275033 WMITE - C�7V CLERK COUnCll 2�5Q33
PINK - FINANCE G I TY O F SA I NT PA U L
CANARV - OEPARTMENT
BLUE - MAVOR File NO.
ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1. On May 20, 1980, the Port Authority of the City of Saint Paul adopted Resolution
No. 1651 , giving preliminary approval to the issuance of revenue bonds in the initial
principal amount of approximately $1,500,000 to finance the construction of a 28,000 Sq.
Ft. addition through a tax exempt mortgage for American National Red Cross on the south
side of their existing building located at 100 South Robert Street.
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 . 1aw;
. 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 fo r the purposes described in the aforesaid Port Authority Resolution
No. 1651 , 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 authorized 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 Requested by��ent�ol�
Yeas HunNays � ��
t r Levine ,� , /.r `
z a Maddox �n FavO[
H McMahon
� e Showalter __ Against BY
Ma dox Tedesco
Sh alter
Te co Wilson
f� 5 19� Form Appro ed by City Attorne /
Adopted by Council: Date �/2,�/�
Certified Ya•�ed y Council cret BY � ` `
By
Approved . vor: Date — - _ Appro e by Mayor for S b iss n o Council
` BY
sv - --
�S�,RI�1S�t�D J U N 21 1980
��,-O�'R T �
�AUT .HORITY ������
OF THE CITY OF ST. PNUL
� Memorandum
TO: BOARD OF COMMISSIONE S �AT� May 12, 1980
Meeting May 2 , 19 0
FROM: Donald G. Dunshe
SUB.tECT: AMERICAN NATIONAL RED CROSS �
PUBLIC SALE HEARING - RESOLUTION N0. 1650
PUBLIC HEARING - SALE OF $1 ,500,000 TAX EXEMPT MORTGAGE NOTE -
RESOLUTION N0. 1651
1 . THE COMPANY �
The American National Red Cross is headquartered in Washington,
D.C. and has a regional center office on South Robert Street in
Riverview Industrial Park. The Red Cross purchased a 108,247
Sq. Ft. site from the Port Authority in January of 1975 and .
constructed at a cost of $1 ,800,000.00 a regional blood center
containing 35,000 Sq. Ft. On September 31 , 1978, the Port Auth-
orit;� approved the lease of an additional site containing 43,131
Sq. Ft. for off-street parking. The site was blacktopped and
landscaped in accordance with the covenants.
2. THE PROJECT �
The Red Cross proposes to construct a new 28,000 Sq. Ft.. addition
� on the South side of their existing building. In order to accom-
modate the expansion they wish to purchase an additional site of
29,751 Sq. Ft. to accommodate more off-street parking and offset
the loss of a portion of their existing parking by the expansion.
We propose to sell the new site at a cost of $3.25 per Sq. Ft. of
$96,690.75.
Under the terms of the parking lot lease approved in 1978 the first
purchase option is September 31 , 1988 at a rate of $2.75 per Sq. Ft.
The Red Cross has asked that they be allowed to purchase that site
at this time from proceeds of the tax exempt mortgage. The acquisition
price of that site would be $118,610.25.
Under amendments to Chapter 474 the Port Authority published notices
in the Legal Ledger and St. Paul Dispatch-Pioneer Press on May 3 and
5 respectively that the proposed project would be considered by the
Port Authority Commission on Tuesday, May 20. If the project is
•approved by the Commission on Tuesday, May 20, a formal application
will be submitted to the Commissioner of Securities before the bond
issue is closed. On April 18 the Port Authority notified District 3
of the proposed parking lot expansion. On Monday, April 21 , Staff
discussed with the community organizer of District 3 the proposed
project and he expressed no objection.
� � '
BOARD OF COMMISSIONERS
AMERICAN NATIONAL RED ��ROSS
MEETING MAY 20, 1980
PAGE 2
3. FINANCING
The proposed financing would be done through the issuance of a tax
exempt mortgage to be placed with Signal Hills State Bank and other
banks in the Twin City Area. The repayment of the mortgage would be
done on the basis of a 30 year amortization schedule and a 15 year
term with a balloon. The proceeds f rom the bond issue would be as
follows:
� Construction $1 ,259,699.00
Land Acquisition 215,301 .00
Bond Issue Expense 25,000.00�
' $1 ,500,OOO.QO
In addition to the .monthly rent the Company will pay a fiscal and
administrative fee of �450.00 per month for the first ten years and
�600.00 per month for the final five years of the lease. �
4. UNDERk'RITING AGREEMENT
Signal Hills State Bank and other Twin City Banks have agreed to purchase
the entire $1 ,500,000.00 tax exempt mortgage bearing an interest rate of
9 1l2� per annum. .
5. TERMS OF THE LEASE
� The proposed lease would correnence June l , 1980, and terminate May 3] ,
1995. The American National Red Cross has pledged as collateral with
the lender the existing land and building which the Red Cross owns.
The tax exempt mortgage would not be done under Resolution 876 and
the security for the mortgage would be solely the American National
Red Cross.
6. RECOMMENDRTION �
The Stafr has reviewed the project with officers and board members of
the Red Cross as well as the lender. Staff recommends approval of
Resolution Numbers ]650 and 165i authorizing the sale of a tax exempt
mortgaae in the amount of �1 ,500,000.00.
sjs
,
Resolution No. 1651
. '� ����p�,�
NOTE RESOLUTION
• PORT AUTHORITY OF THE CITY OF SAINT PAUL
COMP4ERCIAL DEVELOPMENT REVENUE NOTE OF 1980
(AMERICAN NATIONAL RED CROSS PROJECT)
�DOPTE�: MAY 20, 1980 �
• � (This table of contents is not a part of this
� „ Resolution, but is included for convenience only)
TABLE OF CONTENTS
Page -
ARTICI,E ONE - DEFINITIONS, LEGAL AUTHORIZATION
AND FINDINGS. . . . . . . . . . . . . . . . . . . . . . . . . . 1
Section 1-l. Definitions. . . . . . . . . . . . . . . . . . . . . . 1
Section 1-2. Legal Authorization. . . . . . . . . . . . . . 3
Section 1-3. Findings. . . . . . . . . . . . . . . . . . . . 3
Section 1-4. Authorization and Ratification
of Project. . . . . . . . . . . . . . . . . . . . . . 6
ARTICLE TWO - NOTE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Section 2-1. Asthorized Amount and Form .
