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272305 WHITE - CITV CLERK - PINK - FINANCE �T COURCII � �y CANARY - DEPARTMENT G I TY OF SA I NT PA V L ��1 BLUE - MAVOR File NO. . Council Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1 . On December 19, 1978, the Port Authority of the City of Saint Paul adopted Resolution No. 1437, giving preliminary approval to the issuance of revenue bonds in the initial principal amount of approximately $850,000 to finance the construction of 24,000 square feet of manufacturing space in RiverView Industrial Park for United Scientific, 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 , 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 bonds will be approxi- mately $850,000 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 City Council hereby consents to the issuance of the aforesaid rerrenue bonds for the purposes described in the aforesaid Port Authority Resolution No. 1437 in the initial principal amount of $850,000 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 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. � COUNCILI4EN Requested by Department of: Yeas Nay�s � oz a � In Favor , _�. � Le ne _�� __ Against BY Ro ler �� Syl ster � Te esc �N 2 �� Form Approved b City Attorn y Adopted ouncil: Date — � Cert ed Passe y Council Secretary BY � Appro �e y Mavor: Da � '4 �glg Ap v d y Mayor for mis ion to Council 1 BY B ��p �AK 13 i979 . � o � �r � . � ����� � AUTHQRITY OF THE CITY OF ST. PAllL Memorandum TO: BOARD OF COMMISSIONERS DATE: December 14, 1978 (December 19, 1978 Regular Meeting) �� FROM: J.F. Faue � - SUBJEGT: PRELIMINARY AGRfEMENT $850,000 REVENUE BOND ISSUE UNITED SCIENTIFIC, INC. RESOLUTION N0. 1437 1 . THE COMPANY United Scientific, Inc. , is located in leased facilities at 1729 Terrace Drive, Roseville, Minnesota, and is a manufacturer of precision metal components. The company has been in operation since early 1950. The present officer, Mr. Cargill , purchased the capital stock in 1960. Mr. Cargill is the sole stockholder of the company. � The company employs approximately 50 people at the present time. The proposed expansion will enable them to add approximately 15 additional people. 2. THE PROJECT The company proposes to lease Parcel E-6, containing 70,345 square feet, in Riverview Industrial Park. They propose to build 24,000 square feet of manufacturing space. The project means a relocation from their present leased facilities in Rosevil1e to a ' permanent, new location in Riverview Industrial Park which will pro- vide adequate space for their present and future expansion. 