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File #: Ord 19-39    Version: 1 Name:
Type: Ordinance Status: Passed
In control: City Council
Final action: 7/17/2019
Title: Granting authority to the Port Authority of the City of Saint Paul to issue and sell general obligation bonds to which the Port Authority pledges the full faith, credit, and resources of the City of Saint Paul pursuant to the provisions and by authority of said Minnesota Statutes, Chapters 469 and 475, as amended.
Sponsors: Amy Brendmoen, Kassim Busuri, Mitra Jalali, Rebecca Noecker, Jane L. Prince, Dai Thao, Chris Tolbert
Ward: Bond Sale
Attachments: 1. Exhibit A - Letter to Council President re Hillcrest Ordinance, 2. Exhibit B - SPPA Briefing Memo, 3. Signature Copy
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
7/22/20191 Mayor's Office Signed  Action details Meeting details Not available
7/17/20191 City Council AdoptedPass Action details Meeting details Video Video
7/10/20191 City Council Public Hearing Closed; Laid Over to Fourth Reading/Final AdoptionPass Action details Meeting details Video Video
6/26/20191 City Council Laid Over to Third Reading/Public Hearing  Action details Meeting details Video Video
6/19/20191 City Council Laid Over to Second Reading  Action details Meeting details Video Video
title
Granting authority to the Port Authority of the City of Saint Paul to issue and sell general obligation bonds to which the Port Authority pledges the full faith, credit, and resources of the City of Saint Paul pursuant to the provisions and by authority of said Minnesota Statutes, Chapters 469 and 475, as amended.

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WHEREAS, the Port Authority of the City of Saint Paul (the “Port Authority”) has advised the City of Saint Paul (the “City”) of its belief that the approximately 112 acres currently comprising the Hillcrest Golf Course (the “Property”) are blighted and marginal properties within the meaning of Minnesota Statutes, Section 469.048, Subd. 5, and has asked the City to authorize the issuance and sale, by the Port Authority, of its general obligation bonds in an original aggregate principal amount not to exceed $10,000,000 solely for use in the Project described below (the “Bonds”), in one or more tax-exempt and/or taxable series, and for the pledge of the full faith, credit and resources of the City to the payment of such Bonds all pursuant to Minnesota Statutes, Section 469.060; and

WHEREAS, copies of the Port Authority’s written request and briefing memo, attached as Exhibit A and B, respectively, were presented to said City Council on behalf of said Port Authority, as and for its application for the authorization described above, and, by reference, said documents are made a part hereof; and

WHEREAS, the Port Authority’s request includes the following commitments on the part of the Port Authority: no Tax Increment Financing (TIF) will be requested for infrastructure for the Project at any time; no further financial assistance will be requested from the City to complete the Project; the Port Authority will be responsible for the cost of any reasonable off-site improvements to public infrastructure required to serve or support the Project, specifically including but not limited to the sanitary sewer identified in the Port’s briefing letter th...

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