96-1554 �� �^ ! �. F � � ��' � Council File # �_��5��
��.-: k : � : � . . . � q
� Green Sheet # �3�� 1
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA a D
Presented By `
Referred to Committee: Date
1 WHEREAS, the City has entered into the Rice and Arlington Sports Dome Project,
2 and;
3
4 WHEREAS, the City has entered into a Tax Exempt Revenue Bond Sale to fund this
5 Project, and;
6
7 WHEREAS, $340, 437.50 of the bond proceeds have been placed in a Debt Service
8 Reserve Account and;
9
10 WHEREAS, these funds can be made available for the Project by the purchase of
11 a credit facility at a cost of $3, 400 annually, plus $2, 000 - $3, 000 initiating fees
12 in year one, and;
13
14 WHEREAS, in order to complete the Rice and Arlington Sports Dome Project it is
15 necessary to use $340, 000 from the Debt Service Reserve Account, and;
16
17 NOW THEREFORE BE IT RESOLVED, that the proper City officials are here-by
18 authorized to purchase a credit facility in order to free up the $340,000 needed to
1 9 complete funding of the Project.
20
"Yl�l 6��--�--2�t
r�___________ ______,-______ �________�
1( Yeas �( Nays l� Absent �� Requ y Division of Pa3�ks and
�� Blakey ����� �� �� `Re reatio
II ��JZ9S1C�tq II ✓ II II II rt.1
�� Guerin �� ✓ �� �� �� WU�BY• -r�-��
�� Harris �� ,/ �� �� ��
�� Megard �� ✓ �� �� (� Form Approved by City A rney
�� Thunean II r/ �� �� �� B • ` ( .��
I I � I I I I Y �' � '�
� I
______=====JL==�=�L===�=Ji=__Q==j Approved by Mayor for Submission to
Counci/�l,l��
Adopted by Council: Date (, �q� `
By:
Adoption Certified by Council Secretary
By:
By ��� c�
��N� Bu et Direc r
Approved by Mayor: Date: ��� � �6 By:
� Director of Finance and
gy• Management Services
���
DEPARTMENT/OFFICE/COUNCIL DATE INITIATED GREEN SHEET NO._:YGl�;[�L1�
Parks and Recreation 12/06/96
CONTACT PERSON AND PHONE INITIAVDATE INITIAUDATE
Vic Wittgenstein 266-6409 �DEPARTMENT DIRECTOR �CITY COUNCIL
ASSIGN
NUMBER FOR �CITY ATTORNEY CITY CLERK
MUST BE ON COUNCIL AGENDA BY(DATE) ROUTING
ORDER �BUDGET DIRECTOR �FIN.&MGT.SERVICES DIR.
�MAYOR(OR ASSISTANT) �Chief Acctoutant 8 Parks
TOTAL#OF SIGNATURE PAGES�_(CLIP ALL LOCATIONS FOR SIONATURE)
ACTION REQUESTED:
Signatures of Superintendent of Parks and Recreation, Budget Director, Director of �ce� �n��nagement Services,
City Attorney and the Mayor, and passage of the attached Resolution by the City C il.
MAY0�8 0�`Fi�CE
RECOMMENDATIONS: Approve(A)or Reject(R) PERSONAL SEHVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS:
PLANNING COMMISSION CIVIL SERVICE COMMISSION �, Has this person/firm ever worked under a contract for this departmentT
CIB COMMITTEE YES NO
�_STAFF 2. Has this person/firm ever been a city employee?
DISTRICT COUNCIL YES NO
3. Does this person/firm possess a skill not normally possessed by any current city employeet
SUPPORTS WHICH COUNCII OBJECTNE� YES NO
Explain all ya snswers on separMe sheat and ettach to green sheet.
INITIATING PROBLEM,ISSUE,OPPORTUNIIY(Who,What,When,Where,Why1:
The Rice and Arlington Sports Dome Project is expected to cost more than originally planned. As part of the City's
agreement with the bond holders, 5340,437.50 has been placed in a Debt Service Reserve Account. These monies cari
be released for use by use of a Credit Facility - basically a letter of credit. The cost of this Credit Facility will be
53,400.00 per year. We would like to use these monies to help complete the project.
ADVANTAGES IF APPROVED:
Counc� �as�arch Center
Project will receive an infusion of cash that will help us complete it. p�C 1 2 1996
,_�_ . - ,..�.�.
DISADVANTACaES IF APPROVED: ---�--------
We will have to pay $3,400 per year until the money in the Debt Service Reserve Account is replaced. The money to
pay this 53,400 per year will come form Dome proceeds.
DISADVANTAGES IF NOT APPROVED:
The project will not be completed.
TOTAI AMOUNT OF TRANSACTION $ 340,OOO�S 3.400 per ygar COST/REVENUE BU D(iETED(CIACLE ONE) YES NO
Will be part of 1997 budget.
FUNDIN6 SOURCE 326 - 23132 ACTIVRY NUM�R 23130
FINANCIAL INFORMATION: 1EXPLAIN) ,
5340,000 will be transferred into the construction account Fund 326 Activity 23130 from the Debt Service Account
Fund 326 Activity 23132. Further revenues generated by the dome facility will be used to pay the 53,400 per year
Credit Facility fee.