218633 4 F � �^�
�
'� !n No. 218633—B Geor e J. �`
' i�..�, � Y � �' ����9��
INCoL TO CITY CLERK _ Er
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. Page 2.
WH�REAS� The Cooperation Agreement applicable to said
Riverview Industrial Projeet entitled, '�Riverview Industrial
Project, Minn.. R-26'a has been made and executed by and
between said Housing and Redevelopment �.uthority of the City of
Saint Paul, Minnesota and said City of Saint Panl, pursuant to
• said Authority' s pertinent Resolution No. 64-5/27-2 and said
City Council' s Resolution, Council File IVo. 218608, a counterpar t
of said Cooperation Agreement be3ng filed herewith a.nd by reference
being incorporated herein and made part and parcel hereof with
the same intent� purpose and effect as if said Cooperation �gree-
ment were set for�h herein verbatim; and
WHER�AS� said City Council� upon .due investigation,
in the premises� and upon adequate� relevant and reliable factual
bases has estimated and hereby estimates the Public Redevelopment
Cost of said Riverview Industrial Project, Minn. R-26, in the
amount of �6,503,415.00, the Capital Proceeds of said Project,
in the amount of �1,270,190.00� and the net cost of said Project
in the a.m.ount of �5,233,�25•00; and
WHEREAS, upon the bases of reasonable cost estimates
prepared by said Authority and made by said City Counc�.l, hereunder,
it appears that the net Project Cost of said Riverview Industrial
Project, Minn. R-26 to be incurred by said Authority constituting
the difference between the gross cost of said Project and the
' proceeds derived from the disposition of the land and other pro-
perty sold by the authority� amounts to �5,233�225.00 of which
amount �1,74�+,408.00 shall be provided, to said Authority, by
said City of Saint Paul� in the form of local grants-in-aid under
said Cooperation .Agreement; the said amount being representative
- of substantially one-third �of the aforesaid Net Project Cost; an.d
� � . ,-
� �• � _ . ` _ " WHER�AS� under and. by the_provisions, terms and. condi-
tions of said Cooperation �.greement said City has become and is
obligated� on account of said local grants-in-aid to make expendi-
tures and payments as and for non-cash grants-in-aid and cash" °
grants-in-aid to said Pro�ect� all as more particularly� appears
therefrom, on account of said Net Project Cost� aggregating
substantially one-third of the same or the amount of �1�744,408.00
and to make further expenditures and payments on account of
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Page 3.
Remaining Costs of Municipal Buildings and Improvements to be
constructed within or adjacent to said Pro�ect� in the amourit
of $619,39�+.00; and
WHERE�S� The aforesaid expenditures and payments�
to be made by said City as and for non-cash and cash grants-in-
aid to said Project� in respect of the aforesaid estimated Net
Pro�ect Cost and on account of said Remaining Costs of Municipal
Buildings and Improvements within or adjacent to said Project
aggregate in the amount of' �2,363,802.00 and it has become
necessary to provide for the sale and issuance, by said City, of
its general obligations bonds in the par value amount of �2 ,363,802�.00�
for its procurement of funds in said amount� as the proceeds
of the 3.ssuance and sale of such bonds for the meeting of said
City' s aforesaid obligations, for said expenditures and payments
under said Cooperation Agreement; now, therefore� be it
RESOLV�D� By the Council of the City of Saint Paul�
that authority hereby is granted therefor and said City of Saint
Paul shall� from time to time herea�ter, issue and sell the
general obligation bonds of said City in the aggregate ::amount
of �2,363,802.00, authorized by said Chapter 881� Session Laws
of Minnesota for 1963, necessary for said City' s proeurement
� of funds in said a.mount of �2 ,363,802.00 for said City' s payments �
� on account of the ne�t�cost of said Riverview Industrial Pro j ect�-•—� - - �
Minn. R-26, as estimated by this Council hereinabove� 'and for
said City' s expenditures on account of any Remaining Costs of
Municipal Buildings and I�lprovements to be constructed
within or ad�acent to the area of said Project, as provided by
said Cooperation Agreement therefor, and in performance of said
City' s obligations thereunder� for the payment of an amount of
�1,744,408.00� representative of substantially one-third of the
net cost of said Project a� so estimated and for the further pay-
ment of the amount of �619,39�+•00 for said City' s expenditures
on account of any Remaining costs of Municipal Buildings and
Improvements to be cons;tructed within or adjacent to the area
of said Project; all such to be done under and in accordance
with the provisions� terms and conditions of said Cooperation
�greement dated the 9th day of June, 1964, by and between said
City and said Authority and under and in accordance with the �
provisions� terms and conditions of said Chapter 881.� Session
Laws of Minnesota for 1963, and by virtue of the authority of
the .Act;
Y
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Page 4.
