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97-1515Council File # ,.._ :._ -_ . _ , Presented By: Referred To: Commitlee: Date ti WHEREAS, on September 28, 1994, the City Council of the City of Saint Paul established the Neighborhood z Safes Tax Revitalization (STAR) Program, C.F. 94-1127; and a WHEREAS, the Neighborhood STAR Program is funded with fifty percent of an additional one-half of one s percent sales tau on sales transactions that occur within the city, pursuant to Minnesota Statues, chapter s 297A, authorized by the State of Minnesota, Chapter No. 375, Sec. 46: and s WHEREAS, the purpose of the Neighborhood STAR Program is to fund capital improvements to further s residential, commercial and economic development in the neighborhoods of St. Paul; and io ii WHEREAS, the Planning Commission, PED, the Neighborhood STAR Board, and the Mayor approved STAR i2 funding for the STAR Gity Wide Business Revolving Loan Fund; and t3 ia WHEREAS, S�elling PropeRies LLG has submitted a request for a$225,000 STAR loan and $22,500 grant is through the City Wide Business Revolving Loan Fund for the Snelling Business Park projeet; and 16 �i WHEREAS, Snelling Properties LLC will be investing approximately $4.8 million in private funds in the Snelling ia Business Park project. The $4.8 million wili be utilized for the acquisition and renovation of the 115,000 sq. ft. is former Buiiders Square buifding which has been vacant for the past year, and zo zi WHEREAS, the proposed project represents a deviation from the PED Revolving Loan Fund guidelines zz in that STAR funds are not being utilized to fill a financial gap, but rather to leverage public improvements, za landscaping and installation of a sculpture, that would otherwise not occur; and za zs WHEREAS, the City desires to ensure that the Snelling Business Park development project will have a zs positive and visible aesthetic impact on the area surrounding the Snelling Business Park, which provides a z� gateway entrance to Energy Park Drive, west of Snelling. za as 6E IT RESOLYED, that the City Council authorizes the Executive Director of PED to execute the so necessary loan and grant documentation for a$225,000 STAR Revolving Loan Fund loan, and a$22,500 si STAR grant with Sneliing Properties Limited Liability Corporation. 32 33 34 Adoption Cert�ed by Council Secretary: BY: y\� �- RESOLUTION OF SAINT PAUL, MINNESOTA Green Sheet # 9�-�s�s 36839 Z� Requested by Department of: Pla ing & Economic D vefopment B y� � � Approval Recommended by �Dir tor. � , By. � ''" --- r � Form Approved by City Attomey: BY�—�S�E. V�+ �� ' � �- / A rov �` / pp S b ission to Council: Approved by Mayor: D� 12 _ A R�— � � By: By: ' �.�y� ' Adopted by Council: Date ���'7 ���h � �7-lSYvr' n�� � qFFICErIIOUNCIL DATE INIiIATED �`C1 36 8 3 9 PED 11/14/97 GREEN SHEE CONTACT PEFiSON & PHONE INRIAUDATE INfTIAl10ATE � DEPAPTMENTDIRECTOR � CRYCOUNCIL Marie Franchett 266-6702 A���+ �cmanoRNEV e �cmc�aK NUYBEfl FOR MUST flE ON CAUNCIL AGENDA 8Y (DAT7c pOUTING Q BUDGEf DIAECTOR � FfN. d MGL SEFIVICES DI December 10, 1997 ORDER �MAYOR(OPASSIST � Eranchett TOTAL # OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE� ACiION PEQUESTED: Execution o£ signatures for attached resolution. RECOMMENDATIONS: Approve (A) or Re�ect (R) pEflSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS: _ PLANNING COMMISSIQN _ CIVIL SERVICE COMMISSION �� Has this personffirm ever worked under a coMract for this tlepartmeM? _ CIB COMMITTEE _ YES NO 2. Has ihis personHirm ever been a city employee? _ S7AFF — YES NO _ DlSialc7 CoUaT _ 3. Does this pereonttirm possess a skill no[ normall ossessed � y p by any cunent city employee. SUPPORTS WHICH CAUNGIL OBJECTIVE? YES NO Explafn a11 yes anawers on saparate aheet antl attaeh to green sheet INITIATING PROBLEM, ISSUE, OPPORTUNITY (Who, What, When. Where. Why): Proposed STAR PED Revolving Loan rund $225,000 loan and $22,500 grant for the Snelling Properties LLC project iocated at Snelling and E����+'��rk Drive. (Foxmer Builder's Square Site) �E� 0 5 1991 a��k�a�P� ��F!