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97-1300Council File # ��7 — �7�0 Green Sheet # 3 \ � �o 1 2 3 4 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 i7 '�8 �9 0 1 RESOLUTION CITY OF SAINT PAUL, MINNESOTA Presented By Referred To c.:ommiccee: uate yS RESOLUTION OF THE CTTY COUNCII. OF TAE CITY OF SAINT PAUL AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT WITH NIINNESOTA MUTUAL LIFE INSI7RANCE COMPANY WfIEREAS: 1. On September 24, 1997 the City Council of the City of Saint Paul, Minnesota (the "City") adopted its Resolution CF No. 97-1165 giving its approval to the execution of a Memorandum of Intent with Minnesota Mutual Life Insurance Company ("MMI,IC"), the Port Authority of the City of Saint Paul (the "Port Authority") and the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") re�arding the redevelopment of Block 4 and authorized staffto continue negotiations with MNII,IC, the Port Authority and the HRA toward the development of a Development Agreement in connection therewith. 2. City staff, together with HRA and Port Authority staff, have negotiated a Development Agreement (the "Development Agreement") to be entered into by and among the City, the I IItA, the Port Authority and MNII,IC and has provided that Development Agreement to the City for consideration 3. Pursuant to the Development Agreement, the ffi2A will agree to create a tax increment district consisting of Block 4, and upon creation of that district to issue its tax increment note in an original principal amount of $15,OOQ,0�0 (the "Tas Increment Note"), which Tax Increment Note wi11 be purchased by MNILIC, all to provide funds to be used to acquire and prepare Block 4 for the constructaon of an office tower and parking ramp by MN�,IC; and 4. The Tax Increment Note is not a general obligation of the I�RE1 or the City, and is not to be payable from or chargeable against any funds other than the tas increments pledged to the payment thereof. Neither the I�Rt1 nor the City shall be subject to any liability on the Tas Increment Note other than from such tax increments; and 5. Ciry staff has recommended that the HIiA authorize the execution of the Development Agreement and the issuance of the Note, all as more fully set provided herein. NOW, THEREFORE, BE IT RESOLVED, by ihe City Council of the City of Saint Paul, Minnesota (the "City"), as follows: L �arification. All activities previously undertaken by City staff in working with the Port Authority, the I�A and MNII.IC to negotiate the Development Agreement are hereby ratified and affirmed. 2. Development Ag�eement. Approval is hereby given to the terms of the Development Agreement, and execution of the Development Agreement by the Director of Planning and Economic Development of the Gity. Such approval includes approval of such additional details therein as may be necessary and appropriate, such modifications 358863603 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 Q'1- \'�oa thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney, counsel, and appropziate City staff; and said City Attorney, counsel, and City staff are hereby authorized to approve said changes and related instnmients on behalf of the City upon determination by them that such changes and related inshvments are consistent with this Resolution and necessary or desirable to effectuate the purposes hereof. The authorization hereby given shall be further construed as authorization for the execution and delivery of such certificates and related items as may be required to demonshate compliance with the agreements being amended and the terms of this Resolution. 3. Amendments. The authority to approve, execute and deliver future amendments to the Development Agreement in connection with the transactions contemplated thereby is hereby delegated to the Director, provided that such amendments do not materiaily adversely affect the interests of the City; such amendments do not contravene ar violate any policy of the City; and such amendments are acceptable in form and substance to the St. Paul City Attorney, or other counsel retained by the City to review such amendments. 4. Saint Paul Living Wage Job Recommendations. In January, 1997 the Council adopted its Saint Paul Living Wage Job Recommendations. In this regazd, the Council has reviewed the historical commitment of MNII,IC to the tong-term wel] being of the City and its employees, as well as its proposal for expansion through the Project. The Council hereby determines that MNII,IC's expansion is consistent with the policy guidelines contained in the Saint Paul Living Wage Job Recommendations, and resolves that no additional actions are required of MNII.IC in connection with the Project to meet those recommendations. 5. Local Contribution. The City hereby agrees, pursuant to the Development Agreement to make a"local contribution" to the Block 4 Tax Increment District in an amount equal to 5% of the tax increments generated by that district. Requested by Department of: Plannin & ��o�i v lo ment By: l Adoption Certi£ied by Council Secretary By: �� Approved by Mayor: Date /L�"1 C� �-- By: c 1585636.03 9'1 _ ��oo PED Bob Geurs(66653) TOTAL # OF SIGNATUflE PAGES io=is=� � GREEN SHEET GffYA7TOpNEY �� C� BUDGET DIqECTOR MAYOR (ORASSIS (CLIP ALL LOCATIONS FOR SIGNATURE) �� iwmnuon� CT' COUNCIL CRYCLEFK FIN, & MGT. SERVICES DIR. Resolurion authorizing the execution of a Development Ageement with Minnesota Muwal Life rnc„ran�P Company. npprova (A) or Ral� (R) _ PLANNING COMMISSION _ qVIL SERVICE _ CIB CqMMITTEE _ __ STAFF _ .