273318 wMiTe — cirv CLERK COl1tIC11 � I 4.I�� �
PINK — FINANCE G I TY. OF SA I NT PAUL
CANARV — DEPARTMENT
BLUE — MAVOR File NO•
Co�ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
l . On June 26, 1979, the Port Authority of the City of Saint Paul adopted
Resolution No. 1513, giving preliminary approval to the issuance of revenue bonds in the
initial principal amount of approximately $1 ,���,000 to finance the construction of a
30,000 square foot manufacturing and distribution facility for Twin City Concrete Products
Company, Inc. to be located at Arlington and Jackson Streets. The facility will be leased
to Twin City Concrete Products Company and guaranteed by Cemstone Products Company, Inc.
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City of Saint Paul , shall be issued only with the
consent of the City Council of the City of Saint Paul , by resolution adopted in accordance
with law;
3. The Port Authority of the City of Saint Paul has requested that the City Council
give its requisite consent pursuant to said law to facilitate the issuance of said revenue
bonds by the Port Authority of the City of Saint Paul , sub�ect to final approval of the
details of $aid jssue 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 honds for the purposes described in the aforesaid Port Authority
Resolution No. 1513, the exact details of which, including, but not limited to, provisions
relating to maturities, interest rates, discount, redemption, and for the issuance of
addltional 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 carry9ng out the purposes for which the aforesaid bonds are issued.
COUNCILMEN Requested by Department of:
Yeas Nays `
�er ��,
Hozza �� In Favor .-,
Hunt
L,evine _ � __ Against BY
Maddox
shoW JUL 12 1979
esco Form Approved b City Attorney
Ado ed by Council� Date — �
i
ertified Pa_ d by Coun � S�retar By
�
� _�� � 6 �9�7 - Approve by Mayor for Submission to Council
App by 1�lavor. Da e
B _ By
, �� �U�, 21 1979
POitT
� t� THORITY �'���-��
OF THE CITY OF ST. PAUL
Memorandum
TO: BOARD OF COMMISSIONERS DATE: June 15, 1979
(June 26, 1979 Special Meeting)
,
/
FROM: J.F. Faue
SU&!EG'T: TWIN CITY CONCRETE PRODUCTS COMPANY, INC.
(CEMSTONE PRODUCTS COMPANY, INC.�
PUBLIC SALE HEARING -
RESOLUTION N0. 1514
PRELIMINARY AGREEMENT - $1 ,440,000 REVENiIE BOND ISSUE
RESOLUTION N0. 1513
l . THE COMPANY
Twin City Concrete Products Company, Inc. , located at 1520 Minnehaha
Avenue, St. Paul , Minnesota, is also the headquarters for Cemstone
Products Company, �nc. The.company is engaged in the production of
concrete products, sand, and gravel operations with its principal
product being bagged ready mix known as Sakrete. The combined opera-
tion of the two companies would employ in excess of 50 people.
2. THE PROJECT�.
Twin City Concrete Products Company has two similar facilities,one
in Minneapolis and one in Lakeland which will be incorporated into
the new plant. An industrial site at Arlington and Jackson is their
selected location. Production enta1ls delivery of aggregate and cement
by truck and rail , inside storage, drying and bagging, and finally
shipment, primarily by truck. fihe building will be approximately
30,OOQ square feet in size located on a 4.69 acre site.
3. FINANCING
Financing is proposed through the issuance of Port Authority industrial
revenue bonds to acquire the site and construct the building. The
project will be leased to Twin City Concrete Products Company and
guar.anteed by Cemstone Products Company, Inc. Financial statements
are:attached.
. '
� BOARD OF COMMISSIONERS
June 15, 1979
Page -2-
Bond proceeds will be allocated as follows:
Land Acquisition and Construction $1 ,190,000
Legal , Printing & Misc. Expenses 25,000
Capltalized Interest - 6 Months 55,000
Debt Service Reserve 125,000
Underwriting 45,000
,440,0�
The Port Authority will also receive a fiscal and administrative fee
based on the estimated bond issue outlined above as follows:
First 10 Years - $432/month (or) $5,184/year
Second 10 Years - $576/month (or) $6,912/year
Last 10 Years - $720/month (or) $8,640/year
The lease term will be for 30 years. There is also a purchase option
of $144,000.
The land was appraised for the owner by William Muske. The land acquisi-
tion is at a value of $1 .30 per square foot, which is commensurate with
the appraised value of $1.30 per square foot.
4. UNDERWRITING
Miller & Schroeder Municipals will underwrite the proposed issue.
5. RECOMMENDATIONS
District 6 was nQt�fied through the early notice process Apri1 13, 1979.
Port Authority staff and company representatives met with the District
on May 10, 1979, . District 6 has raised some questions regarding the
leYel af truck traffic to be generated on Jackson as a result of this
project and also any pollution that might be generated as a result of
operatjons. Regarding truck traffic, this project will generate approx-
imately 20-30 truck trips per day. Traffic counts taken by the Dept. of
Pu�lic �(orks s.how that Jackson between Maryland and Arlington presently
has 4,975 average daily trlps. Ingress and egress for the site will be
on Arlington. The company has stated that they would direct their trucks
to use the southerly route from Jackson to Maryland, which is the closest
deslgnated truck route. St, Paul City ordinances provide that trucks may
use the shortest possible route to get to designated truck routes. Members
of Distrlct 6 have t�et with Public Works regarding their concerns.
