271265 WHITE — CITV CLERK COIlI1C11 ������
PINK — FINANCE G I TY OF SA I NT PA V L
��CANARV — DEPARTMENT �� ��0 d
��LUE —s AYOR File �O.
� Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
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. 1350 in the initial principal amount of $1 ,485,000 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.
COUNCILMEN
Yeas Nays Requested by Department of:
Butler �
Hozza [n Favor
�t-
�' _ � __ Against By —
� Maddox
� Showalter
Tedesco ,��� � �J 19�
Form Approved by City Attorney
Adopted b`� Council: Date —
Certified � e b}� Council tary�-� BY
� �7
B� `'if —
- ..
by ;Vla��oc D t JUN � g 19�8 Approved by Mayor for Submission to Council
By — BY
puB�.►SKEO JUN 2 4197g
c� .
� �r��...���
Resolution ho. 1354
� RESOLUTION OF
� THE PORT AUTHORITY OF THE CTTY OF SAINT PAUL
WHEREAS, the purpose of Chapter 474, Minnesota
Statutes, known as the Minnesota Municipal Industr�al 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
ttle emergence of blighted and margin�al lands and areas af chronic
unemployment and to aid in the development of exis�ing areas
of blight, marginal land and persistent unemployment; and
WHEREAS, factors necessitata,ny the active promotion
and development of economically sound industry and cor.tmerce are �
the increasing concentration of population in the r�tropo].itan
areas an� �ne rapidly rising increase in the amount and cost
of gaverr_ne~�«i services required to meet the neeas af the
increased population and the need for development of land use
which will provide an adequate tax base to finance these increas-�
ed costs and access to employment opportunities for �uch popu--
lation; and
WHEREAS, The Port Authority of the City of Saa.nt Paul
(the "Authority") has received from the Farmers Unzon Grain
Terminal Association (hereinafter refer.red to as "Company")
a request that the Authority issue its revenue bonds to finance
the acquisition, installation and construction oi additional
grain terminal facilities at the Project site curren�ly leased
by the Autharity to the Company (said addit�onal faci.lities
hereinafter called the "Project") in the City of S�. Paul, a11
as more fully described in the staff report on file; and �
WFIEREAS, the Authority desires to facili�ate the
selective development of the community, to retain and improve
its tax base and to help it provide the range of servic�s and
employment opportunities required by its populatia�, and said
Project will assist the City in achieving that obj�ctive. �aid
Project will help to increase the assessed valuatian of the City
and help maintain a positive relationship between assessed valua-
tion and debt and enhance the image and reputatior. of the City;
and
WHEREAS, the �rojeGt� to be financed by revenue
bonds will result in substantial employm�nt opportunities
in the Project; � �
� WHEREAS, the Authority has been advised by repre-
sentatives of the Company that conventionaZ, commercial
financing to pay the capital cost of the Project is available
only an a limited basis and at such high costs of borrowinq
that the economie feasibility of operating the Project would
be significantly reduced, but the Company has also advised
this Authority that ��ith the aid of revenue bond financing;
. and its resulting low borroEaing cost, the Project is econom-
ically more feasible; and
WHEREAS, rliller & Schroeder P�lunieipa2s, Ine. . (the
"Underwriter") has made a proposal in an agreement (the
"Underwriting Agreement") relating to the purchase af the
revenue bonds to be issued to finance the Project.
NO��T, THEREFORE, BE IT RE50LVED by the Commissioners
of the Port Authority of the City of Saint Paul, Minnesota
as follows: � ••
l. On the basis of information available to the
Authority it appears, and the Authority h�reby 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 �.
of Section 474.02 of the Act; that the availability of the
financing under the Act and willingness af the z�.uthority ta
furnish such financing wi11 be a substantial inducement ta
the Company to undertake the Project, and that the effect of
the Project, if undertaken, will be to increase the port' s
vol.ume of comme�ce, provide adequate �terminal facilities
functionally related and subordinate to dock facilities
open to. all upon reasonable and equal terms, encourage the
development of economica.11y sound industry and cominerce and
assist in the prEVention of the emergence of blighted and
marginal land, and will help to prevent chronic unemploy-
ment, 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
af the state and to areas within the s�ate �ahere their
services may not be as effectively used and wi11 result in
more intensive development and use o£ land within the City
and will eventually result in an increase in the City' s tax
base.
