01-706~ � ���,,��� �' Council Fi1e # � � — [ ��o
0 R i G I NA L ��� �, �f'j`^y` Resolution #
Green Sheet # 1 � ��
C�T1�pF SAI ULOMINNESOTA
1 WHEREAS, the Department of Planning and Economic Development ("PED") is the activity manager for
2 Fund 149 Downtown Capital Projects Fund; aud
Presented By
Referred To
Committee: Date
3
4
5
6
7
8
9
10
11
12
13
14
15
WHEREAS, it is necessary to establish a project in the City's Capital Improvement Budget called "US Bank
Project"; and
WIIEREAS, it is in the interest of the City to assist the HRA in the US Bank Project; and
WIIEREAS, the Mayor, in accordance with Section 10.07.04 of the City of Saint Paui Charter, recommends
the changes in E�ibit A to the City's 2001 Budget;
NOW THEREFORE BE IT RESOLVED, that the City CouncIl approves these changes in E�ibit A to the
City's 2001 Budget.
Requested by Department of:
By:
Approved by Financial Skfrvices
By:
Adopted by Council: Date � p�
`L
Form Approved by Ci A torn
Adoption Certified by Coun ' S etary
By: �` � �—. l By:
Approved by Mayor: Date�v'�'��� ��
Approved by Mayor Submission to Council
By:
By:
Budget Amendment 0 R I G I N A L
Year 2001 Budget is amended as follows
FROM
PED Administration
Capifal Fund: Subordinate Note
FINANqNG PLAN
'14&76900 TIF Eligible Projecis
�49-76900-660400000 Payment from HRA on Note Interest
14376900-6922-00000 Payment from HRA on Note Principal
14&76901 Non TIF Eligible Projects
149-7690'I-6922-00000 Paymeni from HRA on Note Principal
Total Financing
SPENDING PLAN
149-76900 TIF Eligible Projects
1476900-089&69128 Wabasha West
149-76900-0739-65036 Skyway Visitor Signage
149-76900-0299-68016 Professional for powntown
149-76900-0739-65078 Dayton's Skyway
149-76900-0547-68076 Dayton's Store Project-Renova6on
149-76900-0547-68077 Dayton's Store Project-Environmental Cleanup
Sub-Total
149-76901 Non TIF Eligible Prqecks
149-76901-0547-68088 Personnel Decisions international (PDI)
149-76901-0558-69106 ProjectAdministration-PED
149-76901-0299-68016 Professional Services
149-7690'I-0558-68089 Transfer to HRA for US Bank Project
Sub-Tofal
'14976902 Pending Projects
149-76902-0547-68002 Pending projects
Total Spending
o t -�10�
Exhibit A
Current Budget Approved Changes Amended Budget
3,538,737.00
10,379,365.00
2,400,000.00
16,318,102.00
2,325,000.00
450,000.00
260,000.00
208,'102.00
6,300,000.00
1,500,000.00
11,043,102.00
1,500,000.00
900,000.00
200,000.00
2,600,000.00
2,675,000.00
16,318,102.00
3,538,737.00
10,379,365.00
2,400,000.00
0.00 16,3'18,102.00
0.00
(1,500,000.00)
2,300,000.00
800,000.00
(800,000.00)
0.00
2,325,000.00
450,000.00
260,000.00
208,102.00
6,300,000.00
'1,500,000.00
11,043,102.00
o.00
900,000.00
200,000.00
2,300,000.00
3,400,000.00
1,875,000.00
16,318,102.00
DEPARTMENT/OFFICE/COUNCII,: DATE INITIATED GREEN SHEET NO: lO1RS9 ��—�� b
Plauuing & Economic Dev. July 24, 2001 '
CONTACi' PERSON & PHONE: ` INITTALIDATE iMTIAL/DATE
Marie Frauchett 6-6702 � 3 DEPARTMENT DIl2. ? crrY covtacn.
MUST BE ON COUNCII. AGENDA BY (DATE) �IGN _4_ CITY ATTORNEY
Nplyiggg 5 FINANCL4L SEKV/A G
FOR 6 MAYOR (OR ASST.) 1 BOB GEURS
ROU1'ING Z_T MEYER
ORDER
TOTAL # OF SIGNATORE PAGES _(CLIP AI,I. LOCATIONS FOR SIGNATORE)
ncrcoxxeQiJFSrEn: City assists the HRA with $23 million in funds from Fund 149. Net change is zero to the
2001 Fund 149.
RECOMMENDATIONS: Appmve (A) oc Reject (R) PERSONAI. SERVICE CONTRP.CTS MUST ANSWER'L'� FOLLOWING
QUESTIONS:
PLANNING COMIvIISSION 1. Has this person/fum ever worked mder a contract fir this depariment?
CIB COMbIITTEE Yes No
CIVIL SERVICE COMMISSION 2. Has this person/fivn ever been a ciry employee?
Yu No
3. Does this person/firm possess a skill not nortnally possessed by any curtent city employee?
Yes No
Eaplain aIl yes answers on separate sheet and atqch to green sheet
� INITIATING PROBLEM, ISSUE, OPPORTUNII'P (Who, What, When, Where, Why):
The 2001 budget placed an amount in the Pending Projects activity in anticipation of fiuther refinement of
spending decisions. The HI2A has requested release of $23 million from Fund 149 for the US Bank Project.
