273847� wHiTE - C�rr CLERK COUfIC11 ����
. PINK ' - FINANCE CITY� OF SAINT PAUL
CANARY - DEPARTM�ENT File � NO.
BLUE - MAYOR
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS:
1 . On September 25, 1979, the Port Authority of the City of Saint Paul adopted
Resolution No. 1556, giving preliminary approval to the issuance of a tax exempt mortgage
note in the initial pr�ncipal amount of approximately $2,750,000 to finance the construction
of a 90,000 square foot office-office services facility on a 5.5 acre site in Midway Indus-
trial Park for Transfer Road II Company, a partnership made up of Samuel S. Marfield and
Charles P. Belgarde.
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 Councll 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 fac9litate the issuance of �said mortgage
note by the Port Authority of the City of Saint Paul , subject to final approval of the
details of said �ssue 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 1�76, Chapter 234, the City Council hereby consents to the issuance of the
aforesaid mortgage note for the purposes described in the aforesaid Port Authority Resolution
No. 1556, the exact details of which, including, but not limited to, provisions relating
to maturitjes, interest rates, djscount, 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 carry�ng out the purposes for which the aforesaid bonds are issued.
COUNCILMEN
Yeas Nays / Requested by Department of:
X�� McMa.hon � In Favor
Hozza
Hunt B ��,,�
Levine � _ Against Y
-hfa�dex
Show
'�� OL'T 9 1979 Form Approved by City Attorney
Ado by Council: Date � ,
I
ertified Vass y Coun � ,ec etary BY `
Ap d by Ylavor. a � � »�� A ved by Mayor fo i ion�to Councii
B _ B
pu�ttsr�EO 0 CT 2 0 19
� P � � T� � . .�`,'�����
AUTHORtTY
OF THE C{TY OF ST. P�UL
Memorandum
TO: BOARD OF COMMISSIONERS DATE: Sept. 20, 1979
(Sept. 25, 1979 Regular Meeting)
,
���1i
�
FROM: J.F. Faue ,;� � �
SUB.lECT: TRANSFER ROAD II COMPANY
PRELIMINARY RESOLUTION & PRELIMINARY AGREEMENT
$2,750,000 TAX EXEMPT MORTGAGE - PRIVATE PLACEMENT
RESOLUTION N0. 1556
1 . THE COMPANY & THE PROJECT
Transfer Road II Company, a Minnesota partnership made up of Samuel S.
Marfield and Charles P. Belgarde, has leased a 5.5 acre site in Midway
Industrial Park on which they propose the construction of an office-
office services facility. Total building size is approximately 90,000
square feet. The principals have been involved in the construction of
another facility in Midway Industrial Park comprised of 83,000 square
feet for multiple tenancy, which is now about 90% leased, dedicated to
the same purposes and has proved to be a successful project. The new
facility will have a value in excess of $2,000,000 and will provide
employment for 200-300 people. The project is expected to generate
in excess of $75,000 per year in real estate taxes.
2. FINANCING
Financing for the construction of this project is proposed through a
privately placed mortgage note wherein the credit of the Port Authority
is not pledged nor offered as any security to the issue.
In this case, the underwriter will obtain the placement with a permanent
lender and also seek placement for the construction loan. All the expenses
required for the issuance of the note, legal , underwriting, and other
. � miscellaneous costs, are to be borne by the company. The Port Authority
will collect fiscal and administrative fees in the following amounts:
First 10 Years - � 825/month �or) � 9,900/year
Second 10 Years - 51 ,000/month �or) $13,200/year
Third 10 Years - $1 ,375/month �or) $16,500/year
i�iiller & Schroeder ��1unicipals have entered into �n agreement wiih the
corrpany to arrange for the financing.
. � � . �� ��
����
BQARD OF COMMISSIONERS
September 21 , 1979
Page -2-
The cost breakdown for the issue is as follows:
Construction, Engineering & Design �2,555,000
Lega1 & Misc. Expenses 26,000
Placement 35,000
Capitalized Interest During Construction 130,000
Contingencies 100,�00
2,846,000
Bond Issue 2,750,000
Owner' s Participation � 96,000
3. TERf�S OF TNE AGREEMENT
The term of the agreement is for 30 years. The land lease is expected
to remain as a separate document. Certain amendments will be required
once the mortgage ffnanctng as outlined above has been finalized. They
include such things as (1) fiscal and administrative fees as an addi-
tional rent item within the land lease (2) fiscal and administrative
fees to remain in effect for a specified number of years and (3) a
provision that the company will not sell or assign its rights in the
lease for a specified period of years.
