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91-1432 � � ,�L C uncil File � / -/�-�-� . pRIG1N �reen Sheet # 13081 RESOLUTION CITY OF AINT PAUL, MINNESOT . , �,�'� � � P eented By �{� Referred To � Co�a ttee.;. ;�A"ate - 6 � �' ;� � � ��,�,� :-�. . WHEREAS: 1. On July 30, 1991, the Port Authority of the City of S�int Paul adopted Resolution No. 3331 giving preliminary approval to the issuance of tax �xempt revenue bonds in the initiai principal amount of $650,000 to finance the acquisitio and renovation of a 20,460 square foot facility located at 253 State Street in Rivervlew �ndustrial Park for Gilbert and Martha Thoele with a sublease to ThoeFe Printing, Inc. Mi � ler � Schroeder Financial, Inc. will underwrite the revenue bond issue. � 2. The Port Authority of the City of Saint Paul will sub it an application for an industrial revenue bond allocation from the State of Minnesota�Competitive Pool as the pro,ject is industrial . The City of Saint Paul 's entitlement aillocation wili not be af- fected by this application. 3. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority of the City of Sair�t Paul, sha�ll be issued only with .�-�e consent of the City Council of the City of Saint Paul , by resoliution adopted in accordaFl�e with iaw; 4_ _ . ,, 4. The Port Awthority of the City of Sai�t Raul has requ sted that the City Council give its requisite consent pursuant to said law to facilitate �he issuance of said revenue bonds by the Port Authority of the City of Saint Paul, subJect tI�o final approval of the details of said issue by the Port Authority of the City of Sain�t Paul . z;'?:.; 'f�t* ,i� �r •� ' �. . �R +�i � k�, �. yi : t P ' �� S ST�. . i�� 'D.`�'r� tz�L'� °.T.- �i4`"-. . ti�_ �y�'� � , � , , q�- ��3�- , - . , � ,��N ,�L � � � �� RESOLVED, by the City Council of the City of Saint Paui, hat `�r� accordance with Laws of Minnesota 1976, Chapter 234, the City Council hereby consen s to:`��e issuance of the aforesaid revenue bonds for the purposes described in the afor said� �'ort Authority Resolu- tion No. 3331 the exact details of which, including, but not 'limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of ad- ditional bonds are to be determined by the Port Authority, pur�uant to resolution adopted by the Port Authority, and the City Council hereby authorizes he issuance of any addi- tional bonds ( including refunding bonds) by the Port Authorityr found by.the: Port Authorlty to be necessary for carrying out the purposes for which the afo�e�aid bonds are issued. i �-�'.; � ti� e Navs Abaent Requested by De artment of: zmon �osw� � on � acca ee � � �n � une � z son � BY� Adopted by Council: Date AUG � 5 1991 Form Approved b}� City Attorney Adoption ertified by Council Secretary By: ��,_ � � ��,� � �� , .-- �.. sx,. By� Approved by May r for Su mission to � ��r'� Approved by yor: Date RUG 2 2 9� Council � .`�t' By: By� a,.« pueus�EO Au� �1�1 �°<r ,��,: � r• f , � 9i - /�.��/ DEPAATMENT/OFFICE/COUNCIL DATE INITIATED G R E E N S H E T NOi _ 13 0 81 St . Paul Port Authorit CONTACT PERSON 8 PHONE INITIAUDAT INITIAUDATE m DEPARTMENT DIRECTOR �CITY COUNCIL J.A. Cam obasso 224-5686 A��GN �CITYATTORNEY �CITYCLERK NUNBER FOR MUST BE ON COUNCIL AGiENDA BY(DATE) ROUTINp �BUDGET DIRECTOR FIN.&MGT.SERVICES DIR. B or Before Au u$t 20 99 ORDER m MAYOR(OR ASSISTANn n��p �-�i R TOTAL#OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE) t ., . ACTION REQUE3TED: Approval of the Issuance of $650,000 of tax exempt revenue bonds f r the acquisition and renovation of a 20,640 square foot facility for Gilbert & Mart a Thoele RECOMMENDATIONS:Approve(A)or Reject(R) pERSONAL SERVICE CONTRACTS MUST ANSW R THE FOLLOWING QUESTIONS: _ PLANNINO COMMISSION _CIVI�SERVICE COMMI3SION 1• Has this person/firm ever worked under a contrac for this department? _CIBCOMMITfEE � Pnrt A��thnrit YES NO _37AFF Board �f C011ttf1 2• Has this person/firm ever been a city employee? — YES NO `�: _ DISTRICT COUFiT _ 3. Does this erson/firm p possess a skill not normally possessed by any current cify empl�rae? .. SUPPORTS WHICH COUNCIL OBJECTIVE4 YES NO Expleln all yss enswers on separate aheet end a ach to yrssn shest Economic Development INITIATINO PROBLEM,ISSUE,OPPORTUNITY(Who,What,When,Where,Why): ,,,Y� The issuance of tax exempt bonds will allow Gilbert and Martha Tho le to acquire and r�enovate the 20,640 square foot facility at 253 State Street in Riverview I dustrial Park. They will sublease the building to Thoele Printing, Inc. ADVANTAOES IF APPROVED: The company presently employs 18 people. This move will allow the to retain all present employees and add two positions within a year. The acquisition and move will allow a building that has been vacan for over a year to be occupied. .: ;� � �, v >�.' ti� DISADVANTAOES IF APPROVED: None DISADVANTA(iE3 IF NOT APPROVED: The company will not be able to proceed wtih acquisition and renova ion of the facility. The building would remain vacant and no new jobs would be created. - �<. TOTAL AMOUNT OF TRANSACTION a 65O�OOO.OO COST/REVENUE BUDGETEp(CIR LE ONE) YES NO '",�` � FUNDINfi SOURCE Port Authori ty Bond ACTIVITY NUMBER `'�' ,. ,�� FINANCIAL INFORMATION:(EXPLAIN) , • , �by Li - s: , , � , .