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91-2285 '�������'�° 9 i - Z2�5 9 Council File # Green Sheet # �Q 3�3 RESOLUTION CITY OF SAINT PAUL, MINNESOTA -.� Presented By Referred To Committee: Date OF THE COUNCIL OF THE CITY OF SAINT PAUL APPROVING THE ENERGY PARK TAY INCREMF.NT FINANCING PLAN BUDGET MODIFICATION WHEREAS: A. By Resolution C.F. No. 276900. , adopted May 26, 1981, the City Council, pursuant to Minnesota Statutes, Sections 273,71 to 273.78 (recodified as Sections 469.174 to 469.179) designated Energy Park Development District No. 3 as a tax increment financing district and adopted a Development Program and Tax Increment Financing Plan for the Energy Park District for the purpose of financing the capital and administrative costs of the Energy Park District, and by Resolutions C. F. 89-1466, adopted August 17, 1989 and C. F. 91-951, adopted March 28, 1991, amended said Tax Increment Financing Plan. B. A proposed further modification of the Energy Park Tax Increment Financing Plan has been presented to the City Council for consideration together with the recommendations of the Energy Park Advisory Council and the Long Range Capital Improvement Budget Committee (CIB Committee) which proposed modification adjusts line items within the bonded indebtedness component of the Financing Plan without changing the total amount of bonded indebtedness to be incurred. C. Said proposed modification does not (i) reduce or enlarge the geographic area of the Development or Tax Increment District, (ii) increase in amount the bonded indebtedness to be incurred, (iii) increase or decrease the amount of interest on debt to be capitalized, (iv) increase the portion of captured net tax capacity to be retained by the City of Saint Paul or the Port Authority of the City of Saint Paul, (v) increase the total estimated tax increment expenditures, nor (vi) designate additional property to be acquired, and therefore pursuant to Minnesota Statutes Section 469.175 Subd.4, may be approved by the City Council without the formality prescribed in said Subdivision in the event the modification resulted in any of the recited actions. till��Y� ��� � � . . • I � � l.��v� NOW THEREFORE, BE IT RESOLVED by the City Council that the Energy Park Tax Increment Financing Plan Budget modification as set forth in Exhibit A hereto attached, is hereby approved and city staff is directed to file a copy of said modification with the Commissioner of the Department of Revenue of the State of Minnesota. Yeas Navs Absent Reque9ted by Department of: smon � onwztz � �Gl,vi 'r L�U D�i L ��,c� p acca ee i' ettman � une -� � s son i BY� Form A oved by ttorney Adopted by Council: Date )��(�7� � ��} Adoption Cer ifie by Cou i ' Secretary BY: , � gy; d� � '� � � Approved by Mayor for Submission to Approved b or: Da e � Council � r By: �;�Cy��.�!�� , By: �d��;��� ����� �� '�2 q! �ZZgS �CthU�� -f� December 10, 1991 Energy Park Tax Increment Financing Plan Budget Amendment A. ENERGY PARK LAND ACQUISITION AND PUBLIC IMPROVEMENTS BUDGET I. FINANCING PLAN A. Estimated sources of revenue other than tax increment or bonded indebtedness 1. Port Authority Revenues $14,083,133 (126,992) 2. Urban Development Action Grant 15,513,500 (15,513,500) 3. Economic Development Administration Grant 2,300,000 ----------- $16,256,141 B. m�r� �e�� Energy Park Tax Increment Supported Revenue Bonds Series 1988 29,500,000 Series 1989-B & 1984-K 3,420,000 ��e�g��e�}E 6a���a� TTMr�-_��=W=��_ Other Bonds ,'--;',-,-�0 6,692.100 �,.;, �,. ,..