' of Note. . . . . . . . . . . . . . . . . . . . . . . . . . 7
Section 2-2. The Note. . . . . . . . . . . . . . . . . . . . . . . . . 14
Section 2-3 . Execution. . . . . . . . . . . . . . . . . . . . . . . . 14
Section 2-4. Delivery of Note. . . . . . . . . . . . . . . . . 14
Sect?on 2-5. Issuance of New Notes. . . . . . . . . . . . 15 �
Section 2-5. �egistratian of Transfer. . . . . . . . . 15
Sect?on 2-7. Mut'ilated, Lost or Destroyed
No�e. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Section 2-8. Ownership of Note. . . . . . . . . . . . . . . . 16
Section 2-9. Limitation on Note Transfers. . . . . 16
ARTICLE THREE - FUNDS AND ACCOUiJTS. . . . . . . . . . . . . . . . . . . 17 •
Section 3-1. Construction Fund. . . . . . . . . . . . . . . 17
Section 3-2. Investments by Authority. . . . . . . . . 17
ARTICLE FOUR - REDEMPTION OF NOTE BEFORE MATURITY. . . . 1�
Section 4-1 . Redemption. . . . . . . . . . . . . . . . . . . . . . . 18
Section 4-2. Termination of Interest. . . . . . . . . . 1^
ARTICLE FIVE - GENERAL COVENANTS . . . . . . . . . . . . . . . . . . . . . 19
Section 5-1. Payment of Principal and �
Interest. . . . . . . . . . . . . . . . . . . . . . . I9
Section 5-2. Performance of and Authority
of Covenants. . . . . . . . . . . . . . . . . . . . . 19
Section 5-3. Enforcement and Performance
of Covenants. . . . . . . . . . . . . . . . . . . . 19
Section 5-4. Nature of Security. . . . . . . . . . . . . . . 20
Section 5-5. Compliance With Arbitrage
Regulations. . . . . . . . . . . . . . . . . . . . . . 20
. � page
� ARTICLE SIX - MISCELLANEOUS. . . . . . . . . . . . . . . . . . . . . . . . . . 22
� Section 6-1. Severability. . . . . . . . . . . . . . . . . . . . . 22 �
Section 6-2. Authentication of Transcript. . . . . 22
Section 6-3. Registration of Resolution. . . . . . . 22
Section 6-4. Authorization to Execute
Agreer�ents. . . . . . . . . . . . . . . . . . . . . . . 22
Section 6-5. Effective Date. . . . . . . . . . . . . . . . . . . 22
SIGNATURES. . . . . . . . .�. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
EXHIBIT
. NOTE RESOLUTION
BE IT RESOLVED by �the Port Authority of the City of
Saint Pau1, Minnesota, as follows:
ARTICLE ONE
DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS
1-1. Definitions.
The terms used herein, unless the context hereof
shall require otherwise shall have the following neanings,• and
any other terns defined in the Loan Agreement shall have the
same meanings when used herein as assigned to them in the Loan
Agreement unless the context or use thereof indicates another
or different neaning or intent.
Act: the t�Rinneso�a rSunicipal Industrial Developnent Act,
Minnesota S�atutes� Ch�pter 47a, as amended;
Assiarr.�ent of the Loan Agreement: the agreer�ent to be
executed bl� �he A�thority and the Lender assigning the Loan
Agreement �o the Lender;
Authority: the Port Authority of the City of Saint Paul,
and any successor public corporation;
Bond Counsel: the firm of Briggs and Morgan, Professional
Association, of St. Paul and riinneapolis, Minnesota, and any
opinion of Bond Counsel shall be a written opinion signed by
such Counsel;
Borrower: the Sc. Paul Chapter of The Arierican National
Red Cross, a chartered unit of The American National Red Cross,
its successors, assigns, and any surviving, resulting or
transferee business entity which may assur�e its obligations
under the Loan Agreement;
City: the City of Saint Paul, Piinnesota, its successors
and assigns; •
Improvements: the expansion of the existing facility of
the St. Paul Cha�ter of the Ar�erican National Red Cross, and
other improvements, including any tangible personal property,
to be constructed or installed on the Land in accordance with
the Plans and Specifications and paid for in whole or in part
from the proceeds of tt�e Note;
, �' Land: the real property and any other easements and ' �
� r�ghts described in Exhibit A attached to the Loan Agreement;
Lender: Signal Hills State Bank, West Saint Paul,
I�innesota, .its successor.s and assigns;
Loan Agreement: the agreement to be executed by the
Authority and the Borrower, providing for the issuance of the
Note and the loan of the proceeds thereof to the Borrower,
includi�g any amendments or supplements thereto made in �
accordan.ce with its provisions;
idortgage: the t�ortgage, Security Agreement and Fixture
Financing Statement to be executed by rlortgagor and given to
the Lender, as mortgagee, as additional security for the Note
and interest thereon;
Mortgagor: The Anerican National Red Cross, a nationally
chartered corporatior. created pursuant to 36 U.S .C. §�1 et seq,
its successors and assigns;
Note: . the $1,�OU,�OO. Co.�mercial Development Revenue Note
of 1980 (�nerican R�d Cross Project) , to be issued by the
Authority pursuar.t to this Resolution and the Loan Agreement;
Note Reg?ster: the records kept by the Secretary of the �
Authority t� provid� �or the registration of transfer of
ownership of the Note;
Plans and Specifications: the plans and specifications
for the construction and installation of the ImproveMents on
the Land , which are approved by the Lender, together with such
modifications thereof and additions thereto as are reasonably
determined by the Bo�rower to be necessary or desirable for the
completion of the Inprovements an� 3rn ��proved by the Lender;
Project: the Land and Tmprovements as they may at any
tine exist;
Project Costs: the �otal of all costs of the Project
which are to be paid from the proceeds of the Note, which costs
are more speciiically identified in Article 5 of the Loan .
