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272493 WHITE - CITV CLERK COURCII �� PINK - FINANCE G I TY . OF SA I NT PALI L CANARV - DEPARTMENT BLUE - MAVOR File NO. Council Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1 . On January 23, 1979, the Port Authority of the City of Saint Paul adopted Resolution No. 1447, giving preliminary approval to the issuance of revenue bonds in the initial principal amaunt of approximately $875,000 to finance the acquisition and remodeling of the 210,000 square foot, 6-story (plus basement) Farwell , Ozmun, Kirk warehouse located �n Riverview Industrial Area West for the Sandberg/Reim partnership, which is comprised of Mr. Bertil Sandberg, Mr. Victor Reim, and American Crane Service Company. 2. Laws of Minnesota 1916, 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 requisit� Eonsent pursuant to said law to facilitate the issuance of said revenue bonds by the Por� A`uthority 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 . 4. It is estimated that the initial principal am�unt of said bonds will be approxi- mately $875,000 and that the net interest cost applicable to said issue will not exceed 8�, now, therefore, be it RESOLVED, by the City Council of the City of saint Paul , that in accordance with Laws of Minnesota 1976, Chapter 234, the Cit� Council her�by cAnsents �o the issuance of the aforesaid revenue bonds for the purpose� described iq the afo�said Port Authority Resolution Na. 1447 in the initial principal amo�tnt of $875,000 at a net interest cost of not to exceed 8�, the exact details of which, ineludir�g, br�t not limited to, provisions relating to maturities, interest rates, discount, reder�ptio�, and for the i�suance of additional bonds are to be determined by the Port Author:aty, pt��aant to resolution adopted by the Port Authority, and the City Council hereby au�horizes the issuance of any additional bonds (including refunding bonds) by the Port Ai�thor-ity, four�d by the Part A�thority to be necessary for carrying out the pwrposes for whieh the afsresaid bor�ds are issued. COUIVCILMEN Yeas Nay,, Requested by Department of: tl ealter � H z a � In Favor .. H h Lev e � v __ Against BY o T— Ro ler �w� Syl ter � N � � � Form Approved by City Attorney Adopted h ouncil: Date Cert ed Passed � Council Secretary� By Ey� � _�, y App o e by Mayor. te ___�FR A �� Appr ved by f r Su ' sion to Council By �-�� $y 't16l1SNED F�8 1 � 1979 � �`-�`��'�� PORT AUTHORlTY OF THE CITY OF SAINT PAUL 1130 MINNESOTA BUILDING, 4TH AND CEOAR, SAINT PAUL, MfNN. 55101, PHONE (612) 224-5686 January 23, 1979 Mr. Gary Stout Direc�or Department of Planning and Economic Development Lowry Annex St. Paul , Minnesota 55102 SUBJECT: SANDBERG/REIM PARTNERSHIP $875,000 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 acqui- sition and remodeling of the 210,000 square foot, Farwell , Ozmun, Kirk warehouse located in Riverview Industrial Area West. 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. 1447 which authorized the sale of bonds in the amaunt of $875,000. Your expeditious handling of this matter will be appreciated, � -�`Yours truly, ��.�% f �` / ' t\�"}_SY �� ugene A. Kraut Assistant Executive Vice President EAK:jmo cc: R. Broeker ROlcrt• F. SvR�srw EucEwE A. KwwuT. C.I.D. DOn1�lD G. Du�+sH[E. C.I.D. C��FSOwC E. RAMSt[o i7oSC0[C. BFOWr+ [;ECUT�vE VIC! PRES�DEnT ♦SSIST11Ni ExECUTiVE V�CE ►RES�DENT OiNECTOq. �NpUStR�w� DEVCLOPMENT CMI[f [NG�NEER CM�[F ACCOUNTANT COMMISSIONERS GEOaGE W. W�NT[R ROSALIE L. BUTIER ARTHVR N. GOODM�N G. R�CM�pD SIwDE RV[1Y HUNT 1OU15 N. MEYERS W�11.��M J. 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F��E�� q `( 3 5� 1 �. i, �t- � �p a' � t � - f � $' k � % � l �Y-�� \ sf ',#4 -,��. 1 A t� � f p � � �� F p� ��'� j }� S d t � � rt. :� .ts. ,} S #k' t � . 5 Y � �� 3N� .�2�i.Y�>`�:E _ . £ � ; `' ; t�� :�.��ta �..��.�� a�y t � � , � ;. �� a � � �I �j � ' r ° � p+t� k�� 3 �.�.r� r _ ' A,�- � .�T'� 213e�,+�. $afi � - Y � F,:, r �3 y �.5 s. f,� � :�� '�s ��_x i��'. �,4 �M .r ( t `� r- `�s �:. z- � , i � �i ��- '' . � ��3' s .i��e�.y, F �� ..� ';- x � - $ r �' '�4 � � ��.. �� a }��,�r'�v,.�^4'td�a,�� . �"ir � �t t � v� x: .�R �S*F x*��,�„W z' t � '. � � , } .-�'� t� ��F �� ,/� } �; _� i a � ^�.��5� h�>. � �. . " '� � �� b `��r�'� L � '� ;.� a.-3 • '�: �f� r t �' �t.: j T ?�. "E��Y�.'� a: � y �` T�, .� ��s� �� «� �� s.�x�ac�� ""� C'- y 3 r .'*e. ��j�� y a' �'I � kt ,� �� a� ��n . �' 2 . i r _ ''$ . ,;. , ' ' ,. ' - ' , ��. -' � .; : k.'f ,�n �'�� r �PORT ` AUTHORITY O� THE CITY OF 5T. PAUL Memorondum TO: BOARD OF COMMISSIONERS DATE: Jan. 19, 1979 (Jan. 23, 79 Regular Meeting) � �� . , � •�,'� FROM: D.G. Duns �ee} SUBJECT: SANDBERG/REIM PARTNERSHIP - PRELIMINARY AGREEMENT � . REVENUE BOND FINANCING $875,OOQ RESOLUTION N0. 