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273094 �NH17E - CITV CLERK COURCII PINK - FINANCE GITY OF SAINT PAUL �'��,� �'ANARY - DEPARTMENT BL�UF� - MAVOR File NO. �� r�� ouncil Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1 . On December 20, 1977, the Port Authority of the City of Saint Paul adopted Resolution No. 1289, giving preliminary approval to the issuance of revenue bonds in the initial principal amount of approximately $2,120,000 to finance the construction of the Wabasha Court Develop- ment. 2. The City Council of the City of Saint Paul adopted Resolution No. 270324 on January 3, 1978 giving preliminary approval to the issuance of revenue bonds in an amount of approximately $2,120,000 to finance the construction of the Wabasha Court Development. 3. On March 15, 1979, the Port Authority of the City of Saint Paul adopted Resolution No. 1491 , giving preliminary approval to the issuance of revenue bonds in the initial principal amount of approximately $330,000 to finance the completion of the Wabasha Court Expansion project by the Wabasha Court partnership which is comprised of Richard M. Parranto, E. E. Parranto, Cy Sheehy, Jr. and William Sheehy, Jr. This additional financing would be to complete the installation of the mechanical , plumbing (restrooms), ceiling, floor, and electrical work in the space to be leased to Burger King and Bernie's Delicatessen. 4. 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; 5. 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. 1491 , the exact details of which, including, but not limited to, provisions relating to maturities, COUNCILMEN Yeas Nays Requested by Department of: Butler Hozza [n Favor Hunt Levine _ _ Against BY — Roedler S ylvesier Tedesco Form Approved by City Attorney Adopted by� Council: Date — Certified Passed by Council Secretary By - By Approved by Mayor: Date _ Appr v d y Mayor for Sub i si n to`Council By BY M�HITE — CiTV CLERK t � �NARV — DEP RCTMENT COUIICIl �� BLUaE — MAYOR GITY OF SAINT PAUL File NO. �� e �� _ Council Resolution Presented By Referred To Committee: Date Out of Committee By Date interest rates, discount, redemption, and for the issuance of additional bonds are to be d�termined 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. COUNC[LMEN Yeas Na}�s Requested by Department of: utle 6�l1ar In Favor �� R V dler tenrk�� - � -- Against BY — �Sy ester M+�� T d IItH � ,Q�A Form Approved by City At±orney Adopte y Counc . �ate — �� 3 C tified P� _.ed by Council Secret�ry BY Y App v by Mavoc �te ��N � }� Approved by Mayor for Submission to Council B BY ,�L�SttED J U N 1 6 1979 . . ��,�� PORT AUTHORITY OF THE CITY OF SAINT PAUL 1130 MINNESOTA BUILDING, 4TH AND CEDAR, SAINT PAUL, MINN. 55101, PHONE (612) 224-5686 - May 16, 1979 Mr. Gary Stout Director Department of Planning and Economic Development Lowry Annex St. Paul , Minnesota 55102 SUBJECT: WABASHA COURT EXPANSION $330,000 REVENUE BOND FINANCING � Dear Gary: We submit herewith for your review and referral to the office of the Mayor, City Council , and the City Attorney's office details pertaining to the issuance of revenue bonds to finance the com- pletion of the Wabasha Court Expansion project. In addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council Resolution and a copy of Port Authority Resolution No. 1491 which authorized the sale of bonds in the amount of $330,000. Your expeditious handling of this matter will be appreciated. Yours truly, ugene A, Krau Assistant Executive Vice President EAK:jmo cc: R. Broeker ROB[RT F. 5►RAiR� EUGENf A. KR�UT. C.I.D. DONALD G. DUHSM[E. C.I.D. CLIFFORD E. RAMSTED RO6COE C. B(iOWH E%ECUTtVE ViCE PNEEIDENT •361�TANT E%ECU�IV[V�CE PRE6�DEHT DIRECTOR, �NDUSTII��I DEVELOPMENT CIIIEF ENGINCEF CNIEF ACCOl1NTANT COMM15810NER5 G[ORGE W. W�NTER ROSALIE L. BUTLER AFiHUA N. GOODMI,N G. RICNwFO S�wpE RUbY HUNT LOU15 M. MEYERB W�LLIAM J. SCIFERT PRESID[NT VICE PRESIDENT SECFETARY TREASUaER C.I.D. Certified InduBtrial Developer .r�__1: ' P � �tT AUTHORITY � OF THE CITY OF ST. PNUL Memorondum TO: BOARD OF COMMISSIONERS DAT� May 11 , 1979 (May 15, 1979 Regular Meeting) FROM: D.G. Dunshee SUBJECT: WABASHA COURT EXPANSION PRELIMINARY & UNDERWRITING AGREEMENT $330,000 REVENUE BOND ISSUE RESOLUTION N0. 