Regarding the matter of pollution control , the company is required to submit
plan$ for its.equipment to be used in production, dust collection, etc. , to
the Minn�sota Pollutlon Control Agency, who must review and issue a permit
regdrding the faGt that sald equipment 1� ln compliance. The company has
submltted their speclflcatlons to the Pollution Control Agency and is
awalting their reaction to the permit application. It should be noted
that there is nq outs.lde storage of materials. �
.`
.� � .
BOARD OF COMMISSIONERS
June 15, 1979
Page -3- .
The Port Authority published notice in the Legal Ledger and St. Paul
Dispatch-Pioneer Press on June 9 and 11 respectively as required under
the amendment of Chapter 474 stating that the project would be considered
by the Port Authority Commission on Tuesday, June 26. If the project is
approved by the Commission, formal application will be submitted to the
Commissioner of Securities.
Staff has met with representatives of the company and reviewed their
financial statements. The development of this site will create new
employment oppartunities and tax base for the City of St. Paul .
Estimated real estate taxes will be in excess of $20,000 per year.
Existing land use in the area other than residential leaves much to
be desired in terms of aesthetic qualities and development that is
acceptable in the neighborhood. The development as proposed at this
locatton should prove to be an incentive to attract higher value
developments in the future.
Staff recommends approval .
JFF:ca
Attach.
� � �
. .
.� � , �rl!3���
Resolution No. 1513
�. RESOLUTION OF •
THE PORT AUTHORITY OF THE CITY OF SAINT PAUL �
WHEREAS, the purpose of Chapte r 474, Minnesota
Statutes, known as the Minnesota Municipal Industrial Develop-
ment Act (hereinafter called "Ac t") as found and determined by �
the legisl ature 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
chr,onic 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 developanent 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 develognent of land use
which will provid e an adequate tax base to finance these
increased costs and access to employment opportunities for such
pop�tl.ation; and
WHEREAS, The Port Authority of the City of Saint Paul
(the "Authority") has received from �ain City Concrete Products
Company, a Minnesota corporation (hereinafter referred to as
"Company") a request that the Authority issue its revenue bonds
to finance the acquisition, installation and construc tion of
facilities located at Arlington and Jackson Streets in the City
of St. Paul for use as a manufacturing and distribution
facility for concrete and related products (hereinafter
collectively called the "Project" ) , all as is more fully
described in the staff report on file ; and
WHEREAS, the Authority desires to facilitate the
selective develo�anent of the community , to retain and improve
its tax base, and to help it provide the range of ser.vices and
employr,tent opportunities required by its population, and said
Projec t 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
Ci ty; and
WHEREAS, the Project to be financed by revenue bonds
will result in substantial employment opportunities in the
Proj ec t;
WHEREAS, the Authority has been advised by repre-
sentatives of the Company that conventional, commercial
financing to pay the capital 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 Company has also advised this
Authority that with the aid of revenue bond financing , and its
resulting low borrowing cost, the Project is economically more
feasible;
WHEREAS, Miller & Schroeder Municipals, Inc. ( the
"Underwriter") has made a proposal in an agreement (the
''Underwriting Agreement" ) relating to the purchase of the
revenue bonds to be issued to finance the Project;
WHEREAS, the Au thority, pursuant to Minnesota
Statutes, Section 474. 01, Subdivision 7b did place 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 Company that the Authority finance the Project hereinbefore
described by the issuance of its industrial revenue bonds ; and
WHEREAS, the Authority did conduct a public hearing
pursuant to said notice at which hearing all persons who
appeared at the hearing were given an opportunity to express
. their views with respect to the proposal .
NOW, THEREFORE, BE IT RESOLVE D by the Commissioners
of the Port Authority of the City of Saint Paul, Mi:�r.e�ota as
follows : �
� 1 . On the basis of information available to the
Authority it appears, and the Authority hereby finds, that said
Projec t constitutes properties, used or useful in connection
with �one or more revenue producing enterprises engaged in any
business within the meaning of Subdivision 1 of Section 474.02
of the Act ; that the Project furthers the purposes stated in
Section 474. 01 of the Act; that the availability of the
financing under the Act and willingness of the Authority to
furnish such financing will be a substantial inducement to the
Company to undertake the Project; that the effec t of the
Project, if undertaken, will be to encourage the development of
econonically 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 no t be as effectively used and
will result in more intensive development and use of land
within the City and will eventually res ul t in an increase in
� the City' s tax base; and that 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
Company in financing the Project.
2. Subject to the mutual agreement of the Authority,
the Company and the purchaser of the revenue bonds as to the
details of the lease and other d ocuments necessary to evidence
and effect the financing of the Project and the issuance of the
revenue bonds, the Project is hereby approved and authorized
and the issuance of revenue bonds of the Authority, which may
be in the form of a single note, in an amount not to exceed
approx imately $1,440,000 (other than such additional revenue
bonds as are needed to complete the Project) is authorized to
finance the costs of the Project. �
3. In accordance with Subdivision 7a of Section
474.01, Minnesota Statutes, the Executive Vice-President of the �
AUTHORITY is hereby authorized and directed to submit the
proposal for the above described Project to the Commissioner of
Securities, requesting her approval , and other officers,
� employees and agents of the AUTHORITY are hereby authorized to
provide the Commissioner with such preliminary information as
she may require.
4. There has heretofore been filed with the
Authority a form of Prel iminary Agreement between the Authority
and Company, relating to the proposed construction and
' financing of the Project and a form of the Underwriting
Agreenent. The form of said Agreements have been examined by
the Commissioners. It is the purpose of said Agreements to
evidence the cammit�nent of the parties and their intentions
with respect to the proposed Projec t in order that the Company
, may proceed without delay with the commencement of the
acquisition, installation and constructio n of the Project 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 industrial revenue bonds
. to finance the entire cost of the Project upon agreement being
reached as to the ultimate details of the Pro�ect and� its
financing . Said Agreements are hereby approved, and the
President and Secretary of the Authority are hereby authorized
and directed to execute said Ag reements. •
5. 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 lease and other doc�unents necessary to the adoption by the
Authority of its final bond resolution and the issuance and
delivery of the 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 in lieu of such
absent officers, are hereby authorized in accordance with the
provisions of Minnesota Statutes, Sectio n 475. 60, Subdivision
l , 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.