2. Subject to the mutual agreement of the
Authority, the Gompany and the purchaser of: the revenue
bonds as ta the details of the amendment to lease between
the Authority and the Company and other documents necessary
to evidence and effeet the financing of the Project an
��� � 't��
the issuance of the revenue bonds, the Qroject is hereby
approved and authorized and the issuance of revenue bonds
of the Authority in an amount not .onal}�zevenuepbondsately
- $.l,485�, 000 (other than such additi
as are needed to complete the Project) is authorized to
finance the costs of the Project. �
3. There has heretofore been filed with the
Authority a form of Preliminary Agreer:i�nt between ihe
Authority and Company, relating to the proposed cQnstruction
and financing of the Project and a form oi' the Unden�riting
Agreement. The form of said Agreements have been exanined
by the Commissioners. It is the purpos� of said Agreements
to evidence the commitr.lent. of the parties and their inten�tions
with respect to the proposed Project in order that the
Company may proceed without delay with the comm°nr.ement of
the acquisition, installation and construction of the
Project with the assurance that there has been �ufficient
"official action" under Section 103 (b) of the Inter_nal
Revenue Code of 1954, as amended, to allow for the issuance
of industrial revenue bond�s (including, if deemed appropriate,
any interim note or nates to provide temporary financing
thereof) to finance the entire cost of the Project upon
agreement k�eing reached as to the ultimate details of the
Project 'nd its financing. Said Agreem�nts ar.e hereby
apprcved, an� the President and Secretary of the Authority
are �ereby authorized and directed to execute said Aqree-
ments.
9. Upon execu�ion of the Preliminary Agreement
by the Company, the staff of the Authorit�y are authorized
and directed to continue nego�iations with the Com�any so as
to resolve the remaining issues necessary to the preparatian
of the amendment to 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; prov�ded
that the President (or Vice-President if the President is
absent) and the Secretary (or Assistant Secretary if the
Secretary is absent) of the Authority, or i.f either of such
officers (and his alternative). are absent, the Treasurer of
the Authority in lieu of such absent offiCers, are h�reby
authorized in accordance with the provisions of Minnesota
Statutes, Section 475. 60, Subdivision 1, to accept a final
ofter of the Underwriters to purchase the revenue bonds at
such time as such offer is made by the Underwriters to
purchase said bonds and to eaecute an underwriting agree-
ment setti�ancershallcbinditheoUnderwriterstsaidUOffertbut
Such acce�
. • ,
shall be subject to approval and ratification by the Port
� Authority in a formal supplemental bond resolution to be
� adopted prior to the delivery of said reveriue bonds.
• 5. T�ie revenue bonds (including any interim note �
or notes) and interest thereon shall not constitute an
indebtedness of the Authority or the City of Saint Paul �
within the meaning of any constitutional ar statutory
limitation and shall not constitute or give rise to a �
pecuniary liability of the Authority or the City or a charge
against their gen�ral credit or taxing 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 interest thereon.
6. In order to facilitate completion of the
revenue bond financing herein contemplated, the City Council
is nereby .requested to consent, pursuant to Laws of Minnesota,
1976, Chapter 234, to the issuance of the revenue bonds
(including any interim note or notes) herein contem�lated
and any additional bonds �ahich 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 hereb1T �uthorized and directed to forward to the City
__ Councii ca���es of this resolution and said Preliminary
Agree.�.��r.t �r�� any additional available information the City
Council may request. �
, � .
