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276037 WNITE - CITY CLERK ( r PINK - FINANCE COUIICII ��{,�R y� CANARY - DEPARTMENT � G I TY O F SA I NT PA U L �jl �V��%� BLUE - MAYOR File N O. ou cil Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1 . On November 18, 1980, the Port Authority of the City of Saint Paul adopted Resolution No. 1733, giving preliminary approval to the issuance of a tax exempt mortgage note in the initial principal amount of approximately $2,500,000 to finance the construction of three buildings--two buildings of office and office-services totaling approximately 55,000 square feet and a third structure of pure office totaling approximately 25,000 square feet--for a total development of approximately 80,000 square feet for Winfield Developments Inc. on a 6.12 acre site in Riverview Industrial Park. 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. 1733, 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 necessary for carrying out the purposes for which the aforesaid bonds are issued. COUNCILMEN Yeas lVays Requestgd by Department of: Hunt P1 nn i ng and Economi c Devel c�z m -n _ Levine [n Favor #Aa�k�or�, � McMahon _ sno�ite� __ Against BY Tedesco QEC' g ��fl Form A p ved by C' Atto Adopte y Council: Date a/�� Cer fied Pas- by Cou .il retaty BY ` �' Ap by ;Nayor: te C � � �ggp Appro y Mayor f on to Council By _ By �tts��o D;� 2 � 1980 � PORT � . . A �lTHORITY ��'� OF THE CITY OF ST. PAUL Memorandum TO: Board of Commissioners DATE: Nov. 18, 1980 FROM: E. A.' � • � � SUBJECT: WINFIELD REVELOPMENT OF MINNESOTA PUBLIC HEARING - PRELIMINARY AND UNDERWRITING AGREEMENT $2,500,000 TAX EXEMPT MORTGAGE NOTE - RIVERVIEW INDUSTRIAL PARK RESOLUTION N0. 1733 Attached is a copy of the staff inemo related to the proposed $2,500,000 tax exempt mortgage note to finance three buildings in Riverview Industrial Park for Winfield Development. Subsequent to this meeting we have assembled some additional information which may have a bearing on the merits of financing this facility. The site that Winfield leases from the Port Authority has certain defects which make financing difficult to obtain and very substantially increases the cost of development. There are height limitations imposed by the airport glide pattern, there is a portion of the site which they leased which can be used for parking only, and the proposed construction is all atop the site of the old city dump in an area where none of the refuse material was removed in the development of Riverview. The minimum additional cost of construction on these sites is $5 to $6 per square foot. The Winfield proposal includes buildings D, C and E totaling 77,000 square feet, which at $6 would equal additional costs of $462,000. While this was known at the outset when Winfield originally leased the land no one could foresee that the private mortgage rate would skyrocket as it has. Even with the initial consideration of 50¢ given for subsoil correction this is an additional cost of $326,000. An additional concern was expressed that these buildings, which will contain 28,000 square feet of office space in building E and combined office/warehouse space in D and C, would be competing with office space in downtown St. Paul . We have analyzed the rentals in the Riverview Industrial Park buildings which have office space for lease and find that of the 39 firms naw located there seven were formerly in downtown St. Paul , and they