275244 WHITE - CITY CLERK �����
PINK - FINANCE GITY OF SAINT PALTL Council
CANARV - OEPARTMENT
,�BLUE r- MAVOR File NO.
.ncil Resolution
Presented By y�'
Referred To Committee: Date
Out of Committee By Date
RESOLUTION ESTABLISHING PROCEDURES AND FEES FOR
APPLICATIONS FOR TAX EXEMPT INDU5TRIAL, COMMERCIAL
AND HOUSING REVENUE BONDS OR NOTES UNDER MINNESOTA
STATUTES (CHAPTERS 462,462C AND 474 AND CHAPTER 260
LAWS OF MINNESOTA, 1975)
WHEREAS, the City of Saint Paul (City) has been granted the
power to issue Industrial, Commercial and Housing Revenue Bonds
under Minnesota Statutes (Chapters 462, 462C and 474 , and
Chapter 260 , Laws of Minnesota, 1975) , as amended, and City of
Saint Paul, Minnesota, Ordinances and Resolutions; and
WHEREAS, the City Council is aware that such financing is
intended to prevent the emergence of blighted land, excessive
unemployment, and the need for redevelopment financing from the
� State and Federal governments and has expressed its support for
the use of such financing, but has reserved the right to approve
or reject projects on a case-by-case basis, taking into account
among others the following factors:
(1) The extent to which the project is compatible with the
overall development plans and objectives of the City
and of the neighborhood in which the project is located.
(2) The extent to which the project provides a needed
product or service to the City's residents.
(3) The extent to which the project adds to the City's tax
base and/or to the City's employment.
CQUNCILMEN Requested by Department of:
Yeas Nays
Butler P Economic Develo ment)
Hozza [n Favor
Hunt
L.avine __ Against BY
Maddox
Showalter
Tedesco Form A pprove by City At ne
Adopted by Council: Date �
Certified Passed by Council Secretary BY
By
�lpproved by iNavor: Date _ Ap rov y Mayor fo u i ' n to Council
��
Bv - -- BY
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(4) The extent to which the applicant has substantial
financial standing and the project demonstrates that
it is financially sound and can service the required
debt.
(5) The extent to which the proposed issue may be readily
marketed or placed, based upon repayment limited to project
revenues with or without applicant's guarantee, with
knowledgeable and experienced purchasers.
(6) The extent to which the structure of the issue, form
and face amount of the instruments , and method of
marketing the instruments, consistent with the circum-
stances of the project and feasibility of the particular
issue, are calculated to involve initial issue and
subsequent transfers of the instruments to knowledgeable
and experienced purchasers.
WHEREAS, the staff of the Department of Planning and Economic
Development recommends that the City Council set certain procedures
and fees for applications for such financing in order to better
manage and operate the City' s financing programs.
l. ) NOW THEREFORE, BE IT RESOLVED that the following preliminary
approval procedures be established for applications for tax exempt
financing under Minnesota Statutes Chapter 462 , 462C and 474 and
Minnesota Laws , 1975, Chapter 260 :
(a) Application for finaneing shall be made pursuant to the
Saint Paul TAX-EXEMPT PROCEDURAL MANUAL. The application
shall first be reviewed by the staff of the Department
of Planning and Economic Development (PED) . Applications
for housing financing shall be submitted to the Director
of Projects , Renewal Division of PED, applications for
industrial or commercial developments shall be submitted
to the Director, Economic Developrnent Division of PED.
(b) Applications shall meet all requirements with respect
to City Codes (building plans and specifications, zoning,
platting, streets, utility service and Development
Controls if applicable, etc. )
(c) The applicant shall select qualified financial consultants
and/or underwriters or services of a qualified lending
institution. All applications shall be accompanied
by a preliminary financial analysis by the underwriter,
financial consultant, or lending institution regarding
the economic soundness of the applicant, the financial
strength of the applicant, the feasibility of the project
(including security) , a description of the financial
standing of any guarantors, the source and application
, �����
3 .
of any reserve funds, and the marketability of the
financing instruments. The City Council expects to
rely on the opinion of such experts.
