HomeMy WebLinkAbout8.a. Report from Business Park Promotion Subcommittee CITY OF ROSEMOUNT
EXECUTIVE SUNIlKARY FOR ACTION
PORT AUTHORITY COMMISSTON MEETING DATE: OCTOBER 5, 1993
AGENDA ITE�i: REPORT FROM BUSINESS PARK AGENDA SECTION:
PROMOTION SUBCOMMITTEE CHAIR`S REFQRT
PREPARED BY: JOHN MILLER, AGENDA �T���� � � �
ECONOMIC DEVELOPMENT COORDINATOR �•�
33TTACHMENTS: MINUTES OF SEPTEMB�R 27 MEETING AP VED Y:
� /.� � ����� �� �
�
Minutes from the Business Park Promotions Subcommittee are attached for
yaur review. I understand an oral report from subcommittee members Dunn,
Anderson, and Carroll will be made.
RECONIl�2ENDED ACTION: None. Information only.
PORT AUTHORITY ACTION:
CITY OF ROSEMOUNT
EXTCUTIVE SUNINlA,RY FOR ACTION
PORT AUTHORITY COMMISSION MEETING DATE: OCTOBER 5, 1993
AGENDA ITEbl: REPORT FROM BUSINESS PARK AGENDA SECTION:
PROMOTION SUBCOMMITTEE CHAIR'S REPORT
PREPARED BY: JOHN MILLER, AGENDA �1'��� � �
ECONOMIC DEVELOPMENT COORDINATOR
ATTACI3MENTS: MINUTES OF SEPTEMBER 27 MEETING AP �TED Y:
Minutes from the Business Park Promotions Subcommittee are attached for
your review. I understand an oral report from subcommittee members Dunn,
Anderson, and Carroll will be made.
RECObIl�lENDED ACTION: None. Information only.
PORT AUTHORITY ACTION:
09i29/93 13:34 CARROLL LA� OFFICE LTD j 1 612 423 5203 �S2
RQBI�.NiOU�� �ORT AUT��R��� CO�MIS�I�N
Bur�iriesa p�rk Pro�otiona7. Bubca�nittae
�,�t �t�eting � �#p��mber 27, 1993
A� the Rasemount Port Autho�ity [RF�] ��eting tha� wa� held an
Septembex 27,, 1993, �c�mmi.�$�.oner� Ed Dunn, �oan A�derson and �t�vin
Carrol�. w�re �ppcin�ed tca wr►rk wi�h Econc�m,�c Devalopment
Coordinatc�r John Mill�r on a Buein��as Parl� PromotianaX
Subcommitt�+�.
The initial m�etizxg of the �ubcoz�un�.tt�� w�s call�c� �e► arder at �: 10
p.m. on September 27, 1993, in the Caunca.�. Lounge at Ci.ty �ia11.
Ecanc�mi� D�v�1.t>pme11'� Caordina�.c�� Mi11e�r and Subcomm,itt�e members
Dunn, And��svn artd Caa�a�c?�,1 were pre�ent. K�va.n Carroll agx���d ta
act as re�arding �earetary foar the �uk�cr�mmitt�e,
1. Hueiness P�rk Zonincr
Frior to the September 21�t RP� me�tinq, John Mi11er had provicle�l
a�l of the R�A Commissianer� witla a copy of the Planr�ing
Departm�rtt' s �irst dx'af� nf a praposed ordinance that wou�.d �rnend
th� current Zcxnin� Ordinana� k�y creating � Business Park [SP] I.and
use de��.qnativn. �n 5epteinber 27th, the Subcoaau�►a�ttee re�ri�wed and
discussed �aartion� �� the prap��ed c�rdinance, inaludi.ng Part �3 af
5ection 6.13 { ��Us�s Permitted by Right° ) . The Planni�g Con�mission
and th� City Cv'tttl��i1 h2ivo not yet decided whethe� a1,]. �� �h�
��pe�m3.�ted u�e�" pr+�pa�+�d by the Planrring Dep�rtrnent are
apprap�,�at� or a��eptable.
The Subcommitte� the�efore e�greed th�.t '�k�� �ext or cantent of any
wr�.tten p�oamotional rnatera.al {latt�re, �lye��, 3arochur�s,
adverti�em�nt�, etc. ) z�e�a�ding the Bu�in�s� Park �hould not be
�inal�i�ed until aftar the Ga�ty Cauz�cil pa�se� o� adopts an
ardinance that defzx�ee the pe�mitted u�ea. mh� �ubcommittee �ls�►
sg�e�d tha� 3'c�hn Mi11er should oontinue to wrark �r,�th ��y� k�u��,n��s
�h�� e�cpreeeas (or that hae expree�ed) an in�are�� in laca�ing in
the Bur�in,es� ��xl�, but that ne�v con�acte with other bu�i.nc�sse� �ar
a.ndu�txie� sk�ould not be }nit.iated on a braad scale until we knvw
for c�rtaa�n which types of uee� �,ri11 b� p�rmitted in the Businees
Pa�k.
The Subcomm3ttee agre�cl �ha,� th� Plar�r��.z�g D�p��tmen�' � p�opa�a3.�
x��c�arding perm3.tted use� wer+� a.cc�p�able, ax�d -�h�t any attempt to
r�stric� the Bug�ness Park to tradi�i�na7. "indu��rial" uses would
be cor�trasy ta th� R�A" � obj�ctive� and �� the b�st intere��s c��
�h� City a� Ros�maunt a� a who�.�. It w�� �.greed tha� i� a rnajc�rity
of �khe RPA shar�s the Subcammittee' s desir� f�x � �lexib�.e oar
exp�nsive cle�inition of ���rnitted u�ee, th� RPA sh�uld ala�,rly
aa�munic�,t� its pref�renc�s in �hi� r�gard to the Plarining
Cammission and to t�e City Council, pr�f��abl,y th�+�ugh �ohn Mi1,l�r
and/or by aendinr� RFA' representatives tv t�p�t�mirtg m�a'�.it�c�� of tYx,�
Planning Gammi.seion �nd �h� City �our��il.
09�29�93 13:34 CARROLL LA� OFFICE LTD i 1 612 423 52�3 D�3
�. Ex��t�n Co tin Busi�ew� ar s
Tk�e Subcommittee agr�ec� that i�t would b� useful. to c1ev�lop mvx�
in�armatian abaut c,th�ar Twin Citie� munici�aal. busir��es pa�ks, in
c�rder ta de�.ermine tl�� faylowing:
a. pr�ci.�e�y where th�y aa�e loc�ted i.� r�lation ta our
$us.i,z�ese i�ark, and thei� com�?arati�cr�e �ize�;
b. how long they hav� e�€a.st+ed and wh��.har (�nd wk�y) the�t
h�ve b��n �uace�sful or uneuccessful;
c, the types af uses tha� they h�.ve en�ou�aged or p�rmitte�i;
d. �h� z�aa�thods th��. they laav� empYc�yed �c� ��orno�a their
business �arl�e an,d ths p�rGea.v�d e�fec�iv�n��� o� eaah
such rneth�d;
�. �rhat the other xnunieipali�i�� would dc� di.�farent�y if
th�y "hac3 it tc� do al l over ag�,izx" ;
f. th� �types o� incentiv�� or as�istance (i� any) that t�,ey
have provided Q� are cu�rently o��ering to new bueine��e�
or indu�tries.
J'ahn Miller ir�diaa.ted that hc� i� naw gathera.ng tlais �ype of
inform�tivn fram Gon��cts that he made at a recent St�.r City
confere�ae. I� wae suqgested tha�k �he Metropo7,a.tan Cou�aca.� may
hav� a li�t c�f bueiness parks and/or a publiaatiran that in�lude�
inform�xti.c�n abou,t them; Kevin Carrcrll agreed to investigate �his
posaibil.ity and report bai,ck ta �he Su��ommitt�� at its next
aneeting.
3. ��#�e�e►ir�r,al Cansul�an�stReal�t�r�
Th� 5ubcQmmi�tee �.g�eed that at this e�r1y stag� it would not be
a�propriat� to incur �he axp�nse of a �rof���i+�nal marketing
cansultant, ar ta re��in the services of a r�a1.�r��- tc� m�rket
�u�3nes� Pa�'k lots or aite�s. The Subcommitt��, the RPA as a whole,
�r�d the Ci�y sta�f should da as rnu�h raf the preliminary work as
passible. However, a�ter the init�.al, planna.ng ha� been complet�:d,
vr if it begin� to �pp�$r tlx�� the t�farementioned groupg may lack
the time, re�aurces or expertis� to prr�perly handle th� required
pxvmata�ona�, a,ctiviti��, �he Subc+�mmittee would entertain tha
pa�sibility o� me�ting with or "�rcr�ening"' caz��ultaz�ts, �ar twa
purposes s to find out what a.nd Y�ac,r tY�� �ansult$nts would charge �or
th�ir he1g, and to ��eentially get some ��free advi�e`" from them by
havinc� fi.h�m �ugges� promotiona.� act�,v�tieB that m�x� not ha�r� b��n
pr�v��usly ec�n�id�red.
4. W�itten Prcrmot�.Qn�l M���ria1
It was agr�ed that cluring the '�re�e�rnh" pha.se referr�d �o in
Paa�agx�a�h► #2 �,bov�, efforts should be mad€: ta vbtain s�.mple c+c>pies
af written m�teri�ls that Y�ave been used to �rc�mvte other business
parks, It wa� aleo suggeeteci that th� Subcomm�.tte� �+�cu� c�n
�9�29r93 13:35 CARROLL LAW �FFICE LTD � 1 612 423 5203 D04
developing two primarY �YFe� of writt�� materiale; � can�i��,
ir��Groductox�y pamphlet or b�ochur� that would be ea�y to prepare and
re�.ative inexpen��v� �o di�tribute, and a more detai.led publi.catic�r�
that could Iae used �o pravide �nterested buaine�s�s with znore
�p�ci��c� regarda,ng the �usiness �ark. �d Dunn p�ovided �h� �ther
Subcommittee inembe�s wi�h a aopy +�f a 1990 report t�at had been
prepared for CMC Heai.�tlanc� by Re�1 Estate �t��e�a��h Cr,�pora�ion; ,it
w�s agreed tha� t�his �eport con�ained �.r�farmat�.on (maps, tabl�s,
deutographic data, etc. ) c�f the type that shauld be included a.r��the
rnore detailed version� af any �usiness P�rk prr�mational mat�ra.al.
Mr. Mi�.le� agreed ta prc�vide the vthe� S�b��xmmittee memb�rs with
copies af this 1�9Q are�ort fo� reviecu and furth�r c�iscussion,
Tt was �1sc� agx-e�c� that aur pramotiar�a�. m�t�rial shc��3.d not be
limited tt� marketing anl.y the Buc�ines� Park; tlae City of Ro�emount
�� a wk�ole shauld al�a be n►�,rketed �s a good busineee location,
thereby possib�p aiding 1c�c��, property o�rner� or dev�lcap��� wha may
nc►t riave th� �ime c�a� resources to et�g�ge in prc�motiona� campaigns
a� �hei.r awn.