Agree�ent;
Resolution: this Resolution of the Authority adopted May
20, 1980, together with any supplement or a�endment thereto.
All references in this instrunent to designated
"Articles, " "Sections" and other subdivisions are to the
designated Articles, Sections and subdivisions of this
instrument as originally executed . The words "herein, "
"hereof" . and "hereunder" and other words of sir�ilar import
refer to this Resolution as a whole not to any particular
Article, Section or subdivision.
2
� � 1-2. Legal Authorization.
The Authority is a body corporate and politic
organized and existing uhder Minnesota Statutes, Chapter 458,
as amended, and is an independent agency within the meaning of
Minnesota Statute, Chapter 474, as amended, and is authorized
under said laws to initiate the Project, and to issue and sell
the Note for the purpose, in the manner and upon the terms and �
conditions set forth in the Act and in this Resolution.
1-3. Findings.
The Authority hereby finds, determines and declares,
as follows:
{1 ) Th e purpose af the Act as found and determined by the
legislature is Lo promote the welfare of the state by the
active attraction and encouragement and development of economi-
cally soun� industry and commerce to prevent so far as possible
the emergence of bliqh�ea and marginal lands and a�eas of
chronic unemplopment and to aid in the development of existing
areas of blight, marginal land and persisten� unemployment;
(2) Fa�tors necessitating the active promotion and
development of econonically 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 nee� for development of land use
which will provide an adequate tax base to finance these
increased costs ar,d access to employment opportunities for such
population;
. (3 ) The Authority has received from the Borrower a
request tha� the Authority issue its revenue bonds in the form
of a single note to finance the acquisition of the land and the
installation and construction of the Improvements in the City
of St. Paul, all as is more fully described in the staff report
on f ile;
(4 ) The Authority desires to facilitate the selective
development of the community and to help it provide the range
of services and employment opportunities required by its
population, and the Project will assist the City in achieving
that ob;ective. 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 renutation of the City;
3
. � . . _ �����a��
• (5) The Project to be financed by revenue bonds will
� . result in substantial employment opportunities in the Project;
(6) The Authority has been advised by representatives of
the Borrower that conventional, commercial financing to pay the
canital 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 Borrower has also advised this Authority that
with the aid of revenue bonc3 financing, and its resulting low �
borrowing cost, the Project is economically more feasible;
(7 ) The Lender has made a commitment to purchase the Note
to be issued to finance the Projeet; "
(8 ) The Authority, pursuant to t�iinnesota Statutes,
Section 47�. 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 Borrower
that the Authority finance the Project hereinbefore described
by the issuance of i�s in3ustrial revenue bonds; .
(9) i:�e Autharity did conduct a public hearing pursuant
to said notice, at which hearing the recomn-�endations contained
in tre Authority`s staff inemorandum to the Co;nmissioners were
reviewed, and aIl persons who appeared at the hearing were �
given an opportunity to express their views with respect to the
proposali
(10) The Projec't consritutes properties, used or useful in
connection with or.e or more revenue producing enterprises
engaged in any bus:ness within the meaning of Subdivision la of
Section 474. 02 of the Act and furthers the purposes stated in
Section 474. 01 of the Act;
�(11 ) The availability of the financing under the Act and
willingness of the Authority to furnish such financing will be
a substantial inducement to the Borrower to undertake the
Project, and the effect of the Project, if undertaken, will be
to encourage the development of econo�ically sound industry and
commerce and assist in the prevention of the emergence of
blighted and rnarginal land, and will help to prevent chron.ic
unemployment, and will help the City to provide the range of
services and employment opportunities required by its
population, and will help to prevent the movement o£ talented
and educated nersons out of the state and to areas within the
4
. • 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 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
Borrower in financing the Project;
(12 ) The Authority is authorized by the Act to issue the
Note and enter into a Loan Agreement for the public purposes
expressed in the Act and the Authority has by this Resolution
authorized the Project and execution of the Loan Agreement, the
Assignment of Loan Agreement and the Note, which documents
specify the terr.is and conditions of. the acquisition and
financing of the Project; ,
(13 ) the amount estimated to be necessary to finance the
Project Costs, including the costs and estiMated costs
permitted by Sect;on 474 .05 of the Aet, will require the
issuance of the No�e in the principal amount of $1,500, 000 as
hereinafter provide�;
(14 ) it is desi�able, feasible and consistent with the
objects and purpes�s of the Act to issue the Note, for the
purpose of finan�ing the Project; and
(15 ) the i�lo�e ar,d the interest accruing thereon do not
constitute an indebtedness of the Authority or the City within
the meaning of any constitutional or statutory limitation and
do not constit�:te or give rise to a pecuniary liability or a
charge against the general credit or taxing powers of the
Authority or the City and neither the full faith and credit nor
the taxing powers of the City is pledged for the payment of the
Note or interest thereon; and
(�16 ) The Borrower is an exempt organization within the
meaning of Section 501(c) (3) of the Internal Revenue C ode by
virtue of being a chartered unit of The Ar,ierican National Red
Cross and is exempt from taxation under Section 501 (a) of the
Internal R2venue Code and the operations ��rhich ��ill be carried
on in the Project will not be an unrelated trade or business
under Section 513 (a) of the Internal Revenue Code without .
regard to whether the Company is subject to a tax under Section
511 of the Internal Revenue Code, and the Borrower is now and
shall be at all times during the tern of ttiis Agreement an
"exempt person" within the meaning of Section 103 (b) ( 3) (B) of
the Internal Revenue Code.
. 5
� � 1-4 . Authorization� and Ratification of Project.
(1) The Authority has heretofore and does hereby
authorize the Borrower, �in accordance with the provisions of
Section 474.03 (7) of the Act and subject to the terms and
conditions set forth in the Loan Agreement, to provide for the
construction and installation of the Project pursuant to the "
Plans ana Specifications by such means as shall be available to
the Borrower and in the manner determined by the Borrower, and
without advertisement for bids as may be required for the
construction and acquisition of municipal facilities; and the
Authority hereby ratifies, affirms, and approves all actions
heretofore taken by the Borrower consistent with and in
anticination of such authorit� and in compliance with the �Plans
and Specifications.