�� ADVANTAGESIFAPPRO�ED: Leverage improvements to the exterior of the property thaY otherwise would not be made. Improvements will include landscaping, trees in the public way and a sculpture. DISADVANTAGES IFAPPROVED: Above improvements wi11 not be made. � Ei,�{VFD ��c�rv��. MtfY 25 � �'�c o 3 , ClT DISADVANTAGES IF NOT APPROVED: � y � q � 9 'xl� d ilt�; .�° iFd"P,f&S.� ��P� DEC C 4 1997 TOTAL AMOUNT OF 7RANSACTION $ 247 � SOO COST/REVENUE BUDGETEp (CIRCLE ONE) YES NO FUNDIfdG SOURCE STAR - Sales Tax ACTIViTV NUMBER P�-930-90305-0547-77103 FINANCIALINFOFFiAT10N:(EXPLAIN) PUBLIC PURPOSE SUMMARY 9�-��s'�3' Track # _ ProjeCt Name GnPlling BnsinPSC Cpnt2r ACCOUnt # ProjeCtAddress 16d5 EnergrPark Drive Cfty ContBCt MariP FranchPit TodBy'S Date _Novpmber 3�1997 PUBLIC COST ANALYSIS Program Funding Source: Znterest Rate: � Subsidized Rate: ["X ] Yes Amount: [ ] No $�25,Q00 loani�25,006 grznt t ] IViA. (C=rant) �e: X Loan �Risk Rating: , X Acceptable (5% res) �Snbstandard (�0°lo res� � Loss (100% re"s) . ; _ X�Grant. 8'Drnzbtfal,(SD% res� �'�orgivable (100°/a res� „ a��Y:oatt:Subssei}'��' „ $�3=.'. : 'Total,�'so�ect.Cost:: _ , $��UE�n �..; , ^' Total Loan Subsidy: Present value of the loan over ics life, including expected loss of principal and interesx rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1 " for Primary Ben�ts and "2" for Secondary Benefits) 97�/S/S" CITY OF SA1NT PAUL Norm Coleman, Mayor To: Conncilmember Blakey Councilmember Thnne Councilmember Harris Councilmember Megard Councilmember Collins Councilmember Bostrom Councilmember Morton From: Re: Date: Marie Franchett �Z 9' DEPARTMENT OF PLANNING & ECONOMIC DEVELOPMENT Pamela Wheeloc75 D'uedar 25 W¢st Fourtk Sdeet SaintPaul, MNSSIO2 Telephome: 61d-266-6655 Facsimi7e: 61L228-3261 STAR loan for Snelling Properties LLC December 10,1997 Project Summary Steve Wellington purchased the former vacant Builder's 5quare site and has leased the majority of the building to HeathEast and the State Health Department. Snelling Properties LLC is in the process ofrenovating the building. Private inveshnent in the project will total approximately $4.6 million. The proposed STAR loan of $225,000 and $22,500 grant, will be utilized for landscaping, irrigation, pazking lot resurfacing, installafion of a new sign, sculpture and planring of trees in the public way just south of the site. The STAR funds will provide below market rate and grant funds to the Snelling Properties LLC to make improvements that otherwise would not be made. Financing The proposed STAR loan and grant will be funded out of the PED Revoiving Loan Program. The loan fund guidelines indicate a target masimum loan amount of $50,000 however staff have found that there is and will be substanfial demand for larger size STAR loans. The loan guidelines call for STAR funds to be utilized as gap financing, but staff have determuied that there is a need for STAR financing to achieve urban design and public space improvement goals. Conilict of Interest Steve Wellington is a member of the STAR Board. However the STAR Board has not been involved in zeviewing the proposed Snelling Properties LLC project. Staff Recommendation Staffrecommends