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91-2284 ���.. Council File # �� - G`-�� g �p3i� Green Sheet # RESOLUTION CITY OF SAINT PAUL, MINNESOTA Presented By � , Referred To Committee: Date RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A SECOND AMENDED AND RESTATED JOINT POWERS AGREEMENT, A SUPPLEMENTAL AGREEMENT AND A JOINT PLEDGE AGREEMENT IN CONNECTION WITH THE ISSUANCE OF TAX INCREMENT REVENUE BONDS WHEREAS: 1. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") proposes to issue its (a) Taxable Tax Increment Revenue Bonds (Energy Park Project) Series 1991-B (the "Taxable Tax Increment Bonds") in the approximate principal amount of $4,935,000 to finance a portion of the costs of the acquisition and renovation of the former ETA facility by Ryan St. Paul Limited Partnership and (b) its Tax Exempt Tax Increment Bonds (Energy Park Project) Series 1991-A (the "Tax Exempt Tax Increment Bonds") in the approximate principal amount of $1,755, 000, and its Industrial Park Revenue Refunding Bonds, Series 1991-A (the "Industrial Park Bonds") in the approximate principal amount of $865,000 to provide funds to refund the outstanding Industrial Park Revenue Bonds, Series 1985 (the "1985 Bonds") issued by the Port Authority of the City of Saint Paul (the "Port Authority") . 2. Pursuant to the terms of a proposed Second Amended and Restated Joint Powers Agreement for the Administration, Operation and Financing of the Energy Park and Twin City Testing Area Developments and Tax Increment Financing Districts entered into by and between the City of Saint Paul (the "City") and the Port Authority, tax increments from the Energy Park Tax Increment Financing District (the "Tax Increments") are authorized to be used to pay debt service on the Tax Exempt Tax Increment Bonds and the Taxable Tax Increment Bonds (collectively the "Tax Increment Bonds") . 3 . Pursuant to the terms of a proposed Supplement to Second Amended and Restated Joint Powers Agreement (the zsn� ������, q'1 - Z7_S�1 "Supplemental Agreement") , among the City, the HRA and the Port Authority, the HRA will issue the Taxable Tax Increment Bonds, the Tax Exempt Tax Increment Bonds and the Industrial Park Bonds (collectively, the "Bonds") on behalf of the Port Authority. 4. Pursuant to the terms of a proposed Joint Pledge Agreement (the "Joint Pledge Agreement") among the City, the Port Authority, the HRA and First Trust National Association, St. Paul, Minnesota (the "Trustee") , the City, the Port Authority and the HRA will pledge Tax Increments to the Trustee for the benefit of the holders of the Tax Increment Bonds, subject to the pledge of such Tax Increments to certain obligations having a prior lien on the Tax Increments. 5. The City Council of the City of Saint Paul has previously adopted Resolution C.F. No. 91- 2os3 , approving the execution of the Second Amended and Restated Joint Powers Agreement giving preliminary approval to the issuance of the Bonds. 6. The forms of the Supplemental Agreement, the Second Amended and Restated Joint Powers Agreement, and the Joint Pledge Agreement have been submitted to the City Council for approval. 7. The HRA and the Port Authority have requested that the City Council authorize the execution of the Supplemental Agreement, the Second Amended and Restated Joint Powers Agreement, and the Joint Pledge Agreement, referred to above. RESOLVED: 1. The City Council hereby approves and authorizes the Mayor, Clerk and Director, Department of Finance and Management Services to execute the Supplemental Agreement, the Second Amended and Restated Joint Powers Agreement, and the Joint Pledge Agreement (the "Bond Documents") in substantially the forms currently on file. Any other documents, agreements and certificates necessary to the transaction described above shall also be executed by the appropriate officers of the City. 2. The Mayor and Clerk and other officers of the City are authorized and directed to prepare and furnish certified copies of all proceedings and records of the City relating to the transaction described above, and such other affidavits and certificates as may be required to show the facts relating to the legality of the Bond Documents as such facts appear from the books and records in the officers' custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, Zsn� ����`������4- �1- �Zgy shall constitute representations of the City as to the truth of all statements contained therein. 