(2 ) In accordance with Subdivision 7a of Section 474. 01,
Minnesota Statutes, the Executive Vice-President of the
Authority is here�l: autrorized ana directed to submit the
proposal for the aoc�•e 3escribed Project to the Commissioenr of
Securities,� requ�sting his approval, and other officers,
employees and agents of the Authority are hereby authorized to
provide the Cor:u�i�sioner witr such preliminary information as
he may require. ,
(3 ) In or�er to �acilitate completion of the revenue bond
financing herein contemplated, the City Council is her�by
requested to consent, pursuant to Laws of �iinnesota, 1976 ,
Chapter 234r to the issuance of the revenue bonds herein
contemplated and a�v addiLional bonds which thz 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 purnose the Executive Vice President of the
Authority is hereby autnorized and directed to forward to the
City Council copies of this resolution and any additional
available information the City Council may request.
(4) 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 Proj�ect
and in preparing a draft of the proposed application to the
Commissioner of Securities, State of i�innesota, 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.
` 6
ART2CLE TWO
NOTE
2-1. Authorized Amount and Form of Note. �
The Note issued pursuant to this Resolution shall be
in substantially the form set forth herein, with such
appropriate variations, omissions and insertions as are
permitted or required by this Resolution, and in accordance
with the further provisions hereof; and the total principal
amount of the Note that may be outstanding hereunder is
expressly limited to $1, 500, 000 unless a duplicate Note is •
issu�d pursuant to Section 2-7. The Note shall be in
substantially the following form:
�
7
� � UNITED STATES OF At�ERICA
� . - STATE OF MINNESOTA
COUNTY OF RAt�ISEY
PORT AUTHORITY OF THE CITY OF SAINT PAUL
Commercial Development Revenue Note of 1980
(American National Red Cross Project)
• $1,500, 000
FOR VALUE RECEIVED the PORT AUTHORITY OF THE CITY OF
SAINT PAUL, Ramsey County, Minnesota, ( the "Authority") hereby
promises to pay to the arder of SIGNAL HILLS STATE BANF�, West
. Saint Paul, M?r.nesota (the "Lender" ) , its successors or
registered assigns, from �he source and in the nanner herein-
after provided, the principal surn of ONE MILLION FIVr. HUNDRED
THOUSAND Fu�ID N�/100 L��•LARS ( $1, 500, 000.00 ) with interest on
that port�on of the orir.cip31 sum which remains unpaid from
timz to time {the "Prin�ipal Balance") at the rate of nine and
one-half percent ;9 1/2�s ; per annur� in any coin or currency
which at the �ime or �i:�es of paynent is legal tender for the
payment of public or �rivate debts in the United States of
America, in accord�r.ce with the terms hereinafter set forth.
3. Repay;aent in this Note shall be made in 180
consecutive equal m�nthly installr,ients of $12, 613. 00 (based on
the ar,iortizaticn of `ne amount of this Note over 360 months) ,
with a fir.al no-�trilf installment in an amount equal to the •
Principal Balance and all interest accrued thereon due on July
1, 1995 ( "Final Maturity Date" ) . Payr�ents shall be made on the
first day of each month, or the next day, if the first is a
holiciay, and shall be applied first to interest and thereafter
to reduction of the principal of this Note .
2. If the ir.terest on this Note should become sub-
ject to �ederal income taaation pursuant to receipt by lender
of a notice of "Deterriination of Taxability" , as that terri is
defined in Section 6. G6 of the Loan Agreer�ent hereinafter �
defined, the interest rate shall be ir.imediately increased to
sixteen percent (16� ) per annum, computed as provided herein,
and the Authority shall further reimburse the Lender, but
sole2y from revenues derived from the Loan Agreenent, for the
aggregate difference between (1) the monthly payments actually
made to Lender on this Note from the "Date of Taxability" as
that term is defined in the Loan Agreement, to the effective
date of increase, and (2) the monthly payr�ents which would have
been made during such period had the interest on this Note been
at the rate of sixteen percent (16% ) per annum.
8
' 3. In any event, the payMents hereunder shall be
sufficient to pay all principal and interest due, as such
principal and interest becomes due. Interest shall be computed
on the basis of a 360 day year, but charged for the actual
nur.iber of days principal is unpaid. In the everit that the
interest rate of this Note is increased as provided in para-
graph 2, and the Note is not prepaid, the consecutive monthly
installments shall be increased to amortize the Principal
Balance at the increased interest rate.
4. If the Lender should not receive on the first day
of any month all of the principal and interest then due on the
Note, and if the Authority's payments should continue to be in
arrears through the fifteenth day of such month, then, in �
addition to all other sums due hereunder, the Lender shall be
entitled to receive on the sixteenth day of such month a
service charge equal to four percent (4 . 00o) of the delinquent
principal and interest.
5 . Princinal and interest and any penalty or premium
due hereunder sha�I bz payable at tne principal office of the
Lender, or at such cther place as the Lender may designate in
writing.
6. �his T�ote is issued by the Authority to provide
funds for a Prajec�, as define� in Section 474 .02, Subdivisi.on
la, Minnesota Statutes, consisting of the acquisition of real
estate, and the construction oi an addition to an existing .
office building thAreon, pursuant to a Loan Agreement of even
date herewi�'� (L�e ":.,oan Agree:�ent") between the Authority and
the St. Paul Cha�,�er of the Ar�erican National Red Cross (the
"Borrower") and tnis P1ote is further issued pursuant to and in
full compliance with the Constitution and laws of the State of
Minnesota, particularly Chapter 474, Minnesota Statutes, and
pursuant to a resolution of the Authority duly adopted on tday
20, 1980 {the "Resolution" ) .
7. This Note is secured by an assignment of the Loan
Agreement by the Authority to the Lender and a i-iortgage,
Security Agree:�ent and Fixt�re Financing Statement, of even
date herewitn between The Ar,ierican National Red Cross, a
nationally ciiartered corporation, as mortgagor, and the Lender
as nortgagee ( the "l,lortgage" ) . Tt�e disburser�ent of the proceeds
of this Note is subject to ti�e terms and conditions of the Loan
Agree,� ent.