approval ofthe proposed loan and grant. Council File # ,.._ :._ -_ . _ , Presented By: Referred To: Commitlee: Date ti WHEREAS, on September 28, 1994, the City Council of the City of Saint Paul established the Neighborhood z Safes Tax Revitalization (STAR) Program, C.F. 94-1127; and a WHEREAS, the Neighborhood STAR Program is funded with fifty percent of an additional one-half of one s percent sales tau on sales transactions that occur within the city, pursuant to Minnesota Statues, chapter s 297A, authorized by the State of Minnesota, Chapter No. 375, Sec. 46: and s WHEREAS, the purpose of the Neighborhood STAR Program is to fund capital improvements to further s residential, commercial and economic development in the neighborhoods of St. Paul; and io ii WHEREAS, the Planning Commission, PED, the Neighborhood STAR Board, and the Mayor approved STAR i2 funding for the STAR Gity Wide Business Revolving Loan Fund; and t3 ia WHEREAS, S�elling PropeRies LLG has submitted a request for a$225,000 STAR loan and $22,500 grant is through the City Wide Business Revolving Loan Fund for the Snelling Business Park projeet; and 16 �i WHEREAS, Snelling Properties LLC will be investing approximately $4.8 million in private funds in the Snelling ia Business Park project. The $4.8 million wili be utilized for the acquisition and renovation of the 115,000 sq. ft. is former Buiiders Square buifding which has been vacant for the past year, and zo zi WHEREAS, the proposed project represents a deviation from the PED Revolving Loan Fund guidelines zz in that STAR funds are not being utilized to fill a financial gap, but rather to leverage public improvements, za landscaping and installation of a sculpture, that would otherwise not occur; and za zs WHEREAS, the City desires to ensure that the Snelling Business Park development project will have a zs positive and visible aesthetic impact on the area surrounding the Snelling Business Park, which provides a z� gateway entrance to Energy Park Drive, west of Snelling. za as 6E IT RESOLYED, that the City Council authorizes the Executive Director of PED to execute the so necessary loan and grant documentation for a$225,000 STAR Revolving Loan Fund loan, and a$22,500 si STAR grant with Sneliing Properties Limited Liability Corporation. 32 33 34 Adoption Cert�ed by Council Secretary: BY: y\� �- RESOLUTION OF SAINT PAUL, MINNESOTA Green Sheet # 9�-�s�s 36839 Z� Requested by Department of: Pla ing & Economic D vefopment B y� � � Approval Recommended by �Dir tor. � , By. � ''" --- r � Form Approved by City Attomey: BY�—�S�E. V�+ �� ' � �- / A rov �` / pp S b ission to Council: Approved by Mayor: D� 12 _ A R�— � � By: By: ' �.�y� ' Adopted by Council: Date ���'7 ���h � �7-lSYvr' n�� � qFFICErIIOUNCIL DATE INIiIATED �`C1 36 8 3 9 PED 11/14/97 GREEN SHEE CONTACT PEFiSON & PHONE INRIAUDATE INfTIAl10ATE � DEPAPTMENTDIRECTOR � CRYCOUNCIL Marie Franchett 266-6702 A���+ �cmanoRNEV e �cmc�aK NUYBEfl FOR MUST flE ON CAUNCIL AGENDA 8Y (DAT7c pOUTING Q BUDGEf DIAECTOR � FfN. d MGL SEFIVICES DI December 10, 1997 ORDER �MAYOR(OPASSIST � Eranchett TOTAL # OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE� ACiION PEQUESTED: Execution o£ signatures for attached resolution. RECOMMENDATIONS: Approve (A) or Re�ect (R) pEflSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS: _ PLANNING COMMISSIQN _ CIVIL SERVICE COMMISSION �� Has this personffirm ever worked under a coMract for this tlepartmeM? _ CIB COMMITTEE _ YES NO 2. Has ihis personHirm ever been a city employee? _ S7AFF — YES NO _ DlSialc7 CoUaT _ 3. Does this pereonttirm possess a skill no[ normall ossessed � y p by any cunent city employee. SUPPORTS WHICH CAUNGIL OBJECTIVE? YES NO Explafn a11 yes anawers on saparate aheet antl attaeh to green sheet INITIATING PROBLEM, ISSUE, OPPORTUNITY (Who, What, When. Where. Why): Proposed STAR PED Revolving Loan rund $225,000 loan and $22,500 grant for the Snelling Properties LLC project iocated at Snelling and E����+'��rk Drive. (Foxmer Builder's Square Site) �E� 0 5 1991 a��k�a�P� ��F!