RESOLV�D FiTRTH�R� that each issue of said bonds shall
be authorized by resolution of the Council and shall be in the
form of serial bonds and the same shall bear such date and mature
at such times as such resolution shall prescribe� provided that
�he first installment of each issue of said bonds shall mature
not later than three (3) years from and after the date of the
same and the last installment of each issue of said bonds shall
mature not later than thirty (30) 3�ears from and after the date
of the same; that no amount of principal of each issue of said
bonds payable in an.y calendar year shall exceed five (5) times
the amount of the smallest a.mount of _principal maturing in any
calendar���year ending three (3) years or more after the date of
issue of� the same; and that said bonds shall be issued and
sold by said Cy�ty, in the manner provided by law; that said
bonds shall ,be in the denomination of �1,000.00 or in such
multiples of $1,000.00 as the pertinent Resolution of th� Counci 1
sha11 provide, and shall bear in�erest not in excess of six
per cent (6,�) per annum payable semiannually according to interest
coupons to be attached to the sa.me; that said bonds shall be iri
the form prescribed �y the Council of said City and approved
b�' its Corporation Counsel; and that said bonds shall bear such
interest as said City Council shall prescribe, a.nd shall be sold
by said City Council for not less than par value plus"accrued
intere�t� to the highest bidder therefor, after two week� ' pub-
�--. lished notice, of� the time and place for receiving biris thereon.
That the proceeds from the issuance and sale of "said�'�bonds;° as � °
received by said City� shall be deposited in a special fund of
said City 'designated as "Urban Renewal and Development Fund�"
and therein allocated thereto and subject to disbursement for
aforesaid obligations under said Cooperation Agreement, pertinent
to said Riverview Industrial Project, Minn. �-26, for the �
payment of sub'stantially one-third of the net cost of said Pro-
ject as estimated� as aforesaid, and for the further payment of
any Remaining cost of Munieipal Buildings and Improvements to
be constructed within or ad�acent to the area of saicl .Project.
That despite such allocation and restrictions upon disbursements
of the proceeds of the issuance and sale of said Bonds, hareunder�
the same� nevertheless� shall be subject to adjustment in amount
and reallocation in purpose consistent with said Cooperation
,. Agreement as the same may be amended� under and by authority of
said Chapter 881� Session Laws of Minnesota fbr 1g63; provided
that no part of the proceeds of the issuance and sale of an.y
of said bonds shall be made the subject of any reallocation or
disbursement except for the purpose of the payment or defrayment
of said City' s obligations assumed� or which shall be assumed�
under and by authority of said Act in respect of one or more of
the several IIrban Renewal Development Projects specified therein.
� � �ry• -
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That said bonds shall be payable in lawful money of the United
States of America� at the Of�3.ce of said City' s Co�issioner cf
' Fina.nce, 3.n said City of Saint Paul� or $t thQ office of the �
Fiscal 1�gent of said City in either Sain.t Paul� I�iinnesota� or New York, �
I�ew York9 at the option of the holder� and the full faith and
credit of said City hereby are irrevocably pledged �or the prompt
and faithful payment of both principal and interest of said bonds.