5. Tnterns
I� wa� �.gr�ad that it v�rc�uld �►e u�e�ul �o d�t��mine whether �om�:
��free he1.p}� c�,u1d b� obtained tc, a��ist with pr�mc�tional
activit�es. ��,ny ed�caticrnal i�gtitutions h�ve i�nt�rnehip pragram�
�hat al�.c�w �tud�nts to get academic aredit �or wc�rk �ha,� 3.s done
out�ide 4� the c],assraom. 5uch wrork �ou1d range fram �ecreta�r.�a�
�asks (typ.ing l,ett�rs, stufffng envel.ope�, running �rrands) to
providin+� a�sis�an.ce with re�ea�ch or d�signir�� brochur��. An
effa�t will be made �t the n�xt Subcvmmittee meeting �o prepare a
list of �c�iools to cc►���,��, �nd to draft a �c�rrn l.et��r tha� c�n be
���t to th��e �chools to ou�line our needs and to sc�l�.c�.�C
in�oarmat�on regarding their internship grograms.
5. Targ�tirlg of T�rcin�otional Activities
�t was agreed that some �tterition �hauld be devoted to prioritizing
businesges and inclustries be�ore w� begin act�.�r�:ly p�c�mota.r�g �he
�3�si�e�s Par�. Shauld th� RPA irt.it�ally t�'y to attrsct a
particular typa of buainees (lumh�r yard, furn�.ture stare, ' autc�
�epair fa�il.ity, et�. j ? Should th� RPA facus it� efforts on �.
particular businesg �actar (regz€snal distribution centers for
- qrocery star� ch�in�, office/warehouse cambinations [�uch as carget
autlets] , wholasala supply cen��rs, au�doc�r �torage com�an��s,
�tc. ) � Tn c�th�r worde, what dca �ae wan� ar need tlae mt��t, and
shou�d �re con,cen�rat� on getting that rather than �ragaging in mor�
"genera.c" paramota�on►al activ�,ties? This is a -�c�p�� th�.t m��t b�
discussad at greatar length with the ather �tPA am�xnbers, po�sibly
�t the special meeting that ha� been �ch+�d�].ed �ox� S��u�day,
Octobear �, 1993.
09�29i93 13:36 CARR�LL LAW OFFICE LTD i 1 612 423 52�3 D�5
7 . d'th�
The Subcammi'�tee d�cided to discuss its p�e�.irnin�ry work with the
entir� �t�A {on Octab�r 2rad and/or at th� �aext regu�,ar meeting 4n
C7ctcber 5thj before a date a.s set far the Subcommitte�' s next
me�tinc�.
The m�eting was adaourned a�. apprc��imatel.y 4 :1Q p.m.
Re�pectfu�.]�y submitt�d,
xevin Carroll
�i�cvrdi�.� ��cr��a�y
�{
OFFICIAL STATEMENT DATED SEPTEMBER 24, 1993
Rating: Requested from Moody's
NEW ISSUE Investors Service
M the opinion of Briggs and Morgan, Profesiona/Association, Bond Counsel, the interest on the Bonds is
inc/udable in the gioss income of the recipient for United States and State of Minnesota income tax
purposes and will be subject to Minnesota Corporate and bank excise taxes measured by net income.
!,�`
�
$580,000
Rosemount Port Authority, Minnesota
Taxable General Obligation Bonds, Series 1993E
Dated Date: November 7, 1993 Interest Due: Each February 1 and August 1,
commencing August 1, 1994
The Bonds wifl mature February 1 as follows:
1996 $30,000 2000 $35,000 2004 $45,000 2007 $50,000
1997 $30,000 2001 $35,000 2005 $45,000 2008 $55,000
1998 $30,000 2002 $40,000 200fi $50,000 2009 $60,000 _
1999 $35,000 2003 $40,000
The Authority may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due
on or after February 1, 2004 at a price of par and accrued interest.
. The Bonds are general obligations of the City of Rosemount for which #he City will pledge its
full faith and credit and power to levy direct general ad valorem taxes.
Proposals for not less than $571,300 and accrued interest on the total principal amount of the
Bonds. A certified or cashier's check or Financial Surety Bond, payable to the order of the
Authority in the amount of$5,800 must accompany each proposal. Rates mu�t be in integraF
multiples of 5/100 or 1/8 of 1�o and be designated in ascending order. The Bonds will be
awarded on the basis of True lnterest Cost (TIC).
� The Bonds witl be issued in integra! multiples of $5,000, as requested by the Purchaser, and
wilF be fully registered as to principal and interest. The Bonds will be delivered within 40 days
y following their award. The Authority will name the Registrar and pay for registration services.
PROPOSALS RECEIVED; October 5, 1993 (Tuesday) at 1:00 P.M., Central Time
AWARD: October 5, 1993 (Tuesday) at 5:15 P.M., Central Time
Further iriformation may be obtained from
�±�+ SPRtNGSTED Incorporated, Financial
SPR�Nbi.7TE� Advisor to the Issuer, 85 East Seventh Place,
Suite 100, Saint Paul, Minnesota 55101 (612)
PUBUC FINANCEADVISORS 223-3000.
�
For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission,
this document, as the same may be supplemented or corrected by the Issuer frorn time to time
(collectively, the "Official Statement"), may be treated as an Qfficial Statement with respect to
the Obligations described herein that is deemed final as�of the date hereof (or of any such
supplement or correction) by the lssuer, except for the omission of certain information referred
to in the succeeding paragraph.
The Official Statement, when further supplemented by an addendum or addenda specifying the
maturity dates, principal amounts and interest rates of the Obligations, together with any other �j
information required by law, shall constitute a "Final Official Statement" of the Issuer with
respect to the Obligations, as that term is defined in Rule 15c2-12. Any such addendum shall,
on and after the date thereof, be fufly incorporated herein and made a part hereof by reference. `
By awarding the Obligations to any underwriter or underwriting syndicate submitting a Proposal
therefor, the Issuer agrees that, no more than seven business days after the date of such
award, it shall provide without cost to the senior managing underwriter of the syndicate to
which the Obligations are awarded copies of the Official Statement and the addendum or
addenda described in the preceding paragraph in the amount specified in the Terms of
ProposaL '
The Issuer designates the senior managing underwriter of the syndicate to which the
Obligations are awarded as its agent for purposes of distributing copies of the Final Officiaf
Statement to each Participating Underwriter. Any underwriter delivering a Proposal with
respect to the Obligations agrees thereby that if its bid is accepted by the Issuer (i) it shall
accept such designation and (ii) it shall enter into a contractual relationship with all
Participating Underwriters of the Obligations for purposes of assuring the receipt by each such
Participating Underwriter of the Final Official Statement.
No dealer, broker, salesman or other person has been authorized by the Issuer to give any
information or to make any representations with respect to the Obligations other than as
contained in the Official Statement or the Final Official Statement, and, if, given or made, such
other information or representations must not be relied upon as having been authorized by the
Issuer. Certain information contained in the Official Statement and the Final Official Statement
may have been obtained from sources other than records of the Issuer and, while believed to �
be reliable, is not guaranteed as to completeness or accuracy. THE INFORMATION AND
EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL
STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE OFFICIAL
STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER
SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE
IN THE AFFAIRS OF THE ISSUER SINCE THE DATE THEREOF.
References herein to laws, rules, regulations, resolutions, agreements, reports and other �
documents do not purport to be comprehensive or definitive. Alt references to such �
documents are qualified in their entirety by reference to the particular document, the full text of
which may contain qualifications of and exceptions to statements made herein. Where fuil texts T
have not been included as appendices to the Official Statement or the Final Official Statement,
they will be furnished on request.
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES
IN RETAINED EARNINGS
PROPRIETARY FUNDS
r^or the Years Ended December 31 , 1990 and 1989 �
� TABLE OF CONTENTS
�'nterprise Fund
1 990 1 989 Pa e s
OPERATING REVENUE i-iii
Water Sales � 271 , 847 S 221 , 069 Terms of Proposal............................................... ........... .......
Sewer Charges
2 8 8 , 3 9 0 21 0 , 8 9 4 Schedule of Bond Years .... ......... ................... . ......... .............. .............. ................. ........ iv
water Surcharges 53, 359 27, 450
Wate r Mete r Maintenance 1 , 650 9 , 00 3 fntroductory Statement .................. ............. ........................ ............ ..................................... 1
Water Meters 15, 649 1 1 , 786 The Bonds ....... 1
........................... ...............................
Miscellaneous 34 , 753 1 9 , 867 The PortAuthority 2
Total Operating Revenue � 66� , 648 � 500 , 069 ..... ....... .. ......................... ........... ..
RelatedMatters .............. ........... ............ ..................................... ..................................... 2-3
OPERATING EXPENSES City Property Values . ..,. 4-5
Salaries and Wages S 162,286 $ 1 38, 851 City Indebtedness • '
..... .............. .... .... .... .... .... ........,.. ....... ....
59
S uppl i e s 5 6 , 4 7 0 4 9 , 9 3 2 City Ta�c Rates, Levies and Collections
Other Services 199, 562 1 i ? , 404 . ..... ................ ...... 10
Other Charges _ 16 , 677 2G , OQO _ Funds on Hand ........ ......... ........ ........ ........... _ .. 10
Me t r o Se we r Cha r g e 2 2 b, 4 81 1 5 8, S fi 3 General lnformafron Conceming the City ...................... ....... ................. . ......... ... ... .......... 11-13
Depreciation Expense 95 , 136 85 778
► Governmental Organization and Services ............................. ................................................ 14-15
Total Operating Expenses S 755 , 6i2 S 564 , 84s
� ) 6 4 ,7 7 9 Proposed Form of Legal Opinion . ........ ................. . ................................................. Appendix I
perating Income (Loss ) S ( 90 , 964 S ( )
Summary of Tax Levies, Payment Provisions, and
NON-OPERATING REVENUE t EXPENSES ) Minnesata Real Properly Valuation ...... ... . Appendix II
Interest Earnings S 'C4 , 861 $ 226 , 9 i 3 Annual Financial Statements ................ ........ ........... ......... ........... ........... ............. Appendix III
Interest on Bonds t170, ��3 ) t23 , 674 )
Other Expenses t 1 , Yh2 ) ( 718 ) Proposal Forms ............ ...... . ............... Inse ed
....... ................... .................... .................. ... rt
Net Non-Operating Revenue ( Expens�s ) S f6' , 154 ) S 202 , �21
INCOME BEFORE OPERATING TRANSFERS $ ( 158, 118 ) $ 137 , 742
Operating Transfers In 268,215 127, 595
Operating Transfers Out # 88 , 331 ) ( 142 . 742 ) a
NET INCOME $ 21 , 766 $ 122, 595 s
RETAINED EARNINGS , January 1 2,751 ,474 2 ,628 ►879
RETAINED EARNINGS. December 31 $ 2, 773►240 $ 2,751 , 474
I11-12
CITY OF ROSEMOUNT, MINNESOTA
THE AUTHORITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS COMBINED STATEMENT QF REVENUE, EXPENSES AND CHANGES
ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
TERMS OF PROPOSAL For the Years Ended December 31 , 1991 and 1990
$580,000
ROSEMOUNT PORT AUTHORITY, MINNESOTA Enterprise Fund
1 991 1 990
TAXABLE GENERAL OBUGATION BONDS, SERIES 1993E � OPERATING REVENUE
�� Water Sales $ 306, 532 $ 27T,847
. Sewer Charges 426, 728 288, 39t?
