95-317Council File # ! � �/ �_
Green Sheet # 3�.3 7 a
Preserned a
Refertetl So
RESOLUTtON
!1
1 RESOLIITION AIITHORIZIDTG ESECIITION OF DOCtJMENTS
2 IN CONNECTION AZTH PHASE I
3 MIDAAY MARRETPLACE PROJECT
4 WHEREAS, the Housinq and Redevelopment Authority of the City
5 of Saint Paul, Minnesota (the "Authority") has entered into
6 Development Agreements dated as of December 1, 1994 with University
7 Avenue Marketplace, Inc. and JRC Midway Limited Partnership,
8 respectively (collectively, the "Development Agreements") in
9 connection with the Phase I Midway Marketplace Project (the
l0 �'Project"); and
11 WHEREAS, the Developments Agreements contemplate that the City
12 shall execute certain documents in connection therewith in addition
13 to those previously authorized by the City Council; and
14 WHEREAS, the City has issued Taxable General Obligation Tax
15 Inorement Bonds, Series 1995A (the "BOnds") pursuant to a
16 Resolution No. 95-176 (the "Bond Resolution") adopted by the City
17 Council on February 22, 1995, and it is necessary and appropriate
18 that the Net Proceeds attributable to the Bonds and deposited in
19 the Construction Fund be reallocated among the various accounts and
20 the Bond Resolution be amended as provided herein.
� 21 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
22 City of Saint Paul, that the Mayor, C1er1c;. Director of Department
23 of Finance and Management Services, and Director of Department of
24 Planning and Economic Development of the City are authorized to
25 exeoute in the name of and on behalf of the City (i) the waiver
26 required under Section 5.5(1) of the Development Agreements in
27 substantially the form on file in the office of the City and (ii)
28 the Certificate Regarding Declaration attached as part of Exhibit
29 P to the Development Agreements or any comparable document in
30 substantially the forms on file in the office of the City. In the
31 event of the disability or the resignation or other absence of any
32 such officers, such other officers of the City who may act in their
33 behalf shall without further act or authorization of the City do
34 all things and execute all instruments and documents required to be
35 done or to be executed by such absent or disabled officials.
qS- 3i7
BE IT FURTHER RESOLVED that the Bond Resolution is hereby
amended by substituting in Section 21(1) thereof for the amounts
set forth in clause (i) "$6,607,112.39" and clause (ii)
n$752,137.61", by substituting for Er.hibit F a revised E�ibit F on
file in the office of the City and by substituting in the final
paragraph of Section 21(3) for the amounts set forth in clause (a)
"$2,865,000", clause (b) "$850,000", clause (c) "$1,555,000" and
clause (d) "$2,390,000".
Certified by Councit Secretary
By. _ � .
Apptwed by
By.
ss�ea
Requested by Department of:
Finance and Management Services
By: ..�� �7 �' �
Form Appr v d by City tomey
BY. � i f
f � 1
,
Apprrn yor for Subm ' to�OUncil
$r•
r`
Adopted by CounciL- Date �_�� ��� 9 S
Finance and Management Services
KdIItOL�W1CZ
March 29, 1995
TOTAL # OF SIGNATURE PAGES
03l20195
� �jS- 3t7 ✓
GREEN SHEET N_ 32378
MRIAIJDATE INITIALNATE
DEPARTMEMDIfiECTOR �CITVCOUNqL
CRYAiTOF2NEY O CRV CLERK
�OfEf DiPEC?OFi � FIN. 5 MGT SERVIGES DIA.
MAYOR (OP ASSISTAN't) ❑
(CLIP ALL LOCATIONS FOR SIGNATURE)
To approve the attached clean up resolction `o- the $7�660,000 Taacable G.O. Tas Increment Son@s (Midway
Marketplaae) original resolcticn CF 95-176 passeZ on �ebrsary 22, 1995_
_ PLANIJING COMMISSION _ CIVIL SEfiVICE
_ GiB GOMMITTEE _
_ STAFF _
_ DI5TpICT CDURT _
SUPPORTS WHICH COUNCIL OHJEC7IVE?
PEHSONAI SEHVICE CONTRACTS MUST ANSWER THE FOLLOWING OUESTIONS:
i. Has this perso�rm evw warketl under a contract tor this department?
YES NO
2. Has Mis perwnflirm ever been a city employae?
YES NO
3. Does this personttirm possess a skill no[ normally possessed by any curcent city employee?
YES NO
Explain all yas answers un seperate sheet and attaeh to green aheet
Authori�y to execu[e ad¢itional documents required under the development agreement is needed. Aftex the bonds
were issued and investments tiere priced, a reallocation of the proceeds vras required.
�EL�a'd�9�
ANTAGESIiAPPROYEO:
Appropriate documents will be executed and proper allocation of proceeds will be made.