represent office employees totaling only 50 of a total 344 employees in these five buildings. � ;��b��` r�o�. �s, �g8� Page -2- In the case of the two office/warehouse type buildings in Midway Industrial Park employing 343 persons, only 5 of the employees are from downtown St. Paul , and this in an office/warehouse facllity. The generation of employment in our industrial parks frequently results in a relccation to downtown St. Paul , Recently Anderson & Seiberlich, who employed 4Q persons when they built tneir plant in Riverview nine years ago, merged with McGladrey Hendrickson Co, and have moved 100 employees into � Twon Square office space. There are many instances of this. t�lith limited industrial space left for construction and with an effort by the Planning and Economic Development Departmen� and the Port Authority staff to located higher density facilities on this limited land resource, a multiole tenancy building of the type proposed acts as a generator for small new companies, which ultimately expand and helps broaden our tax base and our . job opportunities. The attached list of space is illustrative of this ohilosophy, and we're gaining numerous companies from outside of St. Paul or locating companies newly created in this type of space. It is staff's opinion vrhile this is in essence a speculative buildinq, it is a property difficult to market but one which can, given proper financing, generate a substantial number of jobs. Staff recommends that these facilities be included in the Commission`s consideration of whether or not to adopt Resolution Pdo. 1733. EAK:jmo .�. O� R T ��u°_ �� :� - .AUTH � RITY OF THE CITY OF ST. PAUL Memorandum TO: BOARD OF COMMISSIONERS DAT� September 25, 1980 (Sept. 30, 1980 Special Meeting) � ✓" FRObI: J.F. Faue SUBJECT: WINFIELD DEVELOPMENTS, INC. PUBLIC HEARING $2,500,000 TAX EXEMPT MORTGAGE NOTE & PRELIMINARY AGREEMENT RIVERVIEW INDUSTRIAL PARK RESOLUTION N0. 1708 l . THE COMPANY The Port Authority and Winfield Developments, Inc. , a Minnesota corporation, entered into a land lease July 24, 1979 for a 9.7 acre parcel in Riverview Industrial Park. The site was subsequently divided into two parcels to provide for a phased development over a two-year period. Construction on the first parcel of approximately 3.6 acres, which was financed by the company, started in the fall of 1979. The project consists of two buildings of approximately 33,000 square feet each for office and office- services facilities. Leasing began in the spring of 1980 and is at this time in excess of 70% leased. Regarding employment, the project is generating one person for each 500 square feet of building at the present time. The facility has been well received in the market. Winfield Developments, Inc. is a wholly owned subsidiary of Winfield Developments Ltd. , a Canadian development firm headquartered in Winnipeg, Canada. 2. THE PROJECT Parcel 2 contains 6.12 acres. The project calls for the construction of three facilities--two buildings of office and office-services comparable to the existing structure totaling approximately 55,000 square feet, and a third structure of pure office totaling approximately 25,000 square feet-- for a total development in the second phase of approximately 80,000 square feet. The company has conducted a market feasibility study and determined that the office and related office-services facilities are much in demand and it is feasible to proceed at this