� NOTE: COMPLETE DIRECTIONS ARE INCLUDED IN THE(3REEN SHEET INSTRUCTIONAL MANUAL AVAILABIE IN THE PURCHASING OFFICE(PHONE NO. 298-4225). ROUTING ORDER: Below are correct routi f(iF the five most frequent types of documents: �•,.. :,��._: CONTRACTS(assu[r�s�,t�hhorized budget exists) COUNCIL RESOLUTION (Amend Budgets/Accept. Grants) _ �. �. �-; 1. Outside Agency �`^ �.� 1. Department Director 2. Department Director: _ 2. City Attorney 3. City Attorney 3. Budget Director 4. Mayor(for contcacfs-over$15,000) 4. Mayor/Assistant 5. Human Rights(for contracts over$50,000) 5. Ciry Council 6. Finance and Management Services Director 6. Chief Accountant, Finance and Management Services 7. Finance Accounting ADMINIS7RATIVE ARDERS(Budget Revision) COUNCIL RESOLUTION (all others,and Ordinances) 1. Activ,�ty A�� 1. Department Director 2. Depat� uniant 2. City Attorney 3 13ap�artr�n�lrector 3. Mayor Assistant 4. B�t 8it�ctor 4. Ciry Council 5.`:':Clt�(-�[��k 6..:Ctliet Ac�ountant, Finance and Management Services �', A��TIVE ORDERS(all others) 1. De�nt Director 2. Ci� _.�ey 3. Finart��nd Management Services Director 4. City Clerk TOTAL NUMBER OF SIGNATURE PAGES Indicate the#of pages on which signatures are required and paperclip or flag each of these pages. ACTION REQUESTED Describe what the projecUrequest seeks to accomplish in either chronologi- cal order or order of importance,whichever is most appropriate for the issue. Do not write complete sentences. Begin each item in your list with a verb. RECOMMENDATIONS Complete if the issue in question has been presented before any body,public or private. ;�:� SUPPORTS WHICH COUNCIL OBJECTIVE? � �` Indicate which Council objective(s)your project/request supports by listing ��" the key word(s)(HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT, ��''BUDGET, SEWER SEPARATION). (SEE COMPLETE UST IN INSTRUCTIONAL MANUALJ . ,�;;.� '` �i�ERSONAL SERVICE CONTRACTS: This information will be used to determine the ciry's liability for workers compensation claims,taxes and proper civil service hiring rules. INITIATING PROBLEM, ISSUE, OPPORTUNITY . Explain the situation or conditions that created a need for your project , or request. ADVANTAGES IF APPROVED Indicate whether this is simply an annual budget procedure required by law/ charter or whether there are specific ways in which the City of Saint Paul and its citizens will benetit from this projecUaction. DISADVANTAGES IF APPROVED . `What negative effects or major changes to existing or past processes might this projecUrequest produce if it is passed(e.g.,traffic delays, noise, tax increases or assessments)?To Whom?When?For how long? QISADVANTAGES IF NOT APPROVED Wha�will be the negative consequences if the promised action is not spproved?Inability to deliver service?Continued high traffic, noise, ,�ideM rate?Loss of revenue? �,F t '� ryNCIAL IMPACT *�+3 M yau must tailor the information you provide here to the issue you �. ` ressing, in general you must answer two questions: How much is it ��!`'4"r cost?Who is going to pay? .t;j � �� t � _ I _ r� %..� , - .. . .. _ . � .. . - � �'�� n�-r �, +j , .� . . . _ _ . _ ' . , � ��... . ; . (' . - . . _ {I f.. .��. . . . ,. � ' . � 'I�� . 1��< � . . � - - - _ l �� : � . f , , C ,� 1 � . _ z " ��Y�"'° ''�° �r _ - °;,,�'Y �,� �'; �_ . - . : . . _ -,� _, . . . ;:- _ , . _ . , � _. . _. _ -� :�::: . — — � �� =K . - -- - - � �;� r �� x, � ' . . . . ... - . � . �' f ..�r��x. .. �_ .. . - �"-'�� n . - ��,�'�:,,. . . � �� From the desk ot.::� -�°-� � � _ �J� _ _ I� . . -.. .. • . . `:S, � 4'r+1��F.�� .�t �yj„ �+. ,�'. - CAROL �BBAS 3 y ��a �, � � � , _� ,a�. � . � / � <, s ._ _ � ,�� _� � _ - - '. VI � z�`�� . <� ,,�, . _ •�> . A 1 O1 s o'n,. � � . . a . . . I � Attached is�Councih R�salution and j - accompanying infor.ation for the � - project we discuss d last week. - - Per your suggestio , could this :, - resolution be intr�duced on � _ , � August 6, with ref�rral to �;�, _ " - . the Housi ng & Econdmi c Devel opment ;, �"��;,� ' Committee on Augus� 1�, and also �` � Y..�. _ - lay the resolution 'lover to August 15 � � �� for final approval?� This would give , � �� 4 z�. us the required ap�rovals in order � ' �'� _ to sell bonds on Au�ust 20. If , - _ _ - you have any questi�pns,- call me. -. _ �. � .. __:'. ._.- �- ' • _ . _ .; :: . . Port Authority of the City of S int Paul � 1900 Amhoist Tower � � 345 St. Peter Street � , = St. Paul, MN 55102 _ � . h' _ =Y , � � �" - . - .i! . . _ � � � _ ��'" . . , . ;.' _.. . . �� . � . ... . . . . : ._ . . .�_..�' ... .•�. - .��. . �� -.�.. � ' .' ;`� i ... . . . . . � . . _ . . � ...,. . .. . . . . : ,:�. .� . '. . . . . . � .. �. . . - . . �. .. � .... � _.�.. � . .;� J . . . . . _ " . . . . . . . " . . .. � . ' ... . . . � . � -1i'Y.a .'4�.� . . �� . .. - . � . - . � " � - " . . ��F A � � . . . � . . . . . . . . . ' . �(t.