Proposals for the Bonds will be received on Tuesday, October 5, 1993, untii 1:00 P.M., Central Wate r S u r cha r g e s 4 2, 5 91 5 3, 3 5 9
Tirne, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Water Meter Maintenance 8, 787 1 , 65U
Minnesota, after which time they will be opened and tabulated. Consideration for award of the Wate r t�iete r s 1 6, 9 3 9 15, 6 4 9
Bonds will be by the Authority at 5:15 P.M., Central Time, of the same day. MiscellaneQus 4S,035 34,753
DETAILS OFTHE BONDS Total Operating Revenue $ 846 ,612 $ 6b5,648
The Bonds will be dated November 1, 1993, as the date of original issue, and will bear interest OPERATING EXPENSES
a able on Februa 1 and Au ust 1 of each ear, commencin Au ust 1, 1994. Interest will Sal a r i es and Wag es $ 181 ,2 9 7 $ 16 2,28 6
p y ry 9 Y g g Supplies 103, 443 56, 470
be computed on the basis o f a 3 6 0-day year o f t we lve 3 0-day m o n t h s. T h e B o n d s w i l l b e Ot he r S e r v i ce s 6 3, 8 5 8 1 9 9, 5 6 2
issued in the denomination of$5,000 each, or in integral multiples thereof, as requested by the Other Charges 4, 074 16, 677
purchaser, and fully registered as to principal and interest. Principal will be payable at the main p2etro Sewer Charge 264, 108 226, 481
corporate office of the registrar and interest on each Bond will be payable by check or draft of 131 , 4 4 6 9 5 , 136
the registrar mailed to the registered holder thereof at the holder's address as it appears on the Depreciat ion Expense
books of the registrar as of the close of business on the 15th day of the immediately preceding Total Operating Expenses $ 748 ,226 $ 756 ,612
month.
Operating Income (Loss) S 98 , 386 $ (90 ,964 )
The Bonds will mature February 1 in the years and amounts as follows
NON-OPERATING REVENUE (EXPENSES)
1996 $30,000 2000 $35,000 2004 $45,000 2007 $50,000 I n t e r e s t E a r n i n g s $ 3 7, 8 3 3 $ 10 4, 8 6 t
1997 $30,000 2001 $35,000 2005 $45,000 2008 $55,000 I nte re st on Bonds ( 9 6, 3 2 3 ) ( 17 0, 5 5 3 )
1998 $30,000 2002 $40,000 2006 $50,000 2009 $60,000 Other Expenses ( 1 ,830 ) ( 1 ,462)
1999 $35,000 2003 $40,000 Net Non-Operating Revenue (Expenses) $ ( 60 ,320 ) $ ( 67, 1 54 )
OPTIONAL REDEMPTION INCOME BEFORE OPERA'PING TRANSFERS $ 38, 066 $ ( 158, 1 1 8 )
The Authority may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due Ope r at i ng T r an s f e r s I n 3 0, O G 0 2 6 8,215
on or after February 1, 2004. Redemption may be in whole or in part and if in part, at the ppe r at i ng Tr ans f e r s Out - ( 8 8 ,3 31 }
option of the Authority and in such order as the Authority shall determine and within a maturity
by lot as selected by the registrar. All prepayments shall be at a price of par plus accrued NET I NCOME $ 6 8, 0 6 6 $ 21 , 7 6 6
interest.
t�
SECURITYANDPURPOSE RETAINED EARNINGS, January 1 2►773 ,240 2,751 ,474
The Bonds will be general obligations of the City of Rosemount for which the City will pledge its
y RETAINED EARNINGS, December 31 $ 2, 841 , 306 $ 2, 773, 240
full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be
used for the purpose af land acquisition for development of a business park.
TAXABI�ITY OF INTEREST
The interest to be paid on the Bonds is includable in gross income of the recipient for United
States and State of Minnesota income tax purposes, and is subject to Minnesota Corporate
and bank excise taxes measured by net income.
-i - i!i-11
CtTY OF ROSEMOUNT. MINNESOTA TYPE OF PROPOSALS
COMBlNED STATEMENT OF REYENUE. EXPENSES AND CHANGES IN RETAINED EARNINGS Pt'OpOSaIS shall be for not less than $571,300 and accrued interest on the total principal
ALL PROPRIETARY FUND TYPES at110Ut1t Of tIl@ BOCiCIS. Proposais shail be accompanied by a Good Faith Deposit ("Deposit") in
YEAR ENDED DECEMBER 3t. �s92 the form of a certified or cashier's check or a Financial Surety Bond in the amount of $5,800,
payable to the order of the Authority. If a check is used, it must accompany each proposal. If
a Financial Surety Bond is used, it must be from an insurance company licensed to issue such
a bond in the State of Minnesota, and preapproved by the Authority. Such bond must be
TOTALs submitted to Springsted Incorporated prior to the opening of the proposals. The Financial
,992 ,9s� j Surety Bond must identify each undervvriter whose Deposit is guaranteed by such Financial
� Surety Bond. If the Bonds are awarded to an undervvriter using a Financial Surety Bond, then
oPEw�T�N� REVENUE: that purchaser is required to submit its Deposit to Springsted Incorporated in the form of a
Water sales 5358.oss ssos,532 , certified or cashier's check or wire transfer as instructed by Springsted lncorporated not later
Storm Water Charges 203.�0� than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is
seWer�nar9e5 a�s,ss2 a2s.72s not received by that time, the Financial Surety Bond may be drawn by the Authority to satisfy
Water surcharges 47,543 42,591 the Deposit requirement. The Authority wilt deposit the check of the purchaser, the amount of
which will be deducted at settlement and no interest witl accrue to the purchaser. In the event
Water meter maintenance t 1,550 8.�a� the purchaser fails to comply with the accepted proposal, said amount will be retained by the
water mete�s Zs.sso �s,sse Authority. No proposal can be withdrawn or amended after the time set for receiving proposals
M;S�en�,��s ss,�oa as,oss unless the meeting of the Authority scheduled for award of the Bonds is adjourned, recessed,
rorA� s�.�s�,�os saas.s�2 or continued to another date without award of the Bonds having been made. Rates shatl be in
— integral multiples of 5/100 or 1/8 of 1°/a. Rates must be in ascending order. Bonds of the same
oP��T�N� Exp�NSEs: maturity shall bear a single rate from the date of the Bonds to the date of maturity. No
s�ar�es and wa�eg a2�a,sao s�s�.2s7 conditional proposals wiif be accepted.
Supplies 75.313 103.443 AwAR�
Qther senrices 126.929 63.858
ou,er�r,ar�es ss� a,o�a The Bonds wiU be awarded on the basis of the lowest interest rate to be determined on a true
Metro sew@r�r,�ge 297.ssa 2sa,�os interest cost (T(C) basis. The Authority's computation of the interest rate of each proposal, in
�eP�e��atio� �s$.o3a �3�.aas ' accordance with customary practice,will be controlling.
TOTAL 5852.817 5748.226
The Authority wi�l reserve the right to: (i) waive non-substantive informalities of any proposal or
oPF�u►T�N� iNcaME ss2s,ase s9a.sas of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals
without cause, and, (iii) reject any proposal which the Authority determines to have failed to
NON-oPEw�-riH� R�ENUE �ExPENSEs�: comply with the terms herein.
Interest revenue 534.591 537,833
i�terest eXPe�se (sts�,sss) (ss.s23� REGISTRAR
Other expenses • (51.073) (1.830)
To-r�� (s9a.as�f {sso,s2o� The Authority will name the registrar which shall be subject to applicable SEC regulations. The
Authority will pay for the services of the registrar.
INCOME BEFORE OPERATING TRANSFERS 5229.838 538.066 CUSIP NUMBERS
OPERATING TRANFERS:
ope�8t;r,9 v�sfe�s �� sas2,000 s3o.000 '" if the Bonds qualify for assignmenf of CUSIP numbers such numbers will be printed on the
oPe�at��9 va�sf8�5 out (st.ass,000y Bonds, but neither the failure to print such numbers on any Bond nor any error with respect
thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the
TOTAL (51,037.000) 530.000 �
Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers
N��NcoME��oss� (sao�.�s2� ss8,oss shall be paid by the purchaser. '
SETTLEMENT
$EGINNING RETAtNED EARNtNGS 52.841,306 2.7'i3,240
Within 40 days following the date of their award,the Bonds will be delivered without cost to the
eNo�H� RErAir�En �►RN�N�s s2,034,raa s2.sa�,3os purchaser at a place mutually satisfactory to the Authority and the purchaser. Delivery wi0 be
subject to receipt by the purchaser of an approving legal opinion of Briggs and Morgan,
Professional Association, of Saint Paul and Minneapolis, Minnesota, which opinion will be
printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On
11l-10 - ii -
the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds o m o ����N o ^ �� ��+ o �^ � T � ��,�N� ^ .- � �i
which shall be received at the offices of the Authority or its designee not later than 12:D0 Noon, �� �' �N m�'N�' � �^ �� � N��� � .��� � � r „
,nr�ri ma� —o�oo �- v� v��, o o— o a �n cv� �o c� n Q II
Cen tra l Time. E xcep t as comp liance wi t h t he t e r m s o f p a y m e n t f o r t h e B o n d s s h a l l h a v e b e e n �T ��N �� M'-�� �O O N O �fl N Q�01 O �, �.- � N �, �;;
ap c�u� r cv r v�o m n m�n v�co r r� v �o �n �r+c �c T �o r ��
ma de impossi b le by ac tion o f t he Au t h o ri t y, o r i t s a g e n t s, t h e p u r c h a s e r s h all be liable to the -�T ''N� °' °'N N o`°°' "'� � � � � � '°'°� ^ N � „
� . . �^ '- . �f1 � •- N N � O� C N N N N C� II .
A u t h o r i t y f o r a n y l o s s s u ffered b y the Authori t y b y reason of the purchaser s non-com pliance - -
N I� y !vr v}I vs V vr vr v� i 1
with said terms for payment. � _ `� �.