6. The revenue bonds and interest thereon shall not
constitute an indebtedness of the Au thority 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 �axing powers and neither thz
f ull faith and credit nor the taxing powers of the Authority or
the City is pledged for the payment of the bonds or interest
thereon.
7 . 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 herein
contemplated and any additional bonds which the Authority may
prior to issuance or from time to time thereafter deem
necessary to camplete the Project or to refund such revenue
bonds ; and for such purpose 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 request.
8 . 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 Project and in preparing a draft of the proposed
application to the Commissioner of Securities, State of
Minnesota, 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 .
Adopted June 26, 1979 � /
C/� / ,
�
At te st � ����� , [( -�����
n .
� The ;�or Authority of the City
���/ of Saint Paul .
S e tary
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WNITE - C�TV CIERK
PINK - F�NAN�E COII�ICIl
�ANARV - DEPARTMEN7 GITY OF SAINT PAUL � �
BIUE � MAYOR File NO.
Co�ncil Resolution
Presented By �
Referred To Committee: Date
Out of Committee By Date
WHEREAS: �
1 . On June 26, 1979, the Port Authority of the City of Saint Paul adopted
Resolution No. 1513, giving preliminary approval to the issuance of revenue bonds in the
initial principal amount of approximately $1 ,4�0,000 to finance the construction of a
30,000 square foot manufacturing and distribution facility for Twin City Concrete Products
Company, Inc. to be located at Arlington and Jackson Streets. The facility will be leased
to Twin City Concrete Products Company and guaranteed by Cemstone Products Company, Inc.
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 , sha11 be issued only with the
consent of the City Councjl of the City of Saint Paul , by resolution adopted in accordance
with law;
3. The Port Authority of the City of Saint Paul has requested that the City Council
give its requisite consent pursuant to said law to facilitate the issuance of said revenue
bonds by the Port Authority of the City of Saint Paul , sub�ect 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. 1513, the exact details of which, including, but not limited to, provisions
relating to maturitjes, interest rates, discount,� redemption, and for the issuance of
add�itional 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.
COUNC[LMEN
Yeas� Nays Requested by Department of:
Butler (n Favor
Hozza
Hunt
Levine __ Against BY
Maddox
Showalter
Tedesco Form Approved by City Attorney
Adopted by Council: Date
Certified Yassed by Council Secretary BY
a5�
Approved by Vlavor. Date Approved by Mayor for Submission to Council
Rv _ BY
(
PORT �
f~ AUTHORITY
OF THE CITY OF ST. PAUL
Mernorandum �
TO: BOARD OF COMMISSIONERS DATE: June 15, 1979
(June 26, 1979 Special Meeting)
.�
�
FROM: J.F. Faue
SUBJECT: TWIN CITY CONCRETE PRODUCTS COMPANY, INC.
(CEMSTONE PRODUCTS COMPANY, INC. )
PUBLIC SALE HEARING -
RESOLUTION N0. 1514
PRELIMINARY AGREEMENT - $1 ,440,000 REVENUE BOND ISSUE
RESOLUTION N0. 1513
l . THE CQMPANY
Twin City Concrete Products Company, Inc. , located at 1520 Minnehaha
Avenue, St. Paul , Minnesota, is also the headquarters for Cemstone
Products Company, Inc. The.company is engaged in the production of
� concrete products, sand, _and, gravel operations with its principal
product 6eing bagged ready mix known as Sakrete. The combined opera-
t�on of the two companies would employ in excess of 50 people.
2. THE PROJECT�.
Twin City Concrete Products Compar�y has two similar facilities,one
in Mlnneapolis and one in Lakeland which will be incorporated into
the new plant. An industri.al site at Arlington and Jackson is their
selected location. Production entails delivery of aggregate and cement
by truck and rail , inside storage, drying and bagging, and finally
shipment, primarily by truck. fi he building will be approximately
30,OOQ square feet in size located on a 4.69 acre site.
3. FINANCING
Financing is proposed through the issuance of Fort Authority industrial
revenue bonds to acquire the site and construct the building. The
project will be leased to Twin City Concrete Products Company and
guar.anteed by Cemstone Products Company, Inc. Financial statements
are attached.
r -
BOARD OF COMMISSIONERS
June 15, 1979
Page -2-
Bond proceeds will be allocated as follows:
Land Acquisition and Construction $1 ,190,000
Lega1 , Printing & Misc. Expenses 25,000
Capitalized Znterest - 6 Months 55,000
Debt Service Reserve 125,000
Underwriting �45,000
, 40,
The Port Authority wi11 also receive a fiscal and administrative fee
based on the estimated bond issue outlined above as follows:
First 10 Years - $432/month (or) $5,184/year
Second 10 Years - $576/month (or) $6,912/year
Last 10 Years - $720/month (or) $8,640/year
The lease term will be for 30 years. There is also a purchase option
of $144,000.
The land was appraised for the owner by William Muske. The land acquisi-
tlon is at a vdlue of $1.30 per square foot, which is commensurate with
the appraised value of $1.30 per square foot.
4. UNDERWRITING
Miller & Schroeder Municipals will underwrite the proposed issue.