•` -.,4 '. . . . . . _ . . . . .. . . .. . , .. ��`�: 1 ` ' �/^/�� ♦ Res lution No. RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAIN{� PAUL I WHEREAS, one of the purposes of Minnes ta Statutes, Chapter 469 (hereinafter called "Act") , as found and determined by the legislature is to promote the welfare of he state by the active, promotion, attraction, encouragement and development of economically sound industry and commerce to prev nt so far as possible the emergence of blighted and marginal ands and areas of chronic unemployment and to aid in the develo ment of existing areas of blight, marginal land and persistent unemployment; and WHEREAS, factors necessitating the act've promotion and development of economically sound industry and c mmerce are the increasing concentration of population in the me ropolitan areas and the rapidly rising increase in the amount an cost of governmental services required to meet the needs of the increased population and the need for development of land se which will provide an adequate tax base to finance these inc3reased costs and access to employment opportunities for such popu 'ation; and WHEREAS, the Port Authority of the Cit of Saint Paul (the "Authority") has received from Gilbert and l�artha Thoele � (the "Borrower") a request that the Authority is ue its revenue bonds (which may be in the form of a single note) to finance the acquisition and renovation of a 20,000 square fo t facility located at 253 State Street in Riverview Industri,al Park in the City of St. Paul, which they will renovate and 1 ase to Thoele . Printing, a Minnesota corporation (the "Company") and another , complimentary company for use as a printing faci ity (the "Project) all as is more fully described in the taff report on f ile; and WHEREAS, the Authority desires to faci itate the selective development of the community, to retairi and improve its tax base and to help it provide the range of ser ices and employment opportunities required by its populat�on, and said I 2038T :; � a;�� u�: I � . � �'/-/�� Project will assist the City in achieving that o � jective. Said Project will help to increase the assessed valua ion of the City and help maintain a positive relationship betwee assessed valuation and debt and enhance the image and rep tation of the City; and � WHEREAS, the Project to be financed by revenue bonds will result in substantial employment opportunit es in the Project; WHEREAS, the Authority has been advise by repre- sentatives of the Company that conventional, comn�ercial financing to pay the capital cost of the Project is availal�le only on a limited basis and at such high costs of borrowinc� that the economic feasibility of operating the Project would be significantly reduced, but the Company has also dvised this Authority that but for revenue bond financing, ar�d its resulting low borrowing cost, the Project would not be und�rtaken; WHEREAS, Miller & Schroeder Financial, Inc. (the "Underwriter") has made a proposal in an agreemerlt (the "Underwriting Agreement") relating to the purcha�e of the revenue bonds to be issued to finance the Project; WHEREAS, the Authority, pursuant to Mi nesota Statutes, Section 469.154, Subdivision 4 did publish a not�ce, a copy of which with proof of publication is on file in th office of the Authority, of a public hearing on the proposal o the Company that the Authority finance the Project hereinbef re described by the issuance of its industrial revenue bonds; an WHEREAS, the Authority did conduct a p blic hearing pursuant to said notice, at which hearing the re ommendations . contained in the Authority's staff inemorandum to the Commissioners were reviewed, and all persons who appeared at the hearing were given an opportunity to express the'r views with respect to the proposal. NOW, THEREFORE, BE IT RESOLVED by the ommissioners of the Port Authority of the City of Saint Paul, Mi nesota as follows: 1. On the basis of information avail ble to the Authority it appears, and the Authority hereby finds, that said Project constitutes properties, used or useful i connection with � one or more revenue producing enterprises engage� in any business within the meaning of Subdivision 2 of Section 46I9. 153 of the Act; that the Project furthers the purposes stat d in Section 469. 153 of the Act and, but for the willingness q�f the Authority 20387 2 ' � � �CJ`�� a to furnish such financing, the Company would notiundertake the Project, and that the effect of the Project, if �indertaken, will be to encourage the development of economically �ound industry and commerce and assist in the prevention of the � emergence of blighted and marqinal land, and will help to pre ent chronic unemployment, and will help the City to retain a�id improve its tax base and provide the range of services and e opportunities required by its population, and wi�llhelpnto prevent the movement of talented and educated pe�sons out of the state and to areas within the state where their �ervices may not be as effectively used and will result in more ir�tensive development and use of land within the City and result in an increase in the City�s tax base; andlthatVittislin the best interests of the port district and the �eople of the City of Saint Paul and in furtherance of the general plan of development to assist the Company in financing tl�e Project. 