07-243Council File # �� Z� 3
Green Sheet # 3� �
RESOLUTION
CITY
Presented by
UL, MINNESOTA
� `�
RESOLUTION AUTHORIZING LOAN EXTENSIONS
FOR CIRCUS OF THE STAR DBA CIRCUS JUVENTAS, DISTRICT 15
4 WHEREAS, Circus of the Star received a Neighborhood STAR loan in 1999 which was approved by the
5 City Council under Resolution Number 99-1175 for an amount of $250,000 ("Neighborhood Loan"), and a
6 Culhual STAR loan in 2001 which was approved by the City Council under Resolution Number O1-135
7 for an amount of $85,000 ("Cultural Loan"); and
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9 WHEREAS, the original maturity date of the Neighborhood Loan was December 1, 2005, and the original
10 maturity date of the Cultural Loan was August 1, 2006; and
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12 WHEREAS, Circus of the Star has requested a ten (10) year extension for both the Neighborhood Loan
13 and Cultural Loan; and
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15 WHEREAS, the Credit Committee of the Department of Planning and Economic Development has
16 recommended approval of extensions of both of these loans with terms outlined below; and
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18 NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Saint Paul, Minnesota as
19 follows:
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Approval is hereby granted for a ten (10) yeaz extension for the Neighborhood Loan. The
cunent principal balance of the Neighborhood Loan (77148-1) is $248,65033. Accrued
interest and late fees are in the amount of $30,141.54 and will be added to the amortized
amount. Monthly payments of $1,863.93 will resume on April 1, 2007, and continue each
month thereafter until April 1, 2017, the new maturity date, at which time the Neighborhood
Loan and all accrued interest and late fees thereon shall be due and payable in fu1L The
interest rate shall remain at 6.5% per annum.
2. Approval is hereby granted for a ten (10) loan extension for the Cultural Loan. The current
principal balance of the Cultural Loan (77148-2) is $84,332.74. Accrued interest and late
fees are in the amount of $6,033.46 and wili be added to the amortized amount. Monthly
payments of $633.74 will resume on April 1, 2007, and continue each month thereafter until
April 1, 2017, the new maturity date, at which time the Cultural Loan and all accrued
interest and late fees thereon shall be due and payable in full. The interest rate shall remain
at 6.5% per annum.
�Sl -zu3
37 3. The Director of the Department of Planning and Economic Development or other
38 designated staff is authorized and directed to execute the necessary documents to amend the
39 Neighborhood Loan and Cultural Loan on terms consistent with this Resolution, in a form
40 acceptable to the City Attorney, on behalf of the City of Saint Paul and take such action as
41 necessary to implement this Resolution.
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Yeas Na s Absent Requested by Deparhnent of:
Benanav �/
Bostrom �
Harris � gy; � �
Form Approv d b � e� �
By:
� � �o � � � d
Adopted by Council: Date ��/���
Adoption Certified by Council Secretary
BY �,�'SG
Approved by ate
By:
Form prove by yo bm' 'on t Council
BY� �
�_—
Approv b th fac ^inancial � vices
�
By: �
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
o� Zy3
� DepartmenUoffice/counciL � Date Inkiated: �
pE - Planniug&FsonomicDcvclopmcnt � 21-FEB-07 r Green Sheet NO: 3037150
�
�� Contact Person & Phone: � j DepartmeM _ Se�rt To Person InitiallDate i
. Marshall Tumer � 0 �Plannioa & Economic Develonme�
� 6-6696 � qssign '� 1 �Plamm�e & Economic Develoome� 7om Mever ��
� Must Be on Council Agenda by (Date): � Number �, Z p�an°in¢ & Ewnomic DeveloDmet Patricia Lilledahl
i
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' '14MAR-07 ' For i -- -� - _
-- -- , Routing � 3 Plaunin¢ & Economic Derelopmei Department Director _
. Doc. Type: RESOLUTION W/$ TRANSAC '� Order q }qnancial Services D%ce of Financial Servic
' E-DocumentRequired: N �; 5 ,CiNAttorney ' PeteMcCall � � �
' Document ConWCt: { I 6 u�7ayor's �ce i MavodAssistant I
'� ,� 7 '�Comcil I C.7tY Council '�
. Contact Phone: ', i �,
Totai # of Signature Pages 1 (Clip All Locations for Signature)
. Action Requested:
; Approve resolution for City to extend loans made under the Neighborhood STAR and Cultural STAR Programs for Circus of the Star
dba Circus 7uventas for 1270 Montreal Avenue.
; Recommendations: Approve (A) or Reject (R): � Personal Service Contracts Must Answer the Following Questions:
Planning Commission ( 1. Has this persoNfirm ever worked under a contract for this department?
CIB Committee i Yes No
Qvil Service Commission � 2. Has this personlfirm ever been a city employee?
Yes No
i
; 3. Does this person/firtn possess a skill not normally possessed by any
�. curzent city employee?
Yes No
' Explain all yes answers on separete sheet and attach to green sheet
� loitiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
; Non Profit unable to make large balloon payments on Neighborhood and Cultural STAR loans which require extending those loans for
' an addifional 10 yea�s.
, AdvanWges If Approved:
; City can receive loan payments and business will remain open.
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; Disadvantages If Approvetl:
' None
', Disadvantages If Not Approved:
� Business could close and City would receive little additional funds.
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',, Total Amount of $36,175 CosURevenue Budgeted:
�, Transaction:
Funding Source: Neighborhood STAR/Cultural /a����t7/ Number: g30-90305 / 930-90309
Financial information: STAR J �• / �
�, (expiain) Accmed interest and late fees of $36,175.00 being added to loan.. s" t
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MAR 0 5 2�07 ��� �� 2 ��
February 23, 2007 931 AM Page 1�
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