00-963ORlr��iA�
Council File # p0 — �`3
GreenSheet# �Ot`�it
ib
Presented By
Referred To
Committee: Date
1 RELATING TO CENTRAL LIBRARY
2 IMPROVEMENT FINANCING
3 WHEREAS, the downtown central library of the City of Saint Paul, Minnesota (the
4 "City"), was constructed in 1917 and is in need of renovation; and
5 WHEREAS, renovation of the central library is already an aspect of the long-range
6 capital improvement budget, for funding each year through 2004; and
7 WHEREAS, the renovation can be financed now at an affordable interest rate and without
8 an election if the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota
9 (the "Authority"), (1) issues its revenue bonds for the central library renovation as a
10 redevelopment project o€the Authority, and (2) leases the renovation improvements to the City
11 pursuant to an annual non-appropriation clause lease (which annually permits the City not to
12 appropriate rents and thus not to renew the lease) at rents sufficient to pay the revenue bonds, and
13 (3) pays the revenue bonds solely from the rents from the non-appropriation clause lease; and
14 WHEREAS, the rents under the lease would not be limited to payment from any
15 particular source, but amounts scheduled in the capital improvement budget for library
16 renovation financed by the City's annual capital improvement bonds in 2001 through 2004 would
17 be adequate to pay rents sufficient to pay debt service on the Authority's revenue bonds; and
18 WHEREAS, a non-appropriation clause lease financing undertaken in 2000 will lead to
19 completion of the library renovation projecc sooner, and with lower overall construction costs,
2 o than if it were financed directly with capital improvement bond proceeds through 2004; and
21 WHEREAS, the Friends of the Saint Paul Librazy aze willing to pay all costs of issuing
22 the Authority bonds and to guarantee payment of the Authority bonds and thereby enhance the
23 credit thereof; and
24 WHEREAS, the Authority will need to expand its Downtown and Seventh Place
25 Redevelopment project area in order to undertake the library renovation as a redevelopment
26 project; and
1185932 4
ORIGlNAL
1 WHEREAS, it is desirable to proceed to negotiate a financing with Dougherty &
2 Company, LLC:
oo-q�3
3 NOW, TFIEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul,
4 Mimiesota, (1) that the Authority is requested to proceed with the financin� of the central library
5 renovation as a redevelopmenY project and in this regazd to expand the Downtown and Seventh
6 Place Redevelopment project azea, and (2) that staff of the City, particulazly in the Office of
7 Financial Services and Treasury, are hereby authorized and directed to cooperate with staff of the
8 Authority, Springsted Incorporated as financial consultanY, Briggs and Morgan, Professionai
9 Association, as bond counsel, and Dougherty & Company, LLC, as undervvriter to proceed with a
10 financing for renovation of the central library, and (3) that staff of the City schedule appropriate
11 hearings.
Requested by Department of:
0-F e �' �i�vw,.�e.�3� ��rvrce5
Rv� 1 ,YI�^�
Form A � etl by Cify Attorney
gy. l'./G" , � � �-�
�p_ �- a o
Approved by ayor for S bmission to Council
By: � / ,
Adopfed by Council: Dafe �--� a���
Adoption Cer[ifted by Council Secretary
By:
:T�
By:
1185932.4 2
v
00 -q,t�3
z000
GREEN SHEET
No 101161
�
�� V M.� u
TOTAL i OF SIGNATURE PAGES 1, (CLIP ALL LOCATIONS FOR SIGNATURE)
is resduGon reQueets the Flweirg �d Re�ebpmwd AWhord�' of SaiM PaW to proceed wkh the frmndrg of tlx ce�ral Abrary renova4ion
a redevelopmeM Projeet� e�wd the Da�vntwm and Sevenlh Wace Redevelopn�t Drqaet ares, ard wAhor¢x the OFfice of Fwr�ial Services to proceed
h a fi�arg M rawvation of the � libary and acl�edule apWOpriate F�rinys.
PLANNING CAMMISSION
GB CAMMITfEE
CML SERVICE COMMISSION
Damtam ceritral library is in nced of rerrovation. arM is already an aspect oFihe brp-rarqe caP� imP��� Du�et ih�ou8h 20(M.
reriwatiam m� 6e finaxed soor�er, and wilh lawer overatl wrretructbn asts ihan dwere firenced Oiredry wi[h CaP�I imprcrvement 6aM P�� Mrou9h 2004.
--�*----;
�..,� ❑ �«�
��.��. ❑ �.,
Has ihig personlflfin everworketl uMer a caR`act for this tlepartmeM?
YES NO
Nes thia persmlFrtn e�tr been a cdv emMoYce4
YES NO
Ooes Mis pe�saJfirtn P� a sldil not nortnellY P� bY a�Y curteM cily empbyee?
VES NO
Is Mis pe�sorJfirtn a faigele7 venaoft
YES NO
��
reedee torthis renv.atim a� wfu nat ee svailade.