2. Subject to the mutual agreement oF� the Authority, the Borrower and the purchaser of the revenue bonds as to the details of the lease or other revenue agreement als defined in the Act, and other documents necessary to evidence ar�d effect the financing of the Project and the issuance of the � the Project is hereby approved and authorized, ar�detheuissuance of revenue bonds of the Authority (which may be n the form of a single note and may be issued under either the A THORITY's Basic Resolution No. 876 or pursuant to its Business D velopment Finance Program) in an amount not to exceed a $650, 000 (other than such additional revenue bon slastare needed to complete the Project) is authorized to financ the costs of the Project and the recommendations of the Autho ity�s staff, as set forth in the staff inemorandum to the Commissi ners which was presented to the Commissioners, are incorporated erein by reference and approved. 3• In accordance with Subdivision 3 0Il� Section 469.154, Minnesota Statutes, the President of therAUTIiORITY is hereby authorized and directed to submit the propbsal for the above described Project to the Commissioner of En�ergy and Economic Development, requesting his a officers, employees and agents of the AUTHORITYaa�re�hereby authorized to provide the Commissioner with such �reliminary information as he may require. 4• There has heretofore been filed wilh the Autho ' a form of Preliminary Agreement between the Autho it and rlty Borrower, relatin to t . Y the Project and agform of thepUnderwritingcAgreem ntfinTncing of of the agreements have been examined by the Commi sionerse fltmis the purpose of the agreements to evidence the co itment of the 20387 3 . I i � �? • ' `7 � �� . / � . ' interim note or notes) herein contemplated and a y additional bonds which the Authority may prior to issuance r from time to time thereafter deem necessary to complete the P oject or to refund such revenue bonds; and for such purpose he Executive Vice President of the Authority is hereby author zed and directed to forward to the City Council copies of this re olution and said Preliminary Agreement and any additional availab e information the City Council may request. 8. The actions of the President of t e Authority in causinq public notice of the public hearinq and 'n describinq the general nature of the Project and estimating the principal amount of bonds to be issued to finance the Project and in preparinq a draft of the proposed application to the Commiss'oner of Energy and Economic Development, State of Minnesota, fo approval of the� Project, which has been available for inspection� by the public at the office of the Authority from and after the p blication of notice of the hearing, are in all respects ratif'ed and conf irmed. Adopted: , 1991. Chair Attest The Port Auth rity of the City of Saint Paul Secretary 20387 4,A 5 ;��V :��,;s , i . ` a�y�l. , rr A��..;' x,y , � ...! ` ,` . �i -i��. � " � _� -�` . FAX(612)223-5198 � ;� PORT AUTHORITY OF THE CIN OF SAINT PAUL TOLL FREE(800) 328-8417 ' 1900 LANDMARK TOWERS • 345 ST. PETER STREET • ST. PAUL, MN 5510�-1661 • PHONE(612)224-5686 July 30, 1991 , Mr. Robert Spragwe, Director Planning and Economic Development Department City of St. Pau{ I 13th Floor, City Hali Annex St. Paul, Minnesota 55102 SUBJECT: GILBERT AND MARTHA THOELE SUBLEASE TO THOELE PR{NTING, INC. ' $650,000 TAX EXEMPT REVENUE BOND ISSUE ' Dear Mr. Sprague: We submit herewith for your review and referral to th�e office of the Mayor, City Council and City Attorney's office deta� lls pertaining to the issuance of a �ax exempt revenue bond issue in the a�ount of $650,000 to finance the acquisition and renovation of a 20,460 s uare foot facility located at 253 State Street in Rlverview Indus�rial �ark. The lease wouid be with Gilbert 8 Martha Thoele with a subleas to Thoele Print- ing, Inc. The Port Aathori-�y will submit an application for an industrial revenue bond ailoaation from the State of Minnesota Competitive Pool as the proJect is industrial . The Clty ot Saint Paul 's entitiement allocation wiii not be affected by this application. The Ror-t A+�thor-ity staff has conducted a thorough evall uation of the f�rms a�dlor indfviduals that are involved in this p oJect or in which the principals have an interes#. Thts fnvestigation�has included detailed credit a�aEysis, Dun and Bradstreet reports,I dtrect canmunica- tFon with represe�tatives of financial institutions wlith whom the par- ticipants have done b�siness aFld data base checks to determine if any prir�cipai (s) have been in any way involved 1c� iegal proceedings as a result of secwrities fraud, extortion, embezzlement qr financial mis- representation. �w ��: �'�'� � . � .%��';` . ' �F?�''',�. . � � . � 9//y�3� � Mr. Robert Sprague J u I y 30, 1991 Page -2- , in addition to the staff inemorandum, we are attaching a draft copy of the proposed City Council resolution and a copy of thei Port Authority�s Resolution authorizing the sale of the revenue bond issue in the amount of $650,000. Your expeditious handling of this matter will be appre�ciated. Yours tr I�, ��f� ^ Kenneth R. Johnson � Senior Vic President KRG:ca cc. Mayor Scheibel ��>. �; } �a�$' • r � 9��/'i�.3�- . � PrORT AUTHORITY OF THE CITY OF ST. PAUL Memorandum TO: BpARD OF OOMMISSIONERS �A� July 24, 1991 (July 30, 1991, Regular Meeting) FROM: �,A. Campobasso�.