10-541S
Council File # l�' �✓'f �
Green Sheet # 3111936
RESOLUTION
�INT Pn4iJL. MINNESOTA
Presented by:
1
2
3 RESOLUTION CONSENTIIVG TO
4 TERMINATION OF ASSESSMENT AGREEMEA'TS
�
6 WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul,
7 Minnesota (the "Authority") has heretofore entered into two sepazate assessment agreements
8 with Emerald Park LLC, a Minnesota limited liability company, and an assessment agreement
9 with Emerald Street LLC, a Minnesota limited liability company (collecrively, the "Developers")
10 dated February 26, 2003, February 24, 2005 and June 20, 2005 (collectively, the "Assessment
11 Agreements");
12 WHEREAS, the Assessment Agreements were entered into in connection with certain
13 pay-as-you-go tax increment notes issued by the Authority to the Developers in connection with
14 three owner occupied housing developments;
15 WHEREAS, the Authority agreed to issue refunding bonds to refund the pay-as-you-go
16 notes upon completion and sale of the owner occupied housing units, and to terminate the
17 Assessment Agreements, if necessary, for the Authority to issue the refunding bonds as tax
18 exempt obligarions;
19 WHEREAS, the Authority has been advised by bond counsel that it is necessary to
20 terminate the Assessment Agreements in order to issue the refunding bonds as exempt
21 obligations;
22
23 NOW THREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul,
24 Minnesota (the "City") as follows:
25 Section 1. Pursuant to Minnesota Statutes 469.177 Subdivision 8, the City hereby
26 consents to the termination of the Assessments Agreements.
27 Section 2. The staff of the City and the Authority are authorized to take any and all
28 actions necessary to terminate the Assessment Agreements at the appropriate time.
365774v3 MMD SA730-105
�0-541
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
FS _ Financial Services
Contact Pereon ffi Phone:
Bob Geurs
266-8837
Must Be on Council
26-MAY-10 i
Doc. Type: RESOLUTION
uace �nmaceu. `
19MAY2010 I Green Sheet NO:
�
Assign
by (Date): Num6er
:�� For
Roufing
Order
E-Document Required: Y
Document Contact: Bob Geurs
Contact Phone: 266-8837
7otal # of Signature Pages _(Clip All Locations for Signature)
0
1
2
3
a
5
111936
�
�
�
City Council resolution to consent to termination of Assesment Agreemtns for Emerald Gardens and Metro Projects. HRA
previously apporved this action in Res 10-05/12-3.
Recommendations: Approve (A) or Reject (R)�
Planning Commission
GB Committee
Crvil Service Commission
Perso�al Service Contracts Must Answer the Following Questionr.
1. Has this person/firm ever worked under a contract for this department?
Yes No
2, Has this person/frm ever been a ciry employee?
Yes No
3. Does this person/frm possess a skill not normally possessed by any
cuven[ city empfoyee?
Yes No
Explain all yes answers on separete sheet and attach to green sheet.
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
Bond Counsel - Kennedy & Graven has required fot FiRA To issue tas exempt TIF Refunding Bonds that the Assesment Agreements
be tetminated by 7uly 1, 2010.
Advantages If Approved: ,
HRA TIF Refunding Bonds can be issued to retire 3 TIF pay- GO notes
Disadvantages If Approved:
None known
Disadvantages If Not Approved:
ARA canno[ complete TIF Refunding bond issuance in Emetald Gardens/Mehom Projects
Total Amount of
Trensaction:
Funding Source:
Financial Information:
(Explain)
E
GosURevenue Budgeted:
Activity Number:
��`�"�����
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May 19, 2010 10:05 AM Page 1
S
Council File # l�' �✓'f �
Green Sheet # 3111936
RESOLUTION
�INT Pn4iJL. MINNESOTA
Presented by:
1
2
3 RESOLUTION CONSENTIIVG TO
4 TERMINATION OF ASSESSMENT AGREEMEA'TS
�
6 WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul,
7 Minnesota (the "Authority") has heretofore entered into two sepazate assessment agreements
8 with Emerald Park LLC, a Minnesota limited liability company, and an assessment agreement
9 with Emerald Street LLC, a Minnesota limited liability company (collecrively, the "Developers")
10 dated February 26, 2003, February 24, 2005 and June 20, 2005 (collectively, the "Assessment
11 Agreements");
12 WHEREAS, the Assessment Agreements were entered into in connection with certain
13 pay-as-you-go tax increment notes issued by the Authority to the Developers in connection with
14 three owner occupied housing developments;
15 WHEREAS, the Authority agreed to issue refunding bonds to refund the pay-as-you-go
16 notes upon completion and sale of the owner occupied housing units, and to terminate the
17 Assessment Agreements, if necessary, for the Authority to issue the refunding bonds as tax
18 exempt obligarions;
19 WHEREAS, the Authority has been advised by bond counsel that it is necessary to
20 terminate the Assessment Agreements in order to issue the refunding bonds as exempt
21 obligations;
22
23 NOW THREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul,
24 Minnesota (the "City") as follows:
25 Section 1. Pursuant to Minnesota Statutes 469.177 Subdivision 8, the City hereby
26 consents to the termination of the Assessments Agreements.
27 Section 2. The staff of the City and the Authority are authorized to take any and all
28 actions necessary to terminate the Assessment Agreements at the appropriate time.
365774v3 MMD SA730-105
�0-541
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
FS _ Financial Services
Contact Pereon ffi Phone:
Bob Geurs
266-8837
Must Be on Council
26-MAY-10 i
Doc. Type: RESOLUTION
uace �nmaceu. `
19MAY2010 I Green Sheet NO:
�
Assign
by (Date): Num6er
:�� For
Roufing
Order
E-Document Required: Y
Document Contact: Bob Geurs
Contact Phone: 266-8837
7otal # of Signature Pages _(Clip All Locations for Signature)
0
1
2
3
a
5
111936
�
�
�
City Council resolution to consent to termination of Assesment Agreemtns for Emerald Gardens and Metro Projects. HRA
previously apporved this action in Res 10-05/12-3.
Recommendations: Approve (A) or Reject (R)�
Planning Commission
GB Committee
Crvil Service Commission
Perso�al Service Contracts Must Answer the Following Questionr.
1. Has this person/firm ever worked under a contract for this department?
Yes No
2, Has this person/frm ever been a ciry employee?
Yes No
3. Does this person/frm possess a skill not normally possessed by any
cuven[ city empfoyee?
Yes No
Explain all yes answers on separete sheet and attach to green sheet.
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
Bond Counsel - Kennedy & Graven has required fot FiRA To issue tas exempt TIF Refunding Bonds that the Assesment Agreements
be tetminated by 7uly 1, 2010.
Advantages If Approved: ,
HRA TIF Refunding Bonds can be issued to retire 3 TIF pay- GO notes
Disadvantages If Approved:
None known
Disadvantages If Not Approved:
ARA canno[ complete TIF Refunding bond issuance in Emetald Gardens/Mehom Projects
Total Amount of
Trensaction:
Funding Source:
Financial Information:
(Explain)
E
GosURevenue Budgeted:
Activity Number:
��`�"�����
��� � u �.���
May 19, 2010 10:05 AM Page 1