__ DISTRICTCAUfiT _ SUPPOF7t$ WHICH COUNCIL O&IECTIVE? PERSONAL SERYICE CONTRACTS MUST ANSWEH THE FOLLOWfNG �UESTIOtiS: 1. Has this persoNflrm ever worketl under a coniract tor this departmeni? YES NO 2 Has this personlfirm ever 6een a ciry employee? YES NO 3. Does this personflirm possess a skiil not normally possessed by any curtent ciry employee? YES NO F�cplat� all yes answers on aeparate aheet and attaCh to green aheet Minnesota Mutual Life Insurance Company (MMLIC) has decided to e�and in downtown 5t. Pau1 by building an o�ce tower. The Saint Paul Part Authoriry will acquire the dowmown block (Block 4) and MMLIC will build a 350,000 squaze foot office tower with a 1,000 pazking space ramp. The City and HRA will establish a Tax Increment Financmg District. The e�cution of this Development Agreement will ensure that MMLIC will hegin to construct a new office �OTALAMOUNTOFTRANSAC710N COS7/REVENUE BUDGE7ED (CIRCLE ONE) YES NO °UN W f8G SOURCE ACTIVITY NUMBER INANCIAL INPoRFSATI�N: (EXPLAIN) a� �'�� ;'. 4� r i�` I. L Presented Green Sheet # 3q3� CITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ?6 )7 >g !9 0 Referred RESOLUTfON 41NT PAUL, MI Council File # i t — 1\LS a� Committee: Date RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITX COUNCIL OF THE CITY OF SAINT PAUL ON (A) THE MODIFICATION OR THE TAX INCREMENT FINANCING PLAN FOR THE SEVENTH PLACE TAX INCREMENT FINANCING DISTRICT, AND (B) THE CREATION OF THE BLOCK 4 REDEVELOPMENT TAX II3CREMENT FINANCING DISTRICT; AND AUTAORIZING THE EXECUTION OF A MEMORANDUM OF INTENT WITH MINNESOTA MUTUAL LIFE INSURANCE COMPANY WHEREAS: 1. On November 30,1978, the Housing and Redevelopment Authority ofthe City of Saint Paul, Minnesota (the "HRA") approved the Seventh Place Redevelopment Plan and the Project Financing Plan related thereto by Resolution No. 78-11/30-1, to which the City Council of the City of Saint Paul (the "Council") subsequently gave its approva] by Resolution C.F. No. 272155 adopted on December 5, 1978. By Resolution No. 81-I i/5-8 adopted November 5, 1981 and Resolution No. 83-5125-3 adopted May 25, 1983, the HRA adopted modifications to such plans which did not require approval of the Council, and by Resolution No. 82-1/28-11 adopted amendments to the Redevelopment Plan and Project Financing Plan, which amendments were approved by the Council by Resolutions C.F. No. 278173 and 278670 adopted February 4, 1982 and May 11, 1982. The Redevelopment Plan was again amended and a Tax Increment Financing Plan £or the Seventh Place Redevelopment Project was approved by the HRA on November 9, 1989 by Resolution No. 89-i l/9-1, and approved by the Council by Resalufion C.F. No. 89- 2028 adopted on November 9, 1989, and further amended on May 28, 1997 by Resolution No. 97-5/28-9, and approved by the Council by Resolution C.F. No. 97-668. 2. Minnesota Mutual Life Insurance Company ("MMLIC") has coznmitted to consuucting an office building consisting of not less than 350,OQ0 renYahle square feet in a new office tower to be constructed in downtown Saint Paul on the block bounded by Robert, Sixth, and Minnesota Streets and 5eventh Place (the "Project Block"), shown on the map attached hereto as Exhibit A which Project Block is adjacent to MA�IC's present corporate headquarters; and 2 3. MMI.IC also plans to construct a pazking ramp of no more than 1,000 spaces on the Project Block (the 3 office tower and the parking ramp are collectively referred to as the "ProjecP'j; and 4 7 4. The Port Authoriry of the City of Saint Paul (the "Port Authority") shail acquire the Project Block, i demolish �isting structures, remove or remediate any hazardous waste, and sell the Project Block to NIMLTC; and ] 1576004 /�/1 � `�� ,`�''` � Y6I✓ �` 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 5? 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 ?4 75 76 77 rg '9 ;0 5. MMLIC has indicated that they are prepared to act as developer and owner of the office tower and parking iamp and to secure debt and equity financing for the Project; and 6. Construction of the Project will retain MIVII,IC's corporate headquarters in the City of Saint Paul, thereby retaining 2,100 jobs in the City of Saint Paul, and MNILIC anricipates expanding its corporate headquarters and creating approximately 2,000 additional jobs; and 7- In an effort to encourage the development and redevelopment of properry in the Project area and specifically, to provide for the acquisirion of land, demoliuon of s�iruchues, and the construction of the Project, it has been proposed that the HRA establish the $lock [4] Redevelopment Ta�c Increment Financing District (the "DistricY� and that, in connection with the creation of the District, approve (i) the taY increment financing plan relating thereto, and (ii} an amendment to the Tax Increment Financing Plan for the Seventh Place Tas Increment District (collectively,the "Plans"), all pursuant to and in accordance with Minnesota Statutes, Sections 469.001 through 469.047, inclusive; and Minnesota Statutes, Sections 469.174 through 469.179, inclusive. 8. The District shall be formed by removing Block 4 from the Seventh Place T� Increment District by amending the Tas Increment Financing Plan for such district, and creating a new redevelopment district encompassing Block 4. 9. It is proposed that the Council call for a public hearing regazding the Plans and direct that the Pians be sent by the HRA to the City of Saint Paul Planning Commission (the "Planning Commission") and the applicable taxing jurisdictions. 10. Ciry staff has negotiated a Memorandum of Intent (the "Memorandum of IntenP') to be entered into by and among the City of Saint Paul, the HRA, the Port Authority and MIvILIC for consideration by the Council. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Saint Paul, Minnesota (the "City"), as follows: 1. Public Hearing. This council shall meet on W ednesday, October 22, 1997, at approximately 4:30 p.m., to hold a pubiic hearing on the proposed Plans pursuantto and in accordance with Minnesota Statutes, Sections 4b9.001 to 469.047 and Sections 469.174 to 469.179, inclusive, as amended, in an effort to encourage the redevelopment of Block [4] within the City to provide for the construction of a 350,Q00 square foot office tower and 1,000-stall parking ramp thereon. 