06-1145Council File # (�(e—,�I{S
Green Sheet # 3035320
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RESOLUTION
Presented by
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SAINT PAUL, MINNESOTA
7
RESOLUTION AUTHOffiZING Tf� CHARGE OF,F
OF THREE STAR LOANS
WHEREAS, the City of Saint Paul ("Cit}�') has undertaken a process to identify STAR loans in the portfolio that have
not been performing; and
WHEREAS, City staff with the counsel of the Ciry Attorney Office has determined through a rigorous collection effort
that tluee loans aze uncollectible, and City has applied a risk rating to these three loans and mted these three loans as losses,
those loans being described as follows:
(1) Mildred Pierce on Harriet Island in the unpaid principal amount of $100,000.00; and
(2) Renaissance Box LLC in the unpaid principal amount of $298,892.71; and
(3} Home Essence, Inc. in the unpaid principal amount of $46,390.88; (collectively the "Loans") and
mterest.
WHEREAS, the City staffrecommends that the I,oans be charged-off in the amounts listed above together with
NOW, THEREFORE BE IT RESOLVED, the City Council hereby takes the following action:
(1) That the write off of the Loans as being uncollectible is in the public's interest, does not constitute gifts, and is in conformity
with generally accepted accounting procedures for the maintenance of accounts concemed with defaulted, uncollectible and
foreclosed loans.
(2) The City staff is authorized and d'uected to affect the charge off of the Loans.
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Adopted by Council: Date �Z ( Z.� � d�Q
Adoption Certified by Coun il Secretary
By: i .
Approved b a Date ,— Z
By:
Form Approved y C'n� o y
B
Form Appryyyve'�i by yor f S miss� � to ouncil
By, . �,� . �
� Green Sheet Green Sheet Green Sheet C�reen Sheet Green Sheet Green Sheet �
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� PE - Platming&EcovomicDevelopment I 12-DEGO6 � Green Sheet NO: 3035320
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! Contact Pereon & Phone:
Tom S"dz
2666686
i
Ooc. Type: RESOLUTION
I �
�
� Assign
(Date� �: � Number
— /"\�/1 i For
--��-L � Routing
� Order
I E-Dacument Requlred: Y
i DocumentConWct: IauraeGcert
�, ConWCt Phone: 266-6633
Total # of Signature Pages _(Clip AII Locations for Signature)
0 �2�pL1Y&E[O�OmlGDCV¢IOPOle� � �
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1 ,Plannin¢ & Econowic Developme� Department D"uector i I �� �
2 '�AttorneY I
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3 Mavor's Otfice � Mavor/Assistant �
4 . ooncil � �
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5 biN Cieck Q'tv Cleck ,
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5ignature on a Resolufion regazding writing off three STAR loans.
Planning Commiss�on
CIB Committee
Civil Service Commission
7. Has this personlfrtn ever worked under a contrect for ihis department?
Yes No
2. Has this person)flrm ever been a d1y empfoyee?
Yes No
3. Does this personlfrm possess a skill not normaliy possessed by any
current city employee?
Yes No
Explain all yes answers on separete sheet and attach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why): "
The City has undertaken a process to identify STAR loans in the portfolio that have not performing and the City is recommending the
loans be charged off.
AdvanWges If Approved:
Writi�g off ffie loans as being uncollectible is in the publids interest and is conformity with accounting procedures
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DisativaMages N Apprwed:
None
U�� 1 : 2006
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Disadvantages If Not Approved:
It doesn t serve the Ciry well not to follow general accounting practices.
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Total Amount of
Transadion:
Funding Source:
Financia l Infortnation:
(Explain)
$0
Activity Plumber.
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CosURevenue Budgeted:
December 12, 2006 3:50 PM Page 1