5. RECOMMENDATIONS
Qistrict 6 was notified through the early notice process Apri1 13, 1979.
Port Authorlty staff and company representatives met with the pistrict
on May 10, 1979. . District 6 has raised some questions regarding the
leYel Qf truck traffic to be generated on Jackson as a result of this
project and also any pollution that might be generated as a result of
operations. Regarding truck traffic, this project will generate approx-
imately 20-30 truck trips per day. Traffic counts taken by the Dept. of
Public Works show that Jackson between Maryland and Arlington presently
has 4,975 average daily trlps. �ngress and egress for the site will be
on Arlington. The company has stated that they would direct their trucks
to use the southerly route from Jackson to Maryland, which is the closest
des.lgnated truck route. St. Paul City ordinances provide that trucks may
use the shortest pos�ible route to get to designated truck routes. Members
of District 6 have met with Public Works regarding their concerns.
Regarding the matter of pollution control , the company is required to submit
plan$ for its equipment to be used in production, dust collection, etc. , to
the Minn�sota Pollution Control Agency, who must review and issue a permit
regarding the fact that sald equipment i� in compliance, The company has
submltted thelr specificat1ons to the Pollution Control Agency and is
awatting thelr reactton to the permit application. It should be noted
that there 1s no outs.ide storage of materials.
� s , '.
,
BOARD OF COMMISSIONERS
June 15, 1979
Page -3-
The Port Authority published notice in the Legal Ledger and St. Paul
Dispatch-Pioneer Press on June 9 and ll respectively as required under
the amendment of Chapter 474 stating that the project would be considered
by the Port Authority Commission on Tuesday, June 26. If the project is
approved by the Commission, formal application will be submitted to the
Commissioner of Securities.
Staff has met with representatives of the company and reviewed their
financial statements. The development of this site will create new
employment opportunities and tax base for the City of St. Paul .
Estimated real estate taxes will be in excess of $20,000 per year.
Existing land use in the area other than residential leaves much to
be desired �n terms of aesthetic qualities and development that is
acceptable in the neighborhood. The development as proposed at this
locatlon should prove to be an incentive to attract higher value
develQpments in the future.
Staff recommends approval .
JFF:ca
. Attach.
,
.' � '
Resolution No. 1513
�. RESOLUTION OF • _
THE 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 "Ac t") as found and determined by �
the legislature is to promote the welfare of the state by the
active attraction and encouragement and develognent of economi-
cally sound industry and commerce to prevent so far as possible
the emergence of blighted and marginal lands and areas of
chr,onic unemployrnent and to aid in the development of existing
areas of blight, marginal land and persistent unemployment; and
WHEREAS, f actors necessitating the active promotion
and d evelo�nent 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 �
goverr�nen�tal 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 finance these
increased costs and access to employment opportunities for such
population; and
WHEREAS, The Port Authority of the City of Saint Paul
(the "Authority") has received from Ztain City Concrete Products
Companys a Minnesota corporation (hereinafter referred to as
"Company") a request that the Authority issue its revenue bonds
to finance the acquisition, installation and construc tion of
facilities located at Arlington and Jackson Streets in the City
of St. Paul for use as a manufacturing and distribution
facility for concrete and related products (hereinafter
collectively called the "Project" ) , all as is more fully
described in the staff repor t on file ; and
WHEREAS, the Authority desires to facilitate the
selective developnent of the community, to retain and improve
its tax base. and to help it provide the range of ser.vices and
employr,ient 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 Project to be financed by revenue bonds
will res ult in substantial employment opportunities in the
Proj ec t;
WHEREAS, the Authority has been advised by repre-
sentatives of the Company that conventional, commercial
financing to pay the capital 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 Company has also advised this
Authority that with the aid of revenue bond financing, and its
resulting low borrowing cost, the Project is economically more
feasible;
WHEREAS, Miller & Schroeder Municipals, Inc. ( the
"Underwriter") has made a proposal in an agreement (the
"Underwriting Agreement" ) relating to the purchase of the
revenue bonds to be issued to finance the Project;
WFiEREAS, the Authority, pursuant to Minnesota
Statutes, Section 474. 01, Subdivision 7b did place a notice, a
copy of which wi th proof of publication is on f ile in the
office of the Authority, of a public hearing on the proposal of
the Company that the Authority finance the Project hereinbefore �
described by the issuance of its industrial revenue bonds ; and
WHEREAS, the Authority did conduct a public hearing
p ursuant to said notice at which hearing all persons who
appeared at the hearing were giv en an opportunity to express
the ir views with respec t to the proposal .
NCJW, THEREFORE, BE IT RESOLVED by the Commissioners
of the A�rt Authority of the City of Saint Paul, Minr.e�ota as
follows : �
- 1 . On the basis of information available to the
Authority it appears, and the Authority hereby finds, that said
Project constitutes properties, used or useful in connection
with .one or more revenue producing enterprises engaged in any
business within the meaning of Subdivision 1 of Section 474 . 02
of the Act ; that the Project furthers the purposes stated in
Section 474. 01 of the Act; that the availability of the
financing under the Act and willingness of the Authority to �
furnish such financing will be a substantial inducement to the
Company to undertake the Project; that the effec t of the
Project, 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 no t be as effectively used and
will result in more intensive development and use of land
within the City and will eventually res ult in an increase in
� the City' s tax base ; and that 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
Company in financing the Project.