4. RECOMMtNDATIQNS
The Port Authority published notice in the Legal Ledger and the St. Paul
Dispatch-Pianeer Press on September 7, 1979 as required under the amend-
ment to Chapter 474. If the project is approved by the Commission, a
formal application wi11 be submitted to the Commissioner of Securities.
Staff has been working with the principals of the company over the past
three years relative to the facility they have already completed and
extensively with the location of the new proposed facility and the
financing thereof. Staff recommends approval o` Resolution No. 1556.
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Resolution i�o. 1556
RESOL(3TI0`; Or
THE PO�i AUTHORITY OF T�E CITY Or SAINi PAUI,
Wi:ERE�S, the purpose of Chapter 47�, i�iinnesota _
S�atutes, known as the i�tinneso�a _�?unicipal Industrial Develop-
ment Ac� (hereinaiter called ":c�") as found and dete?�nined by
the legislature is to promote the welfare o� �ne state by the
active a�traction and encourace��nt and develo��nent oi econo�ni-
cally sound indusLry ana coT�,�eYce to prevent so far zs possib?e
the e_<<ergence o� blighted and -:arginal lands a�d arezs of
chronic uneTployment and to aic i-� the develap:nen� oi existing
areas o� blig'�t, narginal land �-�d bersisten� unemploy.;ien�; and
Sv`ri�P,E=S, factors necessi Lating the active promotion
and cevelo�,::er.t of econor;�ically =ound 11lGUS�.r�� anci ce:;��:erce are
the increasing co�cen�ration o= populatiorz in �he fi2�iO�O�1�ZT1
a_eas an;3 �i:� ra�idly rising i�c-ease in the anount ar,d cost of
gove�n�enta' serv?ces requirec �o ,:eet the needs oi fine
increased �o�;:la�ion and the ne�c ior developmen� of land use
��.:�ic� wiii �rov�c�e Gn adequate ��� ;as� to finarice these
;T;C?'?cS°U CG��.S ci1(� ZCC°SS t0 F��'O1�1°:?� OP'J�Y't11i11i.1°5 fOr SL�'ll
., ` -
rOD?:1� 10?'1� �;^,v
�•;SER��S, The Port �u�^cri�y of �'rie City oi Sain� Paul
(tne "Au�hor_ty" ) received fro-: ^ransfe•r Roaci II, a i,innesota
paY�ne_s�_� consisting o� Sar::�,:�1 �. i:�rfield and Charles
Belyarde (n�reinaiter reierred �o as "Co;�pany" ) a recuest that
�ne �u�hoYi�y issue i�s reven�� �onas (�•�hich shall be in the
forr:: of o�e o�� ,:�ore no�es) to �>;:anc� tne acquisitio;�, �
installa�ion and construc�ion o_ ar, o�iice warel�ouse i�cility
(hereinafter collec�ively Calic� iI?2 '�?�O�EC��� � 1I'i �re CZty Or
St. P�ui , all as is more fully c�scri^e� in tl�e staf: report on
�ile ; and
• � :-�:��REAS, the �=.utho?-i��,• c�s���s tc �Gcili�ate the
selec�lV° G2'J�1CJ;"lE�lt Oi L�'l2 CC�--,'i?1�1.%� �O re�ai� c??� _'i��CV2
1�.S Lc}: ��cSe cP� LO l�Elt� lt i•-C•.;iC° L�":E..' ic�J�C�C' Oi SE�V_C2S c.^.�7
E-'���v^f �:°`l� O..^.•�i'J�L"L'1�711�1GS �2Qi?��c:� C''. _�S i��,._,L'�cLiC,r - � �_ .
i � c:is:� ..,a iC
�roJ -�t �,ai? 1 assist tne CiLjJ _.. Gl,�ilC�'J _.:J �?��� o:���c�-'�'e• ���d
pY����� �,,�; i 1 noip to incre� e `..� , ~ J -- ' _
s �ss�sse� ��alua � ;c:, c� �;-»
Ci �1-`�:�c? i,c?d , �a_ntain G "�sic_�;� =c�a�._c,:�?�ip � �.:L� « -
�- :e- .. �.s �.s�c
'Jc�. �I.;�.'��.Oil c,'?:: C��L c'.�'� Eli��c^CC �.-._ l.�f.� �_,.:1 :=i_:_ �:�:.'�__ �;� _� �:.•�
C1. Li: � Ci?r.j
. ,� _ • .
