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File #: RES 17-1484    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 9/27/2017
Title: Approving the issuance of up to $1,850,000 of Tax Increment Refunding Revenue Note, Series 2017-6.
Sponsors: Dan Bostrom
Attachments: 1. SPPA Board Memo.pdf, 2. SPPA Resolution No. 4607.pdf
Title

Approving the issuance of up to $1,850,000 of Tax Increment Refunding Revenue Note, Series 2017-6.

Body

WHEREAS, pursuant to C.F. No. 97-1190 adopted by the City Council of the City of Saint Paul (the “City Council”) on September 24, 1997 and Resolution No. 4229 adopted by the Port Authority of the City of Saint Paul (the “Port Authority”) on August 28, 2007, the Port Authority has previously issued its $2,685,000 Tax Exempt Tax Increment Revenue Bonds (River Bend Project - Lot I), Series 2007-5 (the “Series 2007 Bonds”) to provide funds which were used to refund the Port Authority’s Tax-Exempt Tax Increment Revenue Note (River Bend Project) Series 2006-1 and to provide additional funds to finance tax increment eligible costs incurred with the development of the River Bend Redevelopment Tax Increment Financing District (the “TIF District”); and

WHEREAS, the Series 2007 Bonds were issued pursuant to an Indenture of Trust, dated as of October 1, 2007, between the Port Authority and U.S. Bank National Association, as trustee (the “Trustee”); and

WHEREAS, the Series 2007 Bonds were secured and paid from tax increments generated by Lot 1 of the TIF District; and

WHEREAS, as of the date of this resolution, the Series 2007 Bonds are outstanding in the principal amount of $2,165,000; and

WHEREAS, the Port Authority has been advised by its municipal advisor, PFM Financial Advisors LLC (formerly known as Public Financial Management, Inc.), that the outstanding Series 2007 Bonds may be refunded on a current basis in order to achieve an expected debt service savings of at least $400,000 and 20%; and

WHEREAS, it is now proposed that the Port Authority issue its Tax Increment Refunding Revenue Note (River Bend Project - Lot 1), Series 2017-6 (the “Note”) for the purpose of currently refunding the Series 2007 Bonds; and

WHEREAS, the Note will be payable solely from amounts pledged thereto under the loan documents relating thereto and the Note will not b...

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