2. Subject to the mutual agreement of the Authority,
the Company and the purchaser of the revenue bonds as to the
details of the lease and other d ocuments necessary to evidence
and effect the financing of the Project and the issuance of the
revenue bonds, the Project is hereby approved and authorized
and the issuance of revenue bonds of the Authority, which may
be in the form of a single note, in an amount nct to exceed
approximately $1,440,000 (other than such additional revenue
bonds as are needed to complete the Project) is authorized to
finance the costs of the Project. . �
3. In accordance with Subdivision 7a of Section
474. 01, Minnesota Statutes, the Executive Vice-President of the �
AUTHORITY is hereby authorized and directed to submit the
proposal for the above described Project to the Commissioner of
Securities, requesting her approval, and other officers,
employees and agents of the AUTHORITY are hereby authorized to
provide the Commissioner with such preliminary information as
she may require.
4. 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 Project and a form of the Underwriting
Agreement. The fonn of said Agreements have been examined by
the �ommissioners. It is the purpose of said Agreements to
evidence the co�nmitment of the parties and their intentions
with respect to the proposed Projec t in order that the Company
, may proceed without delay with the commencement of the
acquisition, installation and construction of the Project 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 industrial revenue bonds
. to finance the entire cost of the Project upon agreement being
reached as to the ultimate details of the Pro�ect and � its
financing . Said Agreements are hereby approved , and the
President and Secretary of the Authority are hereby authorized
and directed to execute said Ag reements.
5. 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 lease and other doc�unents necessary to the adoption by the
Authority of its final bond resolution and the issuance and
delivery of the 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 in lieu of such
absent officers, are hereby authorized in accordance with the
provisions of Minnesota Statutes, Section 475. 60, 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.
6. The revenue bonds and interest thereon shall not
constitute an indeb tedness of the Au thority 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 treir general credit or �a�ing powers and nei�her �r�2
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.
7 . 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 herein
contemplated and any additional bonds which the Authority may
prior to issuance or from time to time thereafter deem
necessary to camplete the Project or to refund such revenue
bonds ; and for such purpose the Executi.ve Vice President of the
Authority is hereby authorized and direc ted to forward to
• � � the City Council copies of this resolution and said Preliminary
Agreement and any additional available information the City �
Council may request.
8. The actions of the Executive Vice-President of
the Authority in causing p ublic no tice of the p ublic hearing
and in describing the general nature of the Project and
estimating the principal amount of bonds to be issued to
finance the Project and in preparing a draft of the proposed
application to the Commissioner of Securities, State of
Minnesota, 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 .
Adopted June 26, 1979 � /, j j
c' ,
,
Attest ��' �'�^- �-
n .
� The ;�or Authority of the City
,�" of Saint Paul � �
�'��/�
S � e tary
"� ► PORT AUTHORIN OF THE CITY OF SAINT PAUL
� ` � i 25 WEST FOURTH STREET SUITE 13C5
� (r !�� ( �� ST. PAUL, MINNESOTA 55102 (612) 224-568b
� �� �'�����
�
_,,���� _r7
�
�UN 2 91979
CI I r N� i urc���Y
June 26, 1979
Mr. Gary Stout
D9rector
Department of Planning & Economic Development
Lowry Annex
St. Paul , Minnesota 55102
SUBJECT: TWIN CITY CONCRETE PRODUCTS COMPANY, INC.
(CEMSTONE PRODUCTS COMPANY, INC.)
$1 ,440,000 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 construc-
tion of a 30,000 square foot manufacturing and distribution facility
for Twin City Concrete Products Company, Inc. to be located at
Arlington and Jackson Streets.
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. 1513 which authorized the sale of bonds in the amount
of $1 ,440,OQ0.
Your expeditious handling of this matter will be appreciated.
Y�urs truly,
� .���- � �� �
E gene A. Kraut �;N
�ssistant Executive
Vice President
EAK:ca
cc. R. Broeker
cs�RT F.SPRAFKA EUGENE A.KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E.RAM�TED RONALD C SC
.,;�NFVICEPRESIDEM A;SiSiANTEXECUTNEVICEPRESIDENT DiRECiOfi:�:DUSTR1AlDFVELOPMENI C�+.iEFcfvGWEcR ChICFACCCn:7+i..��.
:'.�1MISSIONERS GEORGE W.WINTER ROSAUF L.BUTLER ARTHUR N,GOODMAN G RICHARD SLADE RUBY HUNT LOUIS H. MEYERS WILLIAM��,
PRESIDFNi NCEPRESiDEfvf ::ECNk1.1fdV ':�A'�l,'�r":
� ._ . OM Ol : 12/1975
� � :;: Rev.: .. 9/8/75 .: ,
., �_.
�.
s.-- . . -; . a r-!"'�`l�kJ
EXPLANATION OF: ADMINISTRATIVE ORD��,R� :�.�-. . _ '
�..:. . , _
RESOLUTIONS, AND ORDINANCES � �- -
. . . _ . ..
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Date: June� 26, 1979 - _
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-_ . .
. _ _
RE: TWIN C TY CONCRETE PRODUCTS COMPANY, INC .� - - .:`. -
(CEMSTONE PRODUCTS COMRANY,; TNC.) �':� �`
PRELIMTNARY AGREEMENT�- $1,440-,000 REVENUE �BOND ISSUE �
. RESOLUTION N0. 1513 = .
ACTION REQUESTED: .