(d) The applicant shall furnish, as part of the application,
a description of the project, plat plan, rendering of
proposed building, a brief description of the applicant's
company or developer, and the proposed sources and uses
of funds for financing of the total project.
(e) The applicant shall submit a timetable for completion
of the financing of the project as part of the applica-
tion. Any major deviation from that timetable will
justify reconsideration of the project at the sole
discretion of the City Council. Generally 4 months
or more will be construed as a major deviation, but
a shorter time period for a particular issue may be
justified. The City does not in any way guarantee
the developer' s schedule or the proposed timetable
for issuance of notes or bonds.
(f) After applications have been reviewed by the staff of
the Department of Planning and Economic Development,
a recommendation shall be made by such staff to the
City Council.
(g) A public hearing will be authorized by the City Council
to review and discuss the application prior to prelimi-
nary approval. The district or neighborhood in which
the project is located will be notifed of the time,
location and date of the public hearing. Legal notice
of the public hearing will be published in accordance
with law not less than 15 days, nor more than 30 days,
prior to the hearing.
(h) On or before the date of publication, applicant shall
have provided to the Department of Planning and Economic
Development a draft copy of the application for approval
by the Commissioner of Securities (or for approval by
the Minnesota Housing Finance Agency, as appropriate)
with all needed attachments, so that said draft copy
may be reviewed by the staff of the City's Department
of Planning and Economic Development and be available
for review by the public.
(i) After the public hearing has been completed, a decision
on whether or not to grant preliminary approval will be
made by the City Council.
(j) The applicant and its consultants, counsel and/or under-
writer will work with City bond counsel, City Departments
of Finance and Management Services and Planning and
' ' . • �i������
4 .
Economic Development, the City Attorney, and the
City' s Fiscal Consultant in the preparation of
documents and all other actions necessary to the
proposed issue.
(k) The applicant will furnish to City, before City
Council consideration of the sale or of the final
resolution, a contract commitment by an underwriter
to purchase the issue for public or private sale,
or a commitment from the lending institutions to
accept private placement of the tax exempt note.
2.) BE IT RESOLVED FURTHER that the following administrative
procedures, costs and fees be established for applications for
tax exempt financing:
(a) The City Council reserves the right to deny preliminary
approval for financing, or to modify or reverse any
prior approval of such financing at any state of the
proceedings prior to delivery of the Notes or Bonds
for cause pursuant to findings made by the City
Council.
(b) The City Attorney will appoint bond counsel on a
project by project basis. The applicant will be
responsible for the payment in full of services rendered
by bond counsel. In the event that the financing is
not completed on a project, the applicant shall pay
bond counsel for services rendered up to the point of
project termination.
(c) The applicant shall be responsible for all of its own
costs and for expenses in connection with the appli-
cation, and shall be responsible for all out-of-pocket
expenses of the City, City Attorney and Department of
Finance incurred in connection with the application and
proposed issue and project.
(d) In addition to bond counsel fees and City out-of-pocket
expenses the applicant shall reimburse the City', City
Attorney and Department of Finance for staff time charged
to the application and project. To cover staff time
charges, an application fee will be due the City prior
to authorization of public hearing, based on the following
schedule:
Tax exempt financing of $1, 000,000 or less . . $2,000 fee
Tax exempt financing in excess of $1,000, 000 . $5,000 fee
All staff time charges, out-of-pocket expenses, including
City Finance Department and City Attorney fees and expenses
5. �����
will be charged against this fee. The unused portion
of the application deposit, if any, will be returned
to the applicant at closing or at the time of project
withdrawal/termination. In addition, a service fee
of 1� will be due the City payable 1/2 ( . 5°s) on the
closing date and 1/2 ( . 5�) on the first anniversary
date of the closing. Thereafter on each subsequent
anniversary date a sum equal to one-tenth of one
percent ( .l�) of the average monghly balance of the
Outstanding Bonds or Notes shall be due the City;
provided however, that such amounts shall be reduced
if necessary to comply with applicable arbitrage
regulations under Section 103 (c) of the Internal
Revenue Code of 1954 as amended.
