Title
Amending the financing and spending budgets in the Department of Parks and Recreation in the amount of $1,516,810.79 for the Pedro Park project.
Body
WHEREAS, the Fitzgerald Park Precinct Plan was adopted by the Saint Paul City Council as an addendum to the Saint Paul Comprehensive Plan in 2006; and
WHEREAS, the Fitzgerald Park Precinct Plan recommends the development of a park on the block bounded by Minnesota St, 10th St, Robert St, and 9th St; and
WHEREAS, land at 104-124 10th Street East was donated to the City of Saint Paul in 2009 by the Pedro family for the purpose of developing a new City Park; and
WHEREAS, the City established the land at 104-124 10th Street East as a park in 2013 with the completion of a temporary public art installation known as Urban Flower Field; and
WHEREAS, the City has endeavored to identify funds to implement permanent improvements at 104-124 10th St E.; and
WHEREAS, the Department of Parks and Recreation organized a Community Design Advisory Group, and three meetings with community stakeholders were held in 2018 to develop a design for Pedro Park at 104-124 10th St E.; and
WHEREAS, the Housing and Redevelopment Authority (HRA) of the City of Saint Paul marketed the Public Safety Annex at 100 10th St. E (PSA) for potential redevelopment in 2017; and
WHEREAS, the HRA Board of Commissioners voted on November 11, 2017 to award tentative developer status to The Ackerberg Group to explore a sale and redevelopment of the PSA; and
WHEREAS, the HRA Board of Commissioners will consider authorizing entering into the execution of a development agreement with The Ackerberg Group for the sale and redevelopment of the PSA after a public hearing at its meeting on or after October 24, 2018; and
WHEREAS, the Saint Paul City Council will consider a transfer of the PSA to the HRA after a public hearing on or after October 24, 2018; and
WHEREAS, the proposed sale of the PSA would create sale proceeds in the amount of $1,317,500 that could contribute to funding permanent park improvements on the block; and
WHEREAS, the City of Saint Paul has collected and has available $199,310.79 in Downtown Park Dedication Funds; and
WHEREAS, the 2019 Capital Improvement Budget will include an additional $2,300,000 in CIB bonds to finance continued work on Pedro Park, which will be offset by reducing future CIB bond issuances in 2020 and 2021;
WHEREAS, the Mayor, pursuant to Section 10.07.01 of the Charter of the City of Saint Paul, does certify that there are available for appropriation funds of $3,746,810.79;
NOW THERFORE BE IT RESOLVED by the Council of the City of Saint Paul, upon recommendation of the Mayor and advice of the Long Range Capital Improvement Budget Committee, that $3,746,810.79 is available for appropriation in the 2018 Capital Improvement Budget, as heretofore adopted and amended by this Council, be hereby further amended in the particulars as specified in the attached financial analysis; and
BE IT FURTHER RESOLVED, that the Council expressly authorizes and reserves the right of the City to make expenditures and reimburse such expenditures from the proceeds of any obligations issued to finance this purchase. This resolution is intended to constitute a declaration of the City’s official intent, for purposes of Section 1.150-2 of the Treasury Regulations, with respect to certain original expenditures made from any sources other than the proceeds of the obligations, in conjunction with the capital projects financed thereby for the capital project identified.
Financial Analysis
See Attachment
CIB Recommendation
The Saint Paul Long-Range Capital Improvement Budget Committee received this request on October 8, 2018 and recommended approval.