. In accordance with the Laws of Mlnnesota, Chapter Z34`, it is requested that the City
Council , by Reso1ut1on, a draft copy of wfitch is attached hereto, approve the issuance �
of approx�tmately $1 ,440,OOD' in revenue.bonds for tf�e purpose of financtng the construction
of a 30,000 square foot manufacturing and distri6ution faci1ity for.Twin City Concrete
Products Company, Inc. to be locdted at Ar1i.ngton and Jackson Streets. The facility
would be leased to Twin City Concrete Products Company and guaranteed by Cemstone Products
Company, Tnc. : . . .:;;
- -��.., _ � '
PURPOSE AND RATIONALE FOR THIS ACTION: . -� �_ ` ' `
The purpose of the bond �Issue is to finance:the construction of a 30,000 square foot �
manufactur'i.ng and distri6utjon fac�I1lty for a term of 30 years for Twin City Concrete
Products Company, Tnc. on a site to 6e acquired by the company at Arlington and Jackson
Streets. The combined operations of Twin City Concrete and Cemstone would employ in
excess of 50. people.
ATTACHMENTS: _ - � �
Staff Memorandum
Draft City Council Resolution . �
Port Authority Resolution No. .1513 _ - -
. .
_ . _ _ �__ , � . ... ...._._ �.�u, W.�� , .�_.
WMITE - CITV CIERK
PINK - FINANCE G I TY. OF SA I NT PA U L Council
CANARV - DEPARTMENT
BLUE - MAYOR File NO.
Co�ncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS: �
1 . On June 26, 1919, the Port Authority of the City of Saint Paul adopted
Resolution No. 1513, giving preliminary approval to the issuance of revenue bonds in the
initial principal amount of approximately $1 ,440,000 to finance the construction of a
30,000 square foot manufacturing and distribution facility for Twin City Concrete Products
Company, Inc. to be located at Arlington and Jackson Streets. The facility will be leased
to Twin City Concrete Products Company and guaranteed by Cemstone Products Company, Inc.
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
authorized by the Port Authority of the City of Saint Paul , shall be issued only with the
consent of the City Council of the City of Saint Paul , by resolution adopted in accordance
with law;
3. The Port Authority of the City of Saint Paul has requested that the C9ty 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 , sub�ect 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. 1513, the exact details of which, including, but not limited to, provisions
relating to maturities, interest rates, discount, redemption, and for the issuance of
addjtional bonds are to be determined by the Port Authority, pursuant to resolution adopted
by the Port Authority, and the City Council hereby authorizes the issuance of any additional
bonds (including refunding bonds) by the Port Authority, found by the Port Authority to be
necessary for carrying out the purposes for which the aforesaid bonds are issued.
COUNCILMEN Requested by Department of:
Yeas Nays
Butler In Favor
Hozza
Hunt
Levine Against BY
Maddox
Showalter
Tedesco Form Approved by City Attorney
Adopted by Council: Date
Certified Passed by Council Secretary - BY
B�
Approved by ;Navor: Date Approved by Mayor for Submission to Council
Rv BY
P � itT
� AUTHORITY
OF THE CITY OF ST. PAUL
Memorondum
TO: BOARD OF COMMISSIONERS DAT� June 15, 1979
(June 26, 1979 Special Meeting)
���
FROM: J.F. Faue
SUe.lECT: TWIN CITY CONCRETE PRODUCTS COMPANY, INC.
(CEMSTONE PRODUCTS COMPANY, INC. )
PUBLIC SALE HEARING -
RESOLUTION N0. 1514
PRELIMINARY AGREEMENT - $1 ,440,000 REVENUE BOND ISSUE
RESOLUTION N0. 1513
1 . THE COMPANY
Twin City Concrete Products Company, Inc. , located at 1520 Minnehaha
Avenue, St. Paul , Minnesota, is also the headquarters for Cemstone
Products Company, Inc. The.company is engaged in the production of
concrete products, sand, _and, gravel operations with its principal
product being bagged ready mix known as Sakrete. The combined opera-
tion of the two companies would employ in excess of 50 people.
2. THE PROJECT-.
Twin City Concrete Products Company has two similar facilities,one
in Minneapolis and one in Lakeland which will be incorporated into
the.new plant. An industrial site at Arlington and Jackson is their
sele�cted location. Production entails delivery of aggregate and cement
by truck and rail , inside storage, drying and bagging, and finally
shipment, primarily by truck. The building will be approximately
30,OOQ square feet in size located on a 4.69 acre site.
3. FINAIVCING
Financing is proposed through the issuance of Part Authority industrial
revenue bonds to acquire the site and construct the building. The
project will be leased to Twin City Concrete Products Company and
guar.anteed by Cemstone Products Company, Inc. Financial statements
are attached.
�
BOARD OF COMMISSIONERS
June 15, 1979
Page -2-
Bond proceeds will be allocated as follows:
Land Acquisition and Construction $1 ,190,000
Legal , Printfng & Misc. Expenses 25,000
Capitalized Interest - 6 Months 55,000
Debt Service Reserve 125,000
Underwriting 45,000
,440,0 0
The Port Authority will also receive a fiscal and administrative fee
based on the estimated bond issue outlined above as follows:
First 10 Years - $432/month (or) $5,184/year
Second 10 Years - $576/month (or) $6,912/year
Last 10 Years - $720/month (or) $8,640/year
The lease term will be for 30 years. There is also a purchase option
of $144,000.
The land was appraised for the owner by William Muske. The land acquisi-
tian ls at a value of $1.30 per square foot, which is commensurate with
the appraised value of $1.30 per square foot.
4. UNDERWRITING
Miller & Schroeder Municipals will underwrite the proposed issue.
5. RECOMMENDATIONS
Qistrict 6 was notified through the early notice process April 13, 1919.