Adopted May 30, 1978 �
,
�
Attest ��- � �
- Presi � t
The Port uthority of the City
of aint Paul
Secretary
and tenor customary with res�ect to in-
dustrial reveriue bond financing in the
State of Minnesota and to finance the
. acquisition, installation and construction
of the Project through the issuance by
the Port Authority of Tndustrial DeveZop-
ment Revenue Bonds (hereinafter called
Bonds) and, if appropriate, a interim
note or notes payable from the praceeds
of the Bonds pursuant to Minnesota
Statutes, Chapters 458 and 474.
NOW THEREFORE, in consideration of the mutual covenants
herein contained, it is hereby agreed by and between the parties
hereto as follows:
1. The Company and the Port Authority agree to nego-
tiate the Amendment to Lease in a form and tenor custamary
with respect to industrial revenue bond financing in the
State of Minnesota, including without limitation the provision
for the following:
(a) The term of the Amendment to Lease
shall commence on the nominal date of the Bonds
and shall extend through the final maturity date
of the Bonds.
(b) The Company shall agree under the
Amendment to Lease to make monthly payments
in the amounts and at such times as are set
out in said negotiated Amendment to Lease,
but in any event sufficient to pay when due
debt service on the Bonds.
� � 1.
�----� _
fd�� ��.5'�7
PRELIMINARY AGREENIENT
THIS AGREEMENT, made and entered into as of this
. ______�---
day of , 1978, by and between the PORT
AUTHORITY OF THE CITY OF SAINT PAUL, a public �corporation
organized and existing under the provisions of Minnesata Statutes,
Chapter 458, and a redevelopment agency within the meaning of
Minnesota Statutes, Chapter 474, hereinafter call.ed "Part
Authority" , and Farmers Union Grain Terminal Association, a
cooperative corporation organized under the laws of Minnesota,
hereinafter called "Compariy" ;
WITNE5SETH:
WHEREAS:
A. The Company and Port Autharity in•tend that
additional grain terminal storage facilities
(the "Additional Facilities") be acquired
and installed on the Project site currently
leased by the Port Authority to the Company
pursuant to a lease, dated February 22, 1977,
as amended (the "Lease") , said addita.onal
facilities being here�nafter called "Project" ;
B. The parties hereto intend, subject to the
terms, covenants and conditions herein con-
tained, to enter into an amend:aent to the
Lease (the "Amendment to Lease" to include
the Additional Facilities} , in the form .
�'`1� ���5
(c) Interest on earnings derived from the
investment of the monthly payments and other monies
in the Bond Fund and the Reserve established for
� the Bonds shall inure to the benefit of the
Port Authority.
(d) The Company shall be entitled to credit
against its last installments of payments due during
the term of the Amendment to Lease and the pra.ncipal
amount of any surplus construction funds transferred
to the Bond Fund and the Reserve established for
the Bonds.
(f) The New Facilities shall become part of
the "Project" as defined in the Lease arid shall
be subject to the same terms and conditions
with respect thereto, except as modi.fied to take
into account the issuance of the Bonds.
(g) The Company agrees that prior to the
� commencement of the installation of the Additional.
Facilities the Company will cause to be fil�d
with the Port Authority and approved by its duly
authorized agent the Plans and Specifications far
the Additional Facilities certified by an engineer
rega.stered in the State of Minnesota and that
with respect to at least that part of said Project
the Company then wishes to undertake the Company
wi11 first cause to be filed with the Por� Authority
and approvec� by its duly designated agent, (i)
all payment and performance bonds for the �ork to.
be undertakeri, (ii) all construction contracts,
including any installation contract, (iii) such
builders risk, installation floater, and liabil-
ity insurance as will fully protect the Company,
contractor and Port Authority (who shall be
named as an additional insured or loss payees) as
their interests shall appear, against risk of loss
or damage to the Project and Project prem�ses and
against claims which may arise from the construction,
acquisition and installation of the Project, and (iv)
waivers from the: general contractor and all subcon-
tractors and suppliers of a11 rights against the
Port Authority for damages to property except such
- rights as they may have to proceeds of such insurance.
