272306 N'HITE - CITY CLERK . �
PINK - FINANCE G I TY OF SA I NT PA V L COUI1C11
CANARV - DEPARTMENT
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 Autharity of the City of Saint Paul adopted Resolution
No. 1433, giving preliminary approval to the issuance of revenue bonds in the initial
principal amaunt of approximately $890,000 to finance the construction of a 45,760 square foot
office, manufacturing and distribution facility for Interior Wood Products, Inc. on a 2+ acre
site next to their present facility in Midway Industrial Park.
2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds
autharized 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 ini�ial principal amount of said bonds will be approxi-
mately $890,000 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 revenue bonds for the purposes described in the aforesaid Port Authority Resolution
No. 1433 in the initial principal amount of $890,000 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 Autharity, and the City Council hereby authorizes the issuance of any addit�onal bonds
(including refunding bonds) by the Part Authority, found by the Port Authority ta be
necessary for carrying out the purposes for which the aforesaid bonds are issued.
COU[VCILMEN Requested by Department of:
Yeas NaS�s �
� In Favor
_�H"",..:.... �
� _ __ Against BY
Roedler
S ylvester
Tedesco ,jAN � �� Form Approv City At+orn y
Adopted ouncil: Date —
Cert ied Pass }� Council Secretayy BY - �
�
A d by Mavor: D t 4 1979 Ap ro e by Mayor for b i sion to Council
B -- BY
i
PClSLISHE� !4 N 1 3 1979
. ,
. PART
� AUTHORITY �
�r��~ ���
OF THE CITY OF ST. PAUL �' {'`'
Memorondum
Tp; Board of Commissioners DATE Dec. 15, 1978
Meeting Dec. 19;�1978
�
FROM: D. G. Dunshe �
SUBJE�T: INTERIOR WOOD PRODUCTS, INC.
$890,000 REVENUE BOND ISSUE MIDWAY INDUSTRIAL PARK
PRELIMINARY AGREEMENT, RESOLUTION N0. 1433
PUBLIC SALE HEARING, RESOLUTION N0. 1434
1 . THE COMPANY
Interior Wood Products has operated a business in St. Paul since 1889.
The firm manufiactures wooden door frames, as well as distributes at the
wholesale level wood moulding, doors, and hardwood dimensional stock
and lumber. On May 14, 1974, the Port Authority Commission approved,
by Resolution No. 893, the issuance of $935,000 in revenue bonds to
finance construction of a 49,200 square foot office and warehouse
facility as an off-site project. Those bonds were issued on the
corporation's financial statement and not under Resolution 876. On
May 30, 1978, the Port Authority Commission, by Resolution No. 1352,
approved the issuance of an additional $410,Q00 in revenue bonds to
permit construction of a 21 ,000 square foot addition. This action was
ratified by the St. Paul City Council on June 15, 1978, by Resolution
No. 271267.
2. THE PROJECT
The company has moved into the new addition constructed this fall
and currently is utilizing the entire 70,000 square foot building.
They have asked that the Port Authority Commission consider issuing
an additional $890,000 in industrial development revenue bonds under
Resolution No. 1101 to finance the construction of a new 45,760 square
foot office, manufacturing and distribution facility on a 2+ acre site
adjacent to their present facility in Midway Industrial Park.
The building would be of block and brick construction and would conform
to all Midway Industrial Park covenants. At the present time the company
is leasing 14,000 square feet of manufacturing space in a building
located approximately one half mile from the proposed facility. All
operations in that building would be transferred to the new location.
Bcard of Cor�nissioners
Dec. 15, 1978 .
Page -2- . �y►y��t�� .
{ ��
At the time the company first located the facility in Midway they
were employing 25 people. When the new facility is completed they
project employment will exceed 75, or a tripZing of the work force
in tess than five years.