Net change is zero to the 2001 Fund 149.
ADVAN'CAGES IF APPROVED.
The budgets witl now reflect accurate spending plans.
DISADVANTAGESIFAPPROVED
None
DISADVANTAGES IF NOT APPROVED:
US Bank project will not proceed.
TOTAL AMOUNT OF TRANSACTION: $0 COST/REVEN[JE BUDGETED: Y �/�
/
, FUNDING SOURCE: 149 AC'CIVI1'P NUMBER: 149-76902-0547-65002- SSOQ000
149-76901A547-65088-$1500.000
FINANCIAL IlVFORMATION: (EXPLAIN) $2,30Q000
[evsn�m�rea�rutvEtc��,c�rs�_�a�as9onaot �.pa
Council File # 0 \ � �O (�
Resolution #
Green Sheet # �0�9��
i
2
3
4
5
6
NNESOTA
Presented By
Referred To
Committee:
a�
WHEREAS,
A. Bonds (the "Tax Increment Bonds") have been issued d'secured by pledges
of tas increments derived from t� increment financing districts, �d the Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota,f�the "IIRA") previously
adopted resolutions (the "Resolutions") relating to the approv�al of project documents and
financing for various projects currently under developme (the "projects"), specifically:
(i) U.S. Bank National Association - West Side Flats O erafion Center; (ii) Centex
Multi-Family Communities, L.P. - Upper Landing using Project; (iii) North Quadrant
Housing Phase II; (iv) JLT West Side LLC - Wes ide Flats Housing; and (v) the J. J.
Hili Building.
B. The City of Saint Paul (the
resolutions (the "City Resolutions") ai
financing, as needed, in connection wi
i� has, in many instances, adopted its own
ing the execution of documents and
projects.
C. Subsequent to the issuan of the T� Increment Bonds, and adoption of the
Resolutions, and the City Resolu ' ns, the Minnesota Legislature has adopted its
Omnibus Tax Bill (the "Tas Bil for 2001, which modifies provisions of the tax
increment financing law in a y that significantly affects both outstanding tas increment
obligarions and the propose tax increment financing for the projects.
32
33
34
D. The Tax
auoid and/or pay de
E. Both
projects, are of �
in place certain mechanisms designed to enabie the City to
in "preexisting obligations," as defined in the Tax Bill.
�ayment of preexisting obligations, and the completion of the
significance to the City.
F. In rder to continue to pursue the development and financing of the projects, it
is desirable at the City aclrnowledge and agree that it will take advantage of the
mechanisms included in the T� Bill to pay any deficiencies that might occur in the
principal and interest due in connection with the preexisting obligations, including those
issued or to be issued in connection with the projects.
35
36
37
38
39
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint
Paul, Minnesota, as follows: d\ � V
1. Ratification
40 1.01. The actions taken by the HRA in its Resolutions and c
a1 projects, and the approvals given thereby, are hereby ratified and
a2 as modified only by this Resolurion.
43
44
45 2. Pooling and the Grant Program.
46
47 2.01. The CiTy sl�all take all actions authorized or
48 enable the City to access the grant program established
49 necessary to pay principal and interest then due on el� '.
5o extent that t� increments generated by individual ojf
51 by law, are not sufficient to make up such deficie cies.
52 itself, however, all authority permitted by law t mclud
53 obligations, and to prioritize among them, far urposes
54 applications.
regarding the
in a11 respects,
re uued under the T� Bill to
y the State, in an amount
ble preexisting obligations, to the
cts, and by the pooling authorized
This City Council reserves to
� or exclude specific preexisting
of both pooling and grant
55
56 2.02. The City Council fiu•ther state its present intention that, to the extent that
57 pooling of tax increments, or grants aw ded to the City under the State grant program,
58 are insufficient to fully pay all deficie ies occurring in the eligible preexisting
59 obligations (as defined by the City pernutted by law), pooling revenues and / or grant
60 proceeds will be applied in the foll �ng order of priarity:
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
7s
79
80
a. First, to bonds
b. Second, to tax
by general obligation pledges of the City;
revenue bonds outstanding as of July 1, 2001;
c. Tlurd, to preexi ing obligations incurred in connection witl� the U.S. Bank
Operations Center an Centex (iJpper Landing) projects; provided that if the
remaining funds are ot sufficient to pay all of such preexisting obligations, the
available funds sh be divided equally between the two said projects;
d. Fourth, e remaining funds, in order, to preexisting obligations incurred in
connection wi the:
i.
iii.
