9STaM EXECUIIVE VICE pRE,ypENf � dRECTIX2.[vplbTRVLL pEyElppMEPn CHIEF ENGINEER CNIEF ACCOUNIANT
:OMMISSIONERS GEORGE W.1MNiER GEORGE R,MCMAHON ARTHUR N.GOODMAN VICTOR P.REIM JEAN M.WESi WIWAM�/y�LSpN WILLIAM J.SEIFERT
PRESIOEnrt vICE RlES�DEM SECREiMV TREFSURRER
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C.I.D. Certified Industrial Developer
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PORT AUTHORITY OF THE CITY OF SAINT PAUL
25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 �
April 23, 1981
Mr. James Bellus
Director
Planning and Economic Development Oepartment
City of St. Paul
14th Floor, City Hall Annex
St. Pau1 , Minnesota 55102
SUBJECT: R. E. W. ASSOCIATES (GRANADA ROYALE HOMETEL)
$5,000,000 REVENUE BOND ISSUE
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 revenue bonds to finance the construction of a 330
space parking ramp and mo�or court, with restaurant and meeting room
facilities comprised of approximately 20,000 square feet of space on
the Farmers Market site by R.E.W. Associates, a partnership comprised
of Robert E. Woo1ley and Landel Properties.
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. 1809 which authorized the sale of bonds in the amount
of $5,000,000.
Your expeditious handling of this matter will be appreciated.
Yours truly,
,Eugene A. Krau
Assistant Executive
Vice President
EAK:jmo
cc: R. Broeker
70BERT F.SPRAFKA EUGENE�4 KRAUf,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAMSTED RONALD O.SCHETTLE
��XECUfNEVICEPRESIDEM AS55TANfEXECUfNENCEPRESIDEM DIRECIOR.INOIA'�IALDEVELORv1EM GiIEFENGINEER CHIEFACCOUNiANf
�OMMISSIONERS GEORGE W.WINTER GEORGE R.MCMAHON ARTHUR N.GOODMAN VICTOR P.REIM JEAN M,WEST WIWAM WILSON WILLIAM J.SEIFERT
PRES�OEM V�CE PRES�DEM SECRE7ARV TRFAAMER
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C.I.D. Certified Industrial Developer