1491 1 . PROJECT On December 20, 1977, the Port Authority Commission approved the issuance of $2,120,000 in industrial revenue bonds to acquire the former Young Quinlan facility at 6th and Wabasha and construct skyways, install escalators, electrical and mechanical work, and enclose the current mall as a multi-tenant commercial facility. The majority of the work on the building has been completed with the majority of the first and second floor space leased and the sl�yway connections to Dayton's and the Hamm building opened. The proposed bond issue would permit the Wabasha Court partnership of Richard M. Parranto, E.E. Parranto, Cy Sheehy, Jr. and William St�eehy, Jr. , each holding 25� interest, to complete the installation of the mechanical , plumbing (restrooms) , ceiling, floor, and electrical work in the space to be leased to Burger King _and Bernie's Delicatessen. The partnership will escrow 1Q� of the bond issue, or $33,000, at bond closing as equity. The $33,000 would be used for construction purposes. The partnership will also personally guarantee this bond issue as they did originally. The partnership has arranged a financing commitment from the Commercial State Bank for all restaurant equipment and leasehold improvements. The Bank has notified the Port Authority that should it be necessary to fore- close on either of their loans, they will allow the equipment to remain on the property for re-leasing purposes. None of the bond proceeds will be used to equip the restaurants. Staff has reviewed the original pro forma for the project from 1978 through 1982 and a revised pro forma based on current leases and operating expense, and the cash flow has improved significantly over the original BOARD OF COMMISSIONERS - � May 11 , 1979 Page -2- projections made in 1977. The original projections were based on street rental at $7 per square foot and skyway level at $8.50 per square foot with the lower level at $3 per square foot. Wabasha Court has experienced considerably higher rentals on the street and skyway level which has re- - sulted in the improved pro forma. Under the terms of the Cluet-Peabody lease with the Dayton Company effective May 15, Cluett-Peabody will commence guaranteeing rental payments on the lower level for three years or until such time as the space is leased. At the present time, the developers have two excellent prospects for lease of the entire lower level . 2. FINANCING Sta�f has reviewed the project, and we are proposing a rexenue bond issue in the amount of $330,000 with the proceeds to be used as follows: Construction � $266,850 Reserve 38,250 Capitalized Interest - 0 - Expenses 15,000 Underwriting 9,900 TOTAL $330,000 The term of the bond issue would be for a period of 10 years, and the partnership has executed 15 and 20-year leases with the tenants. Besides the base rent, the partnership will receive a percentage of the g�oss in excess of fixed amounts which will generate additional revenue to amortize the bonds. In addition to the monthly rent, the partnership will pay a fi�cal and administrative fee to the Port Authority of $300 per month for the term of the lease. 3. RECOMMENDATIONS Staff has reviewed the original appraisal done in November, 1977, by A.J. Janski , MAI, and a May 1 , 1979 letter update of the appraisal which places the market value of the facility at $2,500,000. Based on the original bond issue and the proposed second bond issue, the Port Authority will have issued $2,450,000 in revenue bonds for the Wabasha Court. In addition to the appraised value of $2,5�0,000, the debt service reserves of �202,625 are escrowed for the full term of the bond issue. In this issue as in the original issue, the partnership has provided equity participation of 10�. Staff notified District 17 on Monday, April 30, of the proposed project. As of today, we have had no written or oral communications from the district regarding the project. DGD:ca WHITE — UTV CLERK PINK — FINANCE G I TY OF SA I NT PALT L Council _ Co1'1nRY — DEPARTMENT File NO. BLJE — nnAYOR Council Resolution Presented By� Referred To Committee: Date " Out of Committee By Date WHEREAS: 1 . On December 20, 1977, the Port Authority of the City of Saint Paul adopted Resolution No. 1289, giving preliminary approval to the issuance of revenue bonds in the initial principal amount of approximately $2,120,000 to finance the construction of the Wabasha Court Develop- ment. 2. The City Council of the City of Saint Paul adopted Resolution No. 270324 on January 3, 1978 giving prpliminary approval to the issuance of revenue bonds in an amount of approximately $2,120,000 to finance the construction of the Wabasha Court Development. 3. On March 15, 1979, the Port Authority of the City of Saint Paul adopted Resolution No. 1491 , giving preliminary approval to the issuance of revenue bonds in the initial principal amount of approximately $330,000 to finance the completion af the Wabasha Court Expansion project by the Wabasha Court partnership which is comprised of Richard M. Parranto, E. E. Parranto, Cy Sheehy, Jr. and William Sheehy, Jr. This additional financing would be to complete the installation of the mechanical , plumbing (restrooms), ceiling, flo�r, and electrical work in the space to be leased to Burger King and Bernie's Delicatessen. 4. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority of the City of Saint Paul , shull be issued only with the consent of the City Council of the City of Saint Paul , by resolution adopted in accordance with law; 5. 