WHEREAS, the Project to oe financed by revenue bonds
will result zn substantial employnent opnortunzties in tne
Proj ec t;
T,�HEREAS, the Authority has been advised by repre-
sentatives of the Cornpany that conver.tional, corunercial
f inaricing to pay the capital cost of the Proj ect is available
only on a � limi.ted basis and at such hign costs of borrowing -
that the econom�c feasi.bility of ooerating the Project would be
significantly reduced, but the Co�pany has also advised this
Authority that w�.'th the • aid of revenue bond financi.ng , and its
resulting low borrowing cost, the Projec� is economi.cally more
feasible; �
�Y:-�EREAS� the Authority, pursuant to �Ii.nnesota
Statutes, Section 474 .01, Subdivision 7b did place a no�ice, a
co�y of which with proof of publicatian is on file i.n the
office of the Autnority, of a public hearing on the proposal oi
the Co*�pany that the Authority finance the Project hereinbe_ore
described by the issuance of �ts rzver.ue bonds �n tne io�-m of
one or nore notes , i.n the amount of 52 , 000 , 000;
Sv�iERt,?�S, subsequent to p�blicatian of �he notice of
publa.c heari.ng relat�ng to the issuance of revenue bonds �n the
amount of $2, 000 , 000, the Company requested that t�e Aut:�oritv
. ,
issue its revenue bonds , in the form of one or more no�.es � �n
the amount of $2 , 750 , 000 to allow it to incre4se the size oT -
the Project, w'r:icn Project, except ior its �ncreased siza , is
to renain as. ori.g�nally ident�f ieci to the Author�ty; and
y7HL�AS, the Authority did conduct .a public hearing
pursuar.� to its published notice at ��nich heari.ng all persons
who zpp�arec3 were given an oppor�unity to express thei.r views
with respect to the pro�osal.
� NOW, T'r�EREFORE, BE IT P..ESO�VED by the Commissioners
oi the Port Authority of the Czty oi Sain� Paul, tYlinneso�a as
follows :
1 . On the basis of in=o?-iation a�ailable to the
�ut.hority it appears, and tne Authori�y hereby fznds, that said
Project constitutes propertzes , useQ or use�ul i�n conneccien
witn o�e cr more re�enue prcducing en�er�ris2s engaged in �,n_v
JLS1i?�SS �•7��i"?111 t.ri� Tl2ci11rl� Of SLi.^,C1V1S�Qi? �� O� C°C�'Oi? -'_+%d_ . �2
C= �.�'?�? i=>C�� L�72�. �i'?2 Projec` f;iL'�i°rS �=i° '.:li?'�052S Stu��.cC ].P.
• �EC�`-i0;1 G7� . �1 Oi ��'le nC�� ��'lc� L?�2 c.Vcl�c�Jl�l��% Oi ��'lE..'
��'?ci?C1i1C�` llI�lG2r' �:^� �Ct ci:a willinc:^i��S OT ��'iE =?t?i�";OL"1L1% �O
iliL";11S�': SLiCf1 iJ,^c:1Ci17U�' W1�1 ��E Z S'.'�."`,��c;1�1�� .lP.^UC2:',�_il� �O L;;`
CV1l�.^..ri�' LO U:1GArLGIte Lr:C� ���iJCCL� �.�!u ii:G� L.j1C `�i�CL �i �...
• . .� �
Project, if undertaken, will be to encourage t:-:e develcpment of
economically sound industry and ce;nr,ierce anc assist in the
prevention of the emergence of blighted and -;arginal land, and
will help to prevent chronic une,,ploy;ner.t, and will help the
City to retain and improve its tax base and �rovide �ne range
of services and employment epportunities recuired by its
population, and will help to prevent the mo��_mEnt of talented
and educated persons out of the state and to a=eas within the
state �ohere their services may not be as eiiectivel�� used and
will result in more intensive developnen� and Gse of land
within the City and will eventually result i:� �n increase in
the City's tax base; and that 'it is in the bes� inte=ests of
the port district and the people of the City o� Sain� Paul and
in furtherance of the general plan of develo�men� to assist the
Company in financing the Project.
2. Subject to the muLUal a��ee�en� o� the Authority,
the Company and the purchaser oi Lhe revenue bcnds �.s to the
details ci =:ne revenue agreement, and otner docurien�s necessary
to evic3ence and effect the financing o= tne Project and the
issuance ef the revenue bonds, tne Project is :^ereby ap�roved
and authorized and the issuance oi revenue bonds oi �he
AUii�ORITY (which shall be in the rorn o� one or nore notes) in
an �r:lount not to exceed approxi�ately $2, 7�0, 000 (o��er than
such a�ditional revenue bonds as are needed �.o co;nnlete the
Frojec�) is a�thorized to finance the costs of �he P=oject.