R;SOLVED ,rIIATHER, that each of said bonds sha11 be seal.ed
by the facsimile of the Official Seal of said City lithographed
thereon and signed by the lithographed facsimile- signatizre of
its Mayor, at�ested by the lithographed facsimile signature of
its City Clerk� and �ountersi�ned ma.nually by the City Comp-
. tT011ex�� and each interest coupon thereto att�,ched shall be
s�gned by the li�hographed facsimj.le signatures oi its said
Officers. .
RESOLV�ll F�T�Ri that said City' s proper officers
hereby are authorized, directed and required to set aside annually
- from the revenues of said City an amount sufficient for the pay-
ment of the interest on said hereby authorized bonds and the -
prin.cipaZ of any such bonds maturing in such year and hereby are
authorized��directed and required to make a sufficient tax levy
for the payment of the same under and pursuani, to the provisions
- � of Chapter-47�� Minnesota�Statutes '�.�d1 � -as amend�: Th�t such��"'�" "'-°-
�� tax levies for all years shall be specified and shall be such
that if collected in full they� togethar wi.th ostimated collec-
' tions of other revenues pledged for the payment of said obligations�
. wi11 produce at least five per aent (��) in excess of the amount ,
' needed to meetf when due9 the p�incipal and ir�terest pay��nts -
on said bonds. That each such tax levy sha17. be by resolution
- . of the CounG�,l of said City� which shal].� a.mong otlier things�
. irrevocabl.y appropriate the taxes thereb;� levied together with
estimated coilections oP other revenues pledged for the payment
of said City's obligations� to the said Gity's Sinking Fund or �
' said special Fund designated as aforesa�.d� "�rban Renewal and
Development Pro�ects"� for tY�e payments when due� o.i the principal
. and 3.nterest of said bonds., That such provisions of' this Eesolution
• . ,.�� ,«,±...p'3,,!Prp,ee.^kY.,_i,.",yR�i�.'..... -�•'...."'ST.roe'R�+r`�--+-r�-.�+-,v-r:�.�rl;nTtn�r..�!"�'T�r-!--r;�si . _ . , . - '°`-a«.--+»r�o..n,.,..,.,,,•,�..r..r..r. .._
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f � ORIGI,NAL TO CITY CLERK • . ��(����
� • CITY OF ST. PAUL FOENCIL NO "
� " OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION-GENERAL FORM
�RESENTED dY •
COMMISSIONEQ DA�
Page 6.
are in addition to the pledge of the full faith and credit of
said City for the payment of said bonds and are not in liau
of such pledge. That a fully executed counterpart of said Coopera-
tion Agreement is filed y�herewith, in the office of the City
Clerk of said City� and incorporated herein by reference with
the same intent, purpose and effect as if said Cpoperation
Agreement was set forth herein verbatim.