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 afaresaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution No. 1491 , the exact details of which, including, but not limited to, provisions relating to maturities, COUNCILIIE:�I Requested by Department of: Yeas ya��s Butler (n Fa��or H ozza Hunt Levine __ Against BY Roedler S vlvester . 'I�edesco Form Approved by City Attorney Adopted b�• Council: Date � Certified P�ssed b}• Counc.il Secretary BY B�: Approved by Mayor for Submission to Council Appro��ed b} �la�•or: Date ' R.� --- �NMITE - CiTV CLEAK COUI1C11 PINK - FINANCE GITY OF SAINT PALTL CANARY - DEP4RTMENT File NO• BLUE � MAYOF . Council Resolution Presented By Referred To Committee: Date Out of Committee By Date 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. COUNCIL'11EN Requested by Department of: Yeas N a}�s Butler In Favor Hozza Hunt � Levine _ _ Against BY — Roedler S ylvester Tedesco Form Approved by City Attorney Adopted b�� Council: Date Certified P�ssed b}• Ceuncil Secretary By B�: Approved by Mayor for Submission to Council Approved b� ,llayor. Date B}• BY t Resolution No. 1491 RESOLUTION OF . TAE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS, the purpose of Chapter 474, Minnesota Statutes, known as the Minnesota Municipal Industrial Develop- ment Act (hereinafter called "Act") as found and determined by the legislature is to promote the welfare of the state by the active attraction and encouragement and development of economi- �' cally sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment and to aid . in the development of existing areas of blight, marginal land and persistent unemployment; and WHEREAS, factors necessitating the active promotion ' and development of economically 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 need for development of land use which will provide an adequate tax base to fin�nce these � increased costs and access to employment opportunities for such population; and j�HEREAS, The Port Authority of the City of Saint. Paul (the "Authority") has received from Wabasha Court Associates, a � Minnesota general partnership consisting of Cyril E. Sheehy, Jr. , William Sheehy, Edward E. Parranto, and Richard M. Parranto (hereinafter referred to as "Company" ) a request that the Authority issue revenue bonds to finance the acquisition and improvement of additional commercial facilities (the "Ad�itional Facilities" ) within the primary facility commonly known as the Wabasha Court (hereinafter collectively called the "Project") in the City of St. Paul, all as is more f ully described in the staff report on file; and WHEREAS, the Authority has heretofore issued $2,120,000 of Industrial Development Revenue Bonds, Series T, to finance the Project pursuant to Basic Resolution No. 876, as amended, and Supplemental Bond Resolution No. 1293; and , � WHEREAS, Section 2. 06 of the Project Covenants to the lease dated January 1, 1976 and by which the Authority is currently leasing the Project to the Company ( the "Lease" ) provides for� the issuance of additional revenue bonds to finance additions and improvements to the Project which will have the effect of furthering the policies and purposes of the •Act; and � WHEREAS, the Authority desires to facilitate the selective development of �the community, to retain and improve its tax base and to help it provide the range of services and employment opportunities required by its population, and said Project will assist the City in achieving that objective. 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 reputation of the City; and . WHEREAS, the construction of Additional Facilities with the aid of the additional revenue bonds will result in substantial employment opportunities in the Project; WHEREAS, the Authority has been advised by repre- sentatives of the Company that conventional, commercial financing to pay the capital cost of the Additional �Facilities 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 Company has also advised this Authority that with the aid of revenue bond financing, and its resulting low borrowing cost, the construction of Additional Facilities is economically more feasible; and , � WHEREAS, Miller & Schroeder Municipals, Inc. ( the "Underwriter") has made a proposal in an agreement (the "Underwriting Agreement" ) relating to the purchase of the additional revenue bonds to be issued to finance the Additional Facilities. NOW, THEREFORE, BE TT RESOLVED by the Commissioners , of the Port Authority of the City of Saint Paul, Minnesota as follows: 1. On the basis of information available to the Authority it appears, and the Authority hereby finds, that said Additional Facilities constitute properties, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision la of Section 474.02 of the Act; that the availability of the financing under the Act and willingness of the Authority to f urnish such� financing will be a substantial