1447 PUBLIC SALE HEARING RESOLUTION N0. 1448 1 . SANDBERG/REIM PARTNERSHIP The memhers of the proposed partnership are Mr. Bertil Sandberg and Mr. Victor Reim and American Crane Service Company. Mr. Sandberg is president of American Crane Service Company and owner of 100% of the stock. The company is headquartered in St. Paul , and Mr. Reim is __ President of Commercia1 State Bank of St. Paul . Financial statements for the individuals in the partnerships as well as the corporation are attached for your review. We have also attached a 5-year pro forma for both American Crane Service Company as well as the operations of the proposed building. 2. THE PROJECT Sandberg/Reim partnership proposes to purchase the 210,000 square foot, 6-story (plus basement), Farwell , Ozmun, Kirk warehouse located in Riverv�ew Industria1 Area West. The facility is situated on a site containing 59,000 square feet of land. American Crane Service Company proposes to lease approximately 40,000 square feet of the vacant space in the building. The partnership also proposes to provide general improve- ments to the exterior and interior of the building through construction of new loading docks, repaving of the parking lot, exterior cleaning of the building and yard improvements. At the present time, 176,775 square feet of the 210,000 square feet in the building are leased. The current tenants are using the facility as a warehouse. � f BOARD 4F COMMISSIONERS January 19, 1979 Page -2- The partnership proposes to purchase the building for $700,000 from American Hoist & Derrick and spend approximately $100,000 in remodeling and renovation costs. At the present time, the following ffrms lease space in the building: � Waterous - Misc. 1 ,5Q0 Sq.Ft. Gross-Given 15,200 " " Misco 20,000 " " Henly & Sons 15,075 " " Gilt Edge Paint 125,000 "` " TOTAL 176,775 Sq.Ft. On January 2, 1979, the District 3 Council was notified of the project and the Port Authority has received no written or oral communication fram the District regarding the project. This notice is in keeping with the policy established by the Commission in October, 1977. 3. FINANCING On the basis of staff review, the financing for �he_project would be as follows: Acquisition $700,000 Remodeling/renovation 100,000 Bond Issue Expense 17,000 Capitalized Interest puring Construction 32,000 � Debt Service Reserve($75,�040 funded by partnership) - = - Underwriting 26,000 T�TAL $875,Q00 The partnership will fund the debt service reserve for the project estimated to be $75,000. 4. UNDERWRITING Milier & Schroeder Municipals have agreed to underwrite the bond issue of $875,�00 for a term af 25 years. The interest rate for the band issue will be established 10 days prior to bond closing. 5. TERMS OF TNE LEASE The bond issue will be done under Resolution No. 876 and the agreement con- tains a fiscal and administrative fee of $200 per month of $2,400 annually. The interest on the sinking fund wi'll inure to the ben�fit of the Port Authority. The company will have an option to purchase the land and building at the end of the tenth and twentieth year and at the end af the term of the. lease for $87,500. Messrs. Sandberg and Reim have also agreed to personally guaranty the bond issue. . , , BOARD OF COMMISSIONER January 19, 1979 Page -3- American Crane Service Comapny owns a �hree-acre site immediately west of the proposed property, and Mr. Sandberg has agreed to incorporate the parcel of land cantaining approximately 27,000 square feet into our lease for use as additional parking and storage for tenants in the building. He will also provide the Port Authority with a permanent easement across the easterly adge of this parcel for access to existing Water Street. Bettendorf Appraisals inspected the property on January 5, 1979 and has provided staff with an appraisal for our review. ?he appraisal indicates that the present market value of the building with Part Authority financing is $894,OQ0. 7. RECOMMENDATIONS Staff has reviewed the financial statements of the partnership> interviewed members of the partnership, and recor�nends approval of the Preliminary and Underwriting Agreements and Resolution Nos. 1447 and 1448. DGD:ca WHI7E� - CITV CLERK ' PINK � - FINANCE � � GITY OF SAI �7 I�ALTL Council CANARY - DEPARTMENT OLUE - MAVOR File N _ � Council Resolution Presented By Referred To . Committee: Date Out of Committee By Date WHEREAS: � 1 . On January 23, 1979, the Part Authority of the City of Saint Raul adopted Resolution No. 1447, giving preliminary approval to the issuance of revenue bonds in the initiaT principa� amount of approximately $875,000 to finance the acquisition and remodeling of the 210,000 square foot, 6-story (plus basement) F�rwell , Ozmun, Kirk warehouse located �n Riverview Industrial Area West for the Sandberg/Reim partnership, which is comprised of Mr. Bertil Sandberg, Mr. Victor Reim, and American Crane Service Company. 