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274208 WNITE - C�TY CLERK 2'��42�8 PINK � - p�NANCE G I TY OF SA I NT PA LT L Council CANARV - DEPARTMENT File NO. BLUE - MAVOR � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1 . On December 18, 1979, the Port Authority of the City of Saint Paul adopted Resolution No. 1587, giving preliminary approval to the issuance of revenue bonds in the initial principal amount of approximately $8,200,000 to finance the construction of a 525-car parking ramp and a medical office building of approximately 65,000 square feet (5 stories) for the Bapt�ist Hospital Fund, Inc. (Midway Hospital ) at 1700 University Avenue. 2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Autharity of the City of Saint Paul , shall be issued only with the consent of the City Council of the City of Sajnt 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 Author9ty of the City of Saint Paul , subject to final approval of the details of said issue by the Port Authority of the City of Saint Paul . RESOLVED, by the City Council of the City of Saint Paul , that in accordance with Laws of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution No. 1587, 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 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 McMAHON Nays �� �_ (n Favor - -�ie� Hunt / Levine _�___ Against BY � s . Maddox Show esco �AN 3 �G�gQ Form Approv d by City Attorne Adopt by Cou il: Date -`���A rtified Y•.sed Coun .'1 Secre ry By W t�pp by (Vlavor: ��� � L�Q_ App ov � y Mayor for ' si t�a-Council By — BY PllBL1SNED �!,��,� �, � iy�'; . PQRT � . �� . f . � � .a, y.�-a�<;� , �,�,�> � .:, �AUTHORITY OF THE CITY OF ST. PAUL � Me�no�ondum � TO: BOARD OF COMMISSIONERS pq?� Dec. 13, 1979 (Dec. 18, 1979 Regular Meeting) FROM: J.F. Faue ��7� SUB,tEGTs BAPTIST HOSPITAL FUND, INC. (MIDWAY HOSPITAL) � PUBLIC SALE HEARING RESOLUTION N0. 1586 PRELIMINARY AGREEMENT - $8,200,000 REVENUE �BOND ISSUE RESOLUTION N0. 1587 1 . THE COMPANY Baptist Hospital Fund, Inc. , located at 1700 University Avenue, St. Paul , Minnesota, operates the Mounds Park and Midway Hospital facilities in St. Paul . 2. THE PROJECT The proposed facilities are to be located at the Midway Hospital site at 1700 University Avenue. Present and future needs of the Midway Hospital complex warrant _the expansion of parking and medical office facil�ties as follows: a. A parking ramp �For approximately 525 cars to serve the needs of hospital visitors,_ tenants, and users of the � proposed medical office building. The ramp will be self- supporting with the debt service guaranteed by the Baptist Nospital Fund, Inc. b. A medical office building of approximately 65,000 square feet (5 stories) adjacent to the parking ramp and the existing hospital complex. The hospital has had several requests for medical office space adjacent to the hospital from doctors, dentists, psychiatric and psychological clinics, and medical laboratories. They are also in- vestigating the possibility of private developers to own and operate the medical office building. Construction cost of the facilities is estimated $2.5 million for the parking ramp and $4 million for the medical office. The total Port Authority bond issue would be approximately $8.2 million. • , � BOARD OF COMMISSIONERS December 13, 1979 Page -2- . . 3. FINANCING Port Authority revenue bonds are proposed for the entire project. The Hospital proposes to own the parking ramp, however, is in dis- cussions with private developers regarding the possibility of private ownership of the medical office facillty. If required in the final analys�s, the Hospital would be in a position to guarantee the debt service on the office facility as well as the parking ramp. Financing for the total project will not be finalized until mid-1980, the anticipated start of construction. Tax exempt mortgage financing may be saught for the office building if private developers are in- volved; therefore, the exact financing structure is not being approved at this time. Th�s Preliminary Agreement and Resolution authorizes staff to proceed with placing and negotiating the financial package and then return to the Commission for final approval . The Prelimanary Agreement also provides that the Port Authority would be reimbursed for any of its expenses should the project not go forward. and that the tenant and/or Port Authority would be reimbursed for any of its preliminary expenses from bond proceeds if the project is � ul- timately ap.proved. The Port Authority will hold title to the land under facilities financed and containing Port Authority guarantees; therefore, we are also asking approval of the Public Sale Notice at this time. Financial statements of Baptist Hosp�tal Fund, Inc. are attached, � 4. RECOMMENDATIQNS: The Hospital does not pay real estate taxes; however, if private developers are involved in any portion of the facilities, that portion would be sub- ject to real estate taxes, Employment in the new facilities is expected to e�ceed� 100 people. Districts 11 and 13 were notified on November 16 of the proposed project, and no