0 1995
6;
None
1DYANTAGES IF NOT APPROVED�
Documents required under the development agreement will not be executed and the prior resolution will not
properly reflect the allocation of proceeds required to purchase securities-
'MAL AMOUNT OF TRANSACTION S
UNDIHG SOURCE
NANCIAL INFORMATION: (EXPLAIN)
COST/qEVENUE BUD6ETED (CIRCLE ONE)
ACTIVITY NUMBEH
YES NO
�:
EXHIBIT F
CRIP`PION OF ESCROWED BOND FUNDS A23D CAPITALIZED
II3TEREST ALLOCATEB TO EACH PROJECT COMPONENT
I. IIAMI Project Component
Escrowed Bond Funds and Capitalized
Interest Allocated at Bond Closina
1. e,.,� ,�� .,.;�,........,,-,.:,.:
v�-�= $:�°i7�3�,�Z�2���K�:_ of Net Proceeds
invested in one or more Permitted
Investments to cover interest accrued
throuqh and including January 1, 1996;
2. $-2, �4�,�r �:�.`���;�;;25�;�s;1� of Net Proceeds
w.. �r<:;. ;,;::<>,:.>,;:.;.
invested in one or more Permitted
Investments maturing 'o'rt:��i�;`:�e�:a�e
October 1, 1995 to cover�$�2;235;0�0
Net Proceeds for Developer.
II. Small Shops Project Component
Escrowed Bond Funds and Capitalized
Interest A1located at Bond Closina
1. �6 ��;�;r�<;�;3�m'8:�; of Net Proceeds
invested"iri orie"or more Permitted
Investments to cover interest accrued
through and including July 1, 1996;
2- °"�^� �;7:�:�";��:12::;�±�� of Net Proceeds
invested iri'one"or`more Permitted
Investments maturing �i�i`j;a�:;.�,e�are
December 1, 1995 to cover�$8�30',000
Net Proceeds for Developer.
qs-�i�
285764.RED
V2 to V1; 3)15l95
9s=3��
III. SIIPERVALU Project Component
Escrowed Bond Funds and Capitalized
Ynterest Allocated at Bond Closina
1• c '��`�o r. ,__ ; ,20, of Net Proceeds
.�2�: <=3:&-�=:�= ` .
invested iri�one or'more Permitted
Investments to cover interest accrued
through and including April 1, 1996;
2. t ,^° ''^" �;c�'� .1'"=�2:fs;:,(?� of Net ProCeeds
��- �.;� �;::.!>.:�..,.. .
invested in"one or more�Permitted
Investments maturing i��<<rs�>;,;�e'fp�e
December 1, 1995 to cover $1,'170,000
Net Proceeds £or Developer.
(UAMI Project Componentj
IV. K-Mart Project Component)
Escrowed Bond Funds and Capitalized
Interest Allocated at Bond Closina
1, s � , ,�.�i
� �<���:`r����`����. of Net Proceeds
invested in�"one'or more Permitted
Investments ta cover interest accrued
through and including June 1, 1997;
2. �i�•435�o3i �-2:x:57t�.x:81$r,�;5 Of NAt PYOC2fld5
invested in one"�'or more"Permitted
Investments maturing ra���%ox�b�fa�;�
December 1, 1996 to cover"�$2;800�,000
Net Proceeds for Developer.
The Net Proceeds described.above in paragraphs I.1, II.1
IV.1 may be invested in a single Capitalized Interest
Th�.e��3.�..�...I. �
�� �n'v'ti���ririe��t; in the form of a guaranteed
� .:..n .. �:4:.(c.:`.::'....'.
contract to ciover interest acerued through and including
stated therein for each Proiect Comoonent ari�-'°m��z�`i�'�7r�<:i'�i
__ _ _
, III.1 and
Permitted
investment
the dates
2857b4.RED
V2 to V1; 3/75/95
�'� 3t'�
It was necessary to adjust the proceeds allocated to each project component and the
capitalized interest associated with each, after we priced the securitaes purchased to
ful�ll our payment requirements. This could not happen prior to the day we closed on
the bonds and purchased securities.
The amount of proceeds allocated to project components was $6,52Q498.00 and should
be changed to $6,6Q7,112.39. The amount of proceeds allocated to Capitalized Interest
was $838,752.00 and should be changed to $752,137.61.
The total dollar amount does not change as a result of this reallocation. There is no
negative impact to the City or the HRA.
The following is a breakdown of the dollar amounts changed in the new resolution:
OLD NEW
UAMI Project Component
Development $2,141,917.00 $2,167,155.18
Capitalized Interest 193,192.00 178,682.91
Small Shops Component
Development 774,997.0� 795,612.46
Capitalized Interest 90,320.00 84,173.82
SUPERVALU Project Component
Development 1,106,692.OQ 1,121,526.00
Capitalized Intezest 135,386.00 126,142.10
K-Mart Project Component
Development 2,496,892.00 2,522,818.75
Capitalized Interest 419,854.00 363,138.78
TOTAL $7,359,250.00 $7,359,250.00