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 af the City Council of the City of Saint Paul , by resolution adopted in accordance with 1aw; 3. The Port Authority of the City-of Saint Paul has requested that the City Council give its requisite consent pursuant to said law to facilitate the issuance of said revenue bonds �y 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 . 4. It is estimated that the initial principal amount of said bands will be approxi- mately $875,000 and that the net interest cost applicable to said issue will not exceed 8�, now, therefore, be it RESOLVED, by the City Council of the City of Saint Paul , that in accordance with Laws . af 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. 1447 in the initial principal amount of $875,000 at a net interest cost of not to exceed 8%, the exact details of which, including, but not limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of additional bonds are ta be determined by the Port Autharity, pursuant ta resolution adopted by the Port Autharity, 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. COUNCIL1tEN Requested by Department of: Yeas iVa}•s Butler Hozza In Favor Hunt Levine _ __ Against BY Roedler Sylvester Tedesco Form Approved by City Attorney Adupted by� Councit: Date Certified Vassed b}• Council Secretary By B;' /4pproved by Mayor for Submission to Council Appro�•ed b�� la��or: Date --- — By -�— By i� � � Resolution ?Jo. 1447 RESOLUTIOi3 OF . �• • � THE PORT AUTHORITY OF THE CI`!'Y OF SAIN'P pAiJL . WHEREAS, the purpose of Chapter 474 , rlinnesota Statutes, _ knoV�n as the P4innesota Municipal Industrial Development Act � (hereinafter called "Act") as found and determined by the � � legislature is to promote the welfare of the state by the . . � . acti.ve attraction and encouragement and development of economically sound industry and cor.�nerce to prevent so far - � . as possible the emergence of blighted and marginal Iands and . areas of chronic unemployment and to aid in the aevelopment of existing areas of blight, marginal land and persistent unemgloyment; ar�d � � � . WHERE�S, factors necessitating the active promotian 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 o� the � increased population and the need for developrment of land use . . which will provide an adequate tax base �to finance these � increased costs and access. to e�ployment opportunities far such population; and . � � �WHEREAS, The Port Authority of the City of Saint Pau1 � (the "Authority") has received from Sandberg/Reir.i, a Niinnesota partnership (hereinafter referred to as "Company") a request � that the Authority issue its revenue bonds to f_inance the . acquisition, renovation and remodeling of warehouse facilities (hereinafter collecti.vely called the "Project) ) in the City of St. Paul, Riverview Industrial Area t•7est, to be leased by the Company to 1lmerican Crane Service Company anc? other tenants, all as is more fully described in the staff report on fi��; and WHER�AS, the Authority desires ta f acilitate the selective develonment of the community, to retain anc� improve � its tax based and to help it provide the range of services and employment opportunities required by its population, and saic� Projec� �vill assist the City in achieving that objective. 5aid Project wi11 help to increase the assessed valuation of the Ca.ty and help maintain a positive relationshig bet��een assessed . valuation and debt and enhance the image and reputation oi the City� anc? ., - WHETtE�15. th� Project to be firianced by revenue . ' bonds will result in substantial employment ooportunities � in the Project; . � . WHEREAS, the Authority has been advised by re�re- _ senzatives of the Company that the conventional, comr,iercial financing to Pay the capital cast of the Project is available only on a limited basis and atOfuoperating the Pro ect would - that the economic feasibillty has al.so advised� _ be significantly reduced, but the Company . this Authority that with the aid of revenue bond financ'ing, and its resulting low borrowing cost, the Project is economical.ly more feasible; and - *rTHER�AS, Mi11er & Schroeder Municipals, Inc. (the � "Underwriter") has made��a propoinl to theapurchase ofhthe� � "Underwriting Rgreement ) re3at g . revenue bonds to be issued to finance the Project. NO�v', THEREFORE, BE IT RESOLVED by the Commissioners � - of the Port Authority of the City of Saint Pau1, Minnesota . as follo�as: � � � � -- 1.