. - - _ ; �
J U�� 1�1 i96�
COUNCILI�N Adopted by the Council 19_
Yeas Nays ,
Dalglish JUN 11 1964
Holland pprove� 19—
Loss
Favor
Meredith ! �
Pete rs on V �IByOr
- A gaiD9t �
Rosen
Mr. President, Vavoulis
lons e-as
. `
DU/LICAT[TO rRINT6R . �� Q���
CITY OF ST. PAUL couNCi� `''
' �'"` � � OFFICE OF THE CIN CLERK F�� NO-
COUNCIL RESOLUTION—GENERAL FORM
►RESENTED tY
COMMISSIONE� DATF
WHEREAS� Chap�er 881� Session Laws of Minnesota
for 1963, accord3.ngt� i�s pertine�t provis�ons terms and
conditions� became operative upon its approva� by ma�or3ty vote
of the City Council of the C�ty of Saint Paul� evidenced by ss3.8
Council' s Resolution� Council File P1o. 213377, adopted and approved
the 18th day of Junei i963, and the Certificate of the City
Clerk of said City incorporating a certified copy of said
Resolution� the Printer's Affi.davit of the Offieial Publication
of the same and all other requisite data� filed with the Secretary
of State of the State of Minnesota� Qn the lst day of July 7.963,
in accordance with the Statutes of the Btate of Minnesota �n
such cases made a.nd provided; and
WHEREAS� said Chapter 881� Session Laws of Minaesota
for 1963, a.mong other things� for the purpose of said City' s
payment of not to exceed one-third of the Net Pro�ect Cost of
each of the several IIrban Renewal Development Pro�ects within said
City of Saint Pau� theretofore designated� by Housing and Redevelop-
ment Authority of the City of Saint Paul� Minnesota� as the Down-
town� Cathedral� Riverview� Hollow� Holl.ow Expansion� and Selby
Dale tro�ects and for said City' s payment of any remaining
costs of Municipal Buildings an.d Improvements to be constructed
wi�hin or ad�acent to the pro�ec� areas or any of the sa.me in
aecordan.ce with sa3d City' s o�ligations for such payments as the
same shall be defined under and by the pertinen� Cooperation
Agreement� in respeQt to each such Pro�ect� by a.nd between said
City and said Housing and Redevelopment Authority� and for the
purpos� of said City' s procurement of the requisite funds for said
paymen�s� au�horizes said City to issue and sell its general
obligation bondsy in the aggregate par value amount thereby
limited to �13�750 000; and the said Net Pro,�ect Cost being thereby
defined es th� pub�ic development cost o�' each sub�ect Pro�ect less
its capital proceeds as those terms are defined by Minnesota
Statutes, Sect�.on 46�.5�+5a and as the amounts thereof shall be
estimated by said City Council prior to the d�livery of each
series of such bonds; and
COUNCILMEN Adopted by the Council 19_
Yeas Nays
Dalglish
Holland Approl►ed 19._
Loss Tn Favor
Meredith
Peterson �yOr
Rosen A g�st
Mr. President, Vavoulis
ton� e�s
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,Page 2.
WHIIREAS The Coopetation Agreement appl3cabl� to said
Riverview Tridust��.al Pro�eet entitled� "�iverview Tndustrial
Pro�ect� Minn. �t-26" has been made and axecuted by and
between said Housing and Redevelopmen� Authori�y of the C3.ty of
Saint Paul� Minn.�sota and said C3ty of Saint Paul� pursuant to
said Authority' s per�inent Resolution No. 6��5/�7�2 a.nd said
City Eauncil's Resoltztion� Council File No. 2i86o8, a counterpa��
of said CoQperation Agreement being filed herewith and by referenc�
beir�g 3.n�orporated herein and made part and parcel hereof with
the same intent� purpose and s�'fect as if said Cooperation A�ree-
ment were set forth here�.n verbatim; and
I�HERE.AS� �aid City Counc3.�.� upon due inves�igation�
in the premises� and upon adequate� relevant and reliable fae�t�al �
bases ha5 e�timated and hereby es�Gimate� the P�bli� Redevelopment '
Cost of sa.�d Rsverv�.ew Indus�rial Pro�eat� Minn. �.-26� in the
ama�n.t of �6,503,41�.009 the Capits� Proceeds of said Pro�ect�
in �he amo�.n� of �1�270�Y90.00� ar�d the net cost of sa3d Pro�eet
in the amount of �5,233,�25•00; and
WHF�EAS upon the bases caf reasonable cost �stimates ,
prepared by said �uthority and made by said Ci�y Council� herennder�
i� appears that the net ,Pro�ect Cost of sa3d Riverview Indus�rial:
Pro�ect� Mir�n. R-26 �o be incurred by $aid ,Authority constituting
the difference between the gross cost of sa3.d Pro�eat and the
proaeeds der3.ved from the disposition of the land and other p�o,
perty sold b the authoai�y� a.moun.ts to �5,233,225.00 of which ,
amount �197��4Q8.00 shall be provided� to sa3.d Authority by
said City of Sa3nt Paul�, in the form of loQal grants-in-a�d wa.der
said Cooperation Agreement; the said amoun.t b�ing repre�senta�ive
of substantially or�e-third o� the aforesaid Net Pro�eet Cost; �n�
W�LREAS� under and by the prov�.sions� terms and condi-
tions of said Cooperation Agreement said �Ci�y has become and is
obllgated� on account of said 1oca1 grants-in.-aid to make expendi-
tures and payments as and for non-cash grants--in-aid arid cash
grants-in-aid to said Pro�ect� all as more partiaularly� appears
therefrom� on account of said �det Pro�ect Cos�� aggreg�,ting
substantially one-�hird of the same or the amount af �1�����+08.00
and to make further expax�di��.res and payments or� accour�t of
. �
t
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P&.gA 3.