8 . The Lender may eatend the times of payments of
interest and/or principal of this Note, including the date of
the Final tdaturity Uate, without notice to or consent of any
party liable hereon and without releasing any such party.
However, in no event may the Final Maturity Date be extended
beyond 30 years from the date hereof.
9
• ' 9. The Borrower may prepay this Note, in whole, or
in part, at any tiMe, without penalty, and the Lender shall
apply any such prepayment against accrued interest due and then
against the principal amounts due under the Note in inverse
order of �aturity.
10. This Note is further subject to prepayment by the
Borrower at any time, without a premium, in whole or in part,
upon the occurrence of certain events of damage, destruction or
condemnation of the property secured by the Mortgage, as
specified in Section 7 . 02 of the Loan Agreement and Section 3-1
of the Resolution or, at the option of the Lender, within 30
days after the Lender receives a notice of a "Determination of
Taxability" as t�at term is defined in Section 6.06 of the • Loan
Agreement.
11. The monthly payments due under paragraph 1
hereof, shall continue to be due and payable in full until the
entire ar.►ount of this Note and accrued interest have been paid
regardless of any partial prepay,�ent made hereunder.
12 . As provid�d in the Resolution and subject to
certain limitations set forth therein, this �ote is
transferable spon `i�e books of the Authority at the office of
the SecretGry oi �he Authority, by the Lender in person or by
his agent �Lly a��norized in writing, at the Lender' s expense,
upon surrer.der hereof Logether with a written instrument of
transfer satisfactory to the Secretary oi the Authority, duly
e�ecuted by the Ler��er or his duly authorized agen�. Upon such
transfer the Secretary of the Au�hority Nill note the date of
registration 3nd the na�e and address of the new registered
Lender in the registration blank appearing below. The
Authority may deen and treat the person in whose name the Note
is last re�istered upon the books of the Authority with such
registratior. noted on the Note, as the absolute owner hereof,
whether or not overdu�, for the purpose of receiving payment of
or on the account of this Note, redemption price or interest
and for all other purposes, and all such payments so made to
the Lender or upon his order shall be valid and effective to
satis�y and dis�harge the liabi?ity upon tre Note to the extent
of the sum or sums so paid, and the Authority shall not be
affected by any notice to the contrary.
13 . All of the agreements, conditions, covenants,
provisions and stipulations contained in the Resolution, the
t�ortgage and the Loan Agreement are hereby �ade a part of this
Note to the same extent and with the sa�e force and effect as
if they were fully set forth herein.
14 . This Note and interest thereon and any penalty or
premium due hereunder are payable solely from tile revenues and
proceeds derived from •the Loan Agreement and the Piortgage and
_ 10
- ' do not constitute a debt of the Authority or the City of Saint
Paul (the "City") within the meaning of any constitutional or
statutory limitation, are not payable from or a charge upon any
funds other than the revenues and proceeds pledged to � the
payment thereof, and do not give rise to a pecuniary. liability
of the Authority or the City or, to the extent permitted by
law, of any of its officers, agents or employees, and no holder
of this Note shall ever have the right to compel any exercise
of the taxing power of the Authority or the City to pay this
Note or the interest thereon, or to enforce paynent thereof �
against any property of the Authority or the City, and this
Note does not- constitute a charge, lien or encumbrance, iegal
or equitable, upon any property of the Authority or the City,
and the agreement of the Authority to perform or cause the `
performance of the covenants and other provisions herein
referred to shall be subject at all times to the availability
of revenues or other funds furnished for such purpose in
accordance with the Loan Agreenent, sufficient to pay all costs
of such perforriance or the enforcement thereof.
15. I� is acxreed th�t time is of the essence oi this
Note. In the AVp:Zt of failure by either the Authority or
Borrower to pay w'�e:� dse any monthiy installr:ient of principal
or interest withir. 3G days a�ter tne due date, or any premium
or penalty due hereunder, or if an Event of Default shall
occur, as set forth in the Mortyage or the Loan Agreement, then
the Lender sha'I ha�e the right and option to declare, upon ten
days writt2n no+�ice, the balance of this Note and accrued
interest therecn, i�*�ediately due and payable, but solely from
sums madp ava�iable Lnder the Loan Agreement and Mortgage.
Failure to exercise such option at any time shall not
constitute a waiver of the rigtlt to exercise the same at any
subsequent time.
16. The remedies of the Lender, as provided herein
and in the i�iortgage and the Loan Agreement are not exclusive
and shall be cumulative and concurrent and may be pursued
singly, successively or together, at the sole discretion of the
Lender, and r�ay be exercised as often as occasion therefor
shall occur; and the failure to exercise any such rigiit or
remedy shall in no event be construed as a waiver or release
thereof. •
17. The Lender shall not be deemed, by any act of
omission or corunission, to have waived any of its rights or
renedies hereunder unless such waiver is in writing and signed
by the Lender and, then only to the extent specifically set
forth in the writing . A waiver with reference to one event
shall not be construed as continuing or as a bar to or waiver
of any right or remedy as to a subsequent event.
11
� ' 18. This Note has been issued without registration•
� under state or federal or other securities laws, pursuant to an
exemption for such issuance; and accordingly tlie Note may not
be assigned or transferred in whole or part, nor may a
narticipation interest in the t�ote be given pursuant to any
participation agreement, except in accordance with an
applicable exemption from sucll registration requirements.
IT IS HEREBY CERTIFIED AND RECITED that all
conditions, acts and things required to exist, happen and be
�erformed precedent to or in the issuance of this Note do
exist, have happened and have been performed in regular and due
form as required by law.
II� wIl'NESS WHEREOF, the Authority has caused this
Note to be duly executed in its nane by the manual signatures
of the President and Secretary and has caused the corporate
seal to be aiiixed hereto, and has caused this Note to be dated
May�, 198G .
PORT AUTHORITY OF THE CITY OF
SAINT P OTA
\ .
%
�
L%,ira � e iden
B ' � c��
Y � �'`�s��
Secretary
(SEAL)
12
� �af���;�
PROVISIONS .AS TO REGISTRATION
The ownership of this Note and the interest accruing
thereon is registered on the books of the Port Authority ot the
City of Saint Paul in the name of the holder last noted below.