TRANSACTION i s��.m000
t�iT1REYENUE BUD6ETE0 (CIRCLE ONfi)
�i��;:•7
$OURCE
F ��dc7
iMFORMAT10P1(EXPWN)
ORlr��iA�
Council File # p0 — �`3
GreenSheet# �Ot`�it
ib
Presented By
Referred To
Committee: Date
1 RELATING TO CENTRAL LIBRARY
2 IMPROVEMENT FINANCING
3 WHEREAS, the downtown central library of the City of Saint Paul, Minnesota (the
4 "City"), was constructed in 1917 and is in need of renovation; and
5 WHEREAS, renovation of the central library is already an aspect of the long-range
6 capital improvement budget, for funding each year through 2004; and
7 WHEREAS, the renovation can be financed now at an affordable interest rate and without
8 an election if the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota
9 (the "Authority"), (1) issues its revenue bonds for the central library renovation as a
10 redevelopment project o€the Authority, and (2) leases the renovation improvements to the City
11 pursuant to an annual non-appropriation clause lease (which annually permits the City not to
12 appropriate rents and thus not to renew the lease) at rents sufficient to pay the revenue bonds, and
13 (3) pays the revenue bonds solely from the rents from the non-appropriation clause lease; and
14 WHEREAS, the rents under the lease would not be limited to payment from any
15 particular source, but amounts scheduled in the capital improvement budget for library
16 renovation financed by the City's annual capital improvement bonds in 2001 through 2004 would
17 be adequate to pay rents sufficient to pay debt service on the Authority's revenue bonds; and
18 WHEREAS, a non-appropriation clause lease financing undertaken in 2000 will lead to
19 completion of the library renovation projecc sooner, and with lower overall construction costs,
2 o than if it were financed directly with capital improvement bond proceeds through 2004; and
21 WHEREAS, the Friends of the Saint Paul Librazy aze willing to pay all costs of issuing
22 the Authority bonds and to guarantee payment of the Authority bonds and thereby enhance the
23 credit thereof; and
24 WHEREAS, the Authority will need to expand its Downtown and Seventh Place
25 Redevelopment project area in order to undertake the library renovation as a redevelopment
26 project; and
1185932 4
ORIGlNAL
1 WHEREAS, it is desirable to proceed to negotiate a financing with Dougherty &
2 Company, LLC:
oo-q�3
3 NOW, TFIEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul,
4 Mimiesota, (1) that the Authority is requested to proceed with the financin� of the central library
5 renovation as a redevelopmenY project and in this regazd to expand the Downtown and Seventh
6 Place Redevelopment project azea, and (2) that staff of the City, particulazly in the Office of
7 Financial Services and Treasury, are hereby authorized and directed to cooperate with staff of the
8 Authority, Springsted Incorporated as financial consultanY, Briggs and Morgan, Professionai
9 Association, as bond counsel, and Dougherty & Company, LLC, as undervvriter to proceed with a
10 financing for renovation of the central library, and (3) that staff of the City schedule appropriate
11 hearings.
Requested by Department of:
0-F e �' �i�vw,.�e.�3� ��rvrce5
Rv� 1 ,YI�^�
Form A � etl by Cify Attorney
gy. l'./G" , � � �-�
�p_ �- a o
Approved by ayor for S bmission to Council
By: � / ,
Adopfed by Council: Dafe �--� a���
Adoption Cer[ifted by Council Secretary
By:
:T�
By:
1185932.4 2
v
00 -q,t�3
z000
GREEN SHEET
No 101161
�
�� V M.� u
TOTAL i OF SIGNATURE PAGES 1, (CLIP ALL LOCATIONS FOR SIGNATURE)
is resduGon reQueets the Flweirg �d Re�ebpmwd AWhord�' of SaiM PaW to proceed wkh the frmndrg of tlx ce�ral Abrary renova4ion
a redevelopmeM Projeet� e�wd the Da�vntwm and Sevenlh Wace Redevelopn�t Drqaet ares, ard wAhor¢x the OFfice of Fwr�ial Services to proceed
h a fi�arg M rawvation of the � libary and acl�edule apWOpriate F�rinys.
PLANNING CAMMISSION
GB CAMMITfEE
CML SERVICE COMMISSION
Damtam ceritral library is in nced of rerrovation. arM is already an aspect oFihe brp-rarqe caP� imP��� Du�et ih�ou8h 20(M.
reriwatiam m� 6e finaxed soor�er, and wilh lawer overatl wrretructbn asts ihan dwere firenced Oiredry wi[h CaP�I imprcrvement 6aM P�� Mrou9h 2004.
--�*----;
�..,� ❑ �«�
��.��. ❑ �.,
Has ihig personlflfin everworketl uMer a caR`act for this tlepartmeM?
YES NO
Nes thia persmlFrtn e�tr been a cdv emMoYce4
YES NO
Ooes Mis pe�saJfirtn P� a sldil not nortnellY P� bY a�Y curteM cily empbyee?
VES NO
Is Mis pe�sorJfirtn a faigele7 venaoft
YES NO
��
reedee torthis renv.atim a� wfu nat ee svailade.