2. Filing of Pians Notice of He�rin$. The HRA staff is hereby authorized to work with the Port Aathority to finalize the Plans, and is directed to forward the Plans upon completion to the appropriate taxing jurisdictions including Ramsey County and Independent School Dishict No. 625, and to the Planning Commission. The City Clerk is authorized and directed to cause notice of the public hearing, substarnially in the form attached hereto as Attachment A, together with an appropriate map as required by law, to be published at least once in the official newspaper of the City on October 10, 1997, and to place a copy of the Plans on file in the City Clerk's office at City Ha31 and to make such copies available for inspection by the public. 1 3. Memorandum of Intent. Approval is hereby given to the terms of the Memorandum of Intent, and 2 execution of the Memorandum of Intent by the Executive Director of Planning and Economic Development of the 3 City. Such approval includes approval of such addiYional details therein as may be necessary and appropriate, such 4 modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved > by the City Attomey, counsel, and appropriate City staff; and said City Attorney, counsel, and City staff are hereby i authorized to approve said changes and retated instruments on behalf of the City upon determination by them that � such changes and related instruments are consistent with this Resolution and necessary or desirable to effectuate the in6uoa Q'1 — \�e c7 �' � .88 89 90 91 92 93 purposes hereof. 4. Negotiation of Development Agreement. Following execution of the Memorandum of Intent, FIRA staffis authorized to complete negotiations with representatives of the Port Authority and MIvILIC to complete the Development Agreement described in the Memorandum of Intent. The Development Agreement, when finalized, shall be returned to the Council for consideration. By: Approved by Mayor: By; _� nate L Fo p ved by City ttorney By: � �/ Approved by May9r for Submission to Covncil / BY: '�L� Y� IS]6004 Adoption Certified by Council Secretaxy �,-, _ , ��q�'� 393�� G� REEN SHEE OEPARf11ENT01RECTOR �CT'COUNCIL �R�AwA7E cm nrroRwEV 0 cm c�Ax BUD6ET DIRECfOR � flN. # MGT. SERVICES Diq. MAYOR(ORASSIS7ANT) � TOTAL # OF SIGNATURE PAGES (CUP ALL LOCATfONS FOR SiGNATURE) Resolwion c'�, �'�mo for a public heazing by ihe City Coimcil of the City of Saint Paul on (A) the modification of the TaY Increment Financing Plan for the Seventh Place Taz Increment Financing Dish�ict , and (B) the creation oF the Biock 4 Redevelopment Tax Increment Financing District; and authorizing the executian of a memorandum of intent with Minnesota Mutual Life Insurance Apqwa (A) _ PUNNINC CqMMISSION �_ CIB COMMRTEE � S7nFF _ DISTRICTCOURT SUPPOqTS WH�CH COUNGIL O "°'°" "" PERSONAL SERVICE CONTfiACTS MUST ANSWEFi TNE FOLLOWING QUESTIONS: _� qVlt SEHVICE COMMISSION 7. Ftas Mis Pe[sp^�rm evBr worked untlflr a Co�hBCt tor t�iS depeRmertt? YES NO 2. Hes this person/firm ever been a ciry emptoyee? YES NO 3. Does this persoNfirm possess e skiil not nortnally possessad by arry current city employee? YES NO Ezplain af{ yes answsn on ssparate shset antl attach to prsen shset � �T WIINti PXOBLEM. ISSUE. aPPOiIrUN1TY iW�O. W1�et. NM�e�. NTBre, NTy): Mi�esota Mutual Life lnsurance Company (MML) h2s decided to expand in downtown St. Paul by building an office tower. MML intends to lend the City 14 million dollars to acqnire the downtown block and MML will build a 350,000 square foot office tower with a 1,000 parking space ramp. The creation of this Redevelopment Ta4 Increment Dis�ict will provlde one of the mechanisms for Minnesota Mutuai to loan the money to ihe City. fOTqL pMOUNT OF TRANSACTION S COSi/REVENUE BUDGETED (CIRCLE ONE) 'UNDIpG SOURCE pCT1ViTY NUMBEH YES NO INANC�AL INFORFlATIQN: (E%PLAIN) Council File # ��7 — �7�0 Green Sheet # 3 \ � �o 1 2 3 4 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 i7 '�8 �9 0 1 RESOLUTION CITY OF SAINT PAUL, MINNESOTA Presented By Referred To c.:ommiccee: uate yS RESOLUTION OF THE CTTY COUNCII. OF TAE CITY OF SAINT PAUL AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT WITH NIINNESOTA MUTUAL LIFE INSI7RANCE COMPANY WfIEREAS: 1. On September 24, 1997 the City Council of the City of Saint Paul, Minnesota (the "City") adopted its Resolution CF No. 97-1165 giving its approval to the execution of a Memorandum of Intent with Minnesota Mutual Life Insurance Company ("MMI,IC"), the Port Authority of the City of Saint Paul (the "Port Authority") and the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") re�arding the redevelopment of Block 4 and authorized staffto continue negotiations with MNII,IC, the Port Authority and the HRA toward the development of a Development Agreement in connection therewith. 2. City staff, together with HRA and Port Authority staff, have negotiated a Development Agreement (the "Development Agreement") to be entered into by and among the City, the I IItA, the Port Authority and MNII,IC and has provided that Development Agreement to the City for consideration 3. Pursuant to the Development Agreement, the ffi2A will agree to create a tax increment district consisting of Block 4, and upon creation of that district to issue its tax increment note in an original principal amount of $15,OOQ,0�0 (the "Tas Increment Note"), which Tax Increment Note wi11 be purchased by MNILIC, all to provide funds to be used to acquire and prepare Block 4 for the constructaon of an office tower and parking ramp by MN�,IC; and 4. The Tax Increment Note is not a general obligation of the I�RE1 or the City, and is not to be payable from or chargeable against any funds other than the tas increments pledged to the payment thereof. Neither the I�Rt1 nor the City shall be subject to any liability on the Tas Increment Note other than from such tax increments; and 5. Ciry staff has recommended that the HIiA authorize the execution of the Development Agreement and the issuance of the Note, all as more fully set provided herein. NOW, THEREFORE, BE IT RESOLVED, by ihe City Council of the City of Saint Paul, Minnesota (the "City"), as follows: L �arification. All activities previously undertaken by City staff in working with the Port Authority, the I�A and MNII.IC to negotiate the Development Agreement are hereby ratified and affirmed. 