3. FINANCING Financing is proposed with a revenue bond issue not to exceed $850,000 It is expected final bids will reduce the cost estimates, therefore, lowering the total amount of the bond issue. Final figures will be established prior to the Commission considering the bond resolution and approving the sale of bonds. � BQA�D OF COM�JIISSIONERS December 14, 1978 Page -2- 4. Uf�DERWRIi"ING Miller & Schroe�er �lunicipals has agreed to u;�derwrite a revenue bond issue for �850,000 for 30 years ►�ith the interest to b� estat�lished at the tim? the bonds are delivered. Proceeds of the bond fund ��ill be used for the constructi�r� of the faci 1 i ty as fol l offls: Cor�struction . $701 ,785.00 Legal , Printi�g & Misc. Expenses 20,000.00 Capitalized Interest - 6 Months 30,175.00 Debt Servic� R�serve 72,540.00 Underwritino 25,500.00 �50,OOO.JO 5, TERMS OF THE LEASL- Terms of th� pro�osed lease for thp facility and land will be for a 30-year period efi�ctive January 1 , 1�79, with monthly rentals surfi- cient to retire ty� bond issue. Thz company wiT1 hav� the option to purchase tY�e building fot^ 10% of �he princinal amount of the bonds and an option to purchase the land at the en� of the original term at 1/2 of the stat�� .land value. It is pro�osed that the facility be leased to h1r, Cargill who will in turn sublAase to the company with th2 com;�any being obligated to thz sublease for the full term of the b�nds. - �he lan� has a value of $1 .50 per square foot. The �arcel has a triangular shape, and a�proximately 1/2 of the site has restricted utility for construction, Soil tests indicate the building will hav� to b� supported on piles driven to a depth of 50 feet. Th� nature of the company's operatio�, that is precision machining, requires that th� floor be stabilized as well , In view of the odd confic�u�ation of the site and the soil correction required, an adjustm�nt in the land value �s recommen�ed from �1 .50 to 75� per square foot or $52,758..75. If a7proved, t�e land rent would be as fo1lo�NS: 70,345 Sq. Ft, @ 7,� per Sq. Ft. $ 52,758.75 Interest - 7,5% - 30 Years 80,193.3�J �T3�,�� Monthly Land Rent - 354 "lonths � 375,57 An�ual Land Rent - $ 4,506.84 Es�imated new real estate taxes ta the City to be derived from the praject dr� $22,000 p�t� yea�r ar .�,n660,000 aver tne 30-year �erm. 6. FINANCIAL DAT�1 The financial sta�ements of the com�any for the years ending 1976, 1977 and 197� and the perso;�al statem?nt of Mr. Cargill are enclosed for your review. , - BOaRD OF COMMISSIONERS December 14, 1978 Page -3- . 7. RECOMMEP�DATIOidS District 3 t�ras notified on October 6, 1978, and we have r�ceived no communications either written or oral regarding the project. Th� public notic� of sale was publishe� Octobzr 13, 1978. Staff has interview�d officers of tt�� company and revie�rred the financial data. Tha project calls for th� ex�ansion and location of an attractive new facility in Riverview Industrial Park in Ecee��ng with other develop- ments in tt�e arza and addi�g significant employm?nt to the City of St. Paul . Sta�`f recammends approval . JFF:ca .. _ . . ' v . .. . � �P - 4,� . . � ��72��� Reso:�.