All construction contracts entered into for construc-
ting the Project described herein shall include
provisions that the wages paid to skilled and un-
skilled labor shall not be less than the prevailing
wage rates currently in effect in the City of
' Saint Paul.
2. Upon negotiation of the details of said Amend-
ment to Lease and final determination of the terms of the Bonds,
the Qort Authority shall thereatter issue said Bonds in accor-
dance with the terms and conditions set forth in an underwriting
agreement and the Ameridment to Lease; provided that:
• �
���._���
(a) Details of the sale and issuance of the
Bonds to be issued by the Port Authority shall be
subject to final approval by the Company and the
Port Authority.
(b) Issuance of said Bonds shall be subject to
the issuance of the approving opinion of Briggs and
Morgan, Professional Association, Bond Counsel for the
Port Authority and for the City of Saint Paul, and
the furnishing of all documents, resalutions, agree-
ments, financial information, certifications, and
representations necessary to the sale and delivery of
the Bonds, including those which are customarily used
and those which are customary and necessary to comply
with all state and federal laws, regulations, rulings .
and decisions.
3. Regardless of whether or not for any reason the
Bonds are issued, the Company shall upon demand nevertheless
promptly pay or reimburse the Port Authority for the payment of
all out-of-pocket expenses incurred by the Port Authority in �
connection with the Project including without limitation all
Bond Counsel and other legal fees incurred in the preparation
of this Preliminary Agreement, the negotiated A,mendment to Lease,
the underwriting agreement, other related documents, and all
costs incident to any environmental studies required to be
hereafter made in connection with the Project.
i.
. , � .
4. This Agreeinent is subject to the approval of
the Bonds by the City Council of the City of Saint Paul as
provided by Chapter 234 of the Laws of Minnesota for 1976.
IN WITNESS WHEREOF, the parties hereto have caused
these presents to be executed as of the day and year fir.st
above written.
In the Presence of: PORT AUTHORI, Y OF THE CITY
OF SAI PAUL
i
�
. � .
By . c ,��,�
� Its
By
Its
(Corporate Seal)
In the Presence of: FARMERS UNION GRAIN TERMINAL
ASSOCZATION
By
Its
BY
Its
(Corporate Seal)
. �\��z��
, � �
���YY o,� CITY OF SAINT PAUL
°` "� . ';� DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT
o ,� �
i �-� y
a�, ,�e' � 55 East Fifth Street,Saint Paul,Minnesota,55701
�,. 612-298-5775
Gearge latimer . �� "' X ' �
Mayor
-__.__�
z�.__ . _
June 1, 1978
The Honorable George Latimer
Room 347 City Hall
Saint Paul, Minnesota 55102
Dear Mayor Latimert .
The following documents have been reviewed by the undersigned for the
City's approval:
Farmers Union Grain Terminal Association Expansion and
Improvement ---$770,000 '
Chestnut Street and Shepard Road Elevator
Farmers Union Grain Terminal Association Expansion $1,485,000
(Barge Te�minal No. 1)
Interior �v'ood Products, Inc. Expansion--$410,000 �
Midway Industrfal Park
_ boerfler Construction, Inc. (Lowry Hotel) `
- Additional Revenue Bonds for Project Completioa--$620,000 ��
Thank you.
Sincerely, � .
/
�
, ;
.;' �,��G,� :.�.1�
Gerald Tsaacs
Administrator
enclosuxes
�`��
� �
,
PORT AUTHORITY OF THE CITY OF SAINT PAUL
1130 MINNESOTA BUILOING, 4TH AND CEOAR, SAINT PAUL, MINN. 55101, PHONE (612) 224-5686
: � Ma�31 , 1978
—v
Mr. Gerald Isaacs
Chief of Economic Development �
� City of St. Paul .