Date of Name and address Signature of -
Registra•tion Re�stered Owner Secretary
Signal Hills State Bank
100 Signal Hills
j4'est Saint Paul,
Minnesota 55118
13
2-2. The Note.
The Note shall be dated as of the date of its
delivery to the Lender and shall be payable at the times and in
the. manner, shall bear interest at the rate , and shall be
subject to such other terms and conditions as are set forth
therein.
2-3. Execution.
The Note shall be executed on behalf of the Authority
by the �anual signatures of its President and Secretary and
shall be seaTed with the seal of the Authority. In case any
officer whose signature shall appear on the Note shall ceas� to
be such officer before the delivery of the Note, such signature
shall nevertheless be valid and sufficient for all purposes,
the sa�e as .if he had remained in office until delivery.
2-4 . Del iver� of Note.
Before delivery of the Note there shall be �filed with
the Authority (except to the e�tent waived by the Authority)
the fol�owing ite�as:
(1) an executed co�oy of each of the following documents:
(A) t:�e Loan Agreement and Assignment of the Loan
Agreer�ent; and
� (B? the .'•i�rtgage;
(2 ) determination from the Internal Revenue Service that
the Borroy�er is. an exenpt organization within the r�eaning of
Section 501 (c) ( 3) of tr,e Internal Revenue Code;
(3} an opinion of Counsel for the Borrower in scope and
substance satisfactory to Bond Counsel as to the authority of
the Borrower to enter into the transaction and other related
natters;
(4 ) the opinion of Bond Counsel as to the validity and
tax exempt status of the Note; �
(5) such other docuMents and opinions as Bond Counsel may
reasonably require for purposes of rendering its opinion
required in subsection (4) above or that either the Authority
or the Lender may require for the closing.
14
2-5. Issuance of New Notes.
Subject to the provisions of Section .2-9, the
Authority shall, at the request and expense of the Lender issue
new notes, in aggregate outstanding principal amount equal to
that of the Note surrendered, and of like tenor except as to
number, principal amount, and the amount of the monthly
installments payable thereunder, and registered in the name of
the Lender or such transferee as may be designated by the
Lender.
2-6. Registration of Transfer.
The Authority will cause to be kept at the office of
the Secretary of the Authority a Note Register in which,
subject to s�ch reasonable regulations as it may prescribe, the
Authority shall provide for the registration of transfers of
ownership of the Note. The Note shall be transferable upon the
Note Register by trA Lender in �erson or by its agent duly
authorized in writi�g, upon surrender of the Note together with
a written instrumen` �f transfer satisfactory to the Secretary
of the A�thcri�v, �uiy executed by tne Lender or its duly
auth�rize� agent. �T�cn such transier the Secretary of the
Author?ty sha?1 ncte �he date of registration and the name and
address ot the new Lender in the Note Register and in the
registration �lank appearing on the Note.
2-7 . _Mutiiated, Lost or Destroyed Note.
. In case any ��ote issued hereunder shall Aecome
mutilated or be aes'troyed or lost, the Authority shall, if not
then prohibited by law, cause to be executed and delivered, a
new Note of ?ike outstanding principal amount, number and tenor
in exchange and substitution for and upon cancellation of such
mutilated Note, or in lieu of and in substitution for such ilote
destroyed or lost, upon the Lender's paying the reasonable
expenses and charges of the Authority in connection therewith,
and in the case of a Note destroyed or lost, the filing with
the Autnority of evidence satisfactory to the Authority that
such Note was destroyed or lost, and furnishing the Authority
with indemnity satisfactory to 'it. If the mutilaters, destroyed
or lost Note has already matured or been called for redemption
in accordance with its terms it shall not be necessary to issue
a new Note prior to payr*ient.
15
2-8. Ownership� of Note.
The Authority may deern and treat the person in whose
name the Note is last registered in the Note Register a�d by
notation on the Note whether or not such Note shall be overdue,
as the absolute owner of such Note for the purpose of receiving
payment on account of the Note, its redemption price or
interest and for all other purposes whatsoever, and the
Authority shall not be affected by any notice to the contrary. �
2-9. Limitation on Note Transfers.
The Note has been issued without registration un�der
state or other securities laws, pursuant to an exemption for
such issuance; and accordingly the Note may not be assigned or
transferrea in wnole or part, nor may a participation interest
in the �ote be given pursuant to any participation agreement,
except in accordance with an applicable exemption from such
registration requirements.
16
- � ARTICLE THREE � ,�, ar�
��e����<��
r'UNDS �AND ACCOUNTS
3.-l. Construction Fund. .
(1) The proceeds of the sale of the Note shall be
deposited in the special separate Construction Fund hereby
established and shall be used and withdrawn Uy the Authority
only as provided in the Loan Agreement.
(2 ) Any balance remaining in the Construction Fund at
Completion Date, unless held therein for future payment, as
provided in the Loan AgreeMent, shall be used to pre-pay the
Note.
( 3 } Zf an Event of Default should occur under the Loan
Agreement 'the Authority riay, but is not required to use any
sums in the Cons�ruction Fund to cure the default.
3-2 . ITvestr�ent by Authority.
(1) t�ioneys ne?d for the credit oi the Construction Fund
establishe� by Se��ion 3-I shall, to the extent practicable and
perrtitted by �he Act, be invested as receivea and reinvested by
the AL'tllGii�y in sucn securities as are autllorized by law,
after taking int� consideration any recomriendation made by the
Borrower. The Au�hority shall sell and reduce to cash funds a
sufficient partia;? of investments under the provisions of this
Section whenever the cash balance in the Construction Fund is
insuiiicient fcr its current requirer�ents.
( 2 ) Nothing herein shall prevent the commingling of funds
in bank deposit accounts or in investMent accounts, to the
extent deter:nined by the Authority to be necessary or
desirable; provided, however, that accurate records shall be
kept at° all times showing the proportion of income from
investments properly attributable to each fund and account, and
such income shall be credited on tne books of the Authority to
tne fund or account f rom whicn tne investment was rnade. Any
loss resulting from such investment shall be charged to the
Fund froM �-ahich the investnent was r�ade.