time. The experience with the existing facility, the successful leasing of this facility, and its attractiveness and desirability in the market leads us to shar� this opinion that it is appropriate to begin the second phase of the program. ,. � . ' , • _ � BQARD GF CQMMISSIONERS Sept. 25, 1980 Page -2- 3. FINANCING Financing of the project is proposed through the issuance of a tax exemat mortgage note in an amount not to exceed $2,500,000. The total cost of the project will be approximately $3,000,000, and the difference between the tax exempt mortgage note and the actual cost will be provided by the company. In the case of tax exempt mortgage financing, the credit . of the Port Authority is not pledged. h1iller & Schroeder Municipals have agreed to enter into an agreement with the company to place the financing. It is anticipated that construction will begin almost immediately. The financial statement of Winfield Developments, Inc. , the Minnesota corporation, is attached along vrith the statement of i�tinfield Develop- � ments Ltd, the Canadian parent. In the original lease, the parent auaranteed the obligation of the Minnesota subsidiary. Based on an estimated mortgage note of $2,500,000, the Port Authority :vill charoe a fiscal and administrative fee of $750 per month for th2 first 10 years, S1 ,OOO per month for the second 10 years and �1 ,250 per month for the balance of the term. The terms of the original lease provide that the co�pany pay its land rent on Parcel 2 in the amount of $3,659.66 per month based on the vaiue of $1 .50 per square foot. Following the start of construction, th� monthly rent wil�l be reduced to $2,439.77 based on a value of �1 per square foot. The re�uction in land rent is the result of a 50¢ com;�ensation for re�ui�e� soil correction. Th� purchase option, vrhich is available in the lOth year, or January, 1989, is at $1 .50 �er square foot and at appraised value thereafter. 4. RECOP��IEN�ATIONS • The Port Authority has approved a land lease with the company, and the com�any has fulfilled their obligation for the first phase of development. We have interviev�red the company and revie�ved their financi�l statement. As outlined above, the credit of the Port Authority is not pledge� in this instance. The project will provide a location for new employees in Rivervie��r Industrial Park for ap�roximately 200 people and should eenerate in excess of $75,000 per year in new reat estate taxes. Staff recommends approval of Resolution No. 1708, �FF:ca Attach. . . � + • - - �' " Resolution No. 1733 • . �• . - � . ��l�� . -�� . . -� RESOLUTIO?J OF `� THE PORT AUTHORITY OF aHE CITY OF SAIPIT PAUL. ' VY�iERE�S, the purpose of Cnanter 474, t�iinnesota Stat�te�, };nown as the i•linnesota i•!��nic?pa'_ Incustrial Develop- • ment ;tic` (hereir.aiter called "Act") as found and deterr�ine� by the legislature is �o promote the welfare of the state by th� : acti�-e attrac�ien and encourage�en� and develop�;�ent of econoni- cally s��;:;,d indus�try anc] commerce to preven� so iar as possible �he e�:�=�enc� o� bi�ghted and marg�nal lands an:3 a�eas of c;�ronic �r;e;.:�loy:.��.^.� and to aid in t:e develop�ent of existing areas c� bl?g?�L, ::�arginal land and p�rsistent unenploy-�e��; and ►•r�E�_�S, factors necessita��ng the acti��e pror�o�ion '�1'�C3 G°Vc�OD?:l�^�. c= economically SOL'1'lt1 11'lC3�i5�`.T'�� c"'.:1C7 CO:?'.:":12rCE c'ire the ir.creas=r,g c�r�centration of po�ulation in the netropclitan arezs �-:� t.le ra�id?