�� ADVANTAGESIFAPPRO�ED: Leverage improvements to the exterior of the property thaY otherwise would not be made. Improvements will include landscaping, trees in the public way and a sculpture. DISADVANTAGES IFAPPROVED: Above improvements wi11 not be made. � Ei,�{VFD ��c�rv��. MtfY 25 � �'�c o 3 , ClT DISADVANTAGES IF NOT APPROVED: � y � q � 9 'xl� d ilt�; .�° iFd"P,f&S.� ��P� DEC C 4 1997 TOTAL AMOUNT OF 7RANSACTION $ 247 � SOO COST/REVENUE BUDGETEp (CIRCLE ONE) YES NO FUNDIfdG SOURCE STAR - Sales Tax ACTIViTV NUMBER P�-930-90305-0547-77103 FINANCIALINFOFFiAT10N:(EXPLAIN) PUBLIC PURPOSE SUMMARY 9�-��s'�3' Track # _ ProjeCt Name GnPlling BnsinPSC Cpnt2r ACCOUnt # ProjeCtAddress 16d5 EnergrPark Drive Cfty ContBCt MariP FranchPit TodBy'S Date _Novpmber 3�1997 PUBLIC COST ANALYSIS Program Funding Source: Znterest Rate: � Subsidized Rate: ["X ] Yes Amount: [ ] No $�25,Q00 loani�25,006 grznt t ] IViA. (C=rant) �e: X Loan �Risk Rating: , X Acceptable (5% res) �Snbstandard (�0°lo res� � Loss (100% re"s) . ; _ X�Grant. 8'Drnzbtfal,(SD% res� �'�orgivable (100°/a res� „ a��Y:oatt:Subssei}'��' „ $�3=.'. : 'Total,�'so�ect.Cost:: _ , $��UE�n �..; , ^' Total Loan Subsidy: Present value of the loan over ics life, including expected loss of principal and interesx rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1 " for Primary Ben�ts and "2" for Secondary Benefits) 97�/S/S" CITY OF SA1NT PAUL Norm Coleman, Mayor To: Conncilmember Blakey Councilmember Thnne Councilmember Harris Councilmember Megard Councilmember Collins Councilmember Bostrom Councilmember Morton From: Re: Date: Marie Franchett �Z 9' DEPARTMENT OF PLANNING & ECONOMIC DEVELOPMENT Pamela Wheeloc75 D'uedar 25 W¢st Fourtk Sdeet SaintPaul, MNSSIO2 Telephome: 61d-266-6655 Facsimi7e: 61L228-3261 STAR loan for Snelling Properties LLC December 10,1997 Project Summary Steve Wellington purchased the former vacant Builder's 5quare site and has leased the majority of the building to HeathEast and the State Health Department. Snelling Properties LLC is in the process ofrenovating the building. Private inveshnent in the project will total approximately $4.6 million. The proposed STAR loan of $225,000 and $22,500 grant, will be utilized for landscaping, irrigation, pazking lot resurfacing, installafion of a new sign, sculpture and planring of trees in the public way just south of the site. The STAR funds will provide below market rate and grant funds to the Snelling Properties LLC to make improvements that otherwise would not be made. Financing The proposed STAR loan and grant will be funded out of the PED Revoiving Loan Program. The loan fund guidelines indicate a target masimum loan amount of $50,000 however staff have found that there is and will be substanfial demand for larger size STAR loans. The loan guidelines call for STAR funds to be utilized as gap financing, but staff have determuied that there is a need for STAR financing to achieve urban design and public space improvement goals. Conilict of Interest Steve Wellington is a member of the STAR Board. However the STAR Board has not been involved in zeviewing the proposed Snelling Properties LLC project. Staff Recommendation Staffrecommends approval ofthe