North Quadrant Housing project;
the West Side Flats Housing project; and
the J. J. Hill Building project.
o, ��
Benanav
Blakey
Bostrom
Col eman
Harris
Lantry
Reiter
Requested by Department of:
Plannin & Economic evelo ment
By:
Approved by Financ' Services
g,,, e�����
Adopted by Council: Date
Form Approved by City Attorney
Adoption Certified by Council Secretary �'� ^ _^�
lJ� �)� �
g �, : g iI1 l�
Approved by Mayor: Date
By:
Approved by Mayor for Submission to Council
Hy:
DEPARTMENT/OFFICE/COUNCII.: DATE IN117ATED�� GREEN SID�ET No.•106948 0��1O�p
PED �, 2001 '� '
CONTAGT PERSON & PHONE: ` iNiTIAI./DA'1'S llv7•[7punA7e
Marie Franchett �% 1 DEPARTMENT DIR. 3 Clvis Coleman
MUST BE ON COUNCII. AGENDA BY (DATE) �IGN ?�TS' ATTORNEY� _ CITY CLERK
.Tllly I 1� ZOOI 1�'IIMBER _ FINANCIAI. SERV DIR. 4 FAIANCIAL SERV/ACCTG
C CorSGr� FOR
ROi7qyryG MAYOR (OR ASST.) _ CIVIL SERVICE COMIvIISSION
ORDER
6 Mazie Frmchett
TOTAL # OF SIGNATURE PAGES _(CLIP ALL LOCATIONS FOR SIGNA'1'URE)
ncnox �QuFS'rEV: City Council Resolution regazding State TIF grant funding
RECOIvIIv1ENDA1'IONS: Approve (A) or Reject (R) PERSONAI. SERVICE CON1'RACfS MIJST ANSWER THE FOLLOWING
QUESTIONS:
PLANNING CObIIvIISSION I. Has [his persodfirm ever worked under a contract for this departrnent?
CIB COMMITTEE Yes No
CIVIL SERVICE CObIIvIISSION 2. Has this perso�/firtn ever been a ciry employee?
Yes No
3 Does this person/firm possess a skill mt normalty possessed by any curzent city employee?
Yes No
Eaplain all yes answers o� separate sheet aod attach to green sheet
INTTIATING PROBLEM, ISSUE, OPPORITINITY (W6o, Whay When, Where, Why):
The Omnibus Tax Bill of 2001 provides for property tax changes that will significantly reduce the amount of TIF
auailable to make debt service payments on IIRA obligations. To mitigate this problem, the Tas Bill provides for a
state grant fund to ensure that cities are able to meet their financial obligations for eligible TIF projects. The
pxoposed resolution states that the City will access the grant pool to obtain funding for pre-existing obliga6ons, as
determined by the IIRA, which would include eligible projects such as US Bank, Centex, as permitted by the Tas
Bill.
ADVANTAGESIFAPPROVED:
The proposed resolution is needed prior to issuance of bonds for the US Bank and Centex projects.
DISADVANTAGES IF APPROVED:
NA
DISADVANTAGES IF NOT APPROVED:
Bonds cannot be issued for US Bank and Centex until the resolution is adopted.
TOTAL AMOUNT OF TRANSACTION: The amouot otgrant funds to be requested from the State will depend on We deficits, if any, esperienced for existing
taz increment districts, aud the deficits eaperieviced for more recent eligible projects such as US Bauk and Centez. Prior to submitting a grant reqaesy t6e Ctity
will be required to pool existiog sorplus increment frnm its'['IF Districts. PED stsff are in t6e process of determining the current status of our T7F Dislricts aod
how they will be impacted by the Omni6us Taz Bill of 2001.
COST/REVEIYUE BUDGETED: NA
FUNDINGSOURCE: NA AC'CIVI1'YNOl1�BER:
01
FINANCIAL IlYFORMATION: (EXPLAIlV)
~ � ���,,��� �' Council Fi1e # � � — [ ��o
0 R i G I NA L ��� �, �f'j`^y` Resolution #
Green Sheet # 1 � ��
C�T1�pF SAI ULOMINNESOTA
1 WHEREAS, the Department of Planning and Economic Development ("PED") is the activity manager for
2 Fund 149 Downtown Capital Projects Fund; aud
Presented By
Referred To
Committee: Date
3
4
5
6
7
8
9
10
11
12
13
14
15
WHEREAS, it is necessary to establish a project in the City's Capital Improvement Budget called "US Bank
Project"; and
WIIEREAS, it is in the interest of the City to assist the HRA in the US Bank Project; and
WIIEREAS, the Mayor, in accordance with Section 10.07.04 of the City of Saint Paui Charter, recommends
the changes in E�ibit A to the City's 2001 Budget;
NOW THEREFORE BE IT RESOLVED, that the City CouncIl approves these changes in E�ibit A to the
City's 2001 Budget.