�� rising increase in the a^ounL cnd co�t o� gove=rn�s:t�i se=��=ces required t0 s:i22t �he needs o� the increa_�c3 z�o^�_�at_on and the need �or develon-:ent of land �se � t•r'ti11Ci7 Y;=_� �_vV'_• v2 ai? ar3equate �cn ua5° t.0 i?1'?a�C° �L'.�:° increas�d costs znd access to er:pioy-^ient op?ortuni�ies fo= such � - popu_a�icn; and • •iv::E�£�.5, Tl;e Port Authority of the Cit�� of Sair� Paul - (�he "��.:��:or i�v" ; has received frc� the S•iinf ield D�ve'o��:�,«s, � Inc . , a "_::n�so`� corporation (hereinaTter re�eiL"2v to as '�Co;npar.j•" ) a re�ue�� that the Autl-:or_ty issue its revenue bonc?s (which �:�.y b� i:� �he forrn of a sir.gle note) to fir.ance t;:e acquisi=ior_, �?n=tallation and construction of o�f ice anc7 off ice services facili�ies (hereinaiter collectively called the "Projec�") in t�� City of St. Paul, �11 as is nore fully descri;�2d in t::e stzff report on file; and j�rHE��?S, the Authority cesires �o facilitate the S?ZECil`J� C°�7°�G?T'?e=?� Oi tnC COfi:?lt:.'?=�1�� O retv.lri �ilC� 1^D'_"OV? 1t.S �c:{ }J' c5° Z?�G� �O 1'?��J 3.t P�OV1C� �.^.�2 ?"ci?�2 O� S?rV10ES cJ"lC3 E^U�v�'::�E':l� O:��O�"�u'11�.i�5 :."equired iJj '_�S �C�'��c�1C1"l� ci:a S�?C? ?r0�°C� ��:ill aS5�5� �`-i?e C1�}' 1�1 cC�i°':li:C tnc� O��CC�1�'° . ��_Q . PrOj°Ct 5�:111 1':?�� O 1T1Crease ��^.E' cSSESSE� Vc��.��i0]'� Or �.^.2 C1��' cl':� ;;°�� c?.^.�c�ri c �OSltl�-e =e!G�1Q�:Sh_'J �°�'.•JACR 25S2SSE?Q l'�ZL'c�i0'1 c31i.7 C°�J� cT)C� en;,�nce �".'E 1-:c�2 c;l� 1c�lil.Gl.lOi� Oi �`.�'12 C�. ,..y j Gi�C � . . . . � . ` 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- '� - sen�atives of the Company that conventional, co:nmercial financing to pay the capital� cost of the Project is available only on a. linited basis and at such high costs of borrowing � that the economic feasibility of o�erating the Project caould be � '• significantly reduced, but the Co^:pany has also advised this . • Authori�y that wit�i the aid of revenue bond financir.g, and its � resuitir_g low b�rrowing cost, the ?roject is economically r�ore feasiblE; • , t�;i�EREASj r;iller & Schroeder riunicipals, Inc. (the "Place^�nt Agent" ) has r�ac3e a pro,osal in an agreenent (the �'PZZC?":°:,� AC7�C°:T!�:lt�� ) relating t0 �f'.@ placement Oi t�']2 revenue bonds �o be iss::�d to finance the ?roject; :;:-?��^�J � the Authority, �ursuant to i�innesota � Statu��s, Sec�ion ?74 .01, Subdivis�on 7b cid publish a rotice, a co�v o� F:h-�h z•:_th proof of publication is on file in �ne offic� of zhe %u_`��rity, of a public hearing o� the propesal oi the Cc��ar.y ��at ��.e Authority fir.ance the Project nereir.��fore descri-b?d h1T �re :ss�:ance oi its �nous�rial recenue bonds ; anc3 � . t;"r_��S , t��e Authority c�d concuc� a p�b�ic hearing . pursu_nt to saiG no�ice, at which hearing the reco,;:mer.ca��ens conta_ned in the A��hority ' s staf` rer:.orandu:� �o the Co^niss_o-:e=s w�� reviewed, and all perso�s w'�o ap�eare� a� . the ri@c��;iy r:?i� �_vez an opportunity �O e}:n?'ES5 their V?°'n'; �4�Z1.� Y�jJ�Cr LO �}i:P ��oposal• NC,�, ^:��EFORE, BE IT RESOi��'ED by the Ca^�_ssic:��s of the _o�L �u�horiiy of the City ef Sair.t Pa�l, i:_nr.eso�a as follows : 1 . �n the basis of inror:�ation availabie to the l�uthori�y it ap�ears, and the AuLhori�y rnreby �inds, th�t said Project constitLtes properties, used or use�ul in conr_ection �.Tith one or r�or� revenue produc?n� en�er�rises engag�d in any }JL'S1i,°55 W1Lf?1`;l the r,.