� K.R. Johnson �/j SUBJECT: GILBERT � MARTHA THOELE (SIJBLEASE TO THOELE PRINTING, INC. ) PUBLIC HEARING - $650,000 TAX EXEMPT REVENUE BOND ISS E RESOLUTION N0. PUBLIC HEARING - SALE OF LAND 253 STATE STREET - RIVERVIEW INDUSTRIAL PARK RESOLUTION N0. ACTION REQUESTED• Approval of a tax exempt revenue bond issue in the am unt of $650,000 to finance the acquisition and renovation of a building t 253 State Street by Gilbert b Martha Thoele who wiil sublease the facilit to Thoele Printing, inc. Approvai is also requested for the sale of land for this proJect. Attached is a description of the proJect in reference, to the above requested action. This proposed proJect was taken to the Port Authority Loan Committee on July 16, 1991. ' Staff recommends a roval of Resolution Nos. an� PP JAC:ca � . , �'I/`�� . � CREDIT N�INO THOELE PRINTING ' � ACTION REQUESTED: Approval ot financing to Gilbert b Martha Thoele for acquisition and renovation of a bu Iding at 253 State Street � BORROWER: Gilbert b Martha Thoele ADDRESS: 2163 Falcone Avenue St. Paui, MN 55119 I REVIEW TYPE: New Credit I DATE OF LAST REVIEW: N/A I LOAN OFFICER: John A. Campobasso LOAN STRUCTURE PROPOSED: Tax exempt financing throug� new program or 876 loan program �Jses: * Acquisition: � Land � 69,000 Bullding 466�000 $535, 00.00 State Allocation Costs Capitalized Interest 8, 75.00 Renovation 206, 97.50 Financing Costs *� 40, 00.00 Moving 38, 00.00 Miscellaneous (State fee � appraisals) � 0 TOTAL $832, 72.50 * Does not include debt service reserve �� Estimated fees Sources• Port Authority Tax Exempt Bond Issue $584, 00.00 Eq u i ty 72 TOTAL $832, 72.50 Bond issue• Princlpal Amount of Bonds $650,000.00 Less Debt Service Reserve Loan to Borrower $584,000.00 I . : � 9. �i�,� .Z � � Interest Rate: Estimated Tax Exempt Bond Rate 9$ 8.5$ Port Authority Fee .50$ .5� Credit Enhancement Fee � To Be Determined --- Estimated Total Annual Interest Rai�e 9.5� 9.0$ Credit Enhancement Fee: This Is the annual cost to the borrower to maintain the debt service reserve. It is the difference between the reserve' coupon rate and the in- terest earned on the reserve. The fee will be dete�mined immediately prior to sale of bonds and will be contained within the cmmmitment letter to the borrower. Term: 358 Months Amortization: 358 Months Reserve: The $67,000 debt service reserve will be funded wit� bond proceeds. Bond issues require one year's debt service be held in r serve. To the extent interest earnings are insufficient to carry the bon� interest attributable to the reserve, the difference is calculated as a redit enhancement fee. Nature and Historv of the Business: � The company was founded in 1917 in Downtown Saint P ul by the Thoele family. Gilbert Thoele has worked in the company since 1943 and is presently its owner. The company moved to its present address a 301 Wacouta when the Manhattan building at 141 East 5th Street was razed in 1968. They have ex- perienced slgnificant growth for the past eight ye rs and have outgrown the 11,000 square feet they presently occupy. In November of 1990, the City notified the company that there were sig- nificant concerns regarding the structural integri ot the depot in this area. A signiflcant number of braces have been in talled, and Thoele Print- ing has been actively looking for an alternative site since that time. They had originaily anticipated analyzing their locatio al situation in 1995 when their current lease expired. Thoele Printing is a commercial printer dealing wi h multi-color sheet-fed, four color processes up to 38 inches. Management Stability: Mr. Gilbert Thoele has been wlth the company since 1943 when he started working for his father at age 13. He is still act ve in the management of the company on a day-to-day basis. Ray Hundley is the second in command and has been with the company for 34 years. Mr. Thoel also mentioned that his son has made a commitment to Jo1n the company in 1 95. He is presently working for World Color Press, Inc. in Chicago. ' , , � . , � 9� -��.3.2. Market/Industry/Locational Conslderations: The company has a strong, diverse customer base witlh such accounts as Car- gill, Radisson, L'hotel Sofitel , Northern Star Recy ling and numerous others. They appear to have a good niche in the pr�nting market and have grown steadlly over the last eight years. The Saint Paul Port Authority has financed ten busl esses in the printing and printing-related industries. The outstanding b lance on these loans to- tals $22, 120,000, or 3.6� of all bonds payabie to t e Port Authority. To contrast this with the industry�s importance in the�state, this lndustry is the third largest industry in Minnesota. Also, 4.7 of the state's employ- ment is in this industry. Relating the industry by�number of esfiab- 1lshments, 10.2� of business establishments