Ffemaining Costs of Municipal Tiuildings and �mprovements �o be
cons�rueted within or ad��cen� to said Pro�ect� in the � amot�r��
of �E�19�39�+.oo; and �
ti�33EREAS� The aforesaid expenditu�es and paymen�s�
to be made by said City as and for nort-ca�h and cash gsa.nts-in-
aid to said Pro�ect� in respeet of the afor�said estim�.�ed Net �
Pro�ect Cost and on. aecount of said Remaining Costs of Mi�n�cipal
Bu3.ldings and Tmprovem�n�s wi�hin or ad�aeent to said Pro�eet
ag�regate in the amount of �2i363�802.00 �nd it has become
necessary �o prov3:�e for t�.e sale and issuance� by said City� of
its ge�eral obli�ations bonds in the par value amowa.t of �2,363,802,40�
for its procurement of funds in said amownt� as the pro�eeds
of the issuance and saie o� such bonds �or the meeting of said
C3ty'� aforesaid obligations� for sa�.d expenditures and paymen�s
u�der said Cooperation Agr�ement; now� therefore� be it
RES�LYED� By the Council of �he City of Saint Faul�
that authority hereby is granted therefor and said City of Sain�
Pau1 shall� from time to t�.me hereaf�er� �.ssue attd sell the
general obligation bonds of said City in �he a gregate riamoiva.t
ofM2'363�802.00, authorized by said Chapter 8�1, Session Laws
innesota for 1963, n.ecessary for said City's procurement
of funds in said a.mount of �2�363�802.00 for �aid City's payments
on aocount of the net cost of said Riverv�ew Zndustrial Pro�eet�
Minn. R 26� as estimated by this Council herein�bove� and for
said City� s expenditures on ac�ount of any Remai�aing Costs of
Municipal Buildings and I�provements �o be cons�rueted
within or ad�aQent �o the area of said Pro�ect� as provided by
said Cooperation Agreement therefor� and in performance of sa�.d
C�ty' s obligations theTeunder� for �he payment of an amount of
�1�744�408.00� �epresenta�3ve of substantially one-third of the
ne� cost of sa2d Pro,�ec"t a� so estimated and for the further pay-
ment of the amotuit of �619,394.00 for said Ci�y' s expenditures
on account of any Remalni.ng costs of Mwaicipal Buildings and
Tmprovemen�s to be eonstrueted within or ad�aeent to the area `
of said Pro�eet a1.1 such to be done under and in aceordance
with the provis�o�.s� terms and conditions of said Cooperatio� _
Agreement dated the 9th day of June� 196�+� by and between said -
City and sa�.d Authority a.r�d under and in accord��xce with the
prov3s�.ons� terms and conditior�.s of said Chapter 881� Session
Laws of Mir�nesota for 1963, and by virtue of the authority of
the Act;
, ' _^ . . i �����e�
� Page 4.