�aning Of Sll�:?V:S1C'1 �c? Or CcCL10?l �7� . �2 Of t.f1° �Ct.� thZ� ��'1° i��0�2C't furtr°rS tflE DL'rD^SCS Std�eC 1Tl SeC�l'Ji: �7= . �� C= LriA �iC�.� thzt t}:�° cV21�cD].�lt�� Oi t:12 f172^C1i�C 11+]G°� the AC�. �t10 �v).�Z1P.�;:�PSS O� �r�E =-:Li��:�Crliti% �O . � . . �'7 b�.��,� ' •' ' furnish such financing will be a substantial inducQment to the Company to undertake the Project, and that the effect of the - Project, if undertaken, will be to encourage the development of . . � eco.nomically sound industry and co�merce and assist in the � pret'ention of the emergence of blighted and marginal land, and will help to p�revent chronic uner�a].oyrr,ent, and will help the City to retain and ir►prove ,its �tax base and provide the range of services and employ.�ient opportunities required by its � population, and will help to prevent the r�ovenent of talented • � ; . and ecuc�ted p2rsons out of the state and to areas within the � � sta�e where their services r�ay no� be as effectively used and • - will result in r�o�e intensive develop�ent and use of land within ��e City and will eventual?y result in an increase in � • the .Ci�jT's tax base; and that it is in the b�st interests of � - � the �or�. district and the people of the City of Saint Paul and in iur�:`:erar,ce o` the general pi a^ of developr.:ent to assist the Co;�nany in iir.anc�ng the Project. 2. S�:�ject to the mutcal acree�ent of the Au�hcri�y, the Co��any and the ps=chaser of the revenue bonds ' . as �a �'_:e u�tai=� of the revenue a�ree�en� as �efin2d in the � � Act, a:,� e�:��r ��cu:�ents necessary �o evid�nce and effe�ct the financ�n� o� �7e Project and the :ssuance of the reven�e bonds, �}'lG �.0�?C�. ?S ?i°r�}J'� approved 'cI'1C cU�horized and ��'le '• 155:121'lC2 of re��nu2 bo�?cs o� Lhe Ruthority (w�ich „�ay be in �n9 Lorn o� a si-:g=� r.�te) i^ an a��ourit not to exceed ap�ro�;inatel}� $2, S�C; 000 �otne� th�n such addit��onzl rever.ue boncs as are neede� �c cc-;_��I�� he Project) is au�horized t� Financ2 ��:2 costs o^ the rreject and the reco-_�enda�.ions of the Authority's stai:, as se� Tc��.� in the staff r.:�:�o��ndu� to �:ne Corn.^��ss_c�nErs tt�n_ch was presentea to the Co:-�-�issioners, a�-e incorgo_a:ted 'n�r�=n by reference anc: approved . 3 . 'r_ accordance with Si�Sdiv�sion 7a oL Sec;.i�n ��74 . 01 , "inr•?=e�a Statutes , the E�:�cutive Vice-Dresident of the �liiI:CR�''ti' is re_e�� Guthorized anc c irected to sub,,�it �'r,e proposal ior the above descr?bed Project to the Co;��n?ssioner of Securit�es, req��s�ing his approval, and other of�icers, e:�ployees and ag�n�s or the AUTHOr�IlY are hereby authorized to provide the Com^�ssion�r witn suc�: preliminary infor;:ia�ion �s he �<<ay T-equ?re . • � � . T�:ere has hereto�or� been rilen �aith the AL�`IOYlL�' � �OL'T.1 OT ?relininary eZ:�_AE::i2;lt 3J°i�•�een t�2 ?:U�^Orl�� and Cc:�:pa;:v, re'ating to the �ro:,�sed co^s�ruction an� f lI:c7C1.^.� O� ��'l° FrOj°C'"i. �I'1� c. i0'_"-i Oi �1'1A -�cCEi'2;'l� r�ree-�en�. � iil2 �O'�' C= SGiO' .•':QrE2;":Eilli.5 }':2V2 :_°E.^. EX�^1.^.2C }�� L�"i2 ' • /w��ti+��4(�� . � . . Cor.v*.