Requested by Department of:
By:
Approved by Financial Skfrvices
By:
Adopted by Council: Date � p�
`L
Form Approved by Ci A torn
Adoption Certified by Coun ' S etary
By: � ��� By:
Approved by Mayor: Date �� 2 ��
Approved by Mayor Submission to Council
By: �^
v t
By:
Budget Amendment 0 R I G I N A L
Year 2001 Budget is amended as follows
FROM
PED Administration
Capifal Fund: Subordinate Note
FINANqNG PLAN
'14&76900 TIF Eligible Projecis
�49-76900-660400000 Payment from HRA on Note Interest
14376900-6922-00000 Payment from HRA on Note Principal
14&76901 Non TIF Eligible Projects
149-7690'I-6922-00000 Paymeni from HRA on Note Principal
Total Financing
SPENDING PLAN
149-76900 TIF Eligible Projects
1476900-089&69128 Wabasha West
149-76900-0739-65036 Skyway Visitor Signage
149-76900-0299-68016 Professional for powntown
149-76900-0739-65078 Dayton's Skyway
149-76900-0547-68076 Dayton's Store Project-Renova6on
149-76900-0547-68077 Dayton's Store Project-Environmental Cleanup
Sub-Total
149-76901 Non TIF Eligible Prqecks
149-76901-0547-68088 Personnel Decisions international (PDI)
149-76901-0558-69106 ProjectAdministration-PED
149-76901-0299-68016 Professional Services
149-7690'I-0558-68089 Transfer to HRA for US Bank Project
Sub-Tofal
'14976902 Pending Projects
149-76902-0547-68002 Pending projects
Total Spending
o t -�10�
Exhibit A
Current Budget Approved Changes Amended Budget
3,538,737.00
10,379,365.00
2,400,000.00
16,318,102.00
2,325,000.00
450,000.00
260,000.00
208,'102.00
6,300,000.00
1,500,000.00
11,043,102.00
1,500,000.00
900,000.00
200,000.00
2,600,000.00
2,675,000.00
16,318,102.00
3,538,737.00
10,379,365.00
2,400,000.00
0.00 16,3'18,102.00
0.00
(1,500,000.00)
2,300,000.00
800,000.00
(800,000.00)
0.00
2,325,000.00
450,000.00
260,000.00
208,102.00
6,300,000.00
'1,500,000.00
11,043,102.00
o.00
900,000.00
200,000.00
2,300,000.00
3,400,000.00
1,875,000.00
16,318,102.00
DEPARTMENT/OFFICE/COUNCII,: DATE INITIATED GREEN SHEET NO: lO1RS9 ��—�� b
Plauuing & Economic Dev. July 24, 2001 '
CONTACi' PERSON & PHONE: ` INITTALIDATE iMTIAL/DATE
Marie Frauchett 6-6702 � 3 DEPARTMENT DIl2. ? crrY covtacn.
MUST BE ON COUNCII. AGENDA BY (DATE) �IGN _4_ CITY ATTORNEY
Nplyiggg 5 FINANCL4L SEKV/A G
FOR 6 MAYOR (OR ASST.) 1 BOB GEURS
ROU1'ING Z_T MEYER
ORDER
TOTAL # OF SIGNATORE PAGES _(CLIP AI,I. LOCATIONS FOR SIGNATORE)
ncrcoxxeQiJFSrEn: City assists the HRA with $23 million in funds from Fund 149. Net change is zero to the
2001 Fund 149.
RECOMMENDATIONS: Appmve (A) oc Reject (R) PERSONAI. SERVICE CONTRP.CTS MUST ANSWER'L'� FOLLOWING
QUESTIONS:
PLANNING COMIvIISSION 1. Has this person/fum ever worked mder a contract fir this depariment?
CIB COMbIITTEE Yes No
CIVIL SERVICE COMMISSION 2. Has this person/fivn ever been a ciry employee?
Yu No
3. Does this person/firm possess a skill not nortnally possessed by any curtent city employee?
Yes No
Eaplain aIl yes answers on separate sheet and atqch to green sheet
� INITIATING PROBLEM, ISSUE, OPPORTUNII'P (Who, What, When, Where, Why):
The 2001 budget placed an amount in the Pending Projects activity in anticipation of fiuther refinement of
spending decisions. The HI2A has requested release of $23 million from Fund 149 for the US Bank Project.
Net change is zero to the 2001 Fund 149.
ADVAN'CAGES IF APPROVED.
The budgets witl now reflect accurate spending plans.
DISADVANTAGESIFAPPROVED
None
DISADVANTAGES IF NOT APPROVED:
US Bank project will not proceed.
TOTAL AMOUNT OF TRANSACTION: $0 COST/REVEN[JE BUDGETED: Y �/�
/
, FUNDING SOURCE: 149 AC'CIVI1'P NUMBER: 149-76902-0547-65002- SSOQ000
149-76901A547-65088-$1500.000
FINANCIAL IlVFORMATION: (EXPLAIN) $2,30Q000
[evsn�m�rea�rutvEtc��,c�rs�_�a�as9onaot �.pa
Council File # 0 \ � �O (�
Resolution #
Green Sheet # �0�9��
i
2
3
4
5
6
NNESOTA
Presented By
Referred To
Committee:
a�
WHEREAS,
A. Bonds (the "Tax Increment Bonds") have been issued d'secured by pledges
of tas increments derived from t� increment financing districts, �d the Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota,f�the "IIRA") previously
adopted resolutions (the "Resolutions") relating to the approv�al of project documents and
financing for various projects currently under developme (the "projects"), specifically:
(i) U.S. Bank National Association - West Side Flats O erafion Center; (ii) Centex
Multi-Family Communities, L.P. - Upper Landing using Project; (iii) North Quadrant
Housing Phase II; (iv) JLT West Side LLC - Wes ide Flats Housing; and (v) the J. J.