R�'SOLV�D F�RTHER� that each 3.Ssue of said b.orids sha�l
be au�hvr3.zed by resol�t�ion of the �ouneil and shall be in the
form of serial bonds and �he same shall bear such date and mat�.re
at sueh t3mes as sucY� resolution shall prescribe� provided that.
�he first installment of eaeh issue of said bonds shail mature
�aot latex t�ian �hx�ee (3) years from� and af ter the date of �he -
same and the last insta.11.ment of each �ss�1e o� saic� bonds shall
mature no� later than thir�y (30) �e.ars from and after the date =-
o�' th� .same that no amount of principal of each iss�.e of said
bonds payab�e in anyr calendar ysar sha11 exceed f3.ve (5) t�.mes
the amount of the smallest amo�t of �rincipal maturing in any
calendar�Tyear ending three (3) year� or more after the date of
issue of the same; and -�hat said bonds shall be issued and
sold by said Ci�y� in the me,nn�r provided by law; t�at said
bonds shall be in �he denomin�tion o� �l 000.00 or in �ucY� �
multiples of �1�Ot�0�00 as �Yie pert3.r�ent �esolution of the Gouriail
shall provide� and shall bear in�erest not in exeess af six �
per cent (6,�) per annum payable semiannuslly aaoord�ng to in�eres�
coup4ns to be attached td the same; that said bands sha.11 be 3n
the form prescribed by the Council of said City and approved
by its �orporation Counsel� and that said bonds sk�a11 bear s�ackz
in�erest as said City Co�nail sha1T prese�ibe and shall be sold
by said City Council �or not less t'�an par va�ue plus aoerued
interest� to the hi.ghes� bidder �herefor� afte� 'tW0 W�E�i� � pub-
lished notice of the tim� and p].a,ce for receiv3ng b�.r�s �hereon.
Tha� the proceeds from the issuarice and sale of said bonds� as
received by said Ci-�y� shall be deposited in a special fund of
said City designated _as "Urban Renewal and Development �'und�"
and tY�ere3.n allocated thereto and sub��ct to disbursement for
aforegai.d ob7.igations under said Cooperation Agreement� pertinent
to said Riverview Industria7. Pro�eet� Minn. �-26� for the
payment of substantially one-�hird of the net cos� of said Pro-
�ect as es�imated, as afor�said� and for the fi�rther paym.ent of
any Remaining cost o� Mianic3.pa1 Build3ags and Improvem�nts to
be construc�ted within or ad�acent to the area �f said Pro,�eet..
That despite such alloca�ion and restri�tions ugon disbursemsmts
of the proceeds of the issuance and sale of said �ondg� hereunder�
the sa.me� •nevertheleasy shall be sub�eat to ad��stment in amount
and realloca�ion in purpos� consis�tent with said Gooperation •
Agreement as the sam� may be amended� under an8 by su�hority of
Said Ch�pter 881� Session Laws of M�.nnesota for 1963; provided
that no part of the proceeds of the is�uance and sale of any
of said bonds shall be made the sub�eot of any reall.ocation or
disbursement exeept for the pu.rpose of the payment or defraym�nt
of �aid City' s obligat�ons assumed� or whieh �ha11 be ��umed�
under and by authority of said Aat in respeet oP one or more of
the several Urban Renewal Development Pro�ee�ts spee�.fied therein.
�...� � �� ��� ._.�� _ �.� �:, � �1.�� ,
�J,u)D• �AdOD( • AdOD� .�.•" ���� AdO:)�
,. " '"'..��'� ' . �...°.a��x,f �o�ay� oa�x
' Page 5. '
That said bonds shall be payahle in lat�rful money of the United
States of America� at the Off ice of sa.3d C3ty's Commiss�oner a�
Finance? in said City of Saint Paul, or at th.e office of the
Fiscal Agent of said City in either Saint Paul� �iinnesota� or New York,
�ew York� at the optian of the holderi and the fu11 faith and
� credit of said. City hereby are irrevocably pledged for the prampt
and faithful payment of both principal and in�erest of said bonds.
