276565 WHITff - CITY CLERK
PINK - FINANCE COUIICII
CANARY - DEPARTMENT G I T Y O F S A I N T ��U L ����I� �
BLUE - MAYOR File N O•
ouncil Resolution
Presented By •
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1 . On August 26, 1980, the Port Authority of the City of Saint Paul adopted
Resolution No. 1696 giving preliminary approval to the issuance of revenue bonds in
the initial principal amount of approximately $1 ,620,000.00 to finance the acquisition
of the John Morrell building at 2523 Wabash Avenue for Hartzell Corporation's Ragon
Electronics Division. In addition to remodeling the existing building they propose
to construct a new 16,000 Sq. Ft. corporate office.
2. On March 5, 1981 , the Port Authority of the City of Saint Paul adopted
Resolution No. 1790 giving preliminary approval to the issuance of revenue bonds in
the initial principal amount of approximately $2,500,000 to per�nit Hartzell Corporation
to increase the size of their proposed facility from 16,000 Sq. Ft. to 24,000 Sq. Ft.
3. 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.
4. 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. 1790, the exact details of which, including, 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 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 nec-
essary for carrying out the purposes for which the aforesaid bonds are issued.
COUNCILMEN
Yeas Nays / Requestgd by QeQartment of:
V ��
Lev ne �� [n Favor
Maddox
McMahon a B -
.�—.-.
_ __ Against
Tedesco
Wil
MAR 2 4 �gg� Form Approved City Attorney
Ado d by Coun � . Date — �
ertifiE:d V• sed by Council S�cretar BY �
�''71��
App by :Navor: D e � MAR�qRt� App ed by Mayor for m sion to Council
By BY
puBUSHEO pPR 4 1981
PORT
AUTHORITY ��'����
OF THE CiTY OF ST. PAUL
Memorandum
TO: BOARD OF COMMISSI NERS DATE February 27, 1981
(MEETING MARCH 5, 19 1)
:�`�
FRpM; Donald G. Dunshe
SUBJEGT: PUBLIC HEARING - NARTZELL CORPORATION
$2,500,000 REVENUE BOND ISSUE
RESOLUTION N0. 1790
At a Special Meeting August 26, 1980, the Port Authority Commission
approved a preliminary and underwriting agreement for the sale of
$1 ,620,000 in industrial development revenue bonds for Hartzell
Corporation to finance the acquisition of the John Morrell building
on 2523 Wabash Avenue and construction of a new corporate office
facility.
Hartzell Corporation has completed the renovation of the John Morrell
building but determined they wish to increase the size of the proposed
office building and would need an increase in the authorized amount of
the revenue bond issue.
The Company has asked that the Port Authority increase the bond issue to
$2,500,000 to permit them to construct a 24,000 Sq. Ft. facility.
We anticipate this issue will be brought before the Commission at the
March or April meeting for sale.
Staff recommends approval of Resolution No. 1790.
sjs
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- =�- `� �' � � ���5��
Resolution No. 1790
RESOLUTION OF THE PORT AUTHORITY
OF THE CITY OF SAINT PAUL
WHEREAS, at a special meeting held on August 26 , 1980 ,
the Port Authority of the City of Saint Paul (the "Authority")
adopted Resolution No. 1696 giving its preliminary approval
to the issuance of industrial development revenue bonds in
the approximate amount of $1 ,620 ,000 to finance the accuisition
and renovation of an existing building and construction of
a new office facility attached thereto on behalf of Hartzell
Corporation (the "Company") ; and
WHEREAS, the Company has requested that the Authority
authorize the issuance of additional bonds to finance the
construction of a larger office building than originally
anticipated; and.
j��iEREAS, Miller & Schroeder riunicipals , Inc. (the "Under-
writer") has agreed to amend its agreement (the "Underwriting
Agreement") relating to the purchase of the re�enue bonds to
b e issued to finance the Project; aad
WHEREAS, the Authority, pursuant to Minnesota Sta�utes ,
Section 474 . 01 , Subdivision 7b did publish a notice , a copy
of which with proof of publica�ion 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 re��enue bonCS; and
ti'HEREAS, the Authority did conduct a public hearing
pursuant to said notice, at which hearing the reco:unendations
contained in the Authority's staff inemorandum to the Cornmissioners
were reviewed , and all persons who appeared at tne hearing were
given an opportunity to exoress their views with respect to the
proposal .
NORT, THEREFORE, BE IT RESOLVED by the Com.�;�issioners of
the Port Authority of the City of Saint Paul , �:innesota as
follows :
1 . 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 $2 ,500,000 (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 in connection with the adoption
of Resolution No. 1696 , are incorporated herein by reference
and approved.