written or oral communication has been recelved from them. The Port Authority published notice in the Legal Ledger and the St. Paul Dispatch- Pioneer Press on December 1 and December 3 respectively as required under the amendment to Chapter 474. If the project is approved by the Commission, a formal application will be submitted to the Commissioner of Securities. The proposed ramp and medical office are not directly associated with the Hospital expansion or facilities per se, therefore, do not require Certificates of Nee�. The Hospital , however, is reviewing the project with the Metropolitan'Health Board and providing the necessary documentation they are obligated to provide under the statute. Staff recommends approval of Resolution Nos. 1586 and 1587. JFF:ca Attach. . . _ ' . �`� . , , � . ,, ;%�°���� >a.� . , .�r..,., ,_:�,,. � , • Resolution No. 1587 RESOLUTION OF � , - THE PORT AUTHORITY OF THE CITY OF SAINT PAUL WHEREAS, the purpose of Chapter 474, Minnesota Statutes, known as the Minnesota Munici.pal Industrial Develop- ment Act (hereinafter called "Act") as found and determined by the legislature is to promoi:e the welfare of the state by the active attraction and encouragement and development of economi- cally sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment and to aid in the development of existi.ng . areas of blight, marginal land and persistent unemployment; and � WHEREAS, factors necessitating the active promotion and development of economically sound inclustry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the � increased population and the need for development of land use which will provide an adequate tax base to 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 Baptist Hospital Fund, Inc. , a Minnesota corporati.on (hereinafter referred to as "Company" ) a request that the Authority issue its revenue bonds (a portion of which may be in the form of a single note) to finance the installation and construction of a medical office building and parking ramp (hereinafter collectively called �he "Project") in the City of St. Paul, adjacent to Midway Hospital, all as is more fully described in the staff report on f ile; and WHEREAS, the Authority has been advised by repre- sentatives of the Company that both the office building and _ parking ramp are required to provide adequate facilities for -_ doctors serving Midway Hospital and to accomodate the general public need for medical facili.ti.es; and � WHEREAS, the Authority desires to facilitate the selective development of the community, to retain and improve its tax base and to help it provide the range of services and ' employment �opportunities required by its population� and said Projec� will assist the City in achieving that object�ve. Said Project will help to increase the assessed valuation of the City and help maintain a positive relat�onship between assessed valuation and debt and enhance the image and reputation of the - City; and WHEREAS, the Projeck 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 a�vised this Authority that with the aid of revenue bond financing, and its resulting low borrowing cost, the Project is economically more feasible; WHEREAS, the Authority, pursuant to Minnesota Statutes, Section 474. 01, Subdivision 7b did publish a notice, a copy of which with proof of publicati.on 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 the recommendations contained in the Authority's staff inemorandum to the Commissioners were reviewed, and all persons who appeared at the hearing were given an opportunity to express their views with respect to the proposal. . NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the Port Authority of the City of Saint Paul, Minnesota as follows: • • - 1. On the basis of information available to the Authority it appears, and the Authority hereby finds, that said Project constitutes properties, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision la of Section 474.02 of the Act; that the 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 induceme�t to the Company to unaertake the Project, and that the effect of the Project, if undertaken, will be to provide adequate facilities for doctors serving Midway Hospital, to accomodate the general public' s need for medical fac�lities, to encourage the develop- ment of economically sound industry and commerce and assist in the prevention of the emergence of blighted and marginal land, to help to prevent chronic unemployment, to help the City to retain and improve its tax base and provide the range of services and employment opportunities required by its population, to help to prevent the movement of talented and educated persons out of the state and to areas within the state where their services may not be as effectively used and will result in more intensive development and use of land within the City and will eventually result in an increase in the City's tax base; 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 Projeck. 