272034 WHI7E - CITV CLE [� l �
PINK - FINANC � �} T
CANARV - DEPA MENT ITY OF SAINT PAUL COUIICII F�����.����
BLUE - MAV File NO.
� � cil Resolution
�
Presented By �'
Referred o Committee: Date
Out of Committee By Date
WHEREAS, the 1978 Capital Improvement Budget adopted October 25, 1977,
Council File No. 269964 included appropriations totaling $1 ,735,000 for the
Park Nursery and Edgcumbe Playground Expansion projects (page 20) and
$5,944,400 for the Seventh Place Galleria project (page 40); and both projects
were proposed to be financed with tax increment bonds; and
WHEREAS, past Housing and Redevelopment Authority and City Council actions
have committed the City of Saint Paul to financing improvements within the
Downtown Development District #l ; and
WHEREAS, these development projects have been reviewed and recommended
by the Long Range Capital Improvement Budget Committee.
NOW THEREFORE BE IT RESOLVED by the Council of the City of Saint Paul ,
upon recommendation of the Mayor, that the 1978 Capital Improvement Budget be
amended to increase the appropriation for the Park Nursery/Ed cumbe Playground
Expansion Tax Increment Financing project from $1 ,735,000 to �1 ,935,000 and
to increase the appropriation for downtown development projects to be
financed with tax increment bonds from $5,944,400 to $6,940,000; and
FURTHER RESOLVED that the budget summaries for:
Downtown Development Projects - Attachment A (6 pages) and
1979 Park Nursery Tax Increment Financing - Attachment B (1 page)
be approved as to the line item appropriations and budget amendment procedures
specified.
COUNCILMEN Requested by Department of:
Yeas Nays �
Butler [n Favor
Hozza
�t_ � �
L,evine __ Against BY
Maddox
Showalter
Ted
Adopte y Council: Date N�V 9 �7 Form Appro by City Attor ey
rtified Y-5- by ouncil $ecretar BY
B -
t�pp ov by iVlavor: e —
��� ' � ���� Appno�by Mayor for b is on to'Louncil
Bv - —
Y��
}1lgl.tsKED NOV 1�� ,
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CITY OF 5�I\T P1�L I;
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,._—' � OFFICE OF T�3L' �I�1'OR
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3•1T CITY I�:17.L
(.EORG]; L.�7'I�IKI� SAl\T Y.1i:7..�II\_\'ESOT1 �a+it0°
Ma1]nH ((fl�.>) ��t3-•1:3`�3
ATTACHMENT A
November 6, 1978 Page 1 of 4
DOWNTOWN DEVELOPMENT PROJECTS: BUDGET SUMMARY
Estimated Currently To Be '78 Bond
Cost Funded Financed Proceeds
I. SEVENTH PLACE PROJECT
a. S.O.M. Conceptual Design $ 70,000 (a) $ 70,000
b. Poole Construction Management 240,000 (a) 240,000
c. Poo�e Site Supervision 250,OOQ (a) 250,000
d. S.O.M. Working Drawings 301 ,800 (a) 301 ,800
e. Engineering Cost Consultant 20,000 (a) 20,000
f. Structure Construction 5,739,200 5,739,200
g. Oxford Block 27 Walks, ,
Lights and Signais 79,000 79,000
h. Utility Relocation Costs 78,000 78,000
i . One Manhole 6,000 6,000
j. Sewer Availability Charge (SAC) 10,000 10,000
k. Block A Ramp Share: Reimbur�se-
ment to Port Authority 129,000 129,000
1 . DPM Structural Support 200,000 200,000
m. Furnishings/Fixtures Loft 300,000 300,000
Subtotal 7:423,000 _p_ 7,423,000
n. Extended Skyway Over Seventh
Place West of Cedar 400,000 400,000
_ o. Project Contingency 765,500 765,5J�
TotaT 8,588,500 -0- 8,5o8,50J
- REVEfVUE SOURCES:
� Urban Development Action Grant (UDAG) : v4,800,000
197$ 7ax Increment Sonding �,788,500 3,7�;8,500
R,588,500 � �
(a) Temporary financing of contracts will be provided by using Urban Renewal Bond
proceeds and/or tax levy funds until receipt of proceeds from T.I .F. bond sale or
short term note financing during construction period.
� ���'�
�
Downtown Development Projects 2 of 4 fVovember 6, 1978
` Budget Surr�nary
Estimated Currently To Be '78 Bond
Cost Funded Financed Proceeds
II. RADISSON HOTEL PROJECT '
p. Skyway 6ridge - Hotel to 200,000 2U0,000* •
Northwestern Qank
q. Skyway Bridge - Hotel to 200,�J00 200,000*
Bremmer Building
r. Escalator and Concourse 265,620 265,620*
s. Block A-4 Concourse and 175,365 175,365*
Storage
t. Block A Walks, Lights and 77,000 77,000*
Signals
u. Project Contingency (10%) 91 ,800 -0- _91 ,800
Subtotal 1 ,009,785 917,985 91 ,300
v. Radisson South Skyway 160,000 -0- 160,000
Costs Non CD �
Total 1 ,169,785 917,985 251 ,500
REVENUE SOURCES:
*Urban Renewal Bond Proceeds For R-20: $917,985
� 1978 Tax Increment Bonding: 251 ,$00 251 ,800
$1 ,169,785
III. PROJECTS RELATED TO SEYENTH PLACE DEVELOPMENT
w. Parking Mall Design and 20,400 20,400 DDD#1 Bands
Supervision
x. Parking Mall Construction 135,000 -0- 135,000
y. Seventh Place Initial 350,000 -0- 350,000
Start Up �
aa. Potential Acquisition and 500,OJ0 _p_ 500,000
Improvements
Total 1 ,005,40a 20,400 985,000
REVENUE SOURCES:
Downtown Development District #1 Bonds: $ 20,400 �
1978 Tax Increment Bonding: 985,000 985,000
1 ,005,400
�`����-�
Downtown Development Projects 3 of 4 November 6, 1978
. Budget Summary
Estimated Currently To Be '78 B�ad
Cost Funded Financed Rroceeds
IV. BLOCK 7-A PROJECT COMPLETIOfd
bb. Skyway Bridge to St. Joseph's 413,000 3p3,000 110,OQQ
Hospital
Total 413,000 303,000 110,000 .