in the �tate, and 12.4� in the metropolitan area, are in the printing industry. Nature of the ProJ�ct: Gilbert and Martha Thoele will purchase the 20,460 �qware foot facility at 253 State Street in Riverview Industrial Park. The' building is located on a site totaling 60,000 square feet. I� was constructed in 1970 and has been occupied and used for { ight manufacturing ever sinc . The properi-y has been vacant for over one year. Thoele Printing will occrpy 15,400 square feet of the facility under a master lease guarantee with Gilbert and Martha Thoele. Approximately 5,000 square feet will be leased to tro Blndery, a company presently leasing space at 5th and Wali in Downtown Saint Paul . Metro Bind- ery does a substantial amount of business wi#h Tho Ie. Only minor leasehold improvements wiil be required to subdivide the facility including the in- stailation of an additional bathroom. The signing of the lease with Trade Bindery is not a requirement or condition for the pproval of this loan. A Purchase Contract has been negotiated between Gilbert and Martha Thoefe and Taylor Corporation. Closing is anticipated to be completed by August 31, 1991. Renovation should be completed by September 30, 1991, with occupancy to begin in October. ; evelorxnent Team• The company has• selected McGough Construction as tHeir ge�eral contractor to supervise tMe renovation and improvement work. Th�y are an experienced, bondable contractor. Thoele Mas received estimates on the work to be do e and wiii proceed im- mediately following closing to get the work comple ed. Collateral Analysis: Estimated Market Value of the Project to be Financ�d: Mr. Vince Dolan of E.V. Dolan ComPany completed an appraisal of the property as of June 14, 1991 . He established a fair market value of �650,000. - . � , . �j-/��, s� � Acquisition $535,000.00 . Renovation 206,697.50 Other 86.600.00 TOTAL $832,572.50 TOTAL - $�50,000.00 Loan-to-Value Ratio: 90� ($584,000 to $650,000100) Loan-to-Cost Ratio: 70� ($584,000 to $832,572�50) Debt Coverage Ratio: 1 to 1.82 ($104,164 April 3 , 1991 year-end profit before taxes plus $17,980 1 91 rent to $67,000 estimated total debt servic . ) Guarantors: Gilbert and Martha Thoele wili be guarantors on theI payment of debt to the Port Authority. Staff has reviewed their personal ifinancial statements prepared by Lethert, Skwira, Schultz and Company which show a net worth ratio to debt coverage ratio of 2.8. Thoele Printing shal { sign a master lease covering �the entire Port Authority debt. This lease will be assignable to the Port Au�thority. Mr. Thoele will secure keyman lnsurance for the Port Authority. He� wlll also malntain a net worth equal to 100$ of the outstanding princlpal onl the Port Authority debt for the first five years of the loan. Other Secured Collateral : None Nature d Source of ProJect Equity: Mr. Thoele had been setting aside funds the past f w years in anticipation of a move and has funds available to cover equity ecessary to finance ac- quisition, renovation and moving. Credit Grade: B-2 Strengths of Credit: Compar�y has sufficient cash flow to cover addition�l rent. The company has very little long-term debt and that debt is all to Gilbert Thoele, the owner. Gilbert and Martha Thoele have a signlficant amoun of their net worth in Iiquid assets that couid be used, if necessary, to cover debt. Weaknesses of Credtt: There is a concern regarding future acquisition of equlpment to stay com- petitive. I . , . • , . 9� -��.3�, , Loan Offlcer Comments: This appears to be an excellent project. Thoele Printing only needs 15,000 to 16,000 square feet; however, they have the abili y to cover the debt on the entire 20,000 square foot facility. The lease o Metro Btndery will help carry the load of the new debt service but is not essential. The loan will allow Thoele to move out of the depo that has sane sig- nificant structural problems. There are temporary support posts everywhere in Thoele's present space which has negatively imp cted their productivity over the last year. The move wiil enable them to dramatically imp�ove their productivity. , Public Purpose Analysis: The company presentiy employs 18 people at their D wntown location. This move wiil allow them to retain ail present employe s. They also expect to add two positions within a year. The company is required to move from their present ,locatton for safety reasons; therefore, the City of Saint Paul has str ngly endorsed this move. The purchase will also fill and upgrade a building�that has been vacant for over a year in Riverview Industriai Park. JAC:ca . , �Y:�%� ,�. � � y� �h 6�tT7 � +x ,• `P � ,�r" �=- R� 7 � � . f Yi� . k � 1: r �.. x .t + y � � ; ° - � CIT � ttttllllltl b �, � •'`ka� � nn t n n � OFFI E'OF.} CI'T'''�Ch � AC �ea+ CITY HALL-7th FLOOR-SAI T PA, � � �:; >� ;>;�,��, p:h TOM DIMOND i � � ' ��"�'4" �� "� y COUNCILMEMBER i '': F��`��""r y„,. . � Members r`� "� � ' �'�'��`� �� ;. Tam Di nd, Chai r �;�:;��', ; � Paula M ccabee � ��; � �� Dave T ne R��.'- , �:�� Date: August 14, 1991 I A�� ;��;� h, Ci7Y�,;,�� ;' COMMITTEE REPORT �� ,�,� HOUSING AND ECONOMIC DEVELOPMENT COMMITTEE ��-k � � �� ':;,�t� r ,, .. r.