3. FINANCING
The proposed financing af the facility woutd be done under Resolution
1101 and would caver the cost of construction of the building, band
expense, six month's capitatized interest, debt service reserve and
discaunt. Proceeds from the bond issue would be as follows:
Construction $735,465
Bond Issue Expense 20,Q00
Debt Service Reserve 76,240
Capitatized Interest - 6 Months 31 ,595
Discount 2--- 6'���
TOTRL $890,�00
Financiai statements far the company for 1976, 1977 and 1978 are attached
as we11 as a 6-year pro forma.
- 4. UNDERWRITING _. _
Miller & Schroeder Municipals has agreed ta underwrite a bond issue for
a term of 30 years. The interest rate for the bond issue wi11 be set
10 days prior to bond closing.
5. TERM OF THE LEASE
The proposed lease is for a 30-year term commencing January 1 , 1979
and terminating December 31 , 2008. The tenant would have an option
to purchase the building at 10% of the principal amount af the bond
issue and an option to purchase the land at the end af the original
term for one half of the original land value.
The parcel cantains 91 ,520 square feet and woutd be teased at a rate of
$2.25 per square foat plus 8% interest over the term.
Land - 91 ,520 Sq. Ft. @ $2.25 per Sq. Ft. $205,920.00
Interest - 8� - 30 Years 337,708.80
543,628.80
Monthly Land Rent - 354 Months � �g�428.16
Annual Land Rent
.' � . �`�����►
Board of Cammissioners �
Dec. 15, 1978
Page -3-
In addition to the Iand and building rent,the tenant wi11 pay the
Port Autharity a fiscal and administrative fee of $200 per month, or
$2,400 per year commencing January 1 , 1979. In addition, the interest
on the debt service reserve of $76,240 wilt inure to the benefit of the
Port Authority as are11 as interest on the sinking fund
Staff estimates the new real estate taxes ta the City will be $25,000
per year or $750,000 over the term.
5. RECOMMENDATIONS
Staff recommends approval of Resolution 1433 and 1434 and the issuance
of bonds in the amount of $890,000.
DGD:jmo
, ,
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,� .
� Resolution No. 1433
RESOLUTION OF .
THE PORT AUTHORITY OF THE CITY� OF SAINT PAUL -
WHEREAS, the purpose of Chapter 474, Minnesota _ �
Statutes, known as the Minnesota Municipal Industrial Develop-
ment Act (hereinafter called "Act") as found and determined by
the legislature is to� promote 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 emergcnce of blighted and marginal lands and areas of chronic
unemployment and to aid in the development of existing areas
of blight, marginal land and persistent unemployment; and
WHERE.�S, factors necessitating the active promotion •
� 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 of the
increased population and the need for development of land use
which wi11 provide an adequate tax base to f inance these increas-
� ed costs and access to employment opportunities for such popu-
lation; and . �
WHEREAS, The Port Authority of the City of Saint Pau1
, (the "Authority") has received from the Interior Wood Products,
Inc. (hereinafter referred to as "Company"} a request that
the Au�thority issue it's revenue bonds to finance the acquisi-
tion, installation and construction of office, manufacturing,
and warehouse facilities for the manufacture and distribution
of lumber and wood products (hereinafter collectively called
the "Project") in the City of St. Paul, all as is more fu11y
described in the staff report on f ile; and
WHEREAS, the Authority desires to facilitate the
selective development of the .corununity, 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
Project will assist the City in achieving that objective. Said
Project will help to increase the assessed valuation of the City
and help maintain a positive relationship between assessed valua-
tion and debt and enhance the image and reputation of the City;
and �
.,
. �
... ' � � t ��11�
WHEREAS, .the Project 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 a.s 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 advised .-
this Authority that with the aid of revenue bond financing,
and its resulting low borrowing cost, the Project is economic-
ally more feasible; and
� WHEREAS, Miller & Schroeder riu�icipals, Inc. (the
� "Underwriter") has made a proposal in an agreement (the
"Underwriting Agreement") relating to the purchase of the . .