� �
p G oo� �nro �- �vvr rc�tu�mr o�n�n�rn cv rolr �n vl T jj
OFFICIALSTATEMENT ^��' N^ °' �'�°'� '' °"^ `°� � ^'°'� �) ���� Q � N ��
E �° o m o c��n m v���v a� m o o r o�c cv I�o c •-—�rn � v� o ��
i
. � E o o�o ^� o tA�tD a��O �D�O r1 �O��D o 9��r'f c m r1 n'1�a� m r')� tn jj �
The Authority has authorized the preparation of an Official Statement containing pertinent ��' N� �'� m `"�'�� ^�' ^ " T � �' °� � N�,� o ~ � „
�a� m cv O�n m�n.� cv r rn v�r — w o o�n v �o �
information relative to the Bonds, and said Official Statement will serve as a nearly-final Official � � " ^ `° '' _ N� V °' °' ;;
Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. � � � � �� � � � N v� ^ � 11
For copies of the Official Statement or for any additional information prior to sale, any , 2 ; ��� � N ,� �I ���� ,� o Q ;;
prospective purchaser is referred to the Financial Advisor to the Authori , S rin sted Q � '�'` °' °' '� � `�'�`� `� � a °
tY P 9 a � ., �, �� � N � N �,o� �. �, �, ��
Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone m ; � � ' � � � � � � � � � � � � � � �u
ri rn � �n� �n� N r N c II
� ., N �n N ti r m m _. n �n c� II
(612) 223-3000. a � ., r, �., � � Q n
Z � �a o u
� i c.� .. � � � .- u
The Official Statement, when further supplemented by an addendum or addenda specifying the Z � '' � � � � � � � � � N fl
maturity dates, principal amounts and interest rates of the Bonds, together wit h any o t her � ; m �, � ^ o o�,�,o ;, e Q �, �, m ;;
n i� � � o v� ir, o o c.�m•- rn m n� ca T r ��
information required by law, shall constitute a Final Official Statement of the Authority with �, , o �, „ .- Q N N O�O N � m � � m � � „
respect to the Bonds, as that term is defined in Rule 15c2-12. B awardin the Bonds to an � ' °' " ' ' ' ' ' ' � ' � ' ' ' ' ^ ' ' � ' � ' ' � � °
Y 9 Y Z � � �.,, e �, o��,� e � � � - ��
underwriter or underwriting syndicate submitting a proposal therefor the Authority agrees that � � Q � N � N .�^ � � Q T o o _ M N „
� � 4 tn � G� �. cv o an r o� o c� o. rn �e �v o� 11
no more than seven business days after the date of such award, it shall provide without cost to o " y � = � � ^ ^ ^ N v �- � ��i
the senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies of � Z F � "' � � � I� � �^ � � N ��
the Official Statement and the addendum or adden da descri be d a bove. T he Au t hori t y Z ` � � v -- ^ ��
`-+ �Cn Z � � m rh o��� r�� �n r e�I �n�n c rr II
desi nates the senior mana in underwriter of the s ndicate to which the Bonds are awarded � � � � e I � Q' �M N � o � .i MI�, o � s „
9 9 9 Y 5 �. � v -� � o �, M�,�M N �, �, �� �+� �. � � ��
as its agent for purposes of distributing copies of the Final Official Statement to each . _ + � � _ . � ' - ' ' . . ' ' ' ' ' ' ' ' �
4 F r: 1 N �•� C Q' �D C'V' 01 r'1 N v�1 ^'7! if1��n �n� �"� il .
Participating Underwriter. Any underwriter delivering a proposal with respect to the Bonds � o � ; � v ; m ° N� � N � ,� =' �'Q � � N ;;
agrees thereby that if its proposal is accepted by the Authority (i) it shall accept such � ,? W ; v �� � ` v � `" � ;;
i i i t s h a l l e n t e r i n t o a c o n t r a c tual relationshi with all Partici patin g N ° Z ; � �, � �, I� �� � `"��� � ^ � II
designation and ( ) p
Underwriters of the Bonds for purposes of assuring the receipt by each such Participating � `� � � �' - - - ��
Underwriter of the Final Offieial Statement. -> ' L 'a o e c�c� � a+�n� �n n, r- w i�ol T� <mt�oi �+ �- e n
tz w O � �o �o a� r r a+ a��v m o� rn a��o m I^� '^ �c o u� m v � ;�
�. = C7 � N --� �"�a7 m�D u1 w�o� o� �n ao�"� o � a� ?`. o+�n c v � r+1� � II
^ Z I ?� �'0 • • • • • • • • � � • • • 1 I 1 1 . I �
Dated September 21, 1993 BY ORDER OF THE PORT AUTHORITY � � `' � L �'� �'�' � � ��'�' �'� � � �'� ' ��'^ � ��' ��i
> ..7 t Q1 v �"1 O cL in oD O rn �- v N --� tD r+1 N r r� W 11
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� ta. 1 L . . I'
� (� � N � N
0 1 O � � � NI � � ��.� � ^{ � II
/s/Stephan Jilk �.. ; � - -
Executive Director � � .� �
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- III - III-9
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STA`tEMENT OF REVENUE� EXYENDITUKES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
-------------------
For the Year Ended December 31 , 1991
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Projects }991 1990
REVENUE
General Property Taxes S 1,026,792 $ 923,827 S 304,946 S - S 2,255,565 $ 1,828,03U
Licenses and Permits 193, 178 - - - 193, 178 210,64U
Special Assessments 19,830 - 865,044 - 884,874 1,041,023
Intergovernmentai 842,806 413,429 - - 1,256,235 1,570,215
Charge for Services 125,887 - - - 125,887 88,592
Fines and Forfeitures 47,377 - - - 47,377 51,841
Interest Earnings 35,297 181,292 467, 193 199 683,981 806,472
Other 139,717 12,$60 36,470 - 189,047 519, 194
TOTAL REVENUE $ 2,430,884 S i ,531 ,908 $ 1 ,673,653 $ 199 $ 5,636,144 $ 6,116,207
EXPENDITURES
General Government $ 998,618 $ 129, 181 $ - $ - $ 1. 127,799 $ 1,246,877
Publie 5afety 834, 191 - - - 834, 191 746,892
Public Works 565,071 - - 490,540 1,055,611 1,943,055
Parks and Recreation 503,809 - - - 503,804 416,088
= Other - 579,029 1,200 48.840 629,069 73G,787
0o Debt Service -
Principal Retirement - - 1,560,000 - 1,560,000 1, 180,000
Interest on Bonds - - 773,229 - 773,229 b59,625
Fiscal Agent Fees - - 5,063 - 5,063 5,285
TOTAL EXPENDITURES S 2,9U1 ,6S4 S 708,210 $ 2,339,492 S 539,36U S 6,48fs,766 $ 7, 199,609
EXCESS (DEFICIT) OF REVENUE OVER
EXPENDITURES BEFORE OTHER FINANCING
SOURCES (USES) $ (470,800) $ 823,198 $ (665,839) S (539,181 ) $ (852,622) S(1 ,078,402)
OTHER FINANCING SOURGES (USES)
Proceeds from Sale of Bonds $ - $ 208,604 $ 57, 103 $ 1,376,641 $ 1,642,348 $ -
Transfers from Other Funds 562, 116 3,023 1,U10,208 193, 192 1,768,539 2,023, 107
Transfers to Other Funds - (491 ,600) (405,515) (598,490) (1 ,495,805) (1 ,553,150)
NET OTHER FINANCING SOURCES (USES) $ 562,116 S 28U,173J $ 661 ,796 971 ,343 $ 1 ,915,082 $ 4J6y�57
EXCESS (DEFICIT) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES $ 91,316 $ 543,025 $ (4,043) $ 432,162 $ 1,062,460 $ (608,445)
FUND BALANGES, January 1 964,864 1,273,793 6,851 ,778 79,594 9,165,029 9,773,474
FUND BALANCES, December 31 $ 1,056, 180 $ 7,816,818 $ 6,847,735 S 506,756 510,227,489 $ 9, 165,029
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�ITY OF ROSEMOUNT.MINNESOTA
COM8INED STATEMENT OF REVENUE.E7(PENDITURES AND CHANGES IN PUND BALANCES
� � . . A�L GOYERNMENTAL FUND TYPES � � � . � � � . �
� � .YEAR ENDED DECEMBER 37,1992 � � �
GOVERNMENTALFUNDTYPES TOTALS
SPECIAL DEBT CAPITAI (MEMORANDUM ONL1�
GENERAI REVENUE SERVICE PROJECTS 1992 1991
REVENUES:
� � � � � Generei propsAy taxes � E7.342,415 E744,421 E429,725 52,516,561 � �52.255,565 . . �
Licenses and permits 342,742 � � � 342,742 193,178 �
� � �Special easeasments 69,249 1,366,585 � 1,435,834 . 884,874 �
� � . .Intergovernmentel 956,055 49,594 1.005,649 � 1,256,235
� � Cherges tor cervicea � 277,856 � 277.856 � 125,887 � . �
. � Fnes end forfeitures 44,927 . � . �. 44,927 � 47,377 � �
Interest eamings . � 30,614 166,678 289,317 SY,492 486,101 683,981� � � � .
Miscelleneous 182,991 88,475 316 41,387 312.669 189,047
' � TOTAL � 53,246.349 E1.049,168 52.065,943 . 542,879 � t6,424.339 55,636,144 � �
EXPENDITURES:
� Current . � � � � � . . . � �
Generel government � � E1,057,642 � E255,287 � � . � � � 51.312,929 51.127,799 �
� . . Public setety . � 5885,966 � � . � �885,966 834,191 � �
- � Public works. � 5743,056 52.548.609 . � 3,291,665 � . 1,055,61�1 � . .
�
1I Parks andrecreation � E523,296 � � � . 523.296 503,804 . � �
. � � � � � Other� . 574.159 510,125 � � � � 209,198 . 793,482 . 629,069 � . �. �
Debt service:
�� . . � Redempiion of 6onds � � 1,395,000 � � � 1.395,000 1,560,000 � .
� IMerest on bonds � , � 773.117 � �. . 773,117 � � 773.229. . � � . .
� Fswl egent fees � � � � � 4,211 � 4.211 � � 5,063 � � .
TOTAL E3,209,960 E829,446 i2,182,453 E2.757,807 � 58�,979,666� =6,488,766 �
EXCESS(DEFICIENCI�OF REVENUE
� OVEREXPENDITURES E36,389 �5219.722 � (E96,510) . (E2.714,928) (t2,555,327) (5852,622) . � .
OTHEH FINANCING SOURCES(USES)
Proceeda irom sela ot bonds . E94.975 56,515,819 i6.610.194 Si.642,348
� . � Trenatera irom otherfunds . E140,230 � 520,540 � � 1,904,017 � 2.568,787 � � 1,768,539 � .
Trensfera io other ivnds (39,389) (530,039) (38,532) (203,918) (811,875) (1,495,805)
TOTAL =100.841 (E530,039) E580,383 58,215.921 58,36�,106 f1.915,082
DCCESS(DEFICIENCI�OF REVENUE AND
. OTHER FINANCING SOURCES OVER � � . � . � � � � � � � �
. . IXPENDITURES AND OHTEq FINANCING USES =137,230 (5310,317) 5483,873 55,500.993 SS,B11.779 � 51,062,460�� � �
� . BEGINNING FUND BALANCE � � 1.056,180� � 1,816,818 6.847,735� � 50B,756 � 10,227,489 � 9,165,029 � � � �
ENDING FUND BALANCE E7.193,410 51,506,501 E7.331,608 i6.007,749 516,039,268 tiQ,227,489
� . � � q p .�D�•- .�, p� u1 O � N �C �V1 C' r'�1 O �- O� . ^' II . � � . . � � . � . .
o r v�n in r� o o � m m � a o co � r-+ n
N N N^ � � �o N � -� N o� o N „ OFFICIAL STATEMENT
a ri� c�i o� •= �ri o ri �i .=•= ni ui�c a+ :� u
. ^ 67 Yn O (�-t!1 C� G�� CD � � tf1 t� t11 ��N N N II .. . . . � .
.-i p1 � N N ^' . . . ❑ � . . .