proposed loan and grant. Council File # ,.._ :._ -_ . _ , Presented By: Referred To: Commitlee: Date ti WHEREAS, on September 28, 1994, the City Council of the City of Saint Paul established the Neighborhood z Safes Tax Revitalization (STAR) Program, C.F. 94-1127; and a WHEREAS, the Neighborhood STAR Program is funded with fifty percent of an additional one-half of one s percent sales tau on sales transactions that occur within the city, pursuant to Minnesota Statues, chapter s 297A, authorized by the State of Minnesota, Chapter No. 375, Sec. 46: and s WHEREAS, the purpose of the Neighborhood STAR Program is to fund capital improvements to further s residential, commercial and economic development in the neighborhoods of St. Paul; and io ii WHEREAS, the Planning Commission, PED, the Neighborhood STAR Board, and the Mayor approved STAR i2 funding for the STAR Gity Wide Business Revolving Loan Fund; and t3 ia WHEREAS, S�elling PropeRies LLG has submitted a request for a$225,000 STAR loan and $22,500 grant is through the City Wide Business Revolving Loan Fund for the Snelling Business Park projeet; and 16 �i WHEREAS, Snelling Properties LLC will be investing approximately $4.8 million in private funds in the Snelling ia Business Park project. The $4.8 million wili be utilized for the acquisition and renovation of the 115,000 sq. ft. is former Buiiders Square buifding which has been vacant for the past year, and zo zi WHEREAS, the proposed project represents a deviation from the PED Revolving Loan Fund guidelines zz in that STAR funds are not being utilized to fill a financial gap, but rather to leverage public improvements, za landscaping and installation of a sculpture, that would otherwise not occur; and za zs WHEREAS, the City desires to ensure that the Snelling Business Park development project will have a zs positive and visible aesthetic impact on the area surrounding the Snelling Business Park, which provides a z� gateway entrance to Energy Park Drive, west of Snelling. za as 6E IT RESOLYED, that the City Council authorizes the Executive Director of PED to execute the so necessary loan and grant documentation for a$225,000 STAR Revolving Loan Fund loan, and a$22,500 si STAR grant with Sneliing Properties Limited Liability Corporation. 32 33 34 Adoption Cert�ed by Council Secretary: BY: y\� �- RESOLUTION OF SAINT PAUL, MINNESOTA Green Sheet # 9�-�s�s 36839 Z� Requested by Department of: Pla ing & Economic D vefopment B y� � � Approval Recommended by �Dir tor. � , By. � ''" --- r � Form Approved by City Attomey: BY�—�S�E. V�+ �� ' � �- / A rov �` / pp S b ission to Council: Approved by Mayor: D� 12 _ A R�— � � By: By: ' �.�y� ' Adopted by Council: Date ���'7 ���h � �7-lSYvr' n�� � qFFICErIIOUNCIL DATE INIiIATED �`C1 36 8 3 9 PED 11/14/97 GREEN SHEE CONTACT PEFiSON & PHONE INRIAUDATE INfTIAl10ATE � DEPAPTMENTDIRECTOR � CRYCOUNCIL Marie Franchett 266-6702 A���+ �cmanoRNEV e �cmc�aK NUYBEfl FOR MUST flE ON CAUNCIL AGENDA 8Y (DAT7c pOUTING Q BUDGEf DIAECTOR � FfN. d MGL SEFIVICES DI December 10, 1997 ORDER �MAYOR(OPASSIST � Eranchett TOTAL # OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE� ACiION PEQUESTED: Execution o£ signatures for attached resolution. RECOMMENDATIONS: Approve (A) or Re�ect (R) pEflSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS: _ PLANNING COMMISSIQN _ CIVIL SERVICE COMMISSION �� Has this personffirm ever worked under a coMract for this tlepartmeM? _ CIB COMMITTEE _ YES NO 2. Has ihis personHirm ever been a city employee? _ S7AFF — YES NO _ DlSialc7 CoUaT _ 3. Does this pereonttirm possess a skill no[ normall ossessed � y p by any cunent city employee. SUPPORTS WHICH CAUNGIL OBJECTIVE? YES NO Explafn a11 yes anawers on saparate aheet antl attaeh to green sheet INITIATING PROBLEM, ISSUE, OPPORTUNITY (Who, What, When. Where. Why): Proposed STAR PED Revolving Loan rund $225,000 loan and $22,500 grant for the Snelling Properties LLC project iocated at Snelling and E����+'��rk Drive. (Foxmer Builder's Square Site) �E� 0 5 1991 a��k�a�P� ��F!