2. Development Ag�eement. Approval is hereby given to the terms of the Development Agreement, and execution of the Development Agreement by the Director of Planning and Economic Development of the Gity. Such approval includes approval of such additional details therein as may be necessary and appropriate, such modifications 358863603 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 Q'1- \'�oa thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney, counsel, and appropziate City staff; and said City Attorney, counsel, and City staff are hereby authorized to approve said changes and related instnmients on behalf of the City upon determination by them that such changes and related inshvments are consistent with this Resolution and necessary or desirable to effectuate the purposes hereof. The authorization hereby given shall be further construed as authorization for the execution and delivery of such certificates and related items as may be required to demonshate compliance with the agreements being amended and the terms of this Resolution. 3. Amendments. The authority to approve, execute and deliver future amendments to the Development Agreement in connection with the transactions contemplated thereby is hereby delegated to the Director, provided that such amendments do not materiaily adversely affect the interests of the City; such amendments do not contravene ar violate any policy of the City; and such amendments are acceptable in form and substance to the St. Paul City Attorney, or other counsel retained by the City to review such amendments. 4. Saint Paul Living Wage Job Recommendations. In January, 1997 the Council adopted its Saint Paul Living Wage Job Recommendations. In this regazd, the Council has reviewed the historical commitment of MNII,IC to the tong-term wel] being of the City and its employees, as well as its proposal for expansion through the Project. The Council hereby determines that MNII,IC's expansion is consistent with the policy guidelines contained in the Saint Paul Living Wage Job Recommendations, and resolves that no additional actions are required of MNII.IC in connection with the Project to meet those recommendations. 5. Local Contribution. The City hereby agrees, pursuant to the Development Agreement to make a"local contribution" to the Block 4 Tax Increment District in an amount equal to 5% of the tax increments generated by that district. Requested by Department of: Plannin & ��o�i v lo ment By: l Adoption Certi£ied by Council Secretary By: �� Approved by Mayor: Date /L�"1 C� �-- By: c 1585636.03 9'1 _ ��oo PED Bob Geurs(66653) TOTAL # OF SIGNATUflE PAGES io=is=� � GREEN SHEET GffYA7TOpNEY �� C� BUDGET DIqECTOR MAYOR (ORASSIS (CLIP ALL LOCATIONS FOR SIGNATURE) �� iwmnuon� CT' COUNCIL CRYCLEFK FIN, & MGT. SERVICES DIR. Resolurion authorizing the execution of a Development Ageement with Minnesota Muwal Life rnc„ran�P Company. npprova (A) or Ral� (R) _ PLANNING COMMISSION _ qVIL SERVICE _ CIB CqMMITTEE _ __ STAFF _ .__ DISTRICTCAUfiT _ SUPPOF7t$ WHICH COUNCIL O&IECTIVE? PERSONAL SERYICE CONTRACTS MUST ANSWEH THE FOLLOWfNG �UESTIOtiS: 1. Has this persoNflrm ever worketl under a coniract tor this departmeni? YES NO 2 Has this personlfirm ever 6een a ciry employee? YES NO 3. Does this personflirm possess a skiil not normally possessed by any curtent ciry employee? YES NO F�cplat� all yes answers on aeparate aheet and attaCh to green aheet Minnesota Mutual Life Insurance Company (MMLIC) has decided to e�and in downtown 5t. Pau1 by building an o�ce tower. The Saint Paul Part Authoriry will acquire the dowmown block (Block 4) and MMLIC will build a 350,000 squaze foot office tower with a 1,000 pazking space ramp. The City and HRA will establish a Tax Increment Financmg District. The e�cution of this Development Agreement will ensure that MMLIC will hegin to construct a new office �OTALAMOUNTOFTRANSAC710N COS7/REVENUE BUDGE7ED (CIRCLE ONE) YES NO °UN W f8G SOURCE ACTIVITY NUMBER INANCIAL INPoRFSATI�N: (EXPLAIN) a� �'�� ;'. 4� r i�` I. L Presented Green Sheet # 3q3� CITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ?6 )7 >g !9 0 Referred RESOLUTfON 41NT PAUL, MI Council File # i t — 1\LS a� Committee: Date RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITX COUNCIL OF THE CITY OF SAINT PAUL ON (A) THE MODIFICATION OR THE TAX INCREMENT FINANCING PLAN FOR THE SEVENTH PLACE TAX INCREMENT FINANCING DISTRICT, AND (B) THE CREATION OF THE BLOCK 4 REDEVELOPMENT TAX II3CREMENT FINANCING DISTRICT; AND AUTAORIZING THE EXECUTION OF A MEMORANDUM OF INTENT WITH MINNESOTA MUTUAL LIFE INSURANCE COMPANY WHEREAS: 1. On November 30,1978, the Housing and Redevelopment Authority ofthe City of Saint Paul, Minnesota (the "HRA") approved the Seventh Place Redevelopment Plan and the Project Financing Plan related thereto by Resolution No. 78-11/30-1, to which the City Council of the City of Saint Paul (the "Council") subsequently gave its approva] by Resolution C.F. No. 272155 adopted on December 5, 1978. By Resolution No. 81-I i/5-8 adopted November 5, 1981 and Resolution No. 83-5125-3 adopted May 25, 1983, the HRA adopted modifications to such plans which did not require approval of the Council, and by Resolution No. 82-1/28-11 adopted amendments to the Redevelopment Plan and Project Financing Plan, which amendments were approved by the Council by Resolutions C.F. No. 278173 and 278670 adopted February 4, 1982 and May 11, 1982. The Redevelopment Plan was again amended and a Tax Increment Financing Plan £or the Seventh Place Redevelopment Project was approved by the HRA on November 9, 1989 by Resolution No. 89-i l/9-1, and approved by the Council by Resalufion C.F. No. 89- 2028 adopted on November 9, 1989, and further amended on May 28, 1997 by Resolution No. 97-5/28-9, and approved by the Council by Resolution C.F. No. 97-668. 