� C N�!1 m Q� � N CC � � M N II � . � . �
� p � �� $580,000
� �
� � � � � �I
� � �o �� a e � o � � m o m � �+ �- 11 ROSEMOUNT PORT AUTHORITY, MINNESOTA
.- v r e �n �o c�o �c r �v a� v o� c� c n
,, �n r u�r �c o+ �o Q� OD M N a o i Q v '�
� o M� o ry o N =� o � �� � �= � o „ TAXABLE GENERAL OBUGATION BONDS, SERIES 1993E
v � - e� o��n Q c� m r ri Q a�r � rn r � n
g o� .^�N N r- �v ao rn o r�r r� r r� r� ��
. � .-- � M M 00 � N 6� C' �"1 �� .- � . . .. .
N Q 1�
� � vr vr v� � vi �i � � .
� � �' :� �I = INTRODUCTORY STATEMENT
e � n
...+ .. �o o � �o �i
,� � � i i � i i i i o � i i i i i � i � u
u
� � m .N i � . � � r r� n .n � .
� C �� N V' f� t� �� �
o a� = N N N ;; . This Official Statement contains certain information relating to the Rosemount Port Authority,
�; S � � � � � I� Minnesota (the "Authority") and its issuance of the $580,000 Taxable General Obligation Bonds,
�� � � W � '� Series 1993E (the "Bonds" or the "Issue"). The Bonds are general obligations of the City of
� ro,� � � , , , , , , , , , r , , , , , r r �� Rosemount (the City ) for which the City pledges its full faith and credit and power to levy
Q � � N� o j o ;; direct general ad valorem taxes without limit as to rate or amount. The purpose and additional
a� � � � � „ sources of security are described in the following sections.
� � ��
� � � � � „
^ . � . M � . ^ �� . . . . . . . � .
II
a � � � � � � � � � � � , � � � � � � � {! THE BONDS
, :... � � ;�
� � � � °' �I
''z r�i 2 i o �`' � a v> v>i vr � v,� vr "
Authority and Purpose
� cn O i a ?. w ao r c a, �o c�; m c� � ca t ra ��
E U�f.•- a. N. � 41 . h tA�O� tf1 N t!�O ^I N C � tD� 'Q' II . . � .
. G.; G I t0 . N f� O��D tC �r'.1 r'�O. .(� rh rV �7� . Nt JI. .
� � < � ,� � �; � �; �;�;o � ��; �,, � �,r. � � � � Q �� The Bonds are being issued pursuant to Minnesota Statutes, Chapters 469 and 475.
z � ; �^ .L ,. � N � �' �' c e � °�� �° � ;; Proceeds from the Bonds will be used to finance the purchase af 80 acres o# lan d for use as a
� � � `' o'� y ^ �=+ ^N Q :� ;I business park. The 80-acre site is located near the intersection of County Road 42 and
o rc w i � a � [� v> �:1 :,. ( u� v, �
Highway 3. The installation of streets an d uti li ties wi t hin t he business par k wi l l be
� � � � � O� � 4 e Qf � ;f accompfished in phases. It is the intent af the Authority ta maintain the park on a self-
r �
� � ; � � �� � , � �; � � � , , � �' � , Q `° ;; supporting basis, with combined revenues from the sale of land and special assessments
; �a,v �N � o h ^ �� against benefitted property. Components of the Issue are as follows:
v � � o ^ ^ ��
� � a � � � ! w� � �� Land Acquisition $500,000
� o � m � � N (ssuance Costs 28,400
`� � ° � � � � � M � � � � � ' � , � ° ;; Capitalized Interest (15 months) 42,900
� > � � � � � N ;� Allowance for Discount Bidding 8.700
N N �O t0 . CD m L� 11
� � � � � � � m �� TotaF $580,000
w � � � � � ��
"' Ilt6 � . . N . � � O� N N� � r<1 . . r'1 .. .tf� . . . . . . .
.. .. . . � .-i 4/ Q� �. . tf1 O C' �. . t`� . . N 1 . . � � . . . .
`�° 'c ' � ' ' ' cv o ' � ' ` ' M � ' �.-� - ;� Security and Financing
. t.� U > . .� � � C' � �IJ1. � N . . N 6� .�� � � . . �� � � . . . . . .
� �a -- ^ � -- N �� t The Bonds will be general obliga#ions of the City for which the City pledges its fuU faith and
`� `� `� �' `� �' credit and power to levy direct general ad valorem taxes without limit as to rate or amount. ln
� Q �, � m � � � II addition the Authority anticipates sufficient revenues from land sales in the business park to
b � °: � � � � � � � � , � '' � � � `° ;� • cover debt service payments on the Bonds. The Authority will be required to certify future
� � '� � N r � � N ;� annual levies to the County for payment of the debt service with consent of the City. However,
� � � ^ ^ � � � these levies may be abated annually as land sales accur. First land sale revenue is projected
�� � v y Q � .�� � � � � � � �i to be available in 1995.
� �.o m v .. `r� v .� � .,, v � a � �
ro c � y a �-+ e x c vY u �E �+
.� � p7, �� �� .. . >, . >,�n) . . .. .-i H �.� ..a � i. � �p u a.�..C q4 .» . . . . . ... . � � : .
� � � ��� v �o �o a y a .. c.:. v v �o �o c
�, � a � � � a a � � v � �� > � � � T � � �� � 3 The first interest payment due August 1, 1994, as well as interest through February 1, 1995,will
H u � t!I v 61 ? w c••� a..+ � �6 CJ �. rn� ••• .•• c.• a
� �° � L-�� � � � m � N � �� -� > v �-� � a N � � be paid by capitalized interest included in the Issue. Thereafter, each August 1 semiannual
� . � � � �H �-r (.'1�L tA 07'O^p U� N C A. r� �. J� Q J.� �p i. tA N�O f6 C1 � . . �
� � � � � � � E� E�O � C C� U N N t0 rt �. Cl. �� � �� y y �^+ �'+ C Cl�Ql v �w.0 �� � � � � � . interest payment and the subsequent February 1 payment of principal and interest witl be made
. . +"� � ���-+ C�7 C�7 7� s. T�- 9 N N C N L n.�� N �.. .
a a o v LL � m v �o � v u ro �o c �
•-� �-• v � u v, � � caw °a3c � c� `� cc`� �+ cc°� �
� � ` Q � � � � � $ � � � a � from income generated from land sales and/or ad valorem tax levies.
a a r,,
III-6
- 1 -
THE PORT AUTHORITY � N o o � N �, Q a� .- .- ,� � II
,.�� ;n :,-� M M o a v � o o �'+ �i
a v o s a� o cv cv �r 'v m r� N u
- u
. . . . . . � � . � . . � � .:� .N tf1 O Jl tT � t�N N � r'1 N p . . . �
. . . . . . . . . . . . �" N N 1 N ^- N N O N � �� u'1 N . .Q � I i . . . .
..-� s e' m'- -r u
The Port Authority of the City of Rosemount, Minnesota is a public body duly organized and � o '� � ^ - ^ � �' °° � ��
existing under the laws of the State of Minnesota. The Port Authority is considered a � � ^
govemmental subdivision, and the area in which it may exercise its power is coterminous with = � �N N � "' m "`° �" m ''
� r �o v m c o� � o r� ri r� ri c ii
the City boundaries. � � �^ � p M � � �� � ^ � � ��
Q o � ^o�; o�, � � �� � a o ,�
� �, .- r r� r co �n �c �er w �m m �
0
. � � . . � � . . ` s � O�. �v . �D Q� CV� C� � � � ^'� II . .
The Port Authority was established on September 3, '1991 by resolution of the Rosemount City � � - � � �^ "' ��
Council to provide a conscientious and coordinated effort to encourage and precipitate future �' ^ ^ `� "
development within various development districts established by the City. The Port Authority is ° � �' � ��
charged with the role and responsibility of carrying out economic and industrial development � € ^ °' `° °
� � � � � � � � � , � �, � ;� ��
and redevelopment within the City in accordance with policies established by the City Council. , N � �� �, m � ;;
As administrator of the City's development districts, the Authori#y may exercise development � a� S � � N ��
and redevelopment powers pursuant to those authorized by the State of Minnesota �; N �' ��
Development Act, the Industrial Bond Act, the Housing Finance Act and the Tax Increment Act, �
except that the Authority may not issue obligations without prior approval of the City CounciL o-� � r � �i
� W ��
U t0'O N � { f 1 I 1 I I I 1 I r� I t ^ �11 .
. � . � � � � � � v X � � . Q' � . . Q' . .
The governing body of the Port Authority is a Board of Commissioners consisting of seven �� �� ^ � ��
members, two of whom musf be members of the City Council. The members of the Port � y � ��
Authority Board are chosen through an application and interview process. � M II
� o o �{
� � U� 1 �C C N I I 1 1 J I I . 1 � I �1 . I N��" . . .
The current Port Authority Commissioners and length of appointed term are listed below: � � ? v ��
� � � � � Q ��
Lencath of Term Expiration of Term � � � � � "W `� `� "
� . . � . Z •L z 1 Q1 }i M O�D � N��\. N C' CT N I� .
Edmund Dunn Chair 2 years January 31, 1994 `� � � � L N � � �� N � ��� � ��
� � . �O O N N�� ' ' O tf��C' f t ^'� p
John Edwards Vice Chair 5 ears Janua 31 1997 - Y � �� �' N ^ �� � ��
� �
Y � U 4 t ' � �n ^-��a c r�r� �i
ry ' z � � `'' �, v N � Q � � ��
Joan Anderson Treasurer 3 years January 31, 1995 - M J� j;
� L � �
Kevin Carroll Commissioner 6 years January 31, 1999 � � � ; � � � � N `� °
E.B. Mc Menomy" Commissi o n e r 6 y e a r s J a n u a ry 3 1, 1 9 9 8 G Z � � � g m � ��
Donald Sinnwell Commissioner 4 years January 31, 1996 0 � g � � � � , � , , , , ° , , , , � I ^ ��
Dennis Wippermann* Commissioner 6 years January 31, 1998 � � � � ��v � ^^ ;
; � o � �- ��
* V � i �' GL. � ^ i . � .
Mr. E.B. McMenomy is the City Mayor and Mr. Dennis Wippermann also serves on the Ciry � , � � �I
CounciL N o ^ � � � � If
y �c o v,r- ^ o� Q „
Mr. Stephan Jilk serves as the Executive Director to the Port Authority. Mr. Jilk has resigned � � � � � N^ � _ � � � � � � "
,� .. � o �e � � ��
n � y � � � � ^ r � u
this position effective October 29, 1993. � � � � � m ��
G., vs . . vt u
.-� ��
(0 sT O N t^f �'1 CD�^1 � �l1 i
;.� �D O C' �O � T O � 11
. -+ N O� O (") C t� CD CO � N 11 �
RELATED MATTERS y � v � � ' Q ' N ' � N N ' ' ' � �f
� � � . , � ��a� � � � � N�;� � � . . � . .
��
� � � ��
Future Financing �- il
r ��o v �n o� o rn �
r I .-� M N C9 . C� N� O O� N Q � . I N �� � . .
