Title
Amending the financing and spending plans in the Lowertown Ballpark Project in the amount of $9,000,000, and designating the St. Paul Port Authority as the issuer of Taxable Limited Tax-Supported Ballpark Revenue Bonds.
Body
WHEREAS, on July 18, 2012 the Saint Paul City Council approved RES PH 12-213 (see Attachment A), establishing a $54,000,000 budget for the Lowertown Ballpark Project (the "Ballpark"); and
WHEREAS, unexpected site conditions required additional expenses to the Ballpark that were not anticipated in the original budget; and
WHEREAS, to cover these unanticipated expenses, the City will contribute $2,000,000, and the St. Paul Saints Baseball Club, Inc.will contribute $1,000,000; and
WHEREAS, the remaining $6,000,000 required for the project will be funded through an internal loan, which is expected to be reimbursed by external funding sources, including grants; and
WHEREAS, a future Council resolution will establish a record of internal loan; and
WHEREAS, MN Statute 116J.433 allows the City of Saint Paul to deliver the project through a design-build or construction manager at-risk method; and
WHEREAS, the City of Saint Paul (the "City") has requested that the Port Authority of the City of Saint Paul (the "Port Authority") participate in the financing of a new multi-purpose regional ballpark (the "Ballpark") through the issuance of Taxable Limited Tax-Supported Ballpark Revenue Bonds, Series 2013 (the "Port Authority Bonds"), and the application of the proceeds derived from the sale of the Port Authority Bonds to the payment of a portion of the capital costs of the Ballpark; and
WHEREAS, the payment of the debt service on the Port Authority Bonds is proposed to be secured by, and is expected to be paid from, payments to be made by the St. Paul Saints Baseball Club, Inc., a Minnesota corporation (the "Saints"), and other revenue sources; and
WHEREAS, as additional security for the Port Authority Bonds, the Port Authority B...
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