�issioners. It is th� purpose of said Agreements to � evidence the commitment of the parties and their intentions '. � with respect to the proposed Project in order that the Co�pany may:.,�roceed� without delay with the conrnencement of the . � acquisition; installation and construction of the Project with . the assurance that there has been sufficient "official action" uncer Section 103 (b) of the Interaal Revenue Code of 1954, as amended, to allow for the issuance of ind�strial revenue bonds t ( inclu3ing, if deene� appropriate, any interim note or notes to ; � provide temporary financing therec�) to finance the entire cost `• , - � of �hz Preject u�on agreement bei^g reached as to the ultir^,ate � '� - details of the Pro�ect and its firancing. Said hgreenents are � hereby approved, aza the Presiden� and �ecretary o� the �. Auth�rity are hereby authorized ard directed to e}:ecute said , . r Agreer-��2nts . 5. Upon execution of t�e Preliminary� Agreenen` by the C��n��, `:�e �taff of the Autr:ority are au�horize� ar.d direct�n tc CO�L�l7L'� negotiations ;aith the Conpany so �s to reso�t�e t;;e ��^a_r.?ng issues necessary to the prepGration of . Lhe re�en�z ayre_:�ent anc? o�her decur�ents necessary to tne � a�op��cn �j� �he =L�nority of its �i::al bond resolution �no the issuance nr`,3 d�l_cerj► of the re�er.�,:? �onds . ' 6. =�e revenu� boncis (inclu3in� anv interin no�e or r,otes} �nd �. �r.Le�est trereon sha11 �o� const itu�e an indeb��r.ess o= �:^.� Authority or �:e City of Sair.� P�ul ��:�thin ,� • ,. _ �- �- . � ,,,1+-'�; n ��,e ,::�";;�r:, c� a::y c�nsLituLional �r s�a��co�� i.,, � cn �, c 5}3@1� *?O�`. CCI7S:.1�i:�2 Or give Y'].S° �`.O c �J�C_I7?cL"_� �lc[�1�lt�' O� the ?:�.:-�or?ts- or the Ci�y or a charce ag�i,�st treir general credit o_ �L��r:c p�wers and neittle� the full faitiz and cre�it nor tr� �a;:ing p�-.:ers of the Authcrity or �he City is pledcQ3 for ��e ^��^�'i ci �:^.° bonds (and _nteri� note or r.o�es) or interest� �n�r�cn . � ' ' . Tr. order to facili�ate cor�pleticn c= the r��enue bond iinancing h�rein contempla�ec, the City Cour.cil is hereby requestea to consent, pursuan� to �a��s of t•Sinnesotar 1976 , - Chaote r 234, �o the issuance of th� revenue bon�s { including any interi;� r.oLe or r.otes) herein conte:�plated and any azditional bonds t•:hicn the Authori:.y ?"�ay prior to issuance or fre� tir��e to ��re t'r:ereafter dee:n necessary to comple�e tne Project or to rer:.:-:o suc'r: reven�e �o:�cs ; an� =or such �ur�cse � ' ,,` . � ,.�� ,�� .,�- �� r �,�� the F�.ecu�i�� _c° �resi n� o� �:. F. ..h., _t _s t?2 e a;:�horize:? anc cirected to �or�:ar� �o t�e City Cc::-:ci1 ce�ies C� �^i5 1"�SO� ..�Oil Z::O SZ1C1 Pre�i-::^a�V ry=E=�'.C.^.�. c�lC �;i�' ' a�aiti�nal ��:aila�?e iniorr:�aticn �-:e Cit�� iou�-;cil :-�,y recues�. � '"� ' � �� 8. �The actions of the Executive vice-President of . • � , . .the Authority in� causing .ptiblic notice of the public hearing , and in 6escribing the general •nature of the Project and -, es�inating .the principal ar�ount 'o` bonas to be issued to � fii��;�ce ths Project and in preparing a draft of the propose8 • appi:�•,ca�ion � to the Commissioner of Securi�ies, State of � ' i;inr.?�ota, for approval of the ?rojec�, which has been . available for inspection by the p�blic at tl�e office of �he . � Authori=y iror� and af�er the public��ion ot no�ice of the : ; . nearing , are in all resp�cts rati��ed �nc3 conf�rneC. �, , _ t . � . • � . . , .�/ . _ AQOp=e�:: �;cv?r;ber 18, 1980 %, � /� - ; � ' /;-- " �,' ' / ` �� . �_ ��.,,� .��- / �tt E s� ...:_- -� . � �.L._. � _,x��?z�% / lh2 PC=��h��:':C�1C��' 0= �::c C1�J /' /� Oi SG_11� =Gu� . //� / � 'y �j � � ``�'�'h�Z��' �Cie:.c?�;' ..-��_� :_ _� (�3'.L'Y• OF ►.`�A.3iti7/�' �.ca.�:.TL : ,. �� `�`� - -�-1 ' O�'FIC� OF THE GI�Y GOUi`7CIi� ��rbq_4�� '.J:- .