RL'SOLVED �IIRTHER� that each of said bonds shal7. be sealed
by the facsimile oi the Official Seal of said City li��ographed
thereon and signed by the lithographed facs3mile signatur� of
its Mayor� attested by the lithographed facsimile signature of
its City Clerk, and count�rsigned manu�lly by the City Comp-
troller� and each interest coupon thereto attached shall be
signed by the lithograph.ed facs3.mile signatuses of its safd
Officers.
t�ESOLVEll I'?RTHER� that said City' s proper officers
hereby are authorized, directed an.d required to set aside annually
, from the revenues of said City a.n amount suffic3.ent for the pay-
ment of the in�erest on said hereby authorized bonds and the
principal of any such bonds maturing in such year a�d hereby are -
, authorized,c directed and z�equ.ired to nake � sufficient tax levy
for the pay,nent af the same uuder and pursuant to the provisions
of Chapter 475� Minnesota Statutes �961 , as amended. That such
tax levies for all years shall be specified and shall be such
tha� if collected in full they� together witY� estimated collec-
� tions of other revenues pledged for, the paym�nt of s�id obligati.ans,
• , wi13 produce at least five pex aent (��) in excess of th� amoun� ,
needed to meet� whEn due, the prin.cipal and interest �ay�ents
on said bonds. That eaeh suc� tax levy shal7. be by resolution
of the Council of said City� which sha3.1� among other things,
" irreaocably appropriate the taxes thereb� 1.evied together �ith
estimated collections of other re�renues pledged for the payment
of said City's obligations9 to the said City's Sinking Fund or
said special Fund designated as aforesaid� "?rba� Renewal and � ,
, � - Development ►�ro�ects"� for tY�e payment� when duey of �the principal
ancl interest of said bonds. That such provisions of' this Eesolution
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i
DUrLICATC TO rRINT[R _ • /�����
- • CITY OF ST. PAUL F,OENCIL NO_ �`' ��
, '� - � OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION—GENERAL FORM
rRESENTED{Y
COMMISSIONE� DA�
Page 6.
are in addition to the pledge of the full faith a.nd credit of �
said City for the payment of said bonds and are not in liau
of such pledge. That a fully executed counterpart of said Coopera-
tion Agreement is filed wherewith� in the office of the City
Clerk of said City� and incorporated herein by reference with
the same intent, purpose and effect as if said CQoperation
Agreement was set forth herein verbatim. ,�
t
JUN 11 1964
COUNCILD�N Adopted by the Council 19�
Yeas Nays
Dalglish � JUN 11 1964
Holland I Appro�� 19—
Loss Tn Favor
Meredith
Peterson � MByOr
A gainst
Rosen
Mr. President, Vavoulis
1on� e-as
ti� � � � � IP � 33
b ' '
o �^ �' "�N - � HOUSING AND REDEVELOPMENT AUTHORITY
G ��uo�. �, .
r�
��� . 4�� OF THE CITY OP SAINT PAUL
� � June 9, 1964 55 EAST FIFTH STREET
� 9 �';^� /, SAINT PAUL 1, MINN.
3 • �. � �
��r�u� Y�N���/ . L CApital 7J523
� � � � .
t � . HAROLD J. MORIARTY
Chairman
B. WARNER SHIPPEE � CARL CUMMINS, JR.
Executive Director
PATRICK J. TOWLE
� JOHN W. GREENMAN
Honorable Mayor and City Council EUGENE R. LAMBERT
c/o City'Clerk
�City Hall and Court House
Saint Paul, Minnesota
� Gentlemen: '
As indicated in the Statement of Method of Financing the Downtown Urban
Renewal Area Minn. R-20 and the Riverview Industrial Project Minn. R-26, the local
share of net project cost wi.11 be provided primarily through bonds issued by the
City of Saint Paul pursua.nt to Chapter 881 as enacted by the 1963 Minnesota State
Legislature. An appropriate resolution authorizing issuance of bonds for these
projects is now before your Honorable Body together with resolutions covering
Cooperation Agreemen.ts between the City and the Authority concerning each project.
This letter explains the figures contained in the bond resolution and the Agreements.
Chapter 881 provides tha.t the City may issue general ob�igation bonds in
aid of urban renewal in amounts "not to exceed one-third of the net project cost of
each of the urban renewal projects" designated by the Chapter "and for paying any
remaining costs of municipal buildings or improvements to be constructed within or
adjacent to the project area".
Based on estimates prepared by the Authority (as contained in the Final
Project Report, Section R-226, Form H-6200 now on file with the City Clerk) the
maxi.mum amount of bonds which could be authorized for the Downtown Project computing
$6,769,416 as one third of the net project cost of the project and $48,459 in
remaining costs of improvements in the total amount of $6,817,875. For Riverview
the maxi.mum amount of bonds which could be authorized computing one third of net
project cost at $1,744,408 with the remaining costs of improvements at $619,394 is
$2,363,802.
With concurrence of your Honorable Body, the Authority has elected to
finance the Downtown Project on a one fourth local and three fourths Federal formula
rather than the one third local - two thirds Federal formula. The one fourth -
three fourths formula results in a local share for powntown of $5,125,521 rather
than $6,769,416 under the one third - two thirds formula. The Riverview Project,
which is to be financed under the one third - two thirds formula will require
$2,363,802 as recited above. The bond resolution therefore, authorized issue of
$5,125,521 for powntown and $2,363,802 for Riverview. In the event both projects
are Federally approved a surplus currently estima.ted at $954,735 in non-cash grants-
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Page ��2 - June 9, 1964
Honorable Mayor and City Council
in-aid from the Riverview project which, it appears, will be available as creditable
against the local share of the Down.town Project. The Cooperation Agreements provide
that in the event of Federal approvals of both projects this surplus credit will be
applied to reduce the actual amount of bonds to be issued for the Downtown Project.
The bond resolution provides that authorization for specific bond issues
will be by later resolution or resolutions by your Honorable Body as and when needed.
Current estimates as reflected in the Cooperation Agreements (prepared with the able
assistance of the affected City Departments) and reflecting the surplus credit above
referred to indicate the following schedule for actual issue of bonds:
�
1964-65 1965-66 1966-67 1967-68 1968-69
Downtown $700,000 $1,000,000 $1,000,000 $1,000,000 $470,786
Riverview . 0 1,000,000 1,000,000 363,802 0
Cumulative
Total $700,000 $2,700,000 $4,700,000 $6,063,802 $6,534,588
With the three year delay in amortization of the bonds from date of issuance permitted
under statute, the issuance of the bonds in the year rieeded, and funds from the
currently levied redevelopment tax fund, the anticipated tax increment from reconstruct-
ion should be sufficient to handle or off-set debt service on these bonds without an
anticipated increase in the millage rate of the City.
The Authority requests your favorable consideration of the bond and
Cooperation Agreement resolutions.
Respectfully submitted,
h
�
B. Warner Shippee
CC: Honorable George J; Vavoulis Executive Director
Mayor
Honorable James J. Dalglish
Commissioner of Finance .
Honorable Frank L. Loss
Commissioner of Parks, Playgrounds and Public Buildings
Honorable Dean Meredith
Commissioner of Public Safety
Honorable Robert F. Peterson
. Commissioner of Libraries, Auditorium and Museums
Honorable Milton Rosen
Commi.ssioner of Public Works
Honorable Bernard T. Holland
Commissioner of Public Utilities
. Honorable Joseph J. Mitchell
Comptroller