Port Autharlty staff and company representatives met with the District
on May 10, 1979. . District 6 has raised some questions regarding the
level of truck traffic to be generated on Jack�on as a result of this
project and also any pollution that might be generated as a result of
aperations. Regarding truck traffic, this project will generate approx-
imately 20-30 truck trips per day. Traffic counts taken by the Dept. of
Public Works show that Jackson between Maryland and Arlington presently
has 4,975 average daily trips. Zngress and egress for the site will be
on Arlington. The company has stated that they would direct their trucks
t� use the southerly route from Jackson to Maryland, which is the closest
des.ignated truck route. St. Paul City ordinances provide that trucks may
use the shortest pos�ible route to get to designated truck routes. Members
of pistrict 6 have met with Public Works regarding their concerns.
Regarding the matter of pollution control , the company is required to submit
plans for its equipment to be used in production, dust collection, etc. , to
the Minn�sota Pollution Control Agency, who must review and issue a permit
regarding th.e fact that said equipment i� 1n compliance. The company has
submltted thelr specifications to the Pollution Control Agency and is
awalting their reaction to the permit application. It should be noted
thdt there 1s no outside storage of materials.
� , . �
BOARD OF COMMISSIONERS
June 15, 1979
Page -3-
The Port Authority published notice in the Legal Ledger and St. Paul
Dispatch-Pioneer Press on June 9 and 11 respectively as required under
. the amendment of Chapter 474 stating that the project would be considered
by the Port Authority Commission on Tuesday, June 26. If the project is
approved by the Commission, formal application will be submitted to the
Corrnnissioner of Securities.
Staff has met with representatives of the company and reviewed their
financial statements. The development of this site will create new
employment opportunities and tax base for the City of St. Paul .
Estimated real estate taxes will be in excess of $20,000 per year.
Existing land use in the area other than residential leaves much to
be desired in terms of aesthetic qualities and development that is
acceptable in the neighborhood. The development as proposed at this
locat1on should prove to be an incentive to attract higner value
developments in the future.
Staff recommends approval .
JFF:ca
Attach.
�• . r
Resolution No. 1513
'. RESOLUTZON OF •
THE PORT AUTHORITY OF THE CITY OF SAINT PAUL �
WHEREAS, the purpose of Chapter 474, Minnesota
Statutes, known as the Minnesota Municipal Industrial Develop-
ment Ac t (hereinafter called "Ac t") 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
chr,�nic 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 develoFenent 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
goverranental services required to meet the needs of the
increased population and the need for develognent of land use
which will provid e an adequate tax base to finance these
increased costs and access to employment opportunities for such
population; and
WHEREAS, The Port Authority of the City of Saint Paul
(the "Authority") has received from Twin City Concrete Products
Company, a Minnesota corporation (hereinafter referred to as
"Company") a request that the Authority issue its revenue bonds
to finance the acquisition, installation and construc tion of
facilities located at Arlington and Jackson Streets in the City
of St. Paul for use as a manufacturing and distribution
facility for concrete and related products (hereinafter
collectively called the "Project" ) , all as is more fully
described in the staff report on file ; 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 ser.vices and
employr,ient opportunities required by its population, and said
Projec t 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 Project to be financed by 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 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 Company has also advised this
Authority that with the aid of revenue bond financing, and its
resulting low borrowing cost, the Project is economically more
feasible;
WHEREAS, Miller & Schroeder Municipals, Inc. ( the
"Underwriter") has made a proposal in an agreement (the
''Underwriting Agreement" ) relating to the purchase of the
revenue bonds to be issued to finance the Project;
WHEREAS, the Authority, pursuant to Minnesota
Statutes, Section 474. 01, Subdivision 7b did place 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 Company that the Authority finance the Project hereinbefore
described by the issuance of its industrial revenue bonds ; and
WHEREAS, the Anthority did conduct a public hearing
pursuant to said notice at which hearing all persons who
appeared at the hearing were given an opportunity to express
. their views with respect to the proposal.
NOW, THEREFORE, BE IT RESOLVE D by the Commissioners
of the Port Auth�rity of the City of Saint Paul, Minr.esota as
follows : �
� 1 . On the basis of information available to the
Authority it appears, and the Authority hereby finds, that said
Projec t constitutes properties, used or useful in connection
with �one or more revenue producing enterprises engaged in any
business within the meaning of Subdivision 1 of Section 474. 02
of the Act ; that the Project furthers the purposes stated in
Section 474. 01 of the Act; that the availability of the
financing under the Act and willingness of the Authority to
furnish such financing will be a substantial inducement to the
Company to undertake the Project; that the effect of the
Project, 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 no t be as effectively used and
will result in more intensive development and use of land
within the City and will eventually res ul t in an increase in
� the City' s tax base ; and that 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
Company in financing the Project.
2. Subject to the mutual agreement of the Authority,
the Company and the purchaser of the revenue bonds as to the
details of the lease and other d ocuments necessary to evidence
and effect the financing of the Project and the issuance of the
revenue bonds, the Project is hereby approved and authorized
and the issuance of revenue bonds of the Authority, which may
be in the form of a single note, in an amount not to exceed
approximately $1,440,000 (other than such additional revenue
bonds as are needed to complete the Project) is authorized to
finance the costs of the Project. �
3. In accordance with Subdivision 7a of Section
474. 01, Minnesota Statutes, the Executive Vice-President of the �
AUTHORITY is hereby authorized and directed to submit the
proposal for the above described Projec t to the Commissioner of
Securities, requesting her approval, and other officers,
� employees and agents of the AUTHORITY are hereby authorized to
provide the Commissioner with such preliminary information as
she may require.