2. Minnesota Mutual Life Insurance Company ("MMLIC") has coznmitted to consuucting an office building consisting of not less than 350,OQ0 renYahle square feet in a new office tower to be constructed in downtown Saint Paul on the block bounded by Robert, Sixth, and Minnesota Streets and 5eventh Place (the "Project Block"), shown on the map attached hereto as Exhibit A which Project Block is adjacent to MA�IC's present corporate headquarters; and 2 3. MMI.IC also plans to construct a pazking ramp of no more than 1,000 spaces on the Project Block (the 3 office tower and the parking ramp are collectively referred to as the "ProjecP'j; and 4 7 4. The Port Authoriry of the City of Saint Paul (the "Port Authority") shail acquire the Project Block, i demolish �isting structures, remove or remediate any hazardous waste, and sell the Project Block to NIMLTC; and ] 1576004 /�/1 � `�� ,`�''` � Y6I✓ �` 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 5? 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 ?4 75 76 77 rg '9 ;0 5. MMLIC has indicated that they are prepared to act as developer and owner of the office tower and parking iamp and to secure debt and equity financing for the Project; and 6. Construction of the Project will retain MIVII,IC's corporate headquarters in the City of Saint Paul, thereby retaining 2,100 jobs in the City of Saint Paul, and MNILIC anricipates expanding its corporate headquarters and creating approximately 2,000 additional jobs; and 7- In an effort to encourage the development and redevelopment of properry in the Project area and specifically, to provide for the acquisirion of land, demoliuon of s�iruchues, and the construction of the Project, it has been proposed that the HRA establish the $lock [4] Redevelopment Ta�c Increment Financing District (the "DistricY� and that, in connection with the creation of the District, approve (i) the taY increment financing plan relating thereto, and (ii} an amendment to the Tax Increment Financing Plan for the Seventh Place Tas Increment District (collectively,the "Plans"), all pursuant to and in accordance with Minnesota Statutes, Sections 469.001 through 469.047, inclusive; and Minnesota Statutes, Sections 469.174 through 469.179, inclusive. 8. The District shall be formed by removing Block 4 from the Seventh Place T� Increment District by amending the Tas Increment Financing Plan for such district, and creating a new redevelopment district encompassing Block 4. 9. It is proposed that the Council call for a public hearing regazding the Plans and direct that the Pians be sent by the HRA to the City of Saint Paul Planning Commission (the "Planning Commission") and the applicable taxing jurisdictions. 10. Ciry staff has negotiated a Memorandum of Intent (the "Memorandum of IntenP') to be entered into by and among the City of Saint Paul, the HRA, the Port Authority and MIvILIC for consideration by the Council. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Saint Paul, Minnesota (the "City"), as follows: 1. Public Hearing. This council shall meet on W ednesday, October 22, 1997, at approximately 4:30 p.m., to hold a pubiic hearing on the proposed Plans pursuantto and in accordance with Minnesota Statutes, Sections 4b9.001 to 469.047 and Sections 469.174 to 469.179, inclusive, as amended, in an effort to encourage the redevelopment of Block [4] within the City to provide for the construction of a 350,Q00 square foot office tower and 1,000-stall parking ramp thereon. 2. Filing of Pians Notice of He�rin$. The HRA staff is hereby authorized to work with the Port Aathority to finalize the Plans, and is directed to forward the Plans upon completion to the appropriate taxing jurisdictions including Ramsey County and Independent School Dishict No. 625, and to the Planning Commission. The City Clerk is authorized and directed to cause notice of the public hearing, substarnially in the form attached hereto as Attachment A, together with an appropriate map as required by law, to be published at least once in the official newspaper of the City on October 10, 1997, and to place a copy of the Plans on file in the City Clerk's office at City Ha31 and to make such copies available for inspection by the public. 1 3. Memorandum of Intent. Approval is hereby given to the terms of the Memorandum of Intent, and 2 execution of the Memorandum of Intent by the Executive Director of Planning and Economic Development of the 3 City. Such approval includes approval of such addiYional details therein as may be necessary and appropriate, such 4 modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved > by the City Attomey, counsel, and appropriate City staff; and said City Attorney, counsel, and City staff are hereby i authorized to approve said changes and retated instruments on behalf of the City upon determination by them that � such changes and related instruments are consistent with this Resolution and necessary or desirable to effectuate the in6uoa Q'1 — \�e c7 �' � .88 89 90 91 92 93 purposes hereof. 