G
The Authority intends, within six months, to issue approximately $600,000 General Obligation I � � �� ' N o � � �^ ' ' ' � ��
y iv a n in ro �o— �� i
Bonds to provide financing for public improvements for a portion of the business park, � �' "' � ^ ��
acquired with bond proceeds of this Issue. ' � v N v � �• ;�
� � � �
r, > u; � a � v °.�' :. �
. . . . . . . � . . A � t� .a i ti. �. N N � N " N � .
� . . � . . . N N C � �C G Q1 Q1 y C c0� U � W G �!�
Litigation � v � � N� � v .� � _ � �y� > � L � �
t.a u a � u�� �L a q�� � 5 x u, m .. o � �
cn �e u �a L u � �r > �j o �+
U �•� N d/ > � N N —� N Q(A �
The Authority is not aware of any threatened or pending litigation affecting the validity of the � � N ,� a .� � .��. �:� a N a � � d N " � i
W (� L.'L` L L �I L 1� � L' ;y "�
Bonds or the Authority's abitity to meet its financial obligations. _ � p� � a � �p� � � v '� �' 3� `� � �.�, ��° � � � �
v: a. O U L �C � 4! C s��N C ..N. ., � � O >
c� u ��'cn F � a a�. g �
- 2- II!-5
CI1Y OF HOSF?iOIMT. MR�A�SOTA
COt�IAffD BAIANC2 SE�T
�.t, ��,�ro�� Legality
Decw��ber 31, 1991
The Bonds are subject to approval as to certain matters by Briggs and Morgan, Professionai
P���,e� F;a�,�,, Association, of Saint Paul and Minneapolis, Minnesota, as Bond CounseL Bond Counsel has
���� �� �� � � Aocour�t Gro s not participated in the preparation of this Official Statement and will not pass upon its accuracy,
��� c��=� c�r�So�y� completeness, or sufficiency. Bond Counsel has not examined, nor attempted to examine or
Special Debt Capital Pssets Ivng-7pcm
�r� Revenue Service Projects Ehterprise A��, �o��t�> �� 1991 7990 VerI�F�/, any of the financial or statistical statements or data contained in this Official Statement
� and will express no opinion with respect thereto. A legal opinion in substantially the form set
�n s ,2�,463 s �ez,9ss 5 67,625 s z4,084 s ,,,,�ae s �,789 s - s - s so9,,o4 s so9,6�9 out in Appendix I herein will be delivered at closing.
CeRificates of
Geposit 704,227 7,705,618 6,6�7,000 680,000 2,230,000 405,454 - - 72,402,7y9 10,917,286 ' R
Accounts Receivable 1,524 - - 218.330 - - - 219,854 ?0.102
Notes Receivable - 1,433,548 - - - - - 7,433,548 1,435,342
:��� �5�n� ' Taxability of Interest
ReoeivaW.e
Delinquent 73,786 - 190,164 - 7,243 217,193 �0,487 �
Deferrea 4s,os9 4,378 ,,579,260 - 37,201 - - - 1,665,838 1,683,343 The Authority intends that the interest to be paid on the Bonds be includable in the income of
Taxes Receivable
����t 63,538 - - - - - - - 63,Ssa s�,o�, the recipient for purposes of United Stated and State of Minnesota income taxation and be
Due Ftan Other
�as ,zo,000 - - ,49,,92 - _ subject to Minnesota corporate franchise and bank excise taxes measured by net income.
Due Fr�Othet Govern-
- - 269.792 967.488
uental R�iu 727,829 916 109.170 - t,318 - - - 239,773 239.907
Prepaid Expecises 113.765 904 - - 45.914 - - - 160.583 ,4�,��e Ratin S
Fixed Asseu - - - - 3,326,Q25 - 11,343,070 - 74,669,095 74,487,335 9
1�nount Available in
Debt Service
�to� �o- - - ' - - 6,847,735 6,897,735 6,ss,,��a An application for a rating of the Bonds has been made to Moody's Investors Service
wi�a fo= o�ct ("Moody's"), 99 Church Street, New York, New York. ff a rating is assigned, it will reflect only
�it�t - - - - _ - - s,892,ss� s,e9z,s8� s,ee4,ss� the opinion of Moody's. Any explanation of the significance of the rating may be obtained only
� from Moody's.
� L'PS S 7,377,191 $ 3,328.259 S 8,617,159 S 853,876 $ 5,977,879 S 407,743 571,343,070 $12,740,322 $44,584,839 543,370,441
. �
There is no assurance that the rating, if assigned, will continue for any given period of time, or
that such rating will not be revised or withdrawn, if in the judgment of Moody's, circumstances
so warrant. A revision or withdrawal of the rating may have an adverse effect on #he market
p��r��,. F�a��� price of the Bonds.
Governmernal F1u�d'1S�Pes Ftiu�d 1YPes flu�d TYPe Aecourst Grou
Gener Totals
Fixed General (Mencrandun On1Y)
s�"� °ebt �p"� '� ��� Financial Advisor
General Revenue Service Projects IIiterorise Aqency (Unaudited) Debt 1991 1990
IdABILITIFS At�ID FUND
��si� The Authority has retained Springsted Incorporated, Public Finance Advisors, of St. Paul,
�"e��` s - s - s - s 269,�9z s - s - s - s - s 269,�gz s �,o,s,5,� Minnesota, as financial advisor (the "Financial Advisor") in connection with the issuance of the
�� �,��e �2,�,5 ,8,496 - 6,900 6,962 407,143 - - 522,z,6 293,�Zo Bonds. In preparing the Official Statement, the Financial Advisor has relied upon governmental
���y�e - - - - �a.669 - - ,�s,3zz 799,997 z9o,s�3 officials, and other sources, who have access to relevant data to provide accurate information
Accrued flcpenses 45.350 - - - 5.667 - - - 51.Ut� 62.74t
�=,�a ��r�t - - _ _ 39,s,s - - - 3y,s�s 4u,es4 for the Off'icial Statement, and the Financial Advisor has not been engaged, nor has it
�°°"� undertaken, to independently verify the accuracy of such information. The Financial Advisor is
Payable - _ _ 70,428 - - - - 70,428 122,964
�fe==�a not a public accounting firm and has not been engaged by the Authority to compile, review,
Revenue 732.946 1,492.945 1,769,424 - 44,493 3,439.758 3.281,759
bonds PaYable - - - - 1,345,000 - - 52,565,000 73,910,000 73,875,00o examine or audit any information in the Official Statement 1r) accordance with accounting
�.,�,�A_ standards. The Financial Advisor is an independent advisory firm and is nat engaged in the
BILITIESS 261,0�, s �,5,,,44� s �,769,4z4 s 34�,,zo s ,,466,376 S 40�,,43 s - 5,2,�40,322 518,�02,��� 5,8,930.968 business of underwriting, trading or distributing municipal securities or other public securities
���� � and therefore will not participate in the underwriting of the Bonds.
Investrnet�t in
General Yixed
Pssets S - 5 - S - S - $ - 5 - 511,343.070 S - 571,343.070 571,047.876
Contributed
Capital - - - - 1,670.19� _ - - 1.6�0,197 7,393,328 � C@ItIflCatl�l�
�l��n�95 - - - - 2.847,306 - - - 2.841,306 2,773,240
laeserved 173.�65 1,816,8i8 6,847,735 506,756 - - - - 9,285,0�4 7,520,49s The Authority has authorized the distribution of this Official Statement for use in connection
`tt"�`"� with the initial sale of the Bonds.
Desi9naced
for Fbrking
Capital 942.415 - - - - - - - 942.415 853.455
As of the date of the settlement of the Bonds, the Purchaser wiA be furnished with a certificate
�'� signed by the appropriate officers of the Authority. The certificate will state that as of the date
m�I� s ,,os6,,8o s ,,8,�,e,s s 6,847,�3s s So6,756 s 4.s,,,5o3 s - s,,,343,0�o s - s2s,o8z,o6z 524,379,4�3 of the Official Statement, it did not and does not as of the date of the certificate contain any
�ILi��s untrue statement of material fact or omit to state a material fact necessary in order to make the
"`� � statements made therein, in light of the circumstances under which they were made, not
D(�t1ITY S 7,317,191 S 3,328,259 $ 8,617,759 S 853,8?6 $ 5,977,819 $ 407,143 571,343,0�0 512,740,322 544,584,839 543,310,447
� misleading.
III-4 -3-
i � o � e � oi� o� o ;o� �;,
� °� - ��:�I� � ' = aio ��I,
� � _��i � �� .,
CITY PROPERTY VALUES � �p , �
, s � ��
� � � I � , �
� o
19921ndicated Market Value of Taxable Property: $412,263,031" � � � � � m" � � q ' " � � ��
o � o o � s�:I ��m� �
w oam .om n me . im
�� m � ^ � " '° �� m� � o o - ��I
* Calculated by dividing ihe county assessor's estimated market va/ue of$378,045,200 by the 1992 � " ' " '�
sa/es ratio of 91.7�o for ihe City as determined by the Siate Department of Revenue. I
� ^� ^CM ! � II
;
� . � . . . . � . . . . . � N O N '»I �I . . . .
� . . . . . .. � � I .¢ I� . .O O.I� �I I OI . . .
1992 Taxable Net Tax Capacity: $7,753,399 » _ � !I
. .. i J W I N . - .
Q F � 1
Z � W ' �I�
.. . � � � � C)p . . I . .
467 594 ' ' � � � � µ�
1992 Net Tax Capacity $ 8, , � j � i
Less: Captured Tax Increment Tax Capacity (392,949) �
1,357,408 ' � o (» � �' ,
Contribution to Fiscai Disparities ( ) � « � �
Plus: Distribution from Fiscal Disparities 1.036,162 ` �X�o I ' � �� �I
C7 11 Q = M NI . .
1992 Taxable Net Tax Capacity $7,753,399 � � I
o � o� �
a a
1992 Taxable Net Tax Capacity by Class of Property < � _ = ;,
o= � �
Commercial/Industrial, Public Utility and "�
Personal Property* $3,774,054 48.7% ' I
Residential Homestead 2,877,361 37.1 " w m � � p °� ;e �
851,263 11.0 W W $ "� � " m�
Non-Homestead Residential � ` °' �"0 m ' �� ' �' � _
�� ¢ ��� o � m m
Agricultural 240,146 3.1 a " m
Railroad 10.575 0.1 � � W i
I
Total $7,753,399 100.0% � ,1
� �� P �nj ���
*
Reflects adjustments for fisca/disparities and capfured tax increment tax capacity. � ' ;w� � " I�� m I�I °��
. . �U al I I � � � I II �
I I � ! I�
Trend of Values m �� _�
� �� � � e,
w 0 im �
Indicated Estimated Taxable Tax w Q � � �l�
Market Value�al Market Value Ca aci �b1 W °N� I�I ��! ��
a � ; ,
z ; , , , � ,i
1992 $412,263,031 $378,045,200 $7,753,399 i ; p ,q, o;,
1991 388,029,900 350,391,000 7,648,866 � � = ^ : i�i � ��i �i
1990 345 155 639 318,233,500 7,604,632 Z� � _ � � " �"' " �"I '`
1989 295,120,543 271,510,900 6,865,898 ¢� `¢ ' ��� �"' �'
1988 239,101,182 222,603,200 6,611,845 I �' � j � � ,�
�a1 Ca/cu/ated by dividing the county assessor's estimated market value by the sales ratio determined for � � � � � � e �j=� �
the City each year by ihe State Department of Revenue. � � " = » = �i= �°�
(b1 See Appendix ll for an explanation af tax capacity and other Minnesota properry tan law. � � i ^I� �'
� I
� y
H
O
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m 1�
. � : � .. . � � . �� � w � O� � ��� � m _ D � �m m a c $Q � � � .