55 E. 5th Street
St. Paul , Minnesota 55101
SUBJECT: DOERFLER CONSTRUCTION, INC. (LOWRY HOTEL) �
ADDI7IONAL kE1�'ENUE BONDS FOR PROJEC't' COMFLETION--$ti20,0�JG
Dear Jerry:
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 project completion
of the Lowry Hotel by Ooerfler Construction, Inc.
In addition to the staff inemorandum, we are attaching a draft copy
of the proposed City Council Resolution, and a copy of the Preliminary
Agreement, and a copy of Port Authority Reso]ution No. 1348 which
authorized the sale of bonds in the amount of approximately $620,000.
�Yours truly, � -
� �
�
i
ugene A. Kraut -
Assistant Executive
Vice President
EAK:jmo
Encl. .
cc: R. Broeker -
Roa[wT R. Sr�AIKw Euacn[A. Kwwur,C.1.0. Dor/w�o G. DuMSw[[.C.I.D. Ct��fO�D[. RwMSTto Rosto[C. Owowti
� [RECUTIV� V�C[ r1�[61D[NT Af[ISTANT [II[CYTIV[YICC IRt6�D[NT D11�[CT01�. IMDViTR1Al DtV[l0/M[NT CNltr (NGIN[ER� GMIL�ACCOVNTANT
GOMMISSIONENS 6[01�Gt W. WINT[R rA7RICK J. AO[Ol[R A117NVA N. 600DMAN G, RICMI�RO SlAO[ RO�AII[L. BYTL[11 IOY�i N, M[Y[I�• WItL1AM J. S[Ii[PT�
I11[i�D[N7 VIC'E IIIEf10[NT . f[GA[T114• TAtAfY1�(1� '
' - C.I.D.Certijied Industrial Dtvtloper �_
...�- � � _�
- POR7 AUTHORITY OP THE CITY OF SAINT PAUL
1130 MINNESOTA BUILDING, 4TH AND CEDAR, SAINT PAUL. MINN. 55101, PHONE (612� 224-5686
May 31 , 1978
Mr. Gerald Isaacs �
Ci�ief of Economic Development
City of St. Paul
55 E. 5th Street '
St. Pau; , Minnesota 55101
SUBJECT: INTERIOR WOOD PRODUCTS, INC. EXPANSION--$410,000
MIDWAY INDUSTRIAL PARK
Dear Jerry:
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 21 ,000 square foot
addition to the present warehouse facility for Interior Wood Products
in Plidway Industria] Park.
=n addition t� ��he sta►`f inemorandum, ��e are �ttaehi�ig a draft copy
of the proposed .City Council Resolution, a copy of the Preliminary
Agreem�nt, and a copy of Port Authority Resolution No. 1352 which
authorized the sa�e of bonds in the amount of approximately $410,000.
� Yours truly,
�� � , ,
ugene A. Kraut �
� Assista t Executive
. � Vice President
EAK:jmo .
Encl.
R. Broeker
. RO�[eT F, S�wwrrw Eua[nE A. I(RAVT. C.I.U. OON�1lD G. DuwsN[[,C.1.0. - Cusiowo E. R��.s�m ROSCO[t. Bwoww ..
. [I[[CVTIVC VIC[ M�[i�D[NT •SfISTANI [1[CY71VC VICE�1�[il0[NT OIN[CTOw, �NDVSTRIAL D[V[l0/NCNT CNICI (NGIN![11 CMI[f ACCOVNtANT
GOMMISSIONERS G[OwG( W. WINTU •AfRICK J. RO[Ol[I� ANTNYR N. GOODM�IN C�, RICMA110 SLwD[ ROi�1l1[L. OUTL[R LOVIf M, M[Y[1�1 w��.�.�AM J.3[Ift1�T
�' - ►11li�D[NT YIC6 r11[f�DLNT f[CI�[TAR♦ TNt�tVl�[II ' ,
�...,..----� _ _ _ _
J !
PORT AIITHORITY OF THE CITY OF SAINT PAUL
. 1130 MtNNESOTA BUILDING, 4TH AND CEDAR, SAINT PAUL, MINN. 55101, PHONE (6f2) 224-5686
� May 31 , 1978
____._�
��.