inducement to the Company to construct the Additional Facilities, and that the � effect of the Additional Facilities, if undertaken, will be to encourage the development of economically sound industry and commerce and assist in the prevention of the emergence of blighted and marginal land, and will help to prevent chronic unemployment, and will help the City to retain and improve its tax base and provide the range of services and employment opportunities required by its population, and will help to prevent the movement of talented and educated persons out of the state and to areas within the 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. � 2. Subject to the mutual agreement of the Authority, the Company and the purchaser of the additional . revenue bonds as to the details of the amendment to the Lease (the "Amendment to the Lease") and other documents necessary to evidence and effect the financing of the Additional Facilities and the issuance of the additional revenue bonds, .the Additional Facilities are hereby approved and authorized and the issuance of additional revenue bonds of the Authority in an amount not to exceed approximately $375,000 (other than such � additional revenue bonds as are needed to complete the " . Additional Facilities or the Project) is authorized to finance � the costs of the Additional Facilities. � 3. There has heretofore been filed with the Authority a form of Preliminary Agreement between the Authority and Company, relating to the proposed construction and financing of the Additional Facilities and a form of the Underwriting Agreement. �he form of said Agreements have been examined by the Commissioners. It is the purpose of said Agreements. to evidence the commitment of the parties and their intentions with respect to the proposed Additional Facilities in order that the Company may proceed without delay with the commencement of the acquisition, installation and construction of � the Additional Facilities with the assurance that there has been sufficient "official action" under Section 103(b) of the Internal Revenue Code of 1954, as amended, to allow for the issuance of additional industrial revenue bonds to finance the entire cost of the Project upon agreement being reached as to - the ultimate details of the Additional Facilities and their financing. Said Agreements are hereby approved, and the President and Secretary of the Authority are hereby authorized and directed� to execute said Agreements. 4. Upon execution of the Preliminary Agreement by the Company, the staff of the Authority are authorized and directed to continue negotiations with the Company so as to � resolve the remaining issues necessary to the preparation of the Amendment to Lease and other documents necessary to the adoption by the Authority of its final bond resolution and the issuance and delivery of the additional revenue bonds; provided that the President (or Vice-President if the President is absent) and the Secretary (or Assistant Secretary if the Secretary is absent) of the Authority, or if either of such officers (and his alternative) are absent, the Treasurer of the . Authority �n lieu of such absent officers, are hereby authorized in accordance with the provisions of Minnesota Statutes, Section 475.06, Subdivision 1, to accept a final offer of the Underwriters made by the Underwriters to purchase said bonds and to execute� an underwriting agreement setting forth such offer on behalf of the Authority. Such acceptance shall bind the Underwriters to said offer but shall be subject to approval and ratification by the Port Authority in a formal ' supplemental bond resolution to be adopted prior to the delivery of said revenue bonds. 5. The additional revenue bonds and interest thereon shall not constitute an indebtedness of the Authority or the City of Saint Paul within the meaning of any � constitutional or statutory limitation and shall not constitute or give rise to a pecuniary liability of the Authority or the City or a charge against their general credit or taxing powers and neither the full faith and credit nor the 'taxing powers of the Authority or the City is pledged for the payment of the bonds or interest thereon. 6. In order to facilitate completion of the revenue bond financing herein contemplated, the City Council is hereby requested to consent, pursuant to Laws of Minnesota, 1976, Chapter 234, to the issuance of the revenue bonds (including any, interim note or notes) herein contemplated and any additional bonds which the 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 purpose t . � the Executive Vice President of the Authority is hereby authorized and directed to forward to the City Council copies of this resolution and said Preliminary Agreement and any additional available information the City Council may re�uest. Adopted May 15, 1979 Attest . 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