� a _ W� � „, � � a � . Yt � s � o : W
� . . y�j O W WI W i p Y � �O Ty Q � = m L L > 9 2 .
� . . � . . � � � . . . � . LLI 2�2m � F F�O :.99 � dG� � C�� a.� � � OLL . . . . . .
.. . � � . � . . � . . � . . �I 74e . �I � � ° e W Ea a .°� � 0�. J . . � .
m w u a 3 Y c o a O b � o � � ° < �
. � . . . . O �W . < Q � O O� O O 4 � O Y LL 6 7 0 �� . . ..
� . � � � � . � � UI U <OI JI .�D< U <�<U O CI 1- 5 U 6 1- f � � �
-4- 111-3
j � oa �` e m � � a ,". No hNl j�
� I � . Oi^Oi t� vi n! N p �O� a I . . � . � � . . � � . .. � .
i � _ � < ' ^ r :o '° e � m m� �jl
� m e �
. I I .�p . _ . . . . ^ . . . . . . . . . . . . . .
I �, � � Ten of the Largest Taxpayers in the City
�
� �
� °i � „ ^ ^ ^ � �, � m m�
I o �� - p mes �: m m : o�l 1992Net
w � q � � ° P ° � � � �= '� Taxpayer �pe of Business Tax Capacitv
I �_N N 01 � ' n � . . . . . .
{ Great Northern Oil Co.
; (Koch Refining) Oil Refinery $2,486,112
' � Northern States Power Utility 324,239
' ¢ �: �
� �1 CF Industries Ina{Cenex) Fertilizer 156,136
'" Wintz Companies Trucking/Warehouse 106,164
m
. a ? p � . � �. � . .
¢ �� Peoples Natural Gas Utility 81,850
�� Greif Brothers Corporation Multiwall Bag Mfg. 80,997
I � j � � Continental Nitrogen &
�I�w�o p ' mi Resources Corp. Chemicals 77,058
� W LL N< Central Farmers Fertilizer 76,423
j �" � � Shannon Park Townhouse Partners Townhouses 62,900
NHD Rosemount Woods Assn. Retail/Apartments 53120
s � �
ao
s � � . -
Total $3,504,999*
;o w �
o � � *
LL Represents 45.21%of the City's 1992 taxable net tax capacity.
oa �� m - ^�
� os � � mm m
� � � mo o_ � - 3
¢Q ¢ »�� - = CITY INQEBTEDNESS
o W
.. 6� � � � . � . . . . . �. . . . . . .
; i i Legal Debt Limit
� m o � ��
( � < ol " � . ; �� - Debt Limit (2% of Estimated Market Value) $7,560,904
� ° a � Less: Outstanding Debt Subject to Lirnit (2,260,000)
I
o � � � -r: LegaF Debt Margin at September 2, 1993 $5,300,904
no � o S, j�
. . . . .i W � o C vi N ^ O�I . . � � � . . � . . .
� U n ' m f
Q! j I ml
Y1 6 �'I
a� � " I General Obligation Debt Supported by Taxes
�; i I
�' i o _ � � i �, Principal
z Q;� g � � �W � oi� Date Original Final Outstanding
w �� of Issue Amount Purpose Maturi As of 9-2-93
w Z
� w > i
. W N¢I . . . . . . . . .. � . . . . .
� �I � 41-86 $1,300,000 Municipal Building 2-1-1995 $ 165,OOO�a�
^�� ��o P� � ^ 12-1-91 210,000 Equipment Certificates 12-1-1996 170,000(a1
� �o � e� � � _ � 11-1-92 1,080,000 Community Center 2-1-2013 1,080,OOO�aJ
=1 11-1-92 3,425,000 Municipal Building 2-1-2018 3,425,OOO�b�
'� 8-1-93 845,000 Municipal Building Refunding 2-1-2002 845,000(a1
.
a � Total $5,685,000
�
G v m �a1 These issues are subject to the statutory debt limit.
� � �;
_� � ° c � • � e 9 (b1 The City anticipates debt service payments on this lssue will be made primarily from a combination of
� W� � � ; „ � b ; user fees from the municipa/ multi-purpose arena and tax increment revenues. ln addition, the
� �� a � a a '= Y ; o, ° ; proceeds of certain specia/rax/evies, levied by the City to support the new Nationa/ Guard Armory,
. . � �w ' a ' E i � � e .w b n � . . . . � . � . . � . �
w � � ¢ Z , �4 ; � ; L � ; y m � ; will also be used to support a portion of the debt service on this Issue.
�
� C� W O�W � Q • � � � � O O a � � � p � . . . � � . � � . . � � � .. . ... . . . .. . . . � � .
� � aI Z 2 � . m v� $ .c .a c o 0 o a a ¢ c c . . . . . . . . . . � . . . . .
�olO O �w � � � a%it �i $ o aoo g > > 8O � E E O . . . . � . . . . . . . . . . .
o < cl � < < c3 0< z m � o.o�c o.4' o a:a .� . . � . . . . . . . . � . � . .. ... . .. . �� . .
. . . '��''2 .� � � . . �� . . . . � . � . . � . . . . . . . . . . . . � . .
=5-
APPENDIX ill
Generai Obligation Debt Supported Primarily by Special Assessments ANNUAL FINANCIAL STATEMENTS
Principal
Date Original Final Outstanding The City is audited annually by an independent certified public accounting firm. Data on the
of Issue Amount Purpose Maturi As of 9-2-93 following pages was extracted from the audited �nancial statements for fiscal years ending
December 31, 1992, 1991 and 1990. For all years presented, the modified accrual basis of
8-1-87 $4,995,000 Local Improvements 2-1-1996 $1,500,000 accounting is used for governmental fund types; the accrual basis is used for proprietary funds.
10-1-88 2,750,000 Local Improvements 2-1-1999 1,550,000 The reader should be aware that the complete audits may contain additional information which
7-1-89 2,575,000 Local (mprovements 2-1-1995 500,000 may interpret, explain or modify the data presented here.
6-1-91 1,180,000 Local Improvements 2 1-2002 1,060,000 �
12-1-91 265,000 Local Improvements 2-1-2003 265,000
9-1-92 895,000 Local Improvements 2-1-2004 895,000
11-1-92 1,470,000 Local Improvements 2-1-2004 1,470,000 �
8-1-93 555,000 Local (mprovements 2-1-2005 555,000
8-1-93 1,415,000 Improvement Refunding 2-1-2001 1.415,000
Total $9,210,000
General Obligation Debt Supported Primarily by Tax Increments
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturi As of 9-2-93
6-1-88 $1,100,000 Tax Increment 2-1-1999 $765,000
� General Obligation Debt Supported by Revenues
Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturi As of 9-2-93
4-1-89 $1,320,000 Water Revenue 2-1-1997 $ 310,000
9-1-92 1,525,000 Storm Water Revenue 2-1-2008 1,525,000
8-1-93 945,000 Water Revenue Refunding 2-1-2005 945,000
11-1-93 580,000 Taxable Port Authority (this Issue) 2-1-2009 580,000
Total $3,360,000
.
.
-6 - III-1
' STAtUTORY FORMULAE
CONVERSION OF ESTIMATED MARKET VALUE (EM� TO GROSS OR NET TAX CAPACITY FOR
MAJOR PROPERTY CLASSIFICATIONS
Gross Tax Capacity Net Tax Capacity Net Tax Capacity Net Tax Capacity Net Tax Capacity
General Classifications Assessment Year 1988 Assessment Year 1989 Assessment Year 1990 Assessment Year 1991 Assessment Year 1992
Residential Homestead First$68,000 of EMV at 2.17% first$68,000 ot EMV at 1.00% First$68,000 of EMV at 1.00% First$72,000 of EMV at 1.00% First$72,000 of EMV at 1.00�
Next$32,000 of EMV st2.50% Next$32,000 of EMV at 2.00% Next$42,000 of EMV at 2.00°� Next$43,000 of EMV at 2.00% EMV in excess of$72,000
EMV in excess of$100,000 EMV in excess of$100,000 EMV in excess of$110,000 EMV in excess of$115,000 at 2.00%
at 3.3�% at 3.00% at 3.00% at 2.5%
Residential Non-Homestead
4 or more units 4.10% 3.60% 3.60°k 3.50°/a 3.40°k
Agricuitural Homestead First$65,000 of EMV at 1.75% First$68,000 EMV of house, Fi�st$68,000 EMV of house, First$72,000 EMV of house, First$72,000 EMV of house,
EMV in excess of$65,000 garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and t acre at 1.00°h
at 2.25% Excess to 320 acres at 0.40°� Excess to 320 acres at 0.45%o Excess to 320 scres st 0.45% Excess to 320 acres at 0.45%
Excess over 320 acres at 0.40% Excess over 320 acres at 0.45% Excess over 320 acres at 0.45°k Excess over 320 acres at 0.45%
Next$32,000 EMV at 2.009'o Next$42,000 EMV st 2.00°/a Next$43,000 EMV at 2.00% Next$43,000 EMV at 2.00�o
Excess to 320 acres at 0.40% Excess to 320 acres at 0.45% Excess to 320 acres at 0.45% Excess to 320 acres at 0.45°k
Excess over 320 acres at 0.40% Excess over 320 acres st 0.45°,6 Excess over 320 acres at 0.45°� Excess over 320 acres at 0.45%
EMV in excess of$100,000 fMV in excess of$110,000 EMV in excess of$115,000 EMV in excess of$115,000
at 3.00% at 3.00% at 2.5% at 2.00%
Excess to 320 acres at 1.30% Excess to 320 acres at 1.30% Excess to 320 acres at 1.30�o Excess to 320 acres at 1.30°/a
Exoess over 320 acres at 1.70% Excess over 320 acres at 1.60°� Excess over 32Q acres at 1.60% Excess over 320 acres at 1.60°/a
Agriculturai Non-Homestead EMV of house,garage and EMV of house,garage and EMV of house,garage and EMV of house,garage and EMV of house,garage and
i acre at 2.70% t acre at 3.00% i acre at 3.00°� 1 acre at 2.80% 1 acre st 2.50%
EMV of land at 2.25% EMV of land and other buildings EMV of land and other buildings EMV of land and other buildings EMV of land snd other buiidings
at 1.70% at 1.60% at 1.60°h at t.60%
Commercial-lndustrial First$100,000 of EMV at 3.30% First$100,000 of EMV at 3.30% First$100,000 of EMV af 3.20% First$100,000 of EMV at 3.10% First$100,000 of EMV at 3.00%
EMV in excess of$100,000 EMV in excess of$t00,000 EMV in excess of$100,000 EMV in excess of$100,000 EMV in excess of$100,000
pt 5.25% at 5.06% at 4.95% at 4.75% at 4.70%
SeasonallRecreational 2.30% 2.40% 2.30% Non-Commercial-2.20% Non-Commercial
Residential First$72,000 of EMV at 2.00%
EMV in excess of$72,000
at 2.50%
Commercial-2.30% Commerciai-2.30%
Vacant land 525% 5.06% 4.95°� 4.75% N/A
(All vacsnt land is reclassified
to highest and best use
pursusnt to local zoning
ordinance)
HOMESTEAD CREDIT
Taxes on Homesteaded
Property Reduced by
the lesser of: 54% N/A N/A N!A N/A
or: $725 on the first$68,000 of EMV
. . ..