revenue bonds to be issued to finance the Project. �
NOW, THEREFORE, BE IT RESOLVED by the Commissioners
of the Port Authority of the City of Saint Paul, Minnesata �
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 i.n �
. connection with one or more revenue producing enterprises
_ _ engaged in any business within the meaning of Subdivision 1
of Section 474 .02 of the Act; that tne availability of the
. financing under .the Act and willingness of the Authority to
furnish such financing will be a substantial indueement to
� the Company to undertake the Project, and that the effect of
. the Project, if undertaken, will be to encourage the develop-
ment of economically sound industry and commerce and assist .
in the prevention of the emergence of blighted and marginal
'land, and �vill help to prevent chronic unemployment, and .
will help the City to retain and improve its tax base and
� provide the range of services and employment opportunities
required by its population, and will help to prevent the
movement of talented and educated persons out of the state
and to areas within the state �ahere their services may not
be as effectively used and will result in more intensive
development and use of land ti�ithin the City and. will
eventually result in an increase in the City' s tax base. �
2. Subject to the mutual agreement of tne
Authority, the Company and the purchaser of the revenue
bonds as to the details of the lease and other documents
necessary to evidence and effect �the financing of the �
Project and the issuance of the revenue bonds , the Projec t
-2- .
e ' .
., . • - P�a+'�/.!C..�V� � '
is hereby approved and authorized and the issuance of �
revenue bonds oF the Authori�y in an amount not to exceed
approximately $890,000 (other than such additional revenue
bonds as are needed to complete the Project) 5.s authorized to
finance the costs of the Project. .
. 3. There has heretofore been filed with the
Authority a form of Preliminary Agreement between the �
Authority and Company, relating to the proposed construction
and financing of the Project and a form of the Underwriting
Agreement. The form of said Agreements have been examined
by the Commissioners. It is the purpose of said Agreements
to evidence the commitment of the parties and their intentions
with respect to the proposed Project in order that the �
Company may proceed without delay with the commencement of �
' the acquisition, installation 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 notes to provide temporary financing
thereof) to finance the entire cost of the Project upon
agreement being reached as to the ultimate details of the
• Praject and its , financing. Said Agreements are hereby .
approved, and the President and Secretary of the Authority
are hereby authorized and directed to execute said Agree-
men ts.
4. 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 and other documents necessary to the adoption by .
.the Authority of its final bond resolution and the issuance �
•and delivery of the revenue bonds; provided that the Presa.dent
(or Vice-President 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
accordance with the provisions of P�Iinnesota Statutes, Section .
475.06, Subdivision 1, to accept a final offer of the Underwriters
made by the Underwriters to purchase said bonds and to execute
an underwriting agreement setting forth such offer on behalf
of the A��thority. Such acceptance shall bind the Underwriters
said offer but shall be subject to approval and ratification
by the Port Authority in a formal supplemental bond resolu-
tion to be adopted prior to the delivery of said revenue
bonds. .
-3-
, � .
'�. . � 4 � � . � ( ����
5. The revent�e bonds and interest thereon sha�.l
not constitute an indebtedness of the Authority or tlie City
of Saint Paul within the meaning of any constitutional or .
statutory limitation and shall not constitute or give rise to
� a gecuniary liability of the Authority or the City or a
charge against their general credit or taxing powers and
� neither the full faith and credit nor the taxing powers of
the Authozity or the City is pledged for the payment af -the
bonds or interest thereon. . .
6. In order to facilitate completion of the
revenue bond financing herein contemplated, the City Counci].
is hereby requested to consent, pursuant to Laws of 2dinnesota,
1976, Chapter 234 , to the issuance of the revenue bonds
herein contemplated and any additional bonds whicn the
• Authority may prior to a.ssuance or from time to time there�
after deem necessary to complete tn.e Project or to reiund
such revenue bonds; and for such purpose the Executive Vice '
President of the Authority is hereby authorized and directed
to forward to the Gity Council copies af this resolution and
said Preliminary Agreement and any additianal available
information the City Council may request.
, Adopted Decembez .l9, 1978.
Attest . . . : . . . . - - - -
President �
. . . . . The Port Authority of the City
. . . . . . . . . . . � . . . . . . . � � of Saint Paul
� �Secretary . - -
-4- -
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