�tioti No. 1�:. 7 � � IZESOLCI'I'TON O��' THL•' POR`i' 11U`i'fIOI:I`.t'Y O� 'i'I-11. CI'I`Y OF S�`�II�Y'i' P�UL � [A7HETZL•'�lS, the puLpose of Chapter ��7�, P-i:innesot.a , Stat.utes, }cr�oc��n as tll� t•1in►��esota r;unicipal Incai�st:�:ial ll�v��.o;�- men'L T�ct (tier_ea.na.fter cal.led "I�ct" ) as Lound �-�t7ca dei:eri;linc�.1 l�y the tegislature is to proiT�ate the c��e_lfar.e of the si�ate by th� active attractioi� and encoura�;eriezzt a,icz c��velo���ient of ec�na��►i- � cally sound ir,di�stry anci comr,�e�-cE� to Yrcven�, so fai- as _ possible i:he en��rgence of bl.igtite�i anc� ��?aryinal .lands and areas oL chronic. u�ze�,�Ul�yraer�t and to aici in tne develo;�ntel�t- .a� existzng areas of b].ighi�, r;larginal land and p:�rsistenf� un�1�1��1oyment; and . V�Fii•.R�,AS, iactors necessita�inc� tl_i�� �:c�zve.� pr_amotion �rrid develoYmeni: of econo��lica_t_ly sa��nd ii�ciusti-;� and cc�r,llz►2rc� . are th� i,�creaainy concentration o:C pop:�latian iii L-he � 1,"�C'i:):Ui)Jlli.�lll c"�rE'.�3 i �II?� t��� Y.c��.1C�i}' Y151T`i� ].1"1C;:C?�75E'_ 'ltl t�lE' r �!?IlU:1T1� c"itlC� CUS� Oi CjGVC'1"(li�lE'i�r.c11 S�Y'V1.CC'S Y�C`C�L;17'E?C� t:0 IIIF't?� �:Il(' nc:ecls of tl�c� i�zcr_caseci ;�opulation and the n��ci f:or dc�vclopmc,nt. oi lar�cz use which taill provide an adequat� ta� basc to finatice � i�lies� incr�ased costs and access to employmetit_ op��r_tunities for suc}� populativTi; and . • WTILRC;�15, The Port nuthorizy of t}ie C�ty of_ S�xint T�aul (th�_� "�ui-hority" ) has recc�iveci fr_orn Cii;-t?_s J. C�rc�i_l1, an individual , (herea.naiter referre.l to as "Co:npar�y" ) a request . � Lhai: the Authority issue its T-e:veriu:.� bonds (�•�hic}�� inuy be �.i1 ttze foir�i of a single no�e) to �li"ic:I�CE` the acr!;i;:ition, � S.nst.allation and construc�ion of f�c:i.lities for tn� offi_cc� anc7 manu.Car,turing facilii:y to be su'�l_c�ased i:.o Uni.rF�;3 Sci��ntii:ic, Tnc. (l,erein;��ter col.lec�ively calle�cl the "Proje�t" ) a.n t.he Ci_ty oL St. . }'aul, a:l.l as is r;lore fu11y ����scrit�ec� i» t}ie st�Z.Ef_ r_ey�ort �n fi1c�, ��nc3 �9fi1,P.f::AS, t}ic J1uL}�ority d��:_,zres t.� L-acili.tate tt�c selc�ctive c7evclop���iit of th�.> co���mi�r►:i.ty, to retair� cii1C� i.ra;�rove r ). �..`i t�i}: :�i.!S C �l 11Q t.C7 �1 C'�.�� l t UL O V 1 Cj C' t ll(? X'<l l"1 CJ�' U L S'.,�.7:V:L C C'.� a n cl emplo}�;���ent o�,�po�tunitic�s rec,uir.�c� by its ?x�;�u1_:�.i�n, ancl said l'roject �•�il:l assist Llie City in achi_evii�g tha�. ol�jeci:ive. � � c•. ; ::11C� Pr'O:)eCL" W]..Z.l flE'I.1J tU 11�C:1'E��i$(_' t.:�lE; c=iSE_'SSE?C� E'c��.U�1t10I1 07_ the City and h�_�1p r:�aintaa.n a �>osi�ive relationsl-,ip i�et�r:c�-n - c�:'i.