Hili Building.
B. The City of Saint Paul (the
resolutions (the "City Resolutions") ai
financing, as needed, in connection wi
i� has, in many instances, adopted its own
ing the execution of documents and
projects.
C. Subsequent to the issuan of the T� Increment Bonds, and adoption of the
Resolutions, and the City Resolu ' ns, the Minnesota Legislature has adopted its
Omnibus Tax Bill (the "Tas Bil for 2001, which modifies provisions of the tax
increment financing law in a y that significantly affects both outstanding tas increment
obligarions and the propose tax increment financing for the projects.
32
33
34
D. The Tax
auoid and/or pay de
E. Both
projects, are of �
in place certain mechanisms designed to enabie the City to
in "preexisting obligations," as defined in the Tax Bill.
�ayment of preexisting obligations, and the completion of the
significance to the City.
F. In rder to continue to pursue the development and financing of the projects, it
is desirable at the City aclrnowledge and agree that it will take advantage of the
mechanisms included in the T� Bill to pay any deficiencies that might occur in the
principal and interest due in connection with the preexisting obligations, including those
issued or to be issued in connection with the projects.
35
36
37
38
39
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint
Paul, Minnesota, as follows: d\ � V
1. Ratification
40 1.01. The actions taken by the HRA in its Resolutions and c
a1 projects, and the approvals given thereby, are hereby ratified and
a2 as modified only by this Resolurion.
43
44
45 2. Pooling and the Grant Program.
46
47 2.01. The CiTy sl�all take all actions authorized or
48 enable the City to access the grant program established
49 necessary to pay principal and interest then due on el� '.
5o extent that t� increments generated by individual ojf
51 by law, are not sufficient to make up such deficie cies.
52 itself, however, all authority permitted by law t mclud
53 obligations, and to prioritize among them, far urposes
54 applications.
regarding the
in a11 respects,
re uued under the T� Bill to
y the State, in an amount
ble preexisting obligations, to the
cts, and by the pooling authorized
This City Council reserves to
� or exclude specific preexisting
of both pooling and grant
55
56 2.02. The City Council fiu•ther state its present intention that, to the extent that
57 pooling of tax increments, or grants aw ded to the City under the State grant program,
58 are insufficient to fully pay all deficie ies occurring in the eligible preexisting
59 obligations (as defined by the City pernutted by law), pooling revenues and / or grant
60 proceeds will be applied in the foll �ng order of priarity:
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
7s
79
80
a. First, to bonds
b. Second, to tax
by general obligation pledges of the City;
revenue bonds outstanding as of July 1, 2001;
c. Tlurd, to preexi ing obligations incurred in connection witl� the U.S. Bank
Operations Center an Centex (iJpper Landing) projects; provided that if the
remaining funds are ot sufficient to pay all of such preexisting obligations, the
available funds sh be divided equally between the two said projects;
d. Fourth, e remaining funds, in order, to preexisting obligations incurred in
connection wi the:
i.
iii.
North Quadrant Housing project;
the West Side Flats Housing project; and
the J. J. Hill Building project.
o, ��
Benanav
Blakey
Bostrom
Col eman
Harris
Lantry
Reiter
Requested by Department of:
Plannin & Economic evelo ment
By:
Approved by Financ' Services
g,,, e�����
Adopted by Council: Date
Form Approved by City Attorney
Adoption Certified by Council Secretary �'� ^ _^�
lJ� �)� �
g �, : g iI1 l�
Approved by Mayor: Date
By:
Approved by Mayor for Submission to Council
Hy:
DEPARTMENT/OFFICE/COUNCII.: DATE IN117ATED�� GREEN SID�ET No.•106948 0��1O�p
PED �, 2001 '� '
CONTAGT PERSON & PHONE: ` iNiTIAI./DA'1'S llv7•[7punA7e
Marie Franchett �% 1 DEPARTMENT DIR. 3 Clvis Coleman
MUST BE ON COUNCII. AGENDA BY (DATE) �IGN ?�TS' ATTORNEY� _ CITY CLERK
.Tllly I 1� ZOOI 1�'IIMBER _ FINANCIAI. SERV DIR. 4 FAIANCIAL SERV/ACCTG
C CorSGr� FOR
ROi7qyryG MAYOR (OR ASST.) _ CIVIL SERVICE COMIvIISSION
ORDER
6 Mazie Frmchett
TOTAL # OF SIGNATURE PAGES _(CLIP ALL LOCATIONS FOR SIGNA'1'URE)
ncnox �QuFS'rEV: City Council Resolution regazding State TIF grant funding
RECOIvIIv1ENDA1'IONS: Approve (A) or Reject (R) PERSONAI. SERVICE CON1'RACfS MIJST ANSWER THE FOLLOWING
QUESTIONS:
PLANNING CObIIvIISSION I. Has [his persodfirm ever worked under a contract for this departrnent?
CIB COMMITTEE Yes No
CIVIL SERVICE CObIIvIISSION 2. Has this perso�/firtn ever been a ciry employee?