REVEf�UE SOURCES:
Downtown Development District #1 Bonds: $303,000
1978 Tax Increment Bonding: 110,�00 110,000
413,000
V. STAFF COSTS
cc. Inspection Services 30,000 -0- 30,000
dd. Administrative Expenses 200,000 -0- 200,000
Total 230,000 -0- 230,000
REVEt�UE SOURCES:
1978 Tax Increment Bonding: $230,000 230,000
VI. BOND SALE RELATED EXPENSES
ee.. Tax Increment Analysis 2Q,000 20,OQQ
ff. Bond Consultant and Counsel 2Q,000 20,000
gg. ContingenGy 4,700 4,7J0
Total 44,7Q0 44,700 44�700
Subtotal - Bond Proceeds 5,410,000
hh. Estimate of Capitalized Interest �
Cost for G.O. Development Refunding
Bonds of 197� 905,350 905,350
ii . Estimate of Capitalized Interest
For G.O. Development Bonds of
1979: Series A 534,650 534,650
jj. Discount At Time of Issue
For G.O. Development Bonds
of 1979: Series A 90,000 90,000
1 ,530,000 1 ,530,000 1 ,530,000
ESTIMATED TOTAL - G.O. Development Bonds of 1979: Series A 6,9�r0,000
G.O. Development Refunding Bonds of 1978 (Refunds �5,040,000
of Existing Development District Debt) 4,915,000
. �"��C��,�
Downtown Development Projects 4 of 4 PJovember 6, 1978
� Budget Summary
Budqet Amendment Procedures
1 . Any costs exceeding line item budget appropriations by not more than $20,000 can be
funded from the contingency account with th� approval of the Budget Director.
2. Any costs exceeding line item budget appropriations by more than �20,000 requires
City Council resolution.
3. Any excess monies in line item appropriations to be transferred to the contingency
account.
4. Any excess monies in contingency account to be transferred to a reserve account for
debt service retirement of this bond issue.
5. Any Downtown People P�over grant monies received by the City for itemized costs will
replace tax increment bond money and the freed up cash will be placed in a reserve
account for this bond issue's debt service.
Requested y: App ove�By:
.� � � ��� �
a � ��
F
PED Direc or � B�dget Direc or
�JUTE: If the City receives DPM grant monies for reimbur5able expenses for items i and
n, estimated at 90% non-City funding:
1 . DPM Structural Support 90� of �200,000 = $180,000
n. Extended Skyway over Seventh Place west of Cedar 90% of $400,000 = $360,000
the reimbursement amount of $540,000 can be used as a revenue for this budget.
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aTTACHMENT B
1979 Park Nursery Tax Increment Financing: Summary Budget
Line Item
Appropriations
Acquisition and Relocation Expenses (Temporary loan
from Urban Renewal Bonds - Still owe HRA $850,000) $1,550,000
PED Staff Costs (1979 Special Funds budget, p. 355) 112,}�71
Edgcumbe Park Development (LAWCON Grant Application Made) 200,625
Edgcumbe Recreation Center Additions and Remodeling 346,500
S.A.C. Charges (Developer Agreement) 100,000
Soi1 Problems (HRA Board Authorized) 73,000
Project Cost $2,382,296
Less Land Sale Proceeds (Wilder Payment to City) (700,000)
$1,682,296
Consultant Study (Midwest) $ 3,500
Tax Increment Analysis (League of Cities) 3,500 -
Bond Co•ansel (Briggs & Morgan) 3,000
Bond Consultant (Sprinasted) 3,000
Contingency 2 704
I 15,704
Bond Sale Proceeds 1,698,000
Estimate of Capitalized Interest for Debt Service 215,000 215,000
Discount 22,000 22,000
ESTIMATED TOTAL - G.O. Development Bonds of 1979: Series B $1,935,000
Budget Amendment Procedures
1) Any costs exceeding line item budget appropriations can be funded from the
contingency account with the approval of the Budget Director.
2) Any excess monies in line item appropriations to be transferred to the Contingency
Account.
3) Any excess monies in Co ntingency Account to be transferred to a reserve account
for debt service retirement of this bond issue.
4) Any LAWCON Grant monies received by the City will replace bond money and the freed up
cash will be placed in a reserve account for debt service retirement of this bond
issue.
Requested by: Requested by: A proved by:
� r/,•'
i" "� .r
��7�Ft.� � ��,i
Directo PED Director Colnmuni y SeX� ices "Budget Director
r/
NOTE: If the city receives LAWCON grant monies estimated at $150,000,
the net local funding is only $1, 765,000.
Mayor's Officec Budget Section - November h, 1978