`�C'_S`;C'C� Vu.l.U�1t1UI� c1IlC� G�E'��`'i. c�i�C� enhance t�'lc' 1TRc�CJ�� c3J�1C� reputatior► oi i.Y�e Ca.ty; ��ncl t•�HI;IZE;':S, thc Project to be financec; i�y revctiue Uonds wil.l reaizlt it� sub:;i�anti.al eraplo1�i�ezii� opportunities in t'r:e Project; j'rtiZ��Zt;t�S� ��lE 1!�a thor i ty hc"I S b�c�T1 ciC:�'l.SE'G fJ�% Y'e��i('— sentati.ves o£ the Com�any that conventi.onal. , co;�r�ercial finan:.�it��� to }�ay tl�e capital co_>t c�i tt.�� Pr�ject-. is ��v4ila?�1e only on a li_mi.t.��d basis ��nc7 at suci, hi�h cos�_s o;= borro�::znc3 that tl-�e econo;;�ic feasibil.ity oi operating ti�e Pro.ject ��:outd , be s:i.c�;nif_ic�ni:�ly rec3uced , but i�}.� Con�pany has also a;?vis�d this �uthorif�y tliat ��i tn tlie aid oi rc�venue bon;� f inancir.c,� s _ and its resultinq lo�r� borro�ti�inc� co�t, t�le l.�ro�c,>ct is ecc�o,�lic- al.ly raare feasib_lc-�; and � �;HEI:EAS, rliller & Schroeder I�Iunicipals, Ir�c. ( tn� "UndercL=riter" ) has raacie �a pr�po7al in an uyreer.lent ( the � "Unc,er_�,>riti_r,g �qrecnzent." ) relat.ing ta fhe purci�:�se v� tt�e reveniie bvfzcls to i�e issuec7 to fin�r�ce ttie Project. I�U�1, THls12�'k�UFtE, B?; I`i' i:rSOLV�ll by th� Cc��n?,�issiaiic�rs oi the Port �uthoriL-y of the Cit:y af Saitit �au_l , i�I:inr�eso�a as fol_l.ot•�s : 1. OIl tiie basis of lI1�ULIll2f=10t1 ��vailabl.e to t�-ic . � l�utii�ra.ty i� a���c�ars, a►id the Authority her.�:�x� iinc�is, tY�at :.:.�id Project constitut�es }�roper��es, usec�i o�. u_���iu�. ii� conn�r.i:ion wzLh on� or morc: reve:�uc producin� enterpris��s engaq���] in any uus�_n��Cs witi�i.n tn� meariing of Subc3ivisio:� 1 of Secta.oi� 47�.02 oi tlie ��ct; that tne availabilit:y of_ �l�e , fi.nancincJ under_ the Aci, anc3 wi..l�_�.nc�ne�s of the 1�;1�11C)Zl�:�r ta - _ furni.sh such fi.naT�cinc� wi11 'r�e a substanti.al induce,:�cnt �o �Lhe C<?rapa�iy to iinderta};e tYie Pra;jc:c�, ai1c3 that the ef��ct of i�l�e � Yrojer.�, if- undertaken, wi_11 be ta encour.aa� the dc�v�lop- - r;erit ot_ ccono.i�i_cal.ly souncl inc:lu���c-_y �iiu c.a;�,:,`rc� anc�i ass�st i�1 ttif� prev�:ntion oi tlle e��l��rc�enr.e oi bl.iy}-�tc�ci Gnc? mar_���inal land f anc7 �•�i_ll tielp to ��rc�vent chr�:ni.c ��n�rnployra4rit, a1��d 4�11�. iIC'�.p i:h� City tv retain �tIlc� 1T�1�Y_UVe i.ts tax base and provide tf�� ran,e ot servi.ces an�i c�rnplo��rn��nt c�y�i�oruni.ties reguir_Ed by its �opu1<<i=ion, and 4J7-)..�. t1F1.0 to prc:vent �he 110Vr'T:IeI'1{� of talen�ed and eclucated pezsons out o� ttie state anc� to arca�s withi�� t.he statc wi�cre their_ s�rvices may not !�e a.�; ef:�ec�i���.ly use�t anc� a�S..11 i-esul.� a.n ;nore inter�sive develo��:r��nt c'1??G use af_ 1an:� ���it:}iir� th� City ai�cl �,�il.l e:ventual�,y result S_n an irz,.