4. Negotiation of Development Agreement. Following execution of the Memorandum of Intent, FIRA staffis authorized to complete negotiations with representatives of the Port Authority and MIvILIC to complete the Development Agreement described in the Memorandum of Intent. The Development Agreement, when finalized, shall be returned to the Council for consideration. By: Approved by Mayor: By; _� nate L Fo p ved by City ttorney By: � �/ Approved by May9r for Submission to Covncil / BY: '�L� Y� IS]6004 Adoption Certified by Council Secretaxy �,-, _ , ��q�'� 393�� G� REEN SHEE OEPARf11ENT01RECTOR �CT'COUNCIL �R�AwA7E cm nrroRwEV 0 cm c�Ax BUD6ET DIRECfOR � flN. # MGT. SERVICES Diq. MAYOR(ORASSIS7ANT) � TOTAL # OF SIGNATURE PAGES (CUP ALL LOCATfONS FOR SiGNATURE) Resolwion c'�, �'�mo for a public heazing by ihe City Coimcil of the City of Saint Paul on (A) the modification of the TaY Increment Financing Plan for the Seventh Place Taz Increment Financing Dish�ict , and (B) the creation oF the Biock 4 Redevelopment Tax Increment Financing District; and authorizing the executian of a memorandum of intent with Minnesota Mutual Life Insurance Apqwa (A) _ PUNNINC CqMMISSION �_ CIB COMMRTEE � S7nFF _ DISTRICTCOURT SUPPOqTS WH�CH COUNGIL O "°'°" "" PERSONAL SERVICE CONTfiACTS MUST ANSWEFi TNE FOLLOWING QUESTIONS: _� qVlt SEHVICE COMMISSION 7. Ftas Mis Pe[sp^�rm evBr worked untlflr a Co�hBCt tor t�iS depeRmertt? YES NO 2. Hes this person/firm ever been a ciry emptoyee? YES NO 3. Does this persoNfirm possess e skiil not nortnally possessad by arry current city employee? YES NO Ezplain af{ yes answsn on ssparate shset antl attach to prsen shset � �T WIINti PXOBLEM. ISSUE. aPPOiIrUN1TY iW�O. W1�et. NM�e�. NTBre, NTy): Mi�esota Mutual Life lnsurance Company (MML) h2s decided to expand in downtown St. Paul by building an office tower. MML intends to lend the City 14 million dollars to acqnire the downtown block and MML will build a 350,000 square foot office tower with a 1,000 parking space ramp. The creation of this Redevelopment Ta4 Increment Dis�ict will provlde one of the mechanisms for Minnesota Mutuai to loan the money to ihe City. fOTqL pMOUNT OF TRANSACTION S COSi/REVENUE BUDGETED (CIRCLE ONE) 'UNDIpG SOURCE pCT1ViTY NUMBEH YES NO INANC�AL INFORFlATIQN: (E%PLAIN) Council File # ��7 — �7�0 Green Sheet # 3 \ � �o 1 2 3 4 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 i7 '�8 �9 0 1 RESOLUTION CITY OF SAINT PAUL, MINNESOTA Presented By Referred To c.:ommiccee: uate yS RESOLUTION OF THE CTTY COUNCII. OF TAE CITY OF SAINT PAUL AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT WITH NIINNESOTA MUTUAL LIFE INSI7RANCE COMPANY WfIEREAS: 1. On September 24, 1997 the City Council of the City of Saint Paul, Minnesota (the "City") adopted its Resolution CF No. 97-1165 giving its approval to the execution of a Memorandum of Intent with Minnesota Mutual Life Insurance Company ("MMI,IC"), the Port Authority of the City of Saint Paul (the "Port Authority") and the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") re�arding the redevelopment of Block 4 and authorized staffto continue negotiations with MNII,IC, the Port Authority and the HRA toward the development of a Development Agreement in connection therewith. 2. City staff, together with HRA and Port Authority staff, have negotiated a Development Agreement (the "Development Agreement") to be entered into by and among the City, the I IItA, the Port Authority and MNII,IC and has provided that Development Agreement to the City for consideration 3. Pursuant to the Development Agreement, the ffi2A will agree to create a tax increment district consisting of Block 4, and upon creation of that district to issue its tax increment note in an original principal amount of $15,OOQ,0�0 (the "Tas Increment Note"), which Tax Increment Note wi11 be purchased by MNILIC, all to provide funds to be used to acquire and prepare Block 4 for the constructaon of an office tower and parking ramp by MN�,IC; and 4. The Tax Increment Note is not a general obligation of the I�RE1 or the City, and is not to be payable from or chargeable against any funds other than the tas increments pledged to the payment thereof. Neither the I�Rt1 nor the City shall be subject to any liability on the Tas Increment Note other than from such tax increments; and 5. Ciry staff has recommended that the HIiA authorize the execution of the Development Agreement and the issuance of the Note, all as more fully set provided herein. NOW, THEREFORE, BE IT RESOLVED, by ihe City Council of the City of Saint Paul, Minnesota (the "City"), as follows: L �arification. All activities previously undertaken by City staff in working with the Port Authority, the I�A and MNII.IC to negotiate the Development Agreement are hereby ratified and affirmed. 2. Development Ag�eement. Approval is hereby given to the terms of the Development Agreement, and execution of the Development Agreement by the Director of Planning and Economic Development of the Gity. Such approval includes approval of such additional details therein as may be necessary and appropriate, such modifications 358863603 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 Q'1- \'�oa thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney, counsel, and appropziate City staff; and said City Attorney, counsel, and City staff are hereby authorized to approve said changes and related instnmients on behalf of the City upon determination by them that such changes and related inshvments are consistent with this Resolution and necessary or desirable to effectuate the purposes hereof. The authorization hereby given shall be further construed as authorization for the execution and delivery of such certificates and related items as may be required to demonshate compliance with the agreements being amended and the terms of this Resolution. 3. Amendments. The authority to approve, execute and deliver future amendments to the Development Agreement in connection with the transactions contemplated thereby is hereby delegated to the Director, provided that such amendments do not materiaily adversely affect the interests of the City; such amendments do not contravene ar violate any policy of the City; and such amendments are acceptable in form and substance to the St. Paul City Attorney, or other counsel retained by the City to review such amendments. 