TRANSACTION i s��.m000
t�iT1REYENUE BUD6ETE0 (CIRCLE ONfi)
�i��;:•7
$OURCE
F ��dc7
iMFORMAT10P1(EXPWN)
ORlr��iA�
Council File # p0 — �`3
GreenSheet# �Ot`�it
ib
Presented By
Referred To
Committee: Date
1 RELATING TO CENTRAL LIBRARY
2 IMPROVEMENT FINANCING
3 WHEREAS, the downtown central library of the City of Saint Paul, Minnesota (the
4 "City"), was constructed in 1917 and is in need of renovation; and
5 WHEREAS, renovation of the central library is already an aspect of the long-range
6 capital improvement budget, for funding each year through 2004; and
7 WHEREAS, the renovation can be financed now at an affordable interest rate and without
8 an election if the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota
9 (the "Authority"), (1) issues its revenue bonds for the central library renovation as a
10 redevelopment project o€the Authority, and (2) leases the renovation improvements to the City
11 pursuant to an annual non-appropriation clause lease (which annually permits the City not to
12 appropriate rents and thus not to renew the lease) at rents sufficient to pay the revenue bonds, and
13 (3) pays the revenue bonds solely from the rents from the non-appropriation clause lease; and
14 WHEREAS, the rents under the lease would not be limited to payment from any
15 particular source, but amounts scheduled in the capital improvement budget for library
16 renovation financed by the City's annual capital improvement bonds in 2001 through 2004 would
17 be adequate to pay rents sufficient to pay debt service on the Authority's revenue bonds; and
18 WHEREAS, a non-appropriation clause lease financing undertaken in 2000 will lead to
19 completion of the library renovation projecc sooner, and with lower overall construction costs,
2 o than if it were financed directly with capital improvement bond proceeds through 2004; and
21 WHEREAS, the Friends of the Saint Paul Librazy aze willing to pay all costs of issuing
22 the Authority bonds and to guarantee payment of the Authority bonds and thereby enhance the
23 credit thereof; and
24 WHEREAS, the Authority will need to expand its Downtown and Seventh Place
25 Redevelopment project area in order to undertake the library renovation as a redevelopment
26 project; and
1185932 4
ORIGlNAL
1 WHEREAS, it is desirable to proceed to negotiate a financing with Dougherty &
2 Company, LLC:
oo-q�3
3 NOW, TFIEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul,
4 Mimiesota, (1) that the Authority is requested to proceed with the financin� of the central library
5 renovation as a redevelopmenY project and in this regazd to expand the Downtown and Seventh
6 Place Redevelopment project azea, and (2) that staff of the City, particulazly in the Office of
7 Financial Services and Treasury, are hereby authorized and directed to cooperate with staff of the
8 Authority, Springsted Incorporated as financial consultanY, Briggs and Morgan, Professionai
9 Association, as bond counsel, and Dougherty & Company, LLC, as undervvriter to proceed with a
10 financing for renovation of the central library, and (3) that staff of the City schedule appropriate
11 hearings.
Requested by Department of:
0-F e �' �i�vw,.�e.�3� ��rvrce5
Rv� 1 ,YI�^�
Form A � etl by Cify Attorney
gy. l'./G" , � � �-�
�p_ �- a o
Approved by ayor for S bmission to Council
By: � / ,
Adopfed by Council: Dafe �--� a���
Adoption Cer[ifted by Council Secretary
By:
:T�
By:
1185932.4 2
v
00 -q,t�3
z000
GREEN SHEET
No 101161
�
�� V M.� u
TOTAL i OF SIGNATURE PAGES 1, (CLIP ALL LOCATIONS FOR SIGNATURE)
is resduGon reQueets the Flweirg �d Re�ebpmwd AWhord�' of SaiM PaW to proceed wkh the frmndrg of tlx ce�ral Abrary renova4ion
a redevelopmeM Projeet� e�wd the Da�vntwm and Sevenlh Wace Redevelopn�t Drqaet ares, ard wAhor¢x the OFfice of Fwr�ial Services to proceed
h a fi�arg M rawvation of the � libary and acl�edule apWOpriate F�rinys.
PLANNING CAMMISSION
GB CAMMITfEE
CML SERVICE COMMISSION
Damtam ceritral library is in nced of rerrovation. arM is already an aspect oFihe brp-rarqe caP� imP��� Du�et ih�ou8h 20(M.
reriwatiam m� 6e finaxed soor�er, and wilh lawer overatl wrretructbn asts ihan dwere firenced Oiredry wi[h CaP�I imprcrvement 6aM P�� Mrou9h 2004.
--�*----;
�..,� ❑ �«�
��.��. ❑ �.,
Has ihig personlflfin everworketl uMer a caR`act for this tlepartmeM?
YES NO
Nes thia persmlFrtn e�tr been a cdv emMoYce4
YES NO
Ooes Mis pe�saJfirtn P� a sldil not nortnellY P� bY a�Y curteM cily empbyee?
VES NO
Is Mis pe�sorJfirtn a faigele7 venaoft
YES NO
��
reedee torthis renv.atim a� wfu nat ee svailade.
TRANSACTION i s��.m000
t�iT1REYENUE BUD6ETE0 (CIRCLE ONfi)
�i��;:•7
$OURCE
F ��dc7
iMFORMAT10P1(EXPWN)