�-eas�, i�z i:he City' �; ���x base. - � F.. , 2. St���ject: to tl�c� r;i�_i�ual .ic�reer;�ent o; i�t�c� - �iU�.l�Oi'lt.y� t}lF� CUlilj?cl1�Y i111C� t}1C' �UL:CI���.`�C'C (7� t.11�' 1"(_'Vt'_ill1C �C)C1C�S as to th� c]etails ot the lc��se or otl�cl- revenu� aqrc�Li;�cnt as d�rincc? a.n the t�ct, ancl oti7er dor.�a��<.�nt.. nec�ssary to evidence and eLLect t.h� f znancii�g oL th� Pi-oject and t.he issuar�ce o� _ the t:evenu:, bonc�s, the Yro.jtc� is hereby ap��roved and auLhori�ecl and tl��� i.ssuance o:E rc�ve;�ue� bonds of t_he F�utl����rity (wiiich m4}� be ii� th�c� Lc�r�;i oL 'a s�.r.c�1.c.; netc�) ii� an amount not to exceed approx iT:�a t�.ly ���350, 000 (ott�c�r. thar� suci� add a. L-ionrzl_ Levez�u` t�onc3s as ar� nc�rc�d to co_,l��lc�te tl�c: Proj�ct} is authorirei3 ta f i.n�nce thc� costs � oi t},e Pc-o.ject. � 3. There ha� hc.rei:ofor� b�e» fileci t•�i_tti i:he 11utYiority a ior-m of P'tCl.ltillll�lzy T�yr.ec'r�enfi. Uet�a�.eri t:}1:..� AutYiozi.ty. ancl Co����any, rel�ati»�;� io th�_ }-,1-oJ�;�sc�c3 Ci�i1:,�r.tic�.ioi� - . - - and fina�ncing of trie Pro;�c.t un�x a �or�n c�� the Un�lert•;ri_tinc� , �C�YC'.C.'.Iil(?IZt. `.���E �Ol:fil Qf Sc11C� L��tCC-'1:'.:-'I�1i:�� I1c1VE� ���'CIl C'A.c".lilll'lE?C� ���1 the Coinmis�ioners. Tt i� t}�e pur}�os�� oi saie� t�gr_�emer�ts ta � er�i�lenc� th� co;�,��it���ent oL the p��r,-ies t�I1C3 tllE'_2?" 1I1�E'1'1�].Ui�IS W].1.�1 iE'Sj7;`Ct �O �:i]E: �]"Uy�OSf'd Projc:.i� :LI'1 OtC��7= �ilFlt. t�]F; �OI�t��clliy - may procee<3 withou� del�iy ���it.tl i.iie coramenceraer,� of t.he . acc���isition, instaltation ai.�ca co:1S�.T�lICL1C>Il o� Lhe Pro:ject �ai.t.h t}1`'_ F1:iSU2"c1T10E' tilc?t ���C-..`2"(.'- f1uS lif?f-_'il SlIEf1C1C'11t ��Oj�1Clcll uCt:1031�t undei- S��cL-ion 1.03(b) oi tiie Itzi:c:r.na.l I2c�venue Coc��� ot 195�r , �as �1TilCT�2C�C_'C�f t0 al l.a�:: for tll�? 1S�>Uc I1C� Ui lI7C'�l]Sf.1=1�21 r'CVC:I1lIG }�OI"1C�S ( itjcludinc� , if dEC�t:ieci an��l-op�:�ia.t,�, any int:c:t i�:i not^ or noL-cs - to provic3�' tE�I[li�Orary fi��ane_inc� t�hereaf) to fin��nce i:}��e ent_ire cc�sL of thc Project u,�on ag?-ec�racnt l�e7.1"1C� re.�ar.hc:d as to the u.lt.ir.lz�t.e �ietai.l_s o.f: the f'r_oj;.�ct and it�s ti�zancinc� . Sa3.d 11c�LC_�c�m��nt�; are l,creay al�p�ovc>;3 , and tlic� I�r_c�s:�.c]cr�t ai:d S�cret=ar�y of t.l��e �utl�ori._y arc� h��re.�y authori•r.��c7 aiic� dir.ectc�c# i�o e}:ecut:e sa9d T�ureern�nts. - . �i . Upon execui:ion o{ the Prclirninary 1lgreernent � by the Company, th� stari of the ���uthor_ i.ty ar_e au�hora_rec� �aric7 " di.rec�ed to cont- inue iir�qot.i��tians 4�i_tli tiie Go�npany so as �o resolv� the r.ernaining issucs nc�cessar.y to L-hc pret_�aration oi th� lease and other dacumE�nt.s nE>cess�ii�y to the adoption k,y tlie I�utliora.tyo uf its final bon:�i r-e�olution and thc� issua»ce 4r�c� deli��er�y of the r_evenue .