(e) All applications and supporting materials and documents
shall remain the property of the City. All such materials
may be subject to disclosure and/or public review under
applicable provisions of State law.
3. ) BE IT RESOLVED FURTHER that the form and structure of the
financing instruments shall meet the following conditions:
(A. ) Privately-Placed Mortgage Notes
(i) Financing shall be committed before closing.
(ii) The mortgage note(s) shall be placed with a
single or multiple financial institutions.
(B. ) Registered Revenue Bonds
(i) Financing shall be committed before closing.
(ii) The bonds shall carry the appropriate notation
legending the restrictions on transfer of the bonds
contained in the investment letter.
(iii) The bonds shall carry the appropriate notation
legending the restrictions on transfer of the
bonds contained in the investment letter.
(iv) A representation from the underwriter that the
offering complies with .statutory requirements.
for an offering exempt from registration under
Blue Sky laws of the States in which the offerings
were made
�' OM O1: 12/1975
• ' ���i-�� � �-8,76
e �r ko-O i a
EXPLANATION OF ADMINISTRATIVE ORDERS ���'��eU� � �Oyk��
RESOLUTIONS, AND ORDINANCES � ' . �� fi.7��'
� 3• ��.�' �
Date: June 17, 1980 � ' � � � � I � � D
J U N 1 �1980
�MIA�R'S O�C�
T0: MAYOR GEORGE LATIMER
FR: Maureen McAvey �� `�
�; Resolution Establ�shing Procedures and Fees for Applications for
Tax Exempt Industrial� Commernial an�d Housing Revenue Bonds or Notes
i • �
� s e Q �I . a�. b
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a�.d. ��cd� �-� y
� pat I�Ar�ci �rtu •
ACTION REQUESTED:
Approval of attached resolution to establish procedures and fees for
applications for tax exempt industrial, commercial and housing revenue �
bonds or notes for City of Saint Paul.
PURPOSE AND RATIONALE FOR THIS ACTION:
To give the City of Saint Paul-Department of Planning and Economic Development-
authorization to approve the issuance of tax-exempt revenue bonds or notes in
accordance with attached resolution.
� . � � � � � � � . . . . .A
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ATTACHMENTS:
Council Resolution
,
- - __ _ ._ ,,. .. :..._
WMITE - C�TV CLERK C011I1C11 �75244
PINK � - FINANCE G I TY O F SA I NT PA U L
CANARV - OEPARTMENT
C,��y At�y�DM File N 0.
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
6.
(C. ) Bearer Revenue Bonds wiil only be issued by public
offerings and will require:
(i) An official statement
(ii) A rating by a recognized rating agency if
required by the City's Finance Director, but
nothing herein is intended to proclude the
underwriter from obtaining such rating(s)
as it may see fit.
COUIVCILMEIV Requested by Department of:
Yeas H n�ys
u er �� CJ (n Favor Fn �Economic Developme �
za
H t Maddox B ' � ���----
McMahon _ � __ Against Y � � -
_-.�
M dox Iter
Sh r Tede o
e co . o� fUL � 0 1980 Form Approve by Cit orney _
Ad ed by ounci • Date
<
Certified ed b .' �Secret y BY ��
/�
� --� -L " ���� App by Mayor f u ission to Council
l#p d b :Vlavor:
By – — BY
�usN� JU N 19 1980
, ��
, ...� .::•,- _, +C�TY .OF SAI?'v''T' ��..U�. �d����
.. , _
- � �• OFFICE OF THE CZTY COUi�T�GZI.