17
ARTICLE FOUR �
REDEMPTION OF NOTE BEFORE MATURITY
4-1. Reder�pti.on.
(1) In the event of (a) damage to or destruction of the
Project or conder�nation of the Project or any part thereof and
(b) if Borrower does not elect to restore the Project pursuant
to Section 2. 04 of the Mortgage, the Note shall be subject to �
prepaynent by the Authority from funds furnished by the
Borrower at the time, to the extent and in the Manner set forth
in Section 7. 02 of the Loan Agreement.
(2) The Note may be otherwise prepaid in accordance with
the provisions of the Note .
4-2. Termina.tion of Interest.
Upon deposit of the redemption price or any prepay-
ment with tl�e Lender,- the principal amounts prepaid shall,
after such dat2, ce�se to bear interest.
• 1$
� ARTICLE FIVE
GENERAL COVENANTS
5-1. Payment of Principal and Interest.
The Authority covenants that it will promptly pay or .
cause to be paid the principal of and interest on the Note at
the plac�e, on the dates, from the source and in the manner
provided herein and in the yote. The principal and interest
are payable solely from and secured by revenues and proceeds
derived from the Loan Agreement and the Piortgage, which
revenues and procee�s are hereby specifically pledged to the
payment thereof in the manner and to the extent specified in
the Note, the Loan Agreement and the i�iortgage; and nothing in
the Note or in this Resolution shall be considered as
assigning, pledging or otherwise encumbering any other funds or
assets o�' t;e Au�hority.
5�-2. Perrorr;ance of and Authority for Covenants.
-The _tiu�hority covenar.ts that it will faithfully
perform at a�i ti:-��s a:�y and all covenants, undertakings, ,
stipulations ar.d provisions contained in this Resolution, in
the Note exec�sted, authenticated and delivered hereunder and in
all proceeding� o` the Authority pertaining thereto; that it is
duly autnoriz2d uncer the Constitution and laws of the State of
Minnesota includ�ng �articularly and without limitation the
Act, to issse the Note authorized hereby, pledge the revenues
and assign the Loan Agreement in the manner and to the extent�
set forth in this Resolution, the Note and the Loan Agreement
and Assignment ef Loan Agreement; that all action on it,s nart
for the issuance of the Note and for the execution and delivery
thereof has been duly and effectively taken; and that the Note
in the hands of the Lender is and will be a valid and
enforceable obligation of the Authority according to the terms
�hereof.
5-3. Enforcement and Performance of Covenants.
The� Authority agrees to enforce all covenants and
obligations of the Borrower under the Loan Agreement and to
perform all covenan�s and other provisions pertaining to the
Authority contained in the Note and the Loan Agreement.
• lg
• - 5-4. Nature of Security.
Notwithstanding anything contained in the yote, the •
Mortgage, the Loan Agreement or any other document referred to
in Section 2-4 to the contrary, under the provisions of the Act
the Note may not be payable from or be a charge upon any funds
of the Authority or the City other than the revenues and
proceeds pledged to khe payment thereof, nor shall the
Authority or the City be subject to any liability thereon, nor
shall the Note otherwise contribute or give rise to a pecuniary
liability of the Authority or the City or, to the extent
permitted by law, any of the Authority' s or the City' s
officers, employees anc� agents. No holder of the Note shall
ever have the right to compel any exercise of the taxing power
of the Authority or the City to pay the Note or the interest
thereon, or to enforce nayment thereof against any property of
the Authori"ty or the City; and the Note shall not constitute a
charge, lien or encu�brance, legal or equitable, upon any
property of the A��t�cri�y or the Ci�y; and the iVote shall not
constitutP a �ebt of �h2 City within the meaning o£ any
constitutiehal or statltory limitation; but nothing in the Act
impairs the righ ts of the Lender to enforce the covenants made
for the security �?:ereof� as provided in this Resolution, the
Loan Agreement, th� �iortgage and in the Act, anc7 by authority
of the Act tne Authority or the City has made the covenants and
agreer�en ts herein for the benef i t of the Lender; prov ided tha t
in a:�y event, the agreem�nt of the Authority to perform or
enforce the cover.ants and other provisions contained in the
Note and the LO�I1 y^iee�►ent shall be subject at all times to
the availabilitv of reven�es under the Loan Agreement
sufficient to p�y all costs of such nerformance or the en- �
, forcement thereof, and the Authority shall not be subject to
any personal or pecuniary liability thereon.
5-5. Compliance With Arbitrage Restrictions.
The Authority acknowledges that the Loan Agreement is
an "acquired purpose obligation" within the meaning of the
federal arbitrage regul.ations currently in effect ( the
"Regulations" ) ; and the Authority hereby accordingly covenants
to restrict the yield on the Loan Agreement to a yield not� in
excess of the yield per�� itted under the Regulations and, if
necessary to prevent tne Note from becoming an arbitrage bond,
to restructure the payments required to be made under the Loan
Agreement in order to comply with such yield restrictions in a
manner consistent with the Authority' s covenants under this
Resolution. The Authority hereby finds, determines and
covenants that the Loan Agreement, together with all other
20
� revenue agreements heretofore or hereafter entered into by the
�Authority and deemed to be "acquired purpose obligations , "
(collectively "Acquired Purpose Contracts" ) , carry out and
shall continue to carry Qut a program of econamic development
within the City which is a "governmental program" within the
meaning of Section 1.103-13 (h) (2) of the Regulations, and that:
(1 ) said program of the Authority involves and shall
continue to involve acquisition of Acquired Purpose Contracts;
(2 } at least 90 percent of all such Acquired Purpose
Contracts acquired under the program, by amount of cost
outstanding, are and shall continue to be evidences of Ioans to
be made to a combination of a substantial number of persons
representing the general public, loans to exempt persons within
the meaning of Sec tion 501 (c) (3) of the In ternal Revenue Code,
and loar.s 'to provide housing and related facilities;
(3) at least 90 �ercent of all of the amounts received by
the Authority wi'ch respect to such Acquired Purpose Contracts
acquired undzr L'ne prcgram are or st;all continue to be used for
one �or more of L�?e Tol?owing purposes: to pay the principal or
interest cr ocherwis� to .service the debt on bonds or notes of
the Authority relating to the governmental program; to
, rei�nburse t�e AuLhori�y or to pay, for administrative costs of
issuing such bonds or notes; to reimburse the Authority, or to
pay, for ad:,�inistrative and other costs and anticipated future
losses direc�.�j� r�la�ed to the program financed by such bonds
or notes; to �a}:e ac�d�tional loans for the same general
purposes s�e�=iied in such program; or to redeem and retire
such bonds or notes at the next earliest nossible date of .