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Annual Calendar Year Debt Service Including This Issue (continued) not affect debt service levies. For county governments, cities of 2,500 population or more, and
smaller cities and towns that receive taconite municipal aid, taxes could be levied outside the
G.O. Debt Supported G.O. Debt Supported overall levy limitation for, among others, bonded indebtedness and certificates of indebtedness,
Primarilv by Tax Increments by Revenues�bl unfunded accrued pension Iiability, social service programs and the residual income
Principal Principal maintenance program for which the county share of costs has not been taken over by the
Year Princi al & Interest Princi al & Interest State.
1993 (at 9-2) (Paid} (Paid) (Paid) (Paid) Debt Limitations
1994 $100,000 $ 167,185 $ 100,000 $ 287,337
1995 11D,000 167,575 135,000 324,202 All Minnesota municipalities (counties, cities, towns and school districts) are subject to
1996 120,000 166,935 185,000 365,522 " statutory "net debt" limitations under the provisions of Minnesota Statutes, Section 475.53. Net
1997 130,000 165,245 ' 200,000 358,360 debt is defined as the amount remaining after deducting from gross debt the amount of current
1 g98 145,000 167,247 220,000 356,485 revenues which are applicable within the current fiscal year to the payment of any debt and the
1999 160,000 167,680 235,000 361,591 ' aggregation of the principal of the followingc
2000 240,000 355,757 1. Obligations issued for improvements which are payable wholly or partially from the
2001 250,000 354,213 proceeds of special assessments levied upon benefited properry.
2002 270,000 361,577
2003 280,000 357,736 2. Warrants or orders having no definite or fxed maturity.
2004 295,000 357,761 3. Obligations payable wholly from the income from revenue producing conveniences.
2005 310,000 356,608
2006 185,000 217,885 4. Obligations issued to create or maintain a permanent improvement revolving fund.
2007 190,000 211,890 5. Obligations issued for the aequisition and betterment of public waterworks and public
2008 205,000 215,147 lighting, heating or power systems, and any combination thereof, or for any other public
2009 60,000 62.010 convenience from which revenue is or may be derived.
Total $765,000 $1,001,867 $3,360,OOO�a� $4,904,081 6. Certain debt service foans and capital loans made to school districts.
(a) 62.9%of this debt will be retired within 10 years. 7. Certain obligations to repay loans.
(b) Includes this/ssue at an assumed annual interest rate of 6.35%. 8. Obligations specifically excluded under the provisions of law authorizing their issuance.
9. Debt service funds for the payment of principal and interest on obligations other than
those described above.
Summary of Direct Debt Including This Issue
Gross Less: Debt Net Levies for General Obligation Debt
Debt Service Funds(a1 Direct Debt (Sections 475.61 and 475.74, Minnesota Statutes)
Any municipality which issues general obligation debt must, at the time of issuance, certify
G.O. Debt Supported by Taxes $5,685,000 $( 87,168) $5,597,832 levies to the county auditor of the county(ies) within which the municipaiity is situated. Such
G.O. Debt Supported by Special levies shall be in an amount that if collected in full will, together with estimates of other
Assessments 9,210,000 (4,951,434) 4,258,566 revenues pledged for payment of the obligations, produce at least five percent in excess of the
G.O. Debt Supported by Tax Increments 765,000 (838) 764,162 amount needed to pay principal and interest when due.
G.O. Debt Supported by Revenues 3,360,000 (b) 3,360,000 Notwithstanding any other limitations upon the ability of a taxing unit to levy taxes, its ability to
(aI Debt service funds are as ofAugust 31, 1993 and include money to pay both principal and interest. levy taxes for a deficiency in prior levies for payment of general obligation indebtedness is
�
without limitation as to rate or amount.
(b1 Debt service paid direct/y by revenues.
Metropolitan Revenue Distribution (Chapter 473F, Minnesota Statutes)
�, "Fiscal Disparities Law"
The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as
"Fiscal Disparities," was first implemented for taxes payable in 1975. forty percent of the
increase in commercial-industrial (including public utility and railroad) net tax capacity valuation
since 1971 in each assessment district in the Minneapolis/St. Paul seven-county metropolitan
area (Anoka, Carver, Dakota, excluding the City of Northfield, Hennepin, Ramsey, Scott,
excluding the City of New Prague, and Washington Counties) is contributed to an area-wide tax
base. A distribution index, based on the factors of population and real properry market value
per capita, is employed in determining what proportion of the net tax capacity value in the area-
wide tax base shall be distributed back to each assessment district.
-8 - II-3
year preceding the collection year. A listing of properry taxes due is prepared by the county Indirect General Obligation Debt
auditor and turned over to the county treasurer on or before the first business day in March.
The county treasurer is responsible for collecting all property taxes within the county. Real Debt Applicable to
estate and personal property tax statements were to be mailed out no later than April 15 for 1992 Taxable G.O. Debt Tax Capacity in City
property taxes payable in 1990 and are to be mailed out no later than March 31 thereafter. Taxing Unit�al Net Tax Capacitv As of 9-2-93�b� Percent Amount
One-half (1/2) of the taxes on real property is due on or before May 15. The remainder is due
on or before October 15. Real property taxes not paid by their due date are assessed a Dakota County $ 227,043,015 $ 75,235,000��� 3.41% $ 2,565,513
penalty which, depending on the type of property, increases from 2% to 4% on the day after ISD 196 (Rosemount-
the due date. ln the case of the first installment of real property taxes due May 15, the penalty Apple Valley-Eagan) 76,559,529 117,862,503 8.12 9,570,435
increases to 4% or 8% on June 1. Thereafter, an additional 1% penalty shall accrue each � ISD 199 (Inver
month through October 1 of the collection year for unpaid real properry taxes. In the case of Grove-Pine Bend) 15,539,047 6,310,000 13.81 871,411
the second installment of real property taxes due October 15, the penalty increases to 6% or ISD 200 (Hastings) 15,749,461 4,995,000 0.68 33,966
8% on November 1 and increases again to 8% or 12% on December 1. Personal property � Dakota County
taxes remaining unpaid on May 16 are deemed to be delinquent and a penalty of 8% attaches Technical College 244,480,087 2,090,000 3.46 72,314
to the unpaid tax. However, personal property owned by a tax-exempt entity, but which is Metropolitan Council 1,862,579,652 40,840,OOO�d� 0.42 171,528
treated as taxable by virtue of a lease agreement, is subject to the same delinquent property Regional Transit
tax penalties as real property. District 1,701,455,732 44,400,000 0.46 204.240
On the first business day of January of the year following collection all delinquencies are Total $13,489,407
subject to an additional 2% penalty, and those delinquencies outstanding as of February 15 are
filed for a tax lien judgment with the district court. By March 20 the clerk of court files a fa) Only those units with debt outstanding are shown here.
publication of legal action and a mailing of notice of action to delinquent parties. Those (b) �cludes debt supported by revenues and tax and aid anticipation debt.
property interests not responding to this notice have judgment entered for the amount of the
delinquency and associated penalties. The amount of the judgment is subject to a variable (�) Inc/udes Jail Facility Revenue Bonds, Series 1986 with an outsianding principa/ balance of
interest determined annually by the Department of Revenue, and equal to the adjusted prime �2,355,000; ,la;l Facil�ty Revenue eonds, Series 1987 wlth an outstanding principa/ ba/ance of
rate charged by banks, but in no event is the rate less than 10% or more than 14%. $7,225,000; and Jail Facility Revenue Refunding Bonds with an outstanding principa/ ba/ance of
$6,430,000 issued by the Dakota Couniy HRA and payab/e soJe/y from tease payments made by the
Property owners subject to a tax lien judgment generally have five years (5) in the case of all County to the HRA pursuant to a Lease AgreemenL The /ease payments are abso/ute and
property located outside of cities or in the case of residential homestead, agricultural unconditiona/and are unlimited tax obligations of the County.
homestead and seasonal residential recreational property located within cities or three (3) (dJ Metropolitan Council a/so has outstand►ng$5)9,os0,000 of genera/obligation sanirary sewer bonds
years with respect to other types of property to redeem the property. After expiration of the and/oans which are supported by system revenues.
redemption period, unredeemed properties are declared tax forfeit with title held in trust by the
State of Minnesota for the respective taxing districts. The county auditor, or equivalent thereof,
then sells those properties not claimed for a public purpose at auction. The net proceeds of Debt Ratios Including This Issue
the sale are first dedicated to the satisfaction of outstanding special assessments on the
parcel, with any remaining balance in most cases`being divided on the following basis: county G.O. Net G.O.lndirect &
-40%;town or city-20°10; and school district-40%. Direct Debt* Net Direct Debt
Property Tax Credits (Chapter 273, Minnesota Statutes) To 1992 Indicated Market Value 2.58% 5.85%
' In addition to adjusting the taxable vafue for various property types, primary elements of Per Capita (9,750- 1992 Met Council Estimate) $t,089 $2,473
Minnesota's property tax relief sys#em are: property tax levy reduction aids; the circuit breaker * Excludes genera/obligation debt supported by revenues.
credit, which refates property taxes to income and provides relief on a sliding income scale;
and targeted tax relief, which is aimed primarily at easing the effect of significant tax increases.
The circuit breaker credit and targeted credits are reimbursed to the taxpayer upon application �
by the taxpayer. Property tax levy reduction aid includes educational aids, local governmental
aid, equalization aid, homestead and agricultural credit aid (HACA) and disparity reduction aid.
.
The homestead credit, a direct subsidy by the State to the taxpayer which was available to
residential and agricultural homestead properties in priar years, has been omitted and is now
accounted for in the designation of lower class rates.
Levy Limitations
Historically, the ability of local governments in Minnesota to levy property taxes was controlled
by various statutory fimitations. These limitations have expired for taxes payable in 1993 and
future years, but may be reinstated in the future. Under priar law the limitations generally did
II-2 + 9 _
APPENDIX It
CITY TAX RATES, LEVIES AND COLLECTIONS SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND
MINNESOTA REAL PROPERTY VALUATION
Tax Capacity Rates Foilowing is a summary of certain statutory provisions effective through 1992 relative to tax levy ,
1992/93
For procedures, tax payment and credit procedures, and the mechanics of real property valuation. 'I
1988 89 1989 90 1990 91 1991 92 Total Debt Onlv The summary does not purport to be inclusive of all such provisions or of the specific ,
provisions discussed, and is qualified by reference to the complete text of applicable statutes,
Dakota County 20.721% 21.061% ; 22.542% 25.536% 26.558%0 1.897°� rules and regulations of the State of Minnesota in reference thereto. This summary reflects
Ciiy of Rosemount 26.879 22.001 27J05 29.224 29.810 6.265 changes to Minnesota property tax laws enