96-1562 � Council File # ����1Q�
Green Sheet# 32606
RES LUTIO
CITY I PAU SOTA �
Presented By:
Referred To: Committee: Date
1
2 WHEREAS, the City of Saint Paul supports the construction of the new Science Museum of Minnesota; and
3
a WHEREAS, the City of Saint Paul has committed nearly$18.5 million in funding towards public improvements
s related to the Science Museum project; and
s
� WHEREAS, a portion of committed funding for acquisition, demolition and relocation costs is currently financed
s with loan proceeds; and
s
�o WHEREAS, CF 96-1376 directs the Budget Director and the Director of Planning and Economic
�� Development to make a recommendation to the City Council on the structure of the loan and sources
�2 for repayment of the loan;
13
�a NOW THEREFORE BE IT RESOLVED, that the$3,549,500 in loan proceeds currently reflected in the Science
�5 Museum project be re-budgeted as follows:
�s
t� > $3,000,000 low-interest loan to be repaid over 10 years. Financing for annual payments
�a would include:
19
20 $130,000-annual parking income from the Ryan block parcel
2� $30,000-District Energy franchise fees attributable to the new Science Museum,
22 beginning annually in 2000
2s Additional Cultural Sales Tax proceeds-$186,746 ann'ly 1997-1999; $156,746 ann'ly 2000-2006
2a $500,000-sale of the Ryan block parcel in 2007 �
2s Potential outside cash contributions to the City for the SMM project
2s
2� > $213,500 of interest earnings on RTC Assets
2s
2s > $336,000 loan financed by parking revenue from two parcels in the SMM project area
so
s� AND BE IT FURTHER RESOLVED, by the Council of the City of Saint Paul, upon the recommendation of the Long
s2 Range Capital Improvement Budget Committee, that the 1996 Capital Improvement Budget as heretofore adopted and
� amended by the Council is hereby further amended as follows:
34
35
36 Current Amended
37 Budget Change Budget
38 Flnanclna
39 Science Museum-City and State Contribution
4o C96-OT200
41
42 Scattered Site Tax Increment Finance District 2,400,000 2,400,000
43 Community Development Block Grant(CDBG)Contingencies 500,000 500,000
44 Urban Development Action Grant 600,000 600,000
45 1996 Capital Improvement Bonds 3,000,000 3,000,000
46 City of Saint Paul Sales Tax proceeds-Cultural Account 300,000 300,000
47
����LoZ
48 Riverfront Tax Increment Finance District 100,000 100,000
49 Civic Center Reserves 500,000 500.000
50 State of Minnesota-Preliminary Design Grant 1,000,000 1,000,000
51 Resolution Trust Corporation(RTC)assets 4,000,000 4,000,000
52 Science Museum of Minnesota
53 Re merrt of Loan 9052 2 500 000 2 500 000
sa Loan proceeds 3,5�9,5b0 ',{3,549,500) Q:
ss �oan r�paymenc ' ' 3,aoo,o�a ;�f000,aoa;
56 RTG 1�ss�t�-lnferl�ti�ar111pqs 313,SQ0 213,500
57 ;; .1oaA .>: 336 OQO 336 OQQ
58 Reimbursements/Temporary Incorrie
59 Ramsey County(mwgue demolition) 100,000 (40,000) 60,000
60 Science Museum of Minnesota(EAW, Eagle St.Acq.) 220,500 220,500
61 Parking income 25,000 25,000
� 18,795,000 (40,000) 18,755,000
63
64 goend(ng
65 Science Museum-City and State Contribution
66 C96-OT200
67
68 State of Minnesota-Preliminary Design Grant 1,000,000 1,000,000
69 Land Assembly
70 AcquisitioNDemolition/Relocation 6,580,000 (40,000) 6,540,000
71 Environmental 375,000 375,000
72 Real Estate/Legal CostslMisc. 265,000 265,000
73 Legal Work on Memorandum/Development Agreement 175,000 175,000
74 Public Improvements *
75 Eagle Parkway 1,500,000 1,500,000
76 Otlier public improvements 5,900,000 5,900,000
77 Contingency-Civic Center Connections 500,000 500,000
78 SMM loan($2.5 million total)
79 Transfer-Civic Center Tum Around(0565) 1,500,000 1,500,000
8o Transfer-SMM tum around other costs(0789) 242,000 242,000
81 NSP:feeder line relocation(0784) 758,000 758,000
g2 18,795,000 (40,000) 18,755,000
83
84 * Excludes$3,100,000 of 1997 CIB Bonds not yet appropriated by mayor and council. If approved, City contribution for
85 public improvements will total$10,500,000.
Requested by Departrnent of:
Yeas Na Absent
e►ake ✓ Plan ' g and Economic Development,and
g�� �' M r's Bud et Office `
Guerin ✓ ,p / �p �
Harrls ..'" By,���C'' !L C 'L-��� j��C C
M y ,
Retbnan ✓
rnune ✓ Approval Recommended by Budget Director:
-, By: h` K�J
Adopted by Co i: Date
Form Ap ed b C' ttorn .
Adoption srU'�fi�ed by Council Sec ta : �, ,
i' ���
By: �.
� �j' Approved b Mayor for Su mis ' n to Council:
Approved by Mayor: D e � (
ey: L
gy: (� Saint PaV&dpat Ofice(H:IUSERSBUDGET7231RESOLUfflRES SMLN.WK4 11127/BB)
,� D�►,��„� �la---�SbZ
�c� 12/11/96 GREEN$HEET NO. 326t��
«�,��s� p �,►,�� � ��.
Itse�eid (Z66-8553) M...iesae Q crrsrR�na�rB,r � cn,ra�erc
wareea�oa�+ca.�mwaY�n,►� � �1 ew�rna�coe � Fn�.�rcare.s�xvst�nm.
A�SAp 3❑ sa�we�aR�srAxr� �
�OTAL�OF SfGNATC3R�pAG�S (CLIP ALL IACATIONS ROR SIGNATURE)
tic�rlou�npu�e�
ve an�t to tl�"Science Museu�n-City and State Contribution"project in tt�1996 Cagit�l itnproves�nt Budget to p�ovide a
'`ad fina�in8 Plan for 53.5 milliai b�dgeted as loan pr+oceeds,and to reduce acquisitioddeu�olitiaat w�ts asaociatod with tt�e County�to�gue siie.
•,�p�rciUa�CetR> PERSONAL 8!'R�iC$CON'fItACTB M[J3T AriS9VB�t'fAB Qt3$STIOIV'S:
A.ntam+o aa�raaso�r c1vn.smtvtcS oas�assax i.Ha 16ir p�a�ror wodced aodar a oaetr�d forlhir do�maoCl
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__,,,_#t�u+v _ 2 Hu tW peoaJlum wx be�s dty amployeeT
��craourr ` YES N� .
�rs an�at ooueien.a�sCrtvs? 3.Doas tW pa�aalfum poaen a ioil not 1►ern��h'P���►Y�Y��Y��?
YES NO
(EtPiNS di �asvaas� as6eet aad a�tadi to s`eet.)
nd7L►'1'mo rxaer�+.�aa�e,arroR'roenTr(a�a w�.r.wMn.wMn.w�Yk
Cyn Novra�►brr 6,199G t�e City C+�uicil app�nved a b�xlget re�oluti�ame�ding the Sci�ce Musi�um projed b�udgd to iaelude en additi�al S3,S49,ilC#7
in financiAg fin�n a 1�to tbe ps+ojeck As part of the resolution,the City Council required tl�e$ndget Di�+ectoc a�d Direetc�af 1'lanning a�i Economic
D�velc�pt�►t to proposue a spxific pl�to finance the lo�. Tbia resoltrtioa�provid�es a p2an which includ�casit of 3213,5�fr�n RTC Ass�ts
itit�rest ea�ni�s and two loans.
aavrtarrwc�s�,u+raov�: �
�inancing fa�t}re loen p�oceeds will be based on appzopriate funding suw�ces and their estimated amounts.
� COlitlCd 1��1 C►�1#�'
DEC 12 19�
�����:
_.�
��laea fi�mcing�y not be sufficient to c�ver nnnusl lc�en repayments,resulting ia relia�ce an otl�er city funding sources.
n�snbvnxr�a�r�ar�nraov�:
'i'he sci�ce Muse�projecc witl�t refl�e�ccc rrhe p�r s�n��ng faa r1►e s3,sa9,000 ix�agetea es�oea proceeds,or rhe�cp�t�co�for
ac+�uisition,deniolitio�aad nlocation.
'YiYfAL AINOIII7T Ot TRAN6ACTION j$4Q,000) C08T(RZWLNUL BUDGE7LD(C}RCLt OW� � . .O NO � � .. .. .
r�ronva�uncs ��[1.4�d.� ecriv�rrnun�sA C96-OT200
Fw�ricr�v.a+�a�w�r�:c�
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