Yes No
3 Does this person/firm possess a skill mt normalty possessed by any curzent city employee?
Yes No
Eaplain all yes answers o� separate sheet aod attach to green sheet
INTTIATING PROBLEM, ISSUE, OPPORITINITY (W6o, Whay When, Where, Why):
The Omnibus Tax Bill of 2001 provides for property tax changes that will significantly reduce the amount of TIF
auailable to make debt service payments on IIRA obligations. To mitigate this problem, the Tas Bill provides for a
state grant fund to ensure that cities are able to meet their financial obligations for eligible TIF projects. The
pxoposed resolution states that the City will access the grant pool to obtain funding for pre-existing obliga6ons, as
determined by the IIRA, which would include eligible projects such as US Bank, Centex, as permitted by the Tas
Bill.
ADVANTAGESIFAPPROVED:
The proposed resolution is needed prior to issuance of bonds for the US Bank and Centex projects.
DISADVANTAGES IF APPROVED:
NA
DISADVANTAGES IF NOT APPROVED:
Bonds cannot be issued for US Bank and Centex until the resolution is adopted.
TOTAL AMOUNT OF TRANSACTION: The amouot otgrant funds to be requested from the State will depend on We deficits, if any, esperienced for existing
taz increment districts, aud the deficits eaperieviced for more recent eligible projects such as US Bauk and Centez. Prior to submitting a grant reqaesy t6e Ctity
will be required to pool existiog sorplus increment frnm its'['IF Districts. PED stsff are in t6e process of determining the current status of our T7F Dislricts aod
how they will be impacted by the Omni6us Taz Bill of 2001.
COST/REVEIYUE BUDGETED: NA
FUNDINGSOURCE: NA AC'CIVI1'YNOl1�BER:
01
FINANCIAL IlYFORMATION: (EXPLAIlV)
~ � ���,,��� �' Council Fi1e # � � — [ ��o
0 R i G I NA L ��� �, �f'j`^y` Resolution #
Green Sheet # 1 � ��
C�T1�pF SAI ULOMINNESOTA
1 WHEREAS, the Department of Planning and Economic Development ("PED") is the activity manager for
2 Fund 149 Downtown Capital Projects Fund; aud
Presented By
Referred To
Committee: Date
3
4
5
6
7
8
9
10
11
12
13
14
15
WHEREAS, it is necessary to establish a project in the City's Capital Improvement Budget called "US Bank
Project"; and
WIIEREAS, it is in the interest of the City to assist the HRA in the US Bank Project; and
WIIEREAS, the Mayor, in accordance with Section 10.07.04 of the City of Saint Paui Charter, recommends
the changes in E�ibit A to the City's 2001 Budget;
NOW THEREFORE BE IT RESOLVED, that the City CouncIl approves these changes in E�ibit A to the
City's 2001 Budget.
Requested by Department of:
By:
Approved by Financial Skfrvices
By:
Adopted by Council: Date � p�
`L
Form Approved by Ci A torn
Adoption Certified by Coun ' S etary
By: � ��� By:
Approved by Mayor: Date �� 2 ��
Approved by Mayor Submission to Council
By: �^
v t
By:
Budget Amendment 0 R I G I N A L
Year 2001 Budget is amended as follows
FROM
PED Administration
Capifal Fund: Subordinate Note
FINANqNG PLAN
'14&76900 TIF Eligible Projecis
�49-76900-660400000 Payment from HRA on Note Interest
14376900-6922-00000 Payment from HRA on Note Principal
14&76901 Non TIF Eligible Projects
149-7690'I-6922-00000 Paymeni from HRA on Note Principal
Total Financing
SPENDING PLAN
149-76900 TIF Eligible Projects
1476900-089&69128 Wabasha West
149-76900-0739-65036 Skyway Visitor Signage
149-76900-0299-68016 Professional for powntown
149-76900-0739-65078 Dayton's Skyway
149-76900-0547-68076 Dayton's Store Project-Renova6on
149-76900-0547-68077 Dayton's Store Project-Environmental Cleanup
Sub-Total
149-76901 Non TIF Eligible Prqecks
149-76901-0547-68088 Personnel Decisions international (PDI)
149-76901-0558-69106 ProjectAdministration-PED
149-76901-0299-68016 Professional Services
149-7690'I-0558-68089 Transfer to HRA for US Bank Project
Sub-Tofal
'14976902 Pending Projects
149-76902-0547-68002 Pending projects
Total Spending
o t -�10�
Exhibit A
Current Budget Approved Changes Amended Budget
3,538,737.00
10,379,365.00
2,400,000.00
16,318,102.00
2,325,000.00
450,000.00
260,000.00
208,'102.00
6,300,000.00
1,500,000.00
11,043,102.00
1,500,000.00
900,000.00
200,000.00
2,600,000.00
2,675,000.00
16,318,102.00
3,538,737.00
10,379,365.00
2,400,000.00
0.00 16,3'18,102.00
0.00
(1,500,000.00)
2,300,000.00
800,000.00
(800,000.00)
0.00
2,325,000.00
450,000.00
260,000.00
208,102.00
6,300,000.00
'1,500,000.00
11,043,102.00
o.00
900,000.00
200,000.00
2,300,000.00
3,400,000.00
1,875,000.00
16,318,102.00
DEPARTMENT/OFFICE/COUNCII,: DATE INITIATED GREEN SHEET NO: lO1RS9 ��—�� b
Plauuing & Economic Dev. July 24, 2001 '
CONTACi' PERSON & PHONE: ` INITTALIDATE iMTIAL/DATE
Marie Frauchett 6-6702 � 3 DEPARTMENT DIl2. ? crrY covtacn.