�� ADVANTAGESIFAPPRO�ED: Leverage improvements to the exterior of the property thaY otherwise would not be made. Improvements will include landscaping, trees in the public way and a sculpture. DISADVANTAGES IFAPPROVED: Above improvements wi11 not be made. � Ei,�{VFD ��c�rv��. MtfY 25 � �'�c o 3 , ClT DISADVANTAGES IF NOT APPROVED: � y � q � 9 'xl� d ilt�; .�° iFd"P,f&S.� ��P� DEC C 4 1997 TOTAL AMOUNT OF 7RANSACTION $ 247 � SOO COST/REVENUE BUDGETEp (CIRCLE ONE) YES NO FUNDIfdG SOURCE STAR - Sales Tax ACTIViTV NUMBER P�-930-90305-0547-77103 FINANCIALINFOFFiAT10N:(EXPLAIN) PUBLIC PURPOSE SUMMARY 9�-��s'�3' Track # _ ProjeCt Name GnPlling BnsinPSC Cpnt2r ACCOUnt # ProjeCtAddress 16d5 EnergrPark Drive Cfty ContBCt MariP FranchPit TodBy'S Date _Novpmber 3�1997 PUBLIC COST ANALYSIS Program Funding Source: Znterest Rate: � Subsidized Rate: ["X ] Yes Amount: [ ] No $�25,Q00 loani�25,006 grznt t ] IViA. (C=rant) �e: X Loan �Risk Rating: , X Acceptable (5% res) �Snbstandard (�0°lo res� � Loss (100% re"s) . ; _ X�Grant. 8'Drnzbtfal,(SD% res� �'�orgivable (100°/a res� „ a��Y:oatt:Subssei}'��' „ $�3=.'. : 'Total,�'so�ect.Cost:: _ , $��UE�n �..; , ^' Total Loan Subsidy: Present value of the loan over ics life, including expected loss of principal and interesx rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1 " for Primary Ben�ts and "2" for Secondary Benefits) 97�/S/S" CITY OF SA1NT PAUL Norm Coleman, Mayor To: Conncilmember Blakey Councilmember Thnne Councilmember Harris Councilmember Megard Councilmember Collins Councilmember Bostrom Councilmember Morton From: Re: Date: Marie Franchett �Z 9' DEPARTMENT OF PLANNING & ECONOMIC DEVELOPMENT Pamela Wheeloc75 D'uedar 25 W¢st Fourtk Sdeet SaintPaul, MNSSIO2 Telephome: 61d-266-6655 Facsimi7e: 61L228-3261 STAR loan for Snelling Properties LLC December 10,1997 Project Summary Steve Wellington purchased the former vacant Builder's 5quare site and has leased the majority of the building to HeathEast and the State Health Department. Snelling Properties LLC is in the process ofrenovating the building. Private inveshnent in the project will total approximately $4.6 million. The proposed STAR loan of $225,000 and $22,500 grant, will be utilized for landscaping, irrigation, pazking lot resurfacing, installafion of a new sign, sculpture and planring of trees in the public way just south of the site. The STAR funds will provide below market rate and grant funds to the Snelling Properties LLC to make improvements that otherwise would not be made. Financing The proposed STAR loan and grant will be funded out of the PED Revoiving Loan Program. The loan fund guidelines indicate a target masimum loan amount of $50,000 however staff have found that there is and will be substanfial demand for larger size STAR loans. The loan guidelines call for STAR funds to be utilized as gap financing, but staff have determuied that there is a need for STAR financing to achieve urban design and public space improvement goals. Conilict of Interest Steve Wellington is a member of the STAR Board. However the STAR Board has not been involved in zeviewing the proposed Snelling Properties LLC project. Staff Recommendation Staffrecommends approval ofthe proposed loan and grant.