redemption; and
( 4) 'the program documents require that any person (or any
related person, as defined in Section 103 (b) (6) (C) of the
Internal Revenue Code) with whom the Authority may, under the
progran, enter into an Acquired Purpose Contract shall not,
pursuant to an arrangement, formal or informal, purchase bonds
or notes of the Authority in an amount related to the amount of •
the loan of bond or note proceeds from the Authority evidenced
by the Acquired Purpose �ontract; .
unless and to the extent that Bond Counsel determines that all
or any of t1�e foregoing requirements need not be met for
purposes of preventing any bonds or notes of the Authority fror�
beconing arbitrage bonds.
21
� . � ARTICLE SIX
MISCELLANEOUS
6-1. Severability.
If any provision of this Resolution snall be held or
deemed to be or shall, in fact, be inoperative or unenforceable
as applied in any particular case in any jurisdiction or
jurisdictions or in all jurisdictions or in all cases because
it conflicts with any provisions of any constitution or statute
or rule or public policy, or for any other reason, such
circumstances shall not hav� the effect of rendering the
provision in question inoperative or unenforceable in any other
case or circumstance, or of rendering any other provision or
provisions herein contained invalid, inoperative, or
unenforceable to a�y extent whatever. The invali�ity of any
one or more phrases, sentences, clauses or paragraphs in this
Resolution contained snall not affect the remaining portions of
this Resoluticn or a�j� nart thereof. .
6-2. Au�hen�ication of Transcript.
The of���ers of the Authority are directed to furnish
to Bond Counsel certi�ied copies of this Resolution and all
documents referrA� �o herein, and affidavits or certiiicates as
to all etrer matters �hich are reasonably necessary to evidence
the vali�ity of t�e �+o�e. All such certified copies,
certificat�s and a�fidavits , including any heretofore
furnished, s�all constitute recitals of the Authority as to the
correctness of ail statements contained therein. .
6-3. Registration of Resolution.
� The Secretary of the Authority is authorized and
directed to cause a copy of this Resolution to be filed with
the County Auditor of Ramsey County, and to obtain from said
County Auditor a certificate that the Note as a bond of the
Authority has been duly entered upon nis b�r�� register.
6-4. Authorization to Execute Agreements. �
The for�s of the proposed Loan Agreement, the
Assignment of Loan Agreement and the Mortgage are hereby
approved in substantially the form heretofore presented to the
Authority; and the President and Secretary of the Authority are
authorized to execute the Loan Agreement a�d the Assignment of
Loan Agreement in the name of ana on behalf of the Authority
and such other documents as Bond Counsel consider appropriate
in connection with the issuance of the Note. In the event of
22
the absence or disability of the President or the Secretary
such officers of the Aurhority as, in the opinion of the
Attorney for the Authority, may act in their behalf, shall
��ithout further act or authorization of the Authority do all
things and execute all instruments and documents required to be
done or executed by such absent or disabled officers.
6-5. Effective Date.
� Notwithstanding any other provisions herein to the �
contrary, the provisions of this Resolution shall not be
effective until ( i) the City Council has, pursuant to Laws of
Minnesota, 1976, Chapter 234, has consented to the issuance of
the revenue bonds herein contemplated and ( ii) the Commissioner
of Securities has, pursuant to Minn. Stat. �474-: 01, Subd. 7 (a) ,
given approval to the Project. For such purpose, the Executive
Vice Presiden't of the Au�hority is hereby authorized and
directed to forward to the City Council and the Commissioner of
Securities c�pies o� this Resolution and any additional
availab_le infor,naticr �hat either the City Council .or
Commissior,e� o.f Secar?�ies may req_uest.
��opte3: i'I�y 20, 1980
U,f,.,� Preside f ttze Po t uthority
of th i ty of Sa in t Paul
Attes � '
a�I/��'��I
S re tary
• 23
L`�''
. ,� �
. . �� � ' OM Ol : 12/197b
. ' - Rev. : 9/8/7�5Q�� ; .
EXPLANATION OF ADMINISTRATIVE OROERS,
RESOLUTIONS, AND ORDINANCES
Date� May 20, 1980 �
T0: MAYOR ORGE LATIMER �
;
FR: Eugene . � . •
RE: AMERICAN NATIONAL RED CROSS �E C E 1 V E D
$1,500,000 TAX EXEMPT MO RTGAGE MAY 2 2 1980
�IA�t'S Of�lCE
ACTiON REQUESTED: •
. �
In accordance with the Laws of Minnesota, Chapter 234, it is requested that the �
City Council, by Resolution, a draft copy of which is attached hereto, approve
the issuance of approximately �1 ,500,000 in a tax exempt mortgage for the purpose
of construc�ing a new 28,000 Sq. Ft. addition for American National Red Cross on � �
the Sauth side of their existing building located at 100 South Robert Street �
which is used as a regional blood center. In order to accanmodate the expansion . �
they wish to purchase an additional 29,751 Sq. Ft. site to provide �ore off-street �
parking and offset the loss of a portion of their existi;ng parking by the expa�►sion. $
�
. ;
�
. �
;
,
PURPOSE AND RATIQNALE FOR THIS ACTION: �
The purpose of the tax exempt mortgage is to finance the construction of a 28,000
Sq. Ft. addition for American National Red Cross on the sauth side of their existing
building which they use as a regionai °blood center, The pro�ect should.increase
employment by 15 people.
A7TACHMENTS:
Staff inemorandum .
Draft City Council Resolution
Port Authority Resolution No. 1651