4. There has heretofore been filed with the
Authority a form of Preliminary Agreemen t between the Authority
and Company, relating to the proposed construction and
' financing of the Project and a form of the Underwriting
Agreement. The form of said Agreements have been examined by
the Commissioners. It is the purpose of said Agreements to
evidence the co�►mitment of the parties and their intentions
with respect to the proposed Projec t in order that the Company
, may proceed without delay with the commencement of the
acquisition, installation and construction of the Project with
the assurance that there has been sufficient "official action"
under Section 103 ( b) of the Internal Revenue Code of 1954 , as
zsnended , to allow for the issuance of industrial revenue bonds
.
to finance the entire cost of the Project upon agreement being
reached as to the ultimate details of the Pro�ect and� its
financing . Said Agreements are hereby approved, and the
President and Secretary of the Authority are hereby authorized
and directed to execute said Agreements. •
5. Upon execution of the Prel iminary 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 lease and other doc�unents necessary to the adoption by the
Authority of its final bond resolution and the issuance and
delivery of the 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 (anct his alternative)
are absent, the Treasurer of the Authority in lieu of such
absent officers, are hereby authorized in accordance with the
provisions of Minnesota Statutes, Section 475. 60, 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 Fort Authority in a formal supplemental bond resolution to
be adopted prior to the delivery of said revenue bonds.
6. The revenue bonds and interest thereon shall not
constitute an indeb tedness of the Au thority 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
agains� their general credit or �axing powers and nei�her �h2
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.
7 . In order to facilitate completion of the revenue
bond� f inanc ing here in contemplated , the City Counc il is hereby
reguested to consent, pursuant to Laws of Minnesota, 1976,
Chapter 234, to the issuance of the revenue bonds 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 the Executive Vice President of the
Authority is hereby authorized and directed to forward to
: ' i . .
� � the City Council copies of this resolution and said Preliminary
Agreement and any additional available information the City
Council may request.
8 . The actions of the Executive Vice-President of
the Authority in causing public notice of the public hearing
and in desc ribing the general nature of the Project and
estimating the principal amount of bonds to be issued to
. finance the Project and in preparing a draft of the proposed
application to the Commissioner of Securities, State of
Minnesota, 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 .
Adopted June 26, 1979 � /; J�
/
� �
At te st ,� � , /�.���G�ti
n .
� The ;Por Authority of the City
, ���/ of Saint Paul �
S e tary
PORT AUTHORIN OF THE CITY OF SAINT PAUL
�= 25 WEST FOURTH STREET SUITE 1305
' � ; ,�� ST. PAUL, MINNESOTA 55102 (612) 224-5686
� '��►��� C�
June 26, 1919
Mr. Gary Stout
Director
Department .of Planning & Economic Development
Lowry Annex
St. Paul , Minnesota 55102
SUBJECT: TWIN CITY CONCRETE PRODUCTS COMPANY, INC. �
(CEMSTONE PRODUCTS COMPANY, TNC.)
$1 ,440,000 REVENUE BOND FTNANCING
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 construc-
tion of a 30,000 square foot manufacturing and distribution facility
for Twin City Concrete Products Company, Inc. to be located at
Arlington and Jackson Streets.
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. 1513 which authorized the sale of bonds in the amount
Of $1;440,000.
Your expeditious handling of this matter will be appreciated.
Y rs truly,
E gene A. Kraut
ssistant Executive
Vice President
EAK:ca
cc. R. Broeker
ROBERT F.SPRAFKA EUGENE fa KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CUFFORD E.RAMS7ED RONALD O.SCHE?TLE
EXECUfNE VICE PRESIDEM ASS�5IAM EXECUIIVE VICE P(iESIDEM qRECTOR.INpUSiRIqL pEVEIOPMEM, qiiEF ENG�NEH7 CHIEF ACCOUMANT
COMMISSIONERS GEORGE W.WINTER ROSALIE L BUTLER ARTHUR N.C�OODMAN G.RICHARD SLADE RUBY HUM LOUIS H. MEYERS WILUAM J.SEIFERI
PRE5IDENT VICE PRESIDEM $ECRETMV TREASURER �
C.I.D. Certified industrial Developer �,_
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� RE: TWIN C TY CONCRETE PRODUCTS CQMRANY, INC. <., � �
(CEMSTONE PRODUCTS COMRANY,';-TNC.) . _ � �`�. � .
�- PRELIMTNARY AGREEMENT�- $1",�440;,D00 REVENUE' BQND ISSUE � �` � �
. RESOLUTTON N0. 1513 = - -
_ _ . . .
ACTION REQUESTED: - -- � , .
-.
. In accordance with the Laws of Minnesota, Chapter:�234', it �is requested that-the City
Council , by Reso1ution, a draft copy o� wfitch is �attached hereto, approve the issuance
` of approximately $1 ,440,000 in revenue:bonds for the' purpose of financtng the construction
• of a 30,000 square foot manufacturing' and distri6uti'on facfility for.Twin City� Concrete
Products Company, Tnc. 'to 6e� l�cated at Ar1l.ngton and Jackson Streets. The facility
would be leased to Twin City Concrete Products: Company and guaranteed by Cemstone Products
_. Company, Tnc. , -
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PURPOSE AND RATIONALE FOR THIS ACTION: � ' '
- , � .
. _ .
, � : _
The purpose of the bond lssue is to finance the construction of a 30,000 square foot
manufactur�ng and distrfi6ution fac�1tty for a term of 30 years for Twin City Concrete
Products Company, Tnc. on a site to 6e��acquired by the company at Ar�ington and Jackson
Streets. -The combined operatlbns of Twin City Concrete and Cemstone would employ in
excess of 50. people. �
ATTACHMENTS: _ � .
Staff Memarandum - -
Draft City Counci1 Resolutlon . �
Port Authority Resolut�on No. .1513 � -� - : ` �
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