Mr. Gerald Isaacs
Chief of Economic Development
• City of St. Paul
55 E. 5th Street
St. Paul , Minnesota 55101 '
SUBJECT; FARMERS UNION GRAIN TERMINAL ASSOCIATION EXPANSION
�1 ,485,000 (BARGE TERMINAL N0. 1)
Dear Jerry:
�,te 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 five
additional storage tanks for Farmers Union Grain Terminal Association
at Barge Terr�inai No. 1.
In addition to the staff inemorandum, we are attaching a draft copy
o° tne propose� Ci ty Caunci 1 i2esol ution, a copy of the Prel i►ni nary
Agreement, and a copy of Port Authority Resolution No. 1350 which
authorized the sale of bonds in the amount of approximately $1 ,485,D00.
� urs truly,
• � Eugene A. raut '
Assistant Executive
Vice President
EAK:�mo �
�ncl .
cc: R. Broeker
.NO�[w♦ s. t►ww�Kw � WG[nt A. KewYT,C.I.D. DOr+�lp G. DuwsMtt.C.I.D. Cu►IOND E. R�M��cD Aosco�C. OwOw»
[iECYT1V[ VIC< II�[�IO[N♦ •�i1fTANT [�[CYTIVC V1C[I11�f1D[NT OII�[C70A. INOVfl1�1111 O[V[IO/M[NT CNIL/ [NOIN![R CNI[F ACtOVNTANT
CO�MM15510NtRS G[0110[ W. W/NTtN rATl��tlt J. RO[O1t11 AwTMVw N. �.dODMAN G. NICNwwO f��ot ROfA41[l. OVTI[A ' LOUIf M. MiY[IIf M'�II�AM J.f[IItR7-��
� . IA[f10�MT VIC[/1�[SID[NT i[CRETAII♦ T11[A{Y11[A
C.I.D.Certijied Induatrial Devaloper ..�.,z
.. ._ _ _. _ _
.._r._--- _ . . _ . . _ .
r � �
�
�
PORT AUTHORITY OF 7HE CITY OF SAINT PAUi.
1130 MINNESOTA BUILDING, 4TH AND CEDAR, SAINT PAUL, MiNN. 55101, PHONE (612) 224-5686
� � May 31 , 1978
Mr. Gerald Isaacs
Chief of Economic Development
City of St. Paul
55 E. 5th Street
St. Paul , Minnesota 55101
SJBJECT: FARMERS UNION GRAIN TERMINAL ASSOCIATION EXPANSTUN AND
IMPROV'EMENT--•$;70,000
CHESTNUT STREET AND SHfPARD ROAD ELEVATOR
Dear Jerry:
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 expansion and improve-
ments to Farmers Union Grain Terminal Association's facility at
� Chestnut Street and Shepard Road.
In addition to the staff inemorandum, we are attaching a draft copy
of the proposed City Council Reso]ution, a copy of the Preliminary
Ayteerient, and a c�py pf .Port tiutharity Resoj�ation No. 1351 which
authorized the sale of bonds in the amount of approximately $770,000.
�'1Yours truly,
�
�ugene A. Krau
ssistant Exec.utive
Vice President
EAK:jmo
Encl. �
cc: R. Broeker
Nos[w♦ F, S►wwrsa EuGCnc A. Kwwui, C.I.D. OOM�IO G. OuNSH[[. C.I.D. G���ro�o E. ReMSrco � Aocco[C.awow»
' [![CU�IV[VIC[ •N[fIDCN} A6i15TI1NT [i[CVTIV[V/C[IR[!IQ[NT 0�11[C70R. IND451NIwl DEVEIOIM[NT CNIEi [NGIN[[I� CMI[F ACCOUNTANT
� COMMISSIONERi � G[owo[W. W�nTCw PATRIGK J.FO[OL[q ARTNYI� N. G000MwN G, RI�MARD SIAD[ Nos•u[ l. Bui�[n Lou�s N. Mtrtns Wi���wne J. S[��ew1��
►w[sio[w� v�cc�wcs�o[Nr f[C'1[TAq♦ � i11[AlUA[A
C.I.D.Certi/ied Industrial Dtveloper .+�"`so=
,_.; ,:
. . . .u:
,� : : . OM Ol : 12/t975
t . Rev. : _ 9/8/76
. _ ���c�..