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 or other revenue agreement as defined in the Act, and other documents 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 (a portion of which may be in the form of a single note) in an amount not to exceed approximately $8,200,000 (other than such additional revenue bonds as are needed to complete the Project) and, if appropri- ate, an interim note or notes payable from the proceeds of the revenue bonds is authorized to finance the costs of the Project and the recommendations of the Authority's staff, as set ,forth in the staff inemorandum to the Commissioners which was presented to the Commissioners, are incorporated herein by reference and approved. 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 describea Project to the Commissioner of Securities, requesti.ng his approval, and other officers, employees and agents of the AUTHORITY are hereby authorized to • provide the Commissioner with such preliminary information as - he may require. - 4. There has heretofore been filea with the Authority a form of Preliminary Agreement between the Authority and Company, relating to the proposed construction and financing of the Project. The form of said Agreement has been examined by the Commissioners. It is the purpose of said Agreement to evidence the commitment of the parties and their intentions with respect to the proposed Project in order that the Company may proceed without aelay with . the commencement of the. acquisition, installat�on 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 (including, if deemed appropriate, any interim note or �otes to provid� temporary financing .thereof) to finance the entire cost of the Project upon agreement being reached as to the ultimate details of the Project and its financing. Said Agreement is hereby approved, and the President and Secretary of the Authority are hereby authorized an3 directed to execute the same. 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 or other revenue agreement and other documents necessary to the adoption by the Authority of its final bond resolution and the issuance and delivery of the revenue bonds (including any interim note or notes) ; provided that the President (or Vice-Presiden� 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 accoraance with the provisions of Minnesota Statutes, Section 475.06, Subdivision 1, to accept a final offer of Miller & Schroed'er Munici_pals, Inc. (the "Underwriters" ) mac�e by �he Underwri.ters to purchase said bonds and to execute an underwri.ting agreement setting forth such offer on behalf of the Authori.ty. Such acceptance shall bind the Underwriters ta said offer but shall be subject to approval and ratificata_on 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 (including any interim note or notes) and interest thereon shall not constitute an indebtedness of the Authority or the Ci.ty of Saint Paul within the meaning of any constitutzonal 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 . t credit or taxinq powers and neither the full faith and credit nor the taxing powers of the Authority or the City is pledged for the payment of the bonds (and interim note or notes) or inter�st 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 t�innesota, 1976, Chapter 234, to the issuance of the revenue bonds (i.ncluding � any interim note or notes) herein contemplated and any adda.tional 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 the Ci.ty Council copies of this resolution and said Preliminary Agreement and any additional available information the City Council may request. 8. The acti.ons 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. i Adopted December 18, 1979 r ; �� /� � � �/ Attesr _ /�- Pr ' nt The Port uthority of the Ci.ty of Saint Paul � -`tG �Secretar , 1 � � � � ' � ts��'� �',� � 4ZF,d`pl �'S,iR.�t d : \ f � i , V � PORT AUTHORITY OF THE CITY OF SAINT PAUL ��� 25 WEST FOURTH STREET • SUITE 1305 • ST. PAUL, MINN. 55102 • PHONE (612) 224-5686 � � December 18, 1979 r � R!�C�IVED � `9 ry � U�.�.! !3 C'd��r.�J Mr. Gary Stout C{TY A�Y�°��EY - -��-' � Director I�;�i� Department of Planning & t���� � Economic Development City of St. Paul r; ;;.;;� 14th Fl oor, Ci ty Hal l Annex , M _ _ , , ,�,;;i; St. Paul , Minnesota 55102 � SUBJECT: BAPTIST HOSPITAL FUND, INC. (MIDWAY HOSPITAL) $8,200,000 REVENUE BOND ISSUE 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 construction of a 525 car parking ramp and a medical office building of approximately 65,000 square feet (5 stories) for the Baptist Hospital Fund, Inc. at 1700 University Avenue. 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. 1587 which authorized the sale of bonds in the amount of $8,200,000. Your expeditious handling of this matter will be appreciated. Yours truly, ; . ��` �� ,Eugene A. Krau Assistant Executive Vice President EAK:ca cc. R. Broeker ROBERT F.SPRAFKA EUGENE A KRAUT,C.I.D. DONALD G.DUNSHEE,C.I.D. CLIFFORD E RAMSTED RONALD O.�. r%ECUTIVEVICEPRESIDENT ASSISTANTEXECUINEVICEPRE$IDENT DIRECiOR.INDUSiRIALDEVEL07MENi CHIEFENGMEER CHiE�ACCOc�J?�;� COMMISSIONERS GEORGE W.WINTER RUBV HUNT ARTHUR N.GOODMAN G.RICHARD SLADE DAVID HOZZA LOUIS H. 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