�l,l� �`��,, ,- ��` ,::�;:.:;,. ., �,. a.....,,L„ t,�� .,.qccr�. �'t. - ,._ '� ,�f;� D a t c� ; December 5, 1930 �:;." �s' COi� �# l�'T� E F�' � � � ��" TO : Saint Poui City Council. F R O M � Committee �tl FINANCE, MANAGEMENT & PERSONNEL George Mchlahon , chaiFinan, makes the roilowing report on C.F. � Ordinance _ (9) X� Rssolution �] (�th4r ' T 1'�'L E : � At its meeting of Decer�ber 4, ]980, the Finance Committee recomrnended approval of the following: " ~ 1 . Resolution approving transfer of $7,J38. for fencing at Prosoerity� Park. . 2. Resolution amending 1979 Capital Improvement Budget for S-12 South Robert Street Viaduct Walls praject. (11533-GM) _ 3. Resolution amending Section 16.E of the Civil Service Rules concerning Voluntary Reduction. (11538-GP1) _ � - - - 4. Resolution amending Section 17.B of the Civil Service Rules concerning Transfers. (11539-GM) . 5. Resolution approving 1980 Agreements between ISD #625 and the Electrician, Pipefitters, Plumbers and Sheet Meta1 tJorker Locals. (11540-GM) _ 6. Resolution amending Section 18 of the Civil Service Rules concerning transfer'�'-::�; or reduction because of disability due to sickness or injury. (11541-GM) - 7. Resolution approving Agreement betr�een the City, ISD #625 and the Minneseta Teamsters Public and Law Enforcement Employees Union Local #320. (11542-GP1} 8. Resolution approving issuance of $7 mil7ion tax exempt mortgage nate by the Port Authority to finance construction of Holiday Inn to be located at I-94, McKnight Road and Suburban Avenue by Battle Creek Hotel Associates. (11544-GM) 9. Resolution approving issuance of $2,500,OJ0 tax exemnt mortgare nate to finance construction of Office/Office-Services facilities in Riverview Industrial Park for l�linfield Developments Inc. (11545-GM) CFTY 'ru�LL SEVE�t7H FLDOR SAINT PAUL, tiiINNES4TA S�lOZ • :�<,� ,-,� . . . . . . � :.OM 01 : 12/1975�Fr t�� r - -• ' ' � ' - � - FV ivi r-��7°�6 - 8 t►g EXPLANATION OF ADMTN�STRATIVf 'ORDERS, U # �^ , RESOLUTIONS, AND �RDYNANCES IJmte: Novard�er 18, 1980 ��r E�-�E� - NQ�' 21 1980 T0: MAYOR G GE LATIMER ��`� �FR: E.A. Kra , j Port� Authority D�/ � ��' �-� -�� • RE: WINFIELD EVELOPMENTS INC. TAX EXEMPT hIORTGAGE NOTE -- �2,500,�OQ � ACTION REQUESTED: • . <� In accorda�ce with the Laws of Minnesnta, Chap�er 234, i� is= r�qt�s�ed that the City Council , by Resolution, a draft copy af which is attached t�eto, approve the iss.�ance of a� tax exempt mortgage note i�n the amaunt of apprqximate�y �2�,5�,0�1 to fin�rce th� constru�- tlon of 80,000 square feet of Office/Office-Ser^vfces fe�ci-li�Gies on a, 6.12 .acre site ia • Riverview Industrial Park for WTnfield �evetop�ents Inc. '.°x Pt1RPOSE AND RATIONALE FOR THIS ACTION: � � The p�rpose of the tax exerr�t mortgage note fis to finance tt�e construction of tfiree b�iidi�s�-- two buildfngs of offlce and office-services to�aling approx�mately 55,�0 sq��re fe�et a��d�a third structure of pure affice tota�ling approxi�tely 25,�t30 square feet--far a total de�elop- m�at of-arpproxfmately 80,000 square feet fvr Wfnfield Developments Inc. Ti�e prQ��c� �rfi�� pr_ovide emp]oyment for approximately 200 people. ` Since the construction of this prfl�ect is proposed through th� issua�ce of a `tax ex�mmpt nwrtga�ge note, the credit of the Port Authority is not plec#ged as any security ta the issue. ATTAGHMENTS: Staff inemorandum Draft City Council Resotut�on Port Autharity Resolution No. 1733