Title
Establishing the 2019 budgets for rent payments and internal loan repayments related to the Snelling-Midway Site, and authorizing an interfund loan for the Snelling-Midway District Stormwater system.
Body
WHEREAS, the City Council on March 4, 2016 adopted RES PH 16-64 approving and authorizing execution of agreements related to construction, remediation and infrastructure for a soccer stadium development; and
WHEREAS, the Net Ground Lease with Metropolitan Council requires the city to pay rent and the Playing and Use Agreement with Minnesota United Soccer Club LLC requires Minnesota United to pay rent to the City; and
WHEREAS, a 2019 budget needs to be established for the Minnesota United rent paid to the City and the Net Ground Lease paid by the City; and
WHEREAS, the City Council on July 24, 2017 adopted RES PH 17-193 approving an interfund loan from the City for infrastructure and remediation in connection with the redevelopment of the area bounded by Snelling Avenue, St. Anthony Avenue, University Avenue, and Pascal Street North (the “Snelling-Midway Site”); and
WHEREAS, under the Amended TIF Plans for the Snelling-Midway Site, the budgets for the TIF Districts include the pledged repayment of $875,000 in Pay-As-You-Go/lnterfund TIF Notes issued by the Port Authority to provide the additional funds necessary to complete the Project, and such TIF Notes are on file with the Director, Office of Financial Services; and
WHEREAS, a budget needs to be established for the Port Authority TIF note payments that are used to repay the infrastructure and remediation interfund loan principal and interest; and
WHEREAS, the budget approved via RES PH 17-193 included City financing for a portion of the costs of a district stormwater system to serve the entire Snelling-Midway Site and to be repaid by future hook up fees that are authorized under ORD 19-29 and Section 81.08.1 of the City’s Legislative Code; and
WHEREAS, a 2019 budget needs to be established for an interfund loan of up to $2,005,000 to provide the City financing budgeted in the project; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does certify that there are available for appropriation total revenues in excess of those estimated in the budget, funds of $6,971,804; now
THEREFORE BE IT RESOLVED, by the Council of the City of Saint Paul that:
1. Upon recommendation of the Mayor that $6,971,804 is available for appropriation, as heretofore adopted and amended by this Council, be hereby further amended in the particulars as specified in the attached financial analysis.
2. An interfund loan in the amount of up to $2,005,000 is approved to help finance District Stormwater at the Snelling-Midway Site and the appropriate City officials are authorized to execute all necessary documents to complete the interfund loan.
Financial Analysis
See Attachment.