�f;+'i� . 1� Resolution 91-1448 - approving the issuance of bonds by the Port Authority of the City of Saint Paul to jointly refinance a multi family housing program for the Kendrick Apartments in Energy Park (Referre from Council 8-8-91) . COMMITTEE RECOMMENDED APPROVAL, 3-0 2. Minnesota Housing Finance Agency Application for Fu ding Deferred Loan Program - Phase VI (Referred from HRA 7-23-91) . `r'" ., y;. THIS ISSUE WAS LAID OVER TO THE AUGUST 28, 1991, HO SING AND ECONOMIC a�`� �,*t.,• DEVELOPMENT COMMITTEE MEETING (HRA) ;,�,, . �.�� .. 'a<�.;�� 3. Authorization to provide financing for the Families First Program (Referred '�°��:; from HRA 8-13-91) . ��: ' .r�f.., ,;4 COMMITTEE RECOMMENDED APPROVAL AS AMENDED {HRA) *F 4. Resolution - regarding Neighborhood Partnership Pr gram 16th Cycle. `�` � THIS ISSUE WAS LAID OVER TO THE AUGUST 28, 1991, H USING AND ECONOMIC � DEVELOPMENT COMMITTEE MEETI � ,i:. _5. Resolution 91-1432 - approving the issuance of �65 ,000 Tax Exempt Revenue �, �.., � -% f Bonds for the acquisition and renovation of 20,460 square foot facility f�r� \ Gilbert and Martha Thoele at 253 State Street in 'verview Industrial Park � (Referred from Council 8-6-91; on Council agenda -15-91) . � :�+ /y/�/l � OMMITTEE RECOMMENDED APPROVAL - �j, V 4%� }�5�w, S •Kr � .. . 'r�,t,�.r ., ,e:�';��;.,. . ! j �.. ..1Ij�., !�' ..� .[-. '..b;*�... � �. ., ,.:y_.e,: .;^'. ' Ti .-rt� .��t � � {:''.�"';.`. �- CHAIR: Housing and Redevelopment Authority & Housing and Econ mic Development Commi�tee '� ` �� COMMITTEES: Public Works & Intergovernment Relations #`��,�� .,._ ?!�': Printed on Recycled Paper .6�s �:`' . ' ;.'�,3 ,� � � � k � i i:' i , p �=,�� '��t� �; � d� t' � � Q I� DEVELOPMENT COMMITTEE � �� , ��_,� .w�-'`�AUGUST 14, 1991 �. ,A, , ,r ::,,� f.,, ,, �� y��l� ��; .IGF�n"i K��k'�} ? � , . •.� �, '� "- � �{�CF; . . . ��:�F y� '/?#J�t i_, � i�!l . . T �,� ; ��'Y�' ��`� Order 91-738 - In the Matter of condemning and taking Fee Title for "� :� � �t` ' ' ert near Smith Avenue and Kello Boulevard in art of Block 63 � . . � � , ,p Y 99 P � �-j' � �" � ine's Enlargement for Civic Center Parking Lot (Referred from Council 'r ��#=�3-91; Laid Over in Committee 7-24-91). �.��, � �,` �� „ s,,� S ITEM WAS LAID OVER �� ' °; A. � �, ��' �i�esolution authorizing mortgages and pledges of revenues from the Housing and ; K� �j ''-""Redevelopment Authority's Block 23 Parking Ramp and the proposed Seventh ��>``Street Parking Ramp and expressing an intent to re-budget funds (Referred �� , �� from HRA 7-23-91) . �� `�� : .a COMMITTEE RECOMMENDED APPROVAL AS AMENDED, 3-0 (HRA) .w,, _,..,. `;�„ 8. Public Hearing on Midway Corridor Light Rail Transit Preliminary Design (Referred from Council 7-16-91; Laid Over in Committee 7-24-91) . ` THIS ISSUE WAS LAID OVER TO THE AUGUST 28, 1991, HOUSING AND ECONOMIC DEVELOPMENT COMMITTEE MEETING 9. Termination of tentative developer designation for the Old Gillette Hospital � West Wing - District 5 (Referred from HRA 7-23-91) . �` COMMITTEE RECOMMENDED APPROVAL OF A SUBSTITUTE RESOLUTION, 3-0 (HRA) �,. 10. Resolution 91-1413 - approving the execution of a second amended and restated �`: j Joint Powers Agreement for the Energy Park and Twin City Testing Tax �X�� V J Increment Districts and approving the issuance of bonds by the Port Authority � ,� of the City of Saint Paul in connection with that project (Referred from ��t. . � Council 8-1-91) . .�;�;, �` COMMITTEE RECOMMENDED APPROVAL, 3-0 *µ -� 11.J Resolution 91-1313 - calling for the inclusion of aircraft noise abatement measures and "night flight curfews" as part of the State Financial Assistance package to Northwest Airlines (Referred from Council 7-23-91) . '.;i ' COMMITTEE RECOMMENDED APPROVAL AS AMENDED, 4-0 ;� �� '- 12. Resolution 91-261 - an Ordinance amending Chapters 60 and 62 of the �, i�;�- Legislative Code pertaining to revising the Off-Street Parking Standards �:�� (Referred from Council 3-28-91; Laid Over in Committee 6-12-91) . 1 "� ` �'�, THIS ITEM WAS LAID OVER TO THE AUGUST 28, 1991, HOUSING AND ECONOMIC ' � - DEVELOPMENT COMMITTEE MEETING , ';F, �,� 3�. ,�Y��j`�V: .3 � �� ,�� y � ,t w-- -� SUMMARY ABATEMENT APPEAL APPLI �� z, ; ,,'�,��.1. � �- ' " ' � � �r �� ,; Requesting a hearing before City Cauncit to appeal a summa ,Y��„ ; ;',,°k . � ._� � �, , , . �� '1��h � ,),�� MU8T BE FlLED IN THE CITY CLERK'S OFFlCE, ROOIA 386, CITY HAL,1.� gEFppL E � '�� ^�9, APPLtCANT '��1� °� Name � ��fi /y1 ,�ro�, t � •Y � . .. ..:.�:.� ' . . Address ~;. � � �i✓- ��n�ii,. c ,�� . m� Phot70 � /y/N S,!'f p� �`� :� S�. /�� ; ,. � D Im• phone �, � ;��-�� 21p C�. . x . ORDER BEING APPEALED - ATTACH COPY � �� << From which otftce at� mailed.. � �' Regarding property at �(,✓' T�c f � Deadlins R ' IVED �, , Is�ued to �' �,�s!1; What is appticant's interest In the property 0�✓h�,�- = ` .�,,. REASON FOR APPEAL '� ��° S�''�� r !� Gv � r� � ,�h. ,, . � �� cr�a r:. � a' �771�t �� , �P e � J'd e �� . �� %l /��-�' �� r i i t� � f rx:-;. � . /A r t� /f ,r.� � �r r<< ✓ -� 4 � ,�� s � � d'i � . � � � � �. .�j°� � ., ��v�-� . J �/' ,�' R�c �',��"�''��,.