MUST BE ON COUNCII. AGENDA BY (DATE) �IGN _4_ CITY ATTORNEY
Nplyiggg 5 FINANCL4L SEKV/A G
FOR 6 MAYOR (OR ASST.) 1 BOB GEURS
ROU1'ING Z_T MEYER
ORDER
TOTAL # OF SIGNATORE PAGES _(CLIP AI,I. LOCATIONS FOR SIGNATORE)
ncrcoxxeQiJFSrEn: City assists the HRA with $23 million in funds from Fund 149. Net change is zero to the
2001 Fund 149.
RECOMMENDATIONS: Appmve (A) oc Reject (R) PERSONAI. SERVICE CONTRP.CTS MUST ANSWER'L'� FOLLOWING
QUESTIONS:
PLANNING COMIvIISSION 1. Has this person/fum ever worked mder a contract fir this depariment?
CIB COMbIITTEE Yes No
CIVIL SERVICE COMMISSION 2. Has this person/fivn ever been a ciry employee?
Yu No
3. Does this person/firm possess a skill not nortnally possessed by any curtent city employee?
Yes No
Eaplain aIl yes answers on separate sheet and atqch to green sheet
� INITIATING PROBLEM, ISSUE, OPPORTUNII'P (Who, What, When, Where, Why):
The 2001 budget placed an amount in the Pending Projects activity in anticipation of fiuther refinement of
spending decisions. The HI2A has requested release of $23 million from Fund 149 for the US Bank Project.
Net change is zero to the 2001 Fund 149.
ADVAN'CAGES IF APPROVED.
The budgets witl now reflect accurate spending plans.
DISADVANTAGESIFAPPROVED
None
DISADVANTAGES IF NOT APPROVED:
US Bank project will not proceed.
TOTAL AMOUNT OF TRANSACTION: $0 COST/REVEN[JE BUDGETED: Y �/�
/
, FUNDING SOURCE: 149 AC'CIVI1'P NUMBER: 149-76902-0547-65002- SSOQ000
149-76901A547-65088-$1500.000
FINANCIAL IlVFORMATION: (EXPLAIN) $2,30Q000
[evsn�m�rea�rutvEtc��,c�rs�_�a�as9onaot �.pa
Council File # 0 \ � �O (�
Resolution #
Green Sheet # �0�9��
i
2
3
4
5
6
NNESOTA
Presented By
Referred To
Committee:
a�
WHEREAS,
A. Bonds (the "Tax Increment Bonds") have been issued d'secured by pledges
of tas increments derived from t� increment financing districts, �d the Housing and
Redevelopment Authority of the City of Saint Paul, Minnesota,f�the "IIRA") previously
adopted resolutions (the "Resolutions") relating to the approv�al of project documents and
financing for various projects currently under developme (the "projects"), specifically:
(i) U.S. Bank National Association - West Side Flats O erafion Center; (ii) Centex
Multi-Family Communities, L.P. - Upper Landing using Project; (iii) North Quadrant
Housing Phase II; (iv) JLT West Side LLC - Wes ide Flats Housing; and (v) the J. J.
Hili Building.
B. The City of Saint Paul (the
resolutions (the "City Resolutions") ai
financing, as needed, in connection wi
i� has, in many instances, adopted its own
ing the execution of documents and
projects.
C. Subsequent to the issuan of the T� Increment Bonds, and adoption of the
Resolutions, and the City Resolu ' ns, the Minnesota Legislature has adopted its
Omnibus Tax Bill (the "Tas Bil for 2001, which modifies provisions of the tax
increment financing law in a y that significantly affects both outstanding tas increment
obligarions and the propose tax increment financing for the projects.
32
33
34
D. The Tax
auoid and/or pay de
E. Both
projects, are of �
in place certain mechanisms designed to enabie the City to
in "preexisting obligations," as defined in the Tax Bill.
�ayment of preexisting obligations, and the completion of the
significance to the City.
F. In rder to continue to pursue the development and financing of the projects, it
is desirable at the City aclrnowledge and agree that it will take advantage of the
mechanisms included in the T� Bill to pay any deficiencies that might occur in the
principal and interest due in connection with the preexisting obligations, including those
issued or to be issued in connection with the projects.
35
36
37
38
39
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint
Paul, Minnesota, as follows: d\ � V
1. Ratification
40 1.01. The actions taken by the HRA in its Resolutions and c
a1 projects, and the approvals given thereby, are hereby ratified and
a2 as modified only by this Resolurion.
43
44
45 2. Pooling and the Grant Program.
46
47 2.01. The CiTy sl�all take all actions authorized or
48 enable the City to access the grant program established
49 necessary to pay principal and interest then due on el� '.
5o extent that t� increments generated by individual ojf
51 by law, are not sufficient to make up such deficie cies.