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-_ - ar� Dote : JUIy 7, T980
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TO : Saint Pauf Gity Councii _
F�OI�J1 � C4tt1171f1�Ee Ott FINANCE, PIANAGEMENT & PERSONNEL
t
George McMahon , chairman, makes the fo[t�vwing - �
repart on C.F. ❑ Ordinance
(14) � Regalu�ior� ,
�J o�r�e� -
T1TLE : .
The rinance Committee, at its meeting of July 3, 19�0, recomnerrded approval of
the following: :
1 . Resolution transferring funds from Contingent Reserve ta Mediation Expense Accaunt
to provide funding for payments to outside counsel fn conflfct af ir�terest cases.
(11068-GM)
Z. Resalution establishing the title of Clinical Program Manager-Physician in -
Section 3.M (Special Employment) of the Civil Service Rules and establishing in
Section 32 a class specification for title, and abolishing title and specificatiar�s
for Medical Examiner. (11Q87-GM)
3. Resolution establishing in: Section II B (Special Emptoyments} the rate of pay far
new ti tl e of C1 i ni cal Frogram Mlanager-Phys i ci an. (11085-(�1)
4. Resolution establishing the �itle of Clinfc Physician Tn Seetion 3.M (Special
Employment) of the Civi1 Service Rules and establishing in Section 32 a class •
specification far title, and abolishing title of MedicaT' Examiner (G1lnzcs Only).
(1i088-GM) .
5. Resolution establishing in Section II B (Special Employmerrts) the rate of pay for
new title of Clinic Physician and abolishipg rate of pay for Medical Examiner
(Clinics Only). (11086-GM)
fi. Resolution changing grade for Director of Medical Services in Section 3.K
(Professional-Administrative Supervisars Group) from Grade 3� to 39. (11089-GM)
7. Resolution transferring $4,400 from Contingent Reserve to pay for city's share
of flnancing audits of operations of Corr�nunity Glirrics during 1979. (T1090-GM)
(--CONTINUED--)
CITY :ir1LL SEVENTH FLOOR SAIIYT PAUL, MI?v�fESO'I':1 SSIO?
',y�,�
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O�+FIL'E OF 3'HE CITY �OIIiYCIL
� ���� -
:.;.�..y..
,,.�,���
Oa t e : Ju1y 7, 198E3
COi� � lTr� � REPfl �T �
To : Saint PQUt city counc;E
�ROM � Cammif�e� on FINANCE, MANAGEMENl' & PERSONNEL -
George McMahon ' , chairman, makes the fattowing �
� report on C.F. [� ardinance �
Q RESOtution
� Qther
TITLE : �
(Continued from other page) -
_:-__ --__— .
. 8. Resolution approving Agreements between the City, IUOE Local.s 36 &� q67, Cer�r�t
Masons Local. 560, and the Classified Confidential Employees Associatian amerrding
the City Mileage Article in the respective current`Agreement. (11099-GM)
9. Resolution establishing procedures and fees for applTCations for- Tax .Exempt
Industrial , Comnercial and Housing Revenue Bonds or Notes. ..(11100-Gt��
10. Resolution allowing proper City officers to issue duplicate bond tQ repTace lost-
bond. (.11101-GM) - �.
11 . Resolution allowing proper City officers to issue duplicate hond to replace last
bond. (11105-GM) - � �
. 12. Resolution allowing Trustee of City to provide payment ta hajder of boncf for one
co�pon that� was lost. , (11107-Gf�1) �
13. Resolution approving agreement between City of Saint PauT and the Saint Paul
Housing and Redevelopment Authority which will aliow FkRA to implement certain
CDBG Year VI activities. �
14. Budget Amendments in CD Years II, III and IV Programs.
��� ��-L SEVENTF�I FLCOR SAIN'f PALTL, �4IIt`NESOTA 5�IO2
`�� _
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