. 3. In accordance wit� Subdivision 7a of Section
�?�4. O1, i�Sinr.esota Statutes, the �xecutive Vice-Presicent of the
AuTnORITY is nereby authorized and directed to submi� the
pr�posal for tne above described Project �o Ll:e Comm?ssioner of
� Securities, r2cuesting his approval , �nd ott:er officers,
enployees an� �gents of �he A��ORIiY are hereby au�rorized to
provide the Co:r�m?ssioner with such nrelim�nary infor�ation as
he may req�ire.
4. There has heretofore bee;� i?led with t�e
P.uthority a forrn of Preliminary ��ree:;�ent bet��;een t:�e Authority
and Co:��any, relating to Lhe propcsed cons�r�c�ion and
ii�zancing oi �he Project and a forn oi Place-ent �gree;�ent.
The �cr;:l of sa�Q �greenents have been ex.a-:��:ea by t�=
Co^��issioners. It is the purpose c� s�ia ��c-_ee�enLS to
evicence the co;�*�itment of t,�e �a_rt�ec �nc �_�e-_� in;._ntio�s
��;it:� respect �o the propes�a �ro�ec� __� c�a�_ ��a� t�`�e Cc;^p�;-�y
may proceed k-i�r�out delay with `�e cc-:�,-,�nce-.�^� o� `^e
eCi,�?1S1�lOil� l;lStallation cI"?Q CO??���ri1C�l0?i C= �'_"i° t'"���EC� �•71�}�
�i;e u�SSUL'c!'?CE 'Cr?cl L�"?E�P �cS '.�'.��� �L:==� C_°_,-.� "C=i1C'_:.l GCL1G'1��
Lnc=�- Sectien 103 ( i�) o` t':-:� T^`�=--�,_ =.e�. �.;;�_ Ccce o_ �G��� _s
_ , �
a:'l�'?C7P'�]' � i.O Gl�Cl4 iQY ��:P_ 1�Si:c.i�C� 0= L::E 1'c�.'E.`:�:C ,...,':CS �.O
� i.,�r:ce ti;e ent�re° ces� c` t'�-:� _ �cj e�� __�.-. - _,-�_:.��_.� �`�-
L"EUC.^.EG� c°..S �O L}:�� li�L1:",_�L C��.._ S G= �.' �. � ":�' -.. L c' ,� -c
- - - � . 1 �
, � •
• " , , � .aCG a9 ��� A
financing . Said Agreer�ents are hereby approved , and the
President and Secretary of the Authority are hereby authorized
and c3irected to execute said Agreer�ents. .
S. The revenue bonds and interest thereon shall not
constitute an indebtedness of the Authority or the City of
Saint Paul within the meaning o� any constitutional or
statutory limitation and shall not cons�i�ute or give rise to a
pecu7iary liability of the Authority or the Ci�y or a charge
against their general credit or taxinc powers and neither the
full faith and credit nor the taxing po��lers oi the Au�hority or
the City is pledged for the pay:<<ent of the i�ote or >nterest
thereon.
6. In order to facilitate completion of the
financing herein contemplated; �he City Council is hereby
requested to consent, pursuan� to Laws of r�iinneso�a, 1976,
Chapter 23�, to the issuance o� the revenue bonds herein
conte,~,inlated and any addit?ona� revenue bor.ds ���hich the
Authority m�y prior to issuance cr �rc� �ine to tir�� thereGfter
deen necessary to co,T�plete the Project or to refund such
revenue . bonds: and fo?- such pur�ose the Executive Vice
Pres�den� of the Authority is here�y authorized and cirected to
forcvard to �he City Council co�ies o� ti-�is resolution an3 said
Preliminary Agreer;ient and any addi�icnal ava?lable iniornation
�he C?ty Cou!:cil nay request.
� 8. Tne actions of tl-:e Executive Vice-Presiuent of
the Autr.ority i� causing public notice of the public hearin,
a:�d in desc=ibing the oeneral nature oi t�ie Project and
esti,<<ating tre principal ar�ount of the revenue bonds to be
1SSL°d �o �i;:ance the Prcject and ir. preparing a drait or the
prop�seo aUplication to the Con;�issioner of Securities, State
af i`'IlPi]2SOCdf for apprcval of L�e �rojec�, which has been
a��ailable for inspection by the pLblic �t the ofiice of �he
Authority from and after the p��bl?cation of notice of the
hearir.g, are in all respects rGti?=ied Gnd cor.firned.
� ��
A�ented September 25, 1979 ;�
� ,� � % /
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� ^rev�cr�/��hcri�y c= t'-e Ci�-.�
�/� c�� S�i�t Paul
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`��ecre:ary