52 itself, however, all authority permitted by law t mclud
53 obligations, and to prioritize among them, far urposes
54 applications.
regarding the
in a11 respects,
re uued under the T� Bill to
y the State, in an amount
ble preexisting obligations, to the
cts, and by the pooling authorized
This City Council reserves to
� or exclude specific preexisting
of both pooling and grant
55
56 2.02. The City Council fiu•ther state its present intention that, to the extent that
57 pooling of tax increments, or grants aw ded to the City under the State grant program,
58 are insufficient to fully pay all deficie ies occurring in the eligible preexisting
59 obligations (as defined by the City pernutted by law), pooling revenues and / or grant
60 proceeds will be applied in the foll �ng order of priarity:
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
7s
79
80
a. First, to bonds
b. Second, to tax
by general obligation pledges of the City;
revenue bonds outstanding as of July 1, 2001;
c. Tlurd, to preexi ing obligations incurred in connection witl� the U.S. Bank
Operations Center an Centex (iJpper Landing) projects; provided that if the
remaining funds are ot sufficient to pay all of such preexisting obligations, the
available funds sh be divided equally between the two said projects;
d. Fourth, e remaining funds, in order, to preexisting obligations incurred in
connection wi the:
i.
iii.
North Quadrant Housing project;
the West Side Flats Housing project; and
the J. J. Hill Building project.
o, ��
Benanav
Blakey
Bostrom
Col eman
Harris
Lantry
Reiter
Requested by Department of:
Plannin & Economic evelo ment
By:
Approved by Financ' Services
g,,, e�����
Adopted by Council: Date
Form Approved by City Attorney
Adoption Certified by Council Secretary �'� ^ _^�
lJ� �)� �
g �, : g iI1 l�
Approved by Mayor: Date
By:
Approved by Mayor for Submission to Council
Hy:
DEPARTMENT/OFFICE/COUNCII.: DATE IN117ATED�� GREEN SID�ET No.•106948 0��1O�p
PED �, 2001 '� '
CONTAGT PERSON & PHONE: ` iNiTIAI./DA'1'S llv7•[7punA7e
Marie Franchett �% 1 DEPARTMENT DIR. 3 Clvis Coleman
MUST BE ON COUNCII. AGENDA BY (DATE) �IGN ?�TS' ATTORNEY� _ CITY CLERK
.Tllly I 1� ZOOI 1�'IIMBER _ FINANCIAI. SERV DIR. 4 FAIANCIAL SERV/ACCTG
C CorSGr� FOR
ROi7qyryG MAYOR (OR ASST.) _ CIVIL SERVICE COMIvIISSION
ORDER
6 Mazie Frmchett
TOTAL # OF SIGNATURE PAGES _(CLIP ALL LOCATIONS FOR SIGNA'1'URE)
ncnox �QuFS'rEV: City Council Resolution regazding State TIF grant funding
RECOIvIIv1ENDA1'IONS: Approve (A) or Reject (R) PERSONAI. SERVICE CON1'RACfS MIJST ANSWER THE FOLLOWING
QUESTIONS:
PLANNING CObIIvIISSION I. Has [his persodfirm ever worked under a contract for this departrnent?
CIB COMMITTEE Yes No
CIVIL SERVICE CObIIvIISSION 2. Has this perso�/firtn ever been a ciry employee?
Yes No
3 Does this person/firm possess a skill mt normalty possessed by any curzent city employee?
Yes No
Eaplain all yes answers o� separate sheet aod attach to green sheet
INTTIATING PROBLEM, ISSUE, OPPORITINITY (W6o, Whay When, Where, Why):
The Omnibus Tax Bill of 2001 provides for property tax changes that will significantly reduce the amount of TIF
auailable to make debt service payments on IIRA obligations. To mitigate this problem, the Tas Bill provides for a
state grant fund to ensure that cities are able to meet their financial obligations for eligible TIF projects. The
pxoposed resolution states that the City will access the grant pool to obtain funding for pre-existing obliga6ons, as
determined by the IIRA, which would include eligible projects such as US Bank, Centex, as permitted by the Tas
Bill.
ADVANTAGESIFAPPROVED:
The proposed resolution is needed prior to issuance of bonds for the US Bank and Centex projects.
DISADVANTAGES IF APPROVED:
NA
DISADVANTAGES IF NOT APPROVED:
Bonds cannot be issued for US Bank and Centex until the resolution is adopted.
TOTAL AMOUNT OF TRANSACTION: The amouot otgrant funds to be requested from the State will depend on We deficits, if any, esperienced for existing
taz increment districts, aud the deficits eaperieviced for more recent eligible projects such as US Bauk and Centez. Prior to submitting a grant reqaesy t6e Ctity
will be required to pool existiog sorplus increment frnm its'['IF Districts. PED stsff are in t6e process of determining the current status of our T7F Dislricts aod
how they will be impacted by the Omni6us Taz Bill of 2001.
COST/REVEIYUE BUDGETED: NA
FUNDINGSOURCE: NA AC'CIVI1'YNOl1�BER:
01
FINANCIAL IlYFORMATION: (EXPLAIlV)