� 3� .� °�, ' , _ _ — — —- -— — —_ '�" .F* "�_.�,,� ; _ _ _ _ __ —— —_ _ . � �S lY F 1�,��r,�* .; Post-It'M brand fax transmittal memo 7671 #of pages ► � � ,, � To �. From � h �: ,�,�1.'�i_t�, ii,��. ;__�', `F�rr` iv� tx� CO. 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' �5 � ''`,SC:?�` �.�'4 �.'r:"�� a ''vn.\.� v.......v....... .t.�.....�\...................�...... . tit...�\..v.d..........'S....�.�C.�.. .\+ ...`�c.�•+.~.. .:��..iU....�. ............................v. ... .......... ....... . . :.Z: w.�1 .��. . . . . . . �'��M1 . �r. . .. . � ' �� Jt • . . . � . . � L ' u . . lt :. . � . . . Y 'r jJ . �W,, f * j y1y a" ��. . . �Ir ' " .�,�1.� �� k � i.��, � . . . . •g� . Y��t i �Ly��:.r.iy. � " . . , r� y1, . . . .. . ' r .F . � . . . �_� _; � �. �;� � CTiONS TO CITY, CLERI�C'S OFFICE < � 3 . . - �i.,�..:i [ . . ,��r �� , ��; � � �.� ��y : ,�� ec�ep# application after appeal deadline or without copy of orders t �� kr � . �x -, `�� °'"""'"" The a eai deadiine is 7 da s after 1�Y- �.. . .�... �.. ,,,r.,. PP ��: � � .�..�,�. ,�. y , �UMMARY ABATEIIAENT ORDER : � �a�"'� �-�- — the date mailed, or the same as .� , � �,' � �,:-----�- F� �_� �� the deadline given in the order a �:�..r..,.r.....�.�....� '�� _;; whichever comes first. X � :�;.. � � . � - � . ' � . t;,;. ��M1�wMtr �� . .. � wMW.MaM►� � � . . . , � M I�hO1�lIM�M� AA... M M�r M�Mr�r . . � a�rrr�r w ww wp:�E . M�1 . . . r��o aar►r wK#uo "�°""""'°°""�""�°" `""'� 2. Within 2 we�ks set hearin/� date ''�-;` - v«M...,r.�.n n�rwM w«r,r b�r.b w w.�.Nw. � 27 � v°""."�.`.`..`",�..'"'.�'' '�m' "`""'""'"` and place on agenda . •q� r '�,1.� b�iY�i.r.�ir.�wu�rr:ww7��i.��.w��.r�.r�. . �` `M -��°---��-�� Mark hearing date on front of , � � , '�? .nrw�r�a.rr.r�+��ravannar,�..er.w�.avr�lw�a. ; ,�.'�I ,'�, '� ��,nrrw.�....ra�sfla.r*.r.r.11a«^rMrr.r.iwy.rrMr•rr � x` ` aPPlication �s � rwaya�wwM.w+w�fr�w�.�rrrr�.�rrw+w�wwh..�+�•.� x�c�" f' wa.�.a.�m►�..�!u►.e�..awaww a. � 4 �. :,r � r �� .: ' �S� _�� Determine the City Council district and citiien participation district � � . : _i�� .- ,: in which the nuisance is tocated (census tract is marked on order) �. �. ,_ �; �� - Mark nuisance location and districts on the front of the application �_ �� ,��`;� in the �shaded area � � ��y' �. : f^ Y f�i�^M -..�`} y�� }Z � ' . � � � 4�. �,, . � . L*�� ' � e��t. Send notice of hearing, with copies of appiication and order attached, to: {�. �..�f �YT �� ;�.�F ��;.�b .,` 1. The applicant .��.� �� ` � 2. Any other party to whom the summary abatemenf order is addressed , '.t {: �{' ,� �,�� ,_i' 3. Office which issued the order s ��" ` 4. District council office for the district where the nuisance is located .�� 5: Councilperson's office for the district where the nuisance is located ��After hearing send copy of the resolution to the same parties that ,� received the notice of the hearing �� 2.`F . . . . . . .'�v� . . � � . . � .. '�,fii'.;e'ff... . . .� � . a �.�:. �. • . r � . �l�/ �� Department of Community Services � '�� i-9o/� � ' � Division of Public Health Da[e of Inspeclion: �/Z I��(/ Environmental Health Section 1� ' k D te Mail� �. 555 Cedaz Street � , , Date Issued: � � St. Paul, MN 55101 B�: ��CT' {`�='� '� •" 292 - 7771 �� '' � .� �' �. �, s -:.;� r'4:�� e�,x` :a.'� . SUMMARY ABATEMENT R��,. �;��,� �,�� .��:� � 4 . )y��...' �.� �!��h€r �� . . .. . �� ,. __�#� � ,�}� d ,� , } y � To: � , !- 1► G�C�S�}7-�. Address: � �'✓ � '`�r , � �.'� To: �_ �'�� dY S fN�w, Address: 3� L � -5�1'�� <J� ',,S'S(CY � ' , ,,� , T � !'e M v a W° � y`t To: v�L� ► `IG��,°��N — Address: �o r�o ✓e� � �r � �:��d�2 M/V , !�s owner or person responsible for:��L� Cu�� ::k"�,, � ' , :-�:' �r, ;x: "��,�, you are hereby notified to eliminate the following nuisance: . , � -� � ;. ��— 3 , , �- , i ;c. '� �r-,� �D�✓ _ �FJb ��C ` RECEIVED h:, �; --��--- �:4:� AUG 0 8 1991 ;�,�} M� `�l� � CITY CLERK I � � � If you do not correct the nuisance by , , nr fi1P �n ar�P�i :�pp�l�' in,f�„;u,ia7 �el�;�); the'��ey �� wiil correct the nuisance and charge all costs against the property as a special a�sessment to be collected in the' - same way as property taxes. I . . . FAILURE TO COMPLY MAY ALSO ' � �� NECESSITATE COURT ACTION Issued b : �Z�%�...X Y If you have any questions regarding this order, the require ents or the eadline, you may contact the ' inspector by calling 292 - 7771 between 8 and 9 a.m. $ ��y,, r; ,: �, µ, r You may appeal this order and obtain a hearing before the City Council by ling a written ;equest witt3"-�e ��,� 1 city clerk before the appeal deadline which is the deadline above or seven c ander days after the date t�le , x�`w '� which ever comes first. No appeals may be filed after that date. -� • � �� .��;� w�, _ You ma obtain an a lication from the Cit Clerk s Office, Room 386, Cit Hall St. Paul, , T �}, �. Y PP Y ' MN 5510��'� � telephone number is 298-4231. You must submit a eopy of this order wit your application. �� : ��:. . '��s � - If the City corrects the nuisance, the charges will include the cost of correcti n, inspection, travel rim,�, , ;�� °, w'• equipment, etc... The hourly rate will be around$130. `�� ,.�� s