. EXPLANATTON OF ADMINISTRATIVE ORDERS, ,�, . �'"r� c,��� w�.r. ;'
RESOLUTIONS, AND ORDINANCES � � � °� �
, � . � �.���.�� };��
�
. � . ���
Date: May 31 ,' 1978 � � � . _ ._ �
_ -, - ,,,.
:_ _ =,
_ - - _ -
. _ . . _. __ ;
. . _ _ � .., ..:. ���.,�
. . . . .
T0: MAYOR GEO G lATIh1ER
. � . �- . . :��:
. . ; _ � .
- , : ,�
: �;
: . . .. �t,
FR: E. A.-.�Kr.au - Paul Port Authori tY - � . _ _ . = .a: :.__ �;�
_ __ _ _ =_ _ _ , . .__ - - -- . -�
_ . -. ' ..._ _.�_. �.._ .. .._... - .. .:.... ^ .-.:.. �'��' ...:�� .�. .. '... - .�.�..�_.�.."'T
RE: FARMERS U ON GRAIN TERMINAL ASSOCIATIQN EXPANSION--$1 ,485,000 �
BARGE TERMINAL N0. 1 .
RESOLUTION N0. 1350 �
r - . . _ . .
.n , .
ACTION REQUESTED: . - . .
In accordance with the Laws of Minnesota, Chapter 234, it is requested that the City. Council ,
by Resolution, a draft copy of which is attached hereto, approve the issuance of approximately
$1 ;485,OOO .in revenue bonds for the purpose of financing five additional storage tanks
at their present facility in Barge Terminal No. 1 . • �
PURPOSE AND RATIONALE FOR THIS ACTION: �
The purpose of the bond issue is to finance the cor�struction of five additional storage
tanks on the east side of their present storage tanks in Barge Terminal No. 1 .
ATTACHMENTS• � �
Staff Memorandun
Draft City Council Resolution .
Port Authority Resolution No. 1350 -
Preliminary Agreement �
, P ,� RT
AUTHORITY
OF THE CITY OF ST. PAUL �
Memo�ondum
TO: Board of Commissioners DATE: May 25, 1978
Meeting May 30, 1978 -
FROM: D. G.Dun eJ �
� ��
SUBJECT: FARMERS UNION GRAIN TERMINAL ASSOCIATION EXPANSION--$1 ,485,000
BARGE TERMINAL N0. 1
RESOLUTION N0. 1350
In May 1975 the Port Authority Corr�nission approved the assignment of the
former Walsh Grain Company lease to .Farmers Union Grain Terminal Association.
In January 1977 the Commission and the St. Paul City Council approved an
industrial development revenue bond issue of $1 ,080,000 to finance additional
pollution control equipment for the elevator.
The company has asked that the Port Authority consider the financing of
five additional storage tanks which would be constructed on the east side of
the prespnt storage tanks. Proceeds from the bond issue wouTd be as follows:
- Construction $1 ,199,225
Expenses 25,000
Capitalized Interest during Construction - 6 Months 44,550
Debt Service Reserve 179,100
Discount 37,125
TOTAL $1 ,485,000
The company has contacted the City of St. Paul and the Minnesota Pollution
Control Agency and received the necessary permits for expansion of the
elevator. This proposed bond issue would be for 13 years terminating on
September 13, 1991 , which is the same date as t�te existing lease. .
On May 11 staff notified District Council 1 about the proposed project and
as of this date there have been no oral or written objections received
regarding the project.
Staff recorrnnends approval .
OGD:jmo