3. The approval hereby given to the various documents referred to above includes approval of such additional details therein and such modifications thereof, deletions therefrom and additions thereto as may be deemed necessary and appropriate and be approved by the City's staff and Bond Counsel prior to their execution; said staff and Bond Counsel are hereby authorized to approve said changes on behalf of the City. The execution of any instrument by the appropriate officer or officers of the City herein authorized shall be conclusive evidence of the approval of such documents in accordance with the terms hereof. In the absence of the Mayor, Clerk and Director, Department of Finance and Management Services, any of the documents authorized by this resolution to be executed may be executed any other appropriate officers. � Yeas Navs Absent Requested by Depar ment of: smon �— OSwZ z � PLANNING AND ECONOMIC DEVELOPMENT on � acca ee � et man � une i � i son � BY� U 7 1991 Form oved b i y Adopted by Council: Date ( �-� ��_ __ Adoption Certified y Coun� S' cretary By: By' Approved by Mayor for Submission to z5"' ' DEC 19 1991 Council Approved by M yq�r: Dat !� � By: - �l�.�i�� By: PU��9���� �_Ai� 4 91 -2ZS� DEPARTMENT/OFFICE/COUNCII DATE INITIATED N� _10 314 lanning & Economic Development �2i�oi�� GREEN SHEET INITIAUDATE INITIAL/DATE CONTACT PERSON 8 PHONE EPARTMENT DIRECTOR �CITY COUNCIL Katy Lindblad X-3309 ASSIGN ITYATTORNEY �CITYCLERK NU1+18ER FOR UDGET DIRECTOR n FIN.8 MCiT.SERVICES DIR. MUST BE ON COUNCIL AOENDA BY(DATE) ROUTINO �j t ORDER AYOR(OR ASSISTAN� 12 17 91 TOTAL#OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE) Lisa Clemens ACTION REQUESTED: Approval and authorization to execute various documents in connection with the issuance of tax increment revenue bonds. RECOMMENDATIONS:Approve(A)or Reject(R) PERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING GUESTIONS: _PLANNING COMMISSION _ CIVIL 3ERVICE COMMISSION �• Has this person/firm ever worked under a contract for this department? _CIB COMMITTEE _ YES NO 2. Has this person/firm ever been a city employee? _STAFF — YES NO _ DISrRICr COURT _ 3. Does this person/firm possess a skill not normally possessed by any current city employee? SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO Explain all yes answers on separate sheet and attach to grosn shest INITIATINa PROBLEM,ISSUE,OPPORTUNITY(Who,Whet,When,Where,Why): Final action necessary to allow for HRA issuance of revenue bonds in Energy Park District. This will allow First Bank Systems to consolidate their clata nrocessing functions in a new Operations Center. See green sheets No.� 14793 and 1031�. ADVANTA(�ES IF APPROVED: l. 855 Jobs in Enerc�y Park 2. 120,000 square feet ETA Building renovated 3. 240,000 square feet new construction DISADVANTAGE3 IF APPROVED: DISADVANTAQES IF NOT APPROVED: l. FBS project unable to proceed. RECEIVED C�N���=� ��� ;� � ��rch Cerrt�r o�C 111991 CiTY CLERK DEC 1 Q �9,Q1 7,556,000 revenue bonds TOTAL AMOUNT OF TRANSACTION S COST/REVENUE BUDGETED(CIRCLE ONE) YES NO FUNDING SOURCE Energy Park tax increment an�CTIVITY NUMBER 140-36459 an en s FINANCIAL INFORMATION:(EXPLAIN) „I� �.� NOTE: COMPLETE DIRECTIONS ARE INCtUDED IN THE GREEN SHEET INSTRUCTIONAL MANUAL AVAILABLE IN THE PURCHASING OFFICE(PHONE NO.298-4225). ROUTING ORDER: Below are correct routings for the five most frequent rypes of documents: CONTRACTS(assumes authorized 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 contracts over$15,000) 4. Mayor/Assistant 5. Human Rights(for contracts over$50,000) 5. City Council 6. Finance and Management Services Director 6. Chief Accountant, Finance and Management Services 7. Finance Accounting ADMINISTRATIVE ORDERS(Budget Revision) COUNCIL RESOLUTION (all others, and Ordinances) 1. Activity Manager 1. Department Director 2. Department Accountant 2. City Attorney 3. Department Director 3. Mayor Assistant 4. Budget Director 4. City Council 5. City Clerk 6. Chief Accountant, Finance and Management Services ADMINISTRATIVE ORDERS(all others) 1. Department Director 2. City Attorney 3. Finance and 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 projecVrequest 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 projecVrequest supports by listing the key word(s) (HOUSING, RECREATION, NEIGHBORHOODS, ECONOMIC DEVELOPMENT, BUDGET, SEWER SEPARATION). (SEE COMPLETE LIST IN INSTRUCTIONAL MANUAL.) PERSONAL SERVICE CONTRACTS: This information will be used to determine the city'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 benefit from this projecUaction. DISADVANTAGES IF APPROVED What negative effects or major changes to existing or past processes might this projecVrequest produce if it is passed(e.g.,traffic delays, noise, tax increases or assessments)?To Whom?When?For how long? DISADVANTAGES IF NOT APPROVED What will be the negative consequences if the promised action is not approved? Inability to deliver service?Continued high traffic, noise, accident rate?Loss of revenue? FINANCIAL IMPACT Although you must tailor the information you provide here to the issue you are addressing, in general you must answer two questions:How much is it going to cost?Who is going to pay?