4. Saint Paul Living Wage Job Recommendations. In January, 1997 the Council adopted its Saint Paul Living Wage Job Recommendations. In this regazd, the Council has reviewed the historical commitment of MNII,IC to the tong-term wel] being of the City and its employees, as well as its proposal for expansion through the Project. The Council hereby determines that MNII,IC's expansion is consistent with the policy guidelines contained in the Saint Paul Living Wage Job Recommendations, and resolves that no additional actions are required of MNII.IC in connection with the Project to meet those recommendations. 5. Local Contribution. The City hereby agrees, pursuant to the Development Agreement to make a"local contribution" to the Block 4 Tax Increment District in an amount equal to 5% of the tax increments generated by that district. Requested by Department of: Plannin & ��o�i v lo ment By: l Adoption Certi£ied by Council Secretary By: �� Approved by Mayor: Date /L�"1 C� �-- By: c 1585636.03 9'1 _ ��oo PED Bob Geurs(66653) TOTAL # OF SIGNATUflE PAGES io=is=� � GREEN SHEET GffYA7TOpNEY �� C� BUDGET DIqECTOR MAYOR (ORASSIS (CLIP ALL LOCATIONS FOR SIGNATURE) �� iwmnuon� CT' COUNCIL CRYCLEFK FIN, & MGT. SERVICES DIR. Resolurion authorizing the execution of a Development Ageement with Minnesota Muwal Life rnc„ran�P Company. npprova (A) or Ral� (R) _ PLANNING COMMISSION _ qVIL SERVICE _ CIB CqMMITTEE _ __ STAFF _ .__ DISTRICTCAUfiT _ SUPPOF7t$ WHICH COUNCIL O&IECTIVE? PERSONAL SERYICE CONTRACTS MUST ANSWEH THE FOLLOWfNG �UESTIOtiS: 1. Has this persoNflrm ever worketl under a coniract tor this departmeni? YES NO 2 Has this personlfirm ever 6een a ciry employee? YES NO 3. Does this personflirm possess a skiil not normally possessed by any curtent ciry employee? YES NO F�cplat� all yes answers on aeparate aheet and attaCh to green aheet Minnesota Mutual Life Insurance Company (MMLIC) has decided to e�and in downtown 5t. Pau1 by building an o�ce tower. The Saint Paul Part Authoriry will acquire the dowmown block (Block 4) and MMLIC will build a 350,000 squaze foot office tower with a 1,000 pazking space ramp. The City and HRA will establish a Tax Increment Financmg District. The e�cution of this Development Agreement will ensure that MMLIC will hegin to construct a new office �OTALAMOUNTOFTRANSAC710N COS7/REVENUE BUDGE7ED (CIRCLE ONE) YES NO °UN W f8G SOURCE ACTIVITY NUMBER INANCIAL INPoRFSATI�N: (EXPLAIN) a� �'�� ;'. 4� r i�` I. L Presented Green Sheet # 3q3� CITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ?6 )7 >g !9 0 Referred RESOLUTfON 41NT PAUL, MI Council File # i t — 1\LS a� Committee: Date RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITX COUNCIL OF THE CITY OF SAINT PAUL ON (A) THE MODIFICATION OR THE TAX INCREMENT FINANCING PLAN FOR THE SEVENTH PLACE TAX INCREMENT FINANCING DISTRICT, AND (B) THE CREATION OF THE BLOCK 4 REDEVELOPMENT TAX II3CREMENT FINANCING DISTRICT; AND AUTAORIZING THE EXECUTION OF A MEMORANDUM OF INTENT WITH MINNESOTA MUTUAL LIFE INSURANCE COMPANY WHEREAS: 1. On November 30,1978, the Housing and Redevelopment Authority ofthe City of Saint Paul, Minnesota (the "HRA") approved the Seventh Place Redevelopment Plan and the Project Financing Plan related thereto by Resolution No. 78-11/30-1, to which the City Council of the City of Saint Paul (the "Council") subsequently gave its approva] by Resolution C.F. No. 272155 adopted on December 5, 1978. By Resolution No. 81-I i/5-8 adopted November 5, 1981 and Resolution No. 83-5125-3 adopted May 25, 1983, the HRA adopted modifications to such plans which did not require approval of the Council, and by Resolution No. 82-1/28-11 adopted amendments to the Redevelopment Plan and Project Financing Plan, which amendments were approved by the Council by Resolutions C.F. No. 278173 and 278670 adopted February 4, 1982 and May 11, 1982. The Redevelopment Plan was again amended and a Tax Increment Financing Plan £or the Seventh Place Redevelopment Project was approved by the HRA on November 9, 1989 by Resolution No. 89-i l/9-1, and approved by the Council by Resalufion C.F. No. 89- 2028 adopted on November 9, 1989, and further amended on May 28, 1997 by Resolution No. 97-5/28-9, and approved by the Council by Resolution C.F. No. 97-668. 2. Minnesota Mutual Life Insurance Company ("MMLIC") has coznmitted to consuucting an office building consisting of not less than 350,OQ0 renYahle square feet in a new office tower to be constructed in downtown Saint Paul on the block bounded by Robert, Sixth, and Minnesota Streets and 5eventh Place (the "Project Block"), shown on the map attached hereto as Exhibit A which Project Block is adjacent to MA�IC's present corporate headquarters; and 2 3. MMI.IC also plans to construct a pazking ramp of no more than 1,000 spaces on the Project Block (the 3 office tower and the parking ramp are collectively referred to as the "ProjecP'j; and 4 7 4. The Port Authoriry of the City of Saint Paul (the "Port Authority") shail acquire the Project Block, i demolish �isting structures, remove or remediate any hazardous waste, and sell the Project Block to NIMLTC; and ] 1576004 /�/1 � `�� ,`�''` � Y6I✓ �` 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 5? 