�orids; provicled Lt�at L}ie P}-cside��i= (or Vic�=-Pt:c�sident. if the Pre:>i�ie�,:t is al�sE�n4} �znc7 � the Sec:re'cliry , r �U[ F1S:i1�il.�:Ilt: S�CYE'Li,ll-y lf t}lE.' ��.`_'C:)°i't.�12_y 1S �IJS:.'.Ilt.� nl_ t!]E' I�uthorit.y, or_ if either oF sucl-i o�;icers (und 1�i�, altcr-n_cive) . �tr�_:� a��sent, the TLE'clsurcr �f thc: I�ut_��or_ it�' lI1 .�L1�'lI o� s�icii - ab,ent. oj.iicers, ar_e liercby autt�ori.zed ir� acCOrdance c�9.th i�hc - pravisiaizs of i•.in�±es��t:a S�:aLut�s, S�_>cti.ori 4'15 . OG, Sut��livisi.oi2 1 , t:.o acr.t�l��t a f it�a:t. oL.Eer_ oL ti���• Uiid��r.��:7-ii=��r:> r.�acle l�y t'r�e , Uri�t:-�r�ar. i�.er_s to �utzrcl�asc° s�z�.d b�ric?�� �.nd to e:�ecute �r, - , Ur�_3r�r.erriLi.ncJ i1C�Y(?C'lilr::.'llt S('i:t.111C� i�ri:}1 S11C;11 Oif�LL- 01� })E'�"Ii�.i i Of - � tl�,e T�ut.i�c��ity. Such accc���tarrcc� shr�:l. l bit�d thc Uizcier.�,�r_ i.i:��rt� � �= ' ' • . . � . s�ic7 o�1:c�r l�ut s1ial). bc� subject L� a,r.�p�.ov�_l. and r_atif:ica�ion by tl-,e k'�rt Aui�harity in a for_:��at s�:pplem,�ntal boncl reso_lu- i:ion �o l�e �clopted prior_ tp tl�e deliver�� of sai.d rGvei�u� t�oncls. - �� . `1'hE� reveilue boiicls ( ineluclirtg an�� interir� note or notes) ��nd interest tnc�:eo�i sh�.11 not consLit_tlte �in. in:�cb�eclness oa �h� Autl-�ori.ty or. ttie Ci.ty ot 5aint Pau1 �•�it}Zi�z _ ttic� m��a;ii�ic; of ariy co�zsi;it.u�ion��l_ o�- st��tutor_y lirnita�.ion anc3 si�a).1 no�. co►z�tl.'�Llt.�' or give ri_s�� to a pecu►�iary li.abi.l:ity of � i.tie 11uL'llo?:'ity or_ the Ci.ty or. �, charge c1C�a2T?SY. t}�IC'lt r�ener.al cr_c�c]zf or ta>:in, i?o�,�ers ��n�! ncithe� tlze iul_l_ f-aith �incl crec�it *.�:oi_ thc• taxi�zc; ��o��.^r.s o:E the Autl�ority or_ th� City is ��.l��dc�ec� lar tl�e pa}�n?ci�� of tl�e Uon:is (and inf.erim not.e or notes) or i.riterest therec�ri. 6. In ordcr to iacilitat:e cor���.le�ion af the r��venue bond financi.ng herc�in concen►platea� �Lhe City Council � :� hcreb�,� r�c;ucsted to coi�sc,nt, ptirsu��nt ,ta La�as af P�tir�n�sota; 1976, Ct���:��l:er 23!�, to the �is_>uance oL th� revenue bo,�ds ( inclitding ai��y interim note or tlates) hF��rein cantet����latecl a>>c� any addi�tioi�al bonds which the E�uthority may prio,:- to a.�suance ar Fro:� tira� to ti�:lc thercafter dec.m nECessax-y t� r.of�ip7_etc� tlze l?r:o.ject= or to ref:und suc}: reven�;e boi7cis; aric7 for such ��ur-pose i�he Exec���ivc, V:ice I'r�sidcrit of: the 1�uthority is h�tei��� authorizt�d atid c�ir_ccted to L-or_raard i.o tlac, CS.ty Council. copies Uf thi�� resol_t_iti.on anc3 s�zid Pre.l.iminary Agr_ecrnent and any - ac��:i t�c>nal. av��iJ_��i�.le ii�i ur,:l_�ti.on i�he Cii.y Coitnc:i.l r;i��y rec1��e:�t. 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