2 . 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 an
amen ded 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.
3 . The findings and conclusions contained in P.esolution
No. 1696 , previously adopted by the Authority are reaffirmed.
�:dopted: March 5 , 1981.
. � /,: `
. .
en of t e Port Aut ority
of tYie ity of Saint Paul
Attest: •
�'�''LI% G��'�'�
S etary
,;;°.
-�. . " C3'�'Y �7�� ���NT $�A�7Za
� � `j �":, O�FICE �F' TF�E CITY COIINGZL .��r �'�3�'.�R.S'�
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k.S. �!f 1y�7�,�L�L��,; r"`
yl � �� Da t e : March 19, 1981
,`"�:; -
'� C �J ��1i� �T7` � � � � P � �'�'
°f0 : Soint Pa�l Cit� Ctiuncil
�f�Q � : CQ�����@�; a� FINANCE, MAPJ�GEPIENT & PERSONNEL
,
George P-1cMahon , choirman, makes the fiof lowing
report an C. F. �� Ordinance
(8) �X Resolution
�] Other
TlTLE : �
At its meeting of March 19, 1981 , the Finance Committee recommended approval
of the following: ,
_ . __ __ .___
1 . Resolution approving budget amendments in CD Years III , IV, V, and VI for
CD Year III Selective Clearance and CD Year IV Rehab Grants projects,
CD Year V Tree Removal and CD Year VI Tree Planting Project. '
2. Resolution approving budget amendments in CD Year VI to provide additional
$20,000 for Handicapped Accessibility for city bui7dings and services program.
3. Resolution approving transfer of funds to fund new positions of Electrfcal
Inspector and Plumbing Inspector to work in National Housing Service areas.
4. Resolution approving mortgages pledged by Guaranty State Bank of St. Pau1
as collateral to protect city funds held in said bank. (11699-GM)
5. Resolution revising minimum qualifications for Building Maintenance
Supervisor--Fire Department. (11755-GP1}
6. Resolution authorizing Minnesota Mutual Life Insurance Company to pay
dividends on premiums paid by employees. (118�7-GM)
7. Resolution approving issuance of approximately $2,50�,000 of revenue bonds
by the Port Authority to finance construction of facility for Hartzell
Corporation. (11798-GM)
8. Resolution approving issuance of approximately $1 ,345,OO�J of revenue bonds
by the Port Authority to finance acquisition of site on South tJabasha Avenue
for construction of industrial facility by William C. PJorris. (118�J0-GM)
(CONTINUED . . . )
Ct.iY HALi SEVE:tiTH FLOO:t SAINT PAUL, VII�tNESOTA 55102
f; �t-E- P�. � 8'��5
.. � �° - dM 01 : ?.2/191` .
- . • Rev. : 9/8
EXPLANATION �OF ADMINISTRA7IYE flRDERS,
- RESOLUTI�+IS, AND ORDINRNCES . :
. . t
. ,.
Date: March 5, 1981 r =, ,
�. . . . � � � . . . . � ����������f � f....�:
T0: MAY EQRGE LATTMER � �ir1� � t.19S1
FR• � E. A. �����
. RE: HART Ll CORPORATION
�2,500,000 REVENUE BOND ISSUE
RESOLUTION N0. 1790
ACTION REQUfSTED:
In accordance with the Laws of M.innesota, Chapter 234, it is requested that ttte �
Cfty Council, by Resolution, a draft copy of which is attached her��, apprp�re
tfie issuaqce of revenue bonds fn the amount of approximately �2,500,t�0 to _
fi�ahce t!� constrwction of a new. 24,000 Sq. Ft. facility for Hart�efil C�rp�ration.;
�A revaenu,� �nd issue in .the amount of $1,620,000 was approved on Au�crst 26,- ]980
� to fi� the acquisition of the John Morrell building at 2a23 .Wal�sh A��n�e and
. construc�t � �ew 16,000 Sq. Ft. corporate office. Hartzell Corporat3a�n wisF�s to
�ncrease t� size oF the proposed o�fice building and, therefore, needs an increase
in tfie �uthorized amount of the revenue bond issue. -
PURFOSE AND RATIONALf FOR THIS ACTION: � �
The purpose of the increased bond tssue is t��ermit Hartzell to increase the
size of their pratposed facility from 16,000 . Ft. to 24,QUQ Sq. Ft. Th�re awuld
be initial employment of 65 in the building and this wauld reach 100 on�e t#�e
en�ire facility is utilized. The term of the bond issue is 30 Years. �
ATTACHMENTS:
Staff Me�norandum
Draft City Cauncil Resolution
Port Authority Resolutiorr No. 1790