� On the basis of informatian available to the � ' ears, and the Authority hereby f inds, that Authority it app - said Project constitu��emore�revenue�producinguenternrises connection with one. engaged in any business wRehlnthat thenavailabilbdyvoiithe� •. of Section 474 .02 of the . fi.nancing under th� Act and willingness of the Authority to _ furnish such financinakelthebProjecbstandlthatnthe effect�of � . the Company to undert _ �he Project, if undertaokn�' industry andecommerce and assistpw � � ment of economically s in the prevention of the emergence of blighted and marginal land, and will help to prevent chronic unemployment, and wi11 help the City to retain and im�rove its taxo tunities . provide the ra�ge of services and employment �p�vent .the . required by its population, and will help to p movement ot talented and educated persons out of the state and to areas �aithin the state �ahere ,their services may not be as effectively used and ��ill result in more intensive develonment and use of land �:�ithin the City and cai11 eveni�ually result in an increase in the City' s tax base. ,__ . . 2. Subject to theheuturchasereofnthefYevenue Authority, the Company and t P bonds as to the details of the lease, and other documents .. � . . . necessary to evidence and effect the financinq 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 in an amount not to exceed . approximately $875,000 (other than such additional revenue - bonds as are needed to complete the Project) is authorizec? . to finance the costs of the Project. - 3. There has heretofore been filed with the Authority a form of Preliminary �greement between the � _ - Authority and Company, relating to the proposed construction and financing of the Project and a form of the Under��riting . Agreement. The form of said Agreements have been examined • . by the Commi.ssioners. It is the purpose of said Agreements to evidence the commitment of the parties and their intentiorrs with respect to the proposed Project in order that the � . Company may proceed without delay with the cornmencement ot� the acquisition, installation and construction of the . . Project �aith 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 industr.ial development bonds to finance the entire cost � of the Project upon agreement being reached as to the ultimate � .. . . details of the Project and its f�nancing. Said Agreements � - are hereby app�oved, and the President and Secretary of the � Authori.ty are hereby authorized and directed to execute � said Agreements. . � � � 4: Upon ex�cution of the Pr�Iiminary Agreement . � by the Company, the staff of the Authority are authorized and directed to continue negotiations with the Comnany sa as . to resolve the remaining issues necessary to the pr�paration . � of the lease and other documents necessary to the adoption by . • the Authority of its final bond resolution arid the issuance and delivery of the revenue bonds; provicled that the President (or Vice-President if the President is absent) and the - Secretary (or A�ssistant Secretary if the Secretary is absent) � of the Authority, or if either of such officers (and his alternative) ar.e absent, the Treasurer of the Authority in _ lieu of such absent officers, are hereby authorizea in accordance with the provisions of 2��iinnesota Statutes, Section � 475. 60, Subdivision 1, to accept a final offer of the Under�ara.t:ers � to purchase the revenue bonds at s�:ch time as such offer is � macie by the Underwriters to purchase said bonds and to execute an underwriting agreement setting forth such oifer 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 rsvenue boncls and interest thereon sha11. not constitute an indebtedness of� the Authority or the City of Saint P1u1 �tithin 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 po��ers and neither th'e full faith and credit nor the taxing powers. . . _ • � of the Authority or the Gity 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 . _ herein contemplated and any additional bonds which the Authority may p�'ior to issuance or from time to time thereafter deem . necessary to. complete the Praject or to refund such revenue . b.onds; and for such purpose the Executive Vice President _ of the Authori�y 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. . - . Adopted January 23,. 1979. _ __ . / � � ' . - C , Attest . � ` - - �" , / G�1j = • � � C.t. c \G�!2-c.�--- - %1� ��. Secretary President . . . The Port AuthQrity of ttie City . of Saint Paul. - � I