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 ?4 75 76 77 rg '9 ;0 5. MMLIC has indicated that they are prepared to act as developer and owner of the office tower and parking iamp and to secure debt and equity financing for the Project; and 6. Construction of the Project will retain MIVII,IC's corporate headquarters in the City of Saint Paul, thereby retaining 2,100 jobs in the City of Saint Paul, and MNILIC anricipates expanding its corporate headquarters and creating approximately 2,000 additional jobs; and 7- In an effort to encourage the development and redevelopment of properry in the Project area and specifically, to provide for the acquisirion of land, demoliuon of s�iruchues, and the construction of the Project, it has been proposed that the HRA establish the $lock [4] Redevelopment Ta�c Increment Financing District (the "DistricY� and that, in connection with the creation of the District, approve (i) the taY increment financing plan relating thereto, and (ii} an amendment to the Tax Increment Financing Plan for the Seventh Place Tas Increment District (collectively,the "Plans"), all pursuant to and in accordance with Minnesota Statutes, Sections 469.001 through 469.047, inclusive; and Minnesota Statutes, Sections 469.174 through 469.179, inclusive. 8. The District shall be formed by removing Block 4 from the Seventh Place T� Increment District by amending the Tas Increment Financing Plan for such district, and creating a new redevelopment district encompassing Block 4. 9. It is proposed that the Council call for a public hearing regazding the Plans and direct that the Pians be sent by the HRA to the City of Saint Paul Planning Commission (the "Planning Commission") and the applicable taxing jurisdictions. 10. Ciry staff has negotiated a Memorandum of Intent (the "Memorandum of IntenP') to be entered into by and among the City of Saint Paul, the HRA, the Port Authority and MIvILIC for consideration by the Council. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Saint Paul, Minnesota (the "City"), as follows: 1. Public Hearing. This council shall meet on W ednesday, October 22, 1997, at approximately 4:30 p.m., to hold a pubiic hearing on the proposed Plans pursuantto and in accordance with Minnesota Statutes, Sections 4b9.001 to 469.047 and Sections 469.174 to 469.179, inclusive, as amended, in an effort to encourage the redevelopment of Block [4] within the City to provide for the construction of a 350,Q00 square foot office tower and 1,000-stall parking ramp thereon. 2. Filing of Pians Notice of He�rin$. The HRA staff is hereby authorized to work with the Port Aathority to finalize the Plans, and is directed to forward the Plans upon completion to the appropriate taxing jurisdictions including Ramsey County and Independent School Dishict No. 625, and to the Planning Commission. The City Clerk is authorized and directed to cause notice of the public hearing, substarnially in the form attached hereto as Attachment A, together with an appropriate map as required by law, to be published at least once in the official newspaper of the City on October 10, 1997, and to place a copy of the Plans on file in the City Clerk's office at City Ha31 and to make such copies available for inspection by the public. 1 3. Memorandum of Intent. Approval is hereby given to the terms of the Memorandum of Intent, and 2 execution of the Memorandum of Intent by the Executive Director of Planning and Economic Development of the 3 City. Such approval includes approval of such addiYional details therein as may be necessary and appropriate, such 4 modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved > by the City Attomey, counsel, and appropriate City staff; and said City Attorney, counsel, and City staff are hereby i authorized to approve said changes and retated instruments on behalf of the City upon determination by them that � such changes and related instruments are consistent with this Resolution and necessary or desirable to effectuate the in6uoa Q'1 — \�e c7 �' � .88 89 90 91 92 93 purposes hereof. 4. Negotiation of Development Agreement. Following execution of the Memorandum of Intent, FIRA staffis authorized to complete negotiations with representatives of the Port Authority and MIvILIC to complete the Development Agreement described in the Memorandum of Intent. The Development Agreement, when finalized, shall be returned to the Council for consideration. By: Approved by Mayor: By; _� nate L Fo p ved by City ttorney By: � �/ Approved by May9r for Submission to Covncil / BY: '�L� Y� IS]6004 Adoption Certified by Council Secretaxy �,-, _ , ��q�'� 393�� G� REEN SHEE OEPARf11ENT01RECTOR �CT'COUNCIL �R�AwA7E cm nrroRwEV 0 cm c�Ax BUD6ET DIRECfOR � flN. # MGT. SERVICES Diq. MAYOR(ORASSIS7ANT) � TOTAL # OF SIGNATURE PAGES (CUP ALL LOCATfONS FOR SiGNATURE) Resolwion c'�, �'�mo for a public heazing by ihe City Coimcil of the City of Saint Paul on (A) the modification of the TaY Increment Financing Plan for the Seventh Place Taz Increment Financing Dish�ict , and (B) the creation oF the Biock 4 Redevelopment Tax Increment Financing District; and authorizing the executian of a memorandum of intent with Minnesota Mutual Life Insurance Apqwa (A) _ PUNNINC CqMMISSION �_ CIB COMMRTEE � S7nFF _ DISTRICTCOURT SUPPOqTS WH�CH COUNGIL O "°'°" "" PERSONAL SERVICE CONTfiACTS MUST ANSWEFi TNE FOLLOWING QUESTIONS: _� qVlt SEHVICE COMMISSION 7. Ftas Mis Pe[sp^�rm evBr worked untlflr a Co�hBCt tor t�iS depeRmertt? YES NO 2. Hes this person/firm ever been a ciry emptoyee? YES NO 3. Does this persoNfirm possess e skiil not nortnally possessad by arry current city employee? YES NO Ezplain af{ yes answsn on ssparate shset antl attach to prsen shset � �T WIINti PXOBLEM. ISSUE. aPPOiIrUN1TY iW�O. W1�et. NM�e�. NTBre, NTy): Mi�esota Mutual Life lnsurance Company (MML) h2s decided to expand in downtown St. Paul by building an office tower. MML intends to lend the City 14 million dollars to acqnire the downtown block and MML will build a 350,000 square foot office tower with a 1,000 parking space ramp. The creation of this Redevelopment Ta4 Increment Dis�ict will provlde one of the mechanisms for Minnesota Mutuai to loan the money to ihe City. fOTqL pMOUNT OF TRANSACTION S COSi/REVENUE BUDGETED (CIRCLE ONE) 'UNDIpG SOURCE pCT1ViTY NUMBEH YES NO INANC�AL INFORFlATIQN: (E%PLAIN)