-;,. �,.,.�,. �,�BA;A89 � m,..,�:...� �,,.. ,. 4 n�r� nnn _____"O __"_"__�O T �Vv $39,612,100 C. Tax Increments 44,097,815 - TIF Receipts to Repay UDAG's 15,513,500 $59,611,315 D. Total Financing Plan $115,479,556 II.SPENDING PLAN A. Direct Costs Estimated Costs Description Midway Athletic Facility $2,748,000 . Land Acquisition 19,171,703 Rail Relocation 165,000 Site Preparation 2,644,226 Streets/Roads 4,883,177 Grading 1,830,136 Gas Mains 50,000 Storm Sewers 6,328,090 Water Line 815,000 Sanitary Sewer 1,095,143 Energy System 20,327,298 q i -2�85 December 10, 1991 ETA Winter Cooling 380,495 Reinjection 0 Rental Housing Res. 700,000 Recreation 0 Concourse 600,000 Parking 6,575,745 Signal/Lights 475,000 Sidewalks/Misc. 297,100 Bike Trails 274,100 Administrative 9,521,797 Eng./Design (City) 85,000 Contingency 535,952 Other Development Costs 13,053,000 ----------- $92,555,962 B. Indirect Costs Capitalized Interest $20,474,297 Cost of Issuance 2,449,297 ----------- $22,923,594 C. Total Direct and Indirect Program Costs $115,479,556 K:KSL:BUDGET.EP 41 -22g5 OEPARTMPEid ni gu& 1Economic Develot�men °ATEi2iioi9� ,GREEN SHEET N° _10313 CONTACT PERSON 8 PHONE INITIAL/DATE INITIAUDATE DEPARTMENT DIRECTOR �CITY COUNCIL ASSION ITYAnORNEY CITY CLERK Katy Lindblad x-3309 NUMBERFOR � MUST BE ON COUNCIL AGENDA BY(DATE) ROUTING � ET DIRECTOR �FIN. MGT.SERVICES DIR. ORDER AYOR(OR ASSISTANT) td 12 17 91 TOTAL#OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE) isa Clemens ACTION REQUESTED: Approval of Energy Park Tax Increment Finance Plan Budget Amendment RECOMMENDATIONS:Approve(A)or ReJect(R) PERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWINQ QUESTIONS: _PLANNING COMMISSION _ CIVIL 3ERVICE COMMISSION �• Has this person/firm ever worked under a contrect fOr this department? _CIB COMMITTEE _ YES NO 2. Has this person/firm ever been a city employee? _STAFF — YES NO _ DiS7RiCT COUR7 — 3. Does this personlfirm possess a skill not normally possessed by any current cfty employee? SUPPORTS WHICH COUNCIL OBJECTIVE7 YES NO Explaln all yes answers on ssparats she�t and attach to green aheet INITIATIN�PROBLEM,ISSUE,OPPORTUNITY(Who,What,When,Where,Why): Final action necessary to allow for HRA issuance of recenue bonds in Energy Pakr District This will allow First Bank Systems to consolidate their data processing functions in a new Operations Center. See green sheets Nos. 14793 and 1031� ADVANTAGES IF APPROVED: l. 855 jobs in Energy Park 2. 120,000 square feet ETA Building renovated 3. 240,000 square feet new construction DISADVANTAGES IF APPROVED: DISADVANTAOES IF NOT APPROVED: RECEIVED (;punCit R�search Center 1. FBS project unable to proceed t��C 111991 C�TY CLERK �EC 1 n 1991 7,556,000 revenue bonds TOTAL AMOUNT OF TRANSACTION s COST/REVENUE BUDGETED(CIRCLE ONE) YES NO FUNDING SOURCE Energy Park tax increment 1rid pCTIVITY NUMBER 140-36459 an ren s FINANCIAL INFORMATION:(EXPLAIN) � W NOTE: COMRLETE DIRECTIONS ARE INCLUDED 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 types 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 Attomey 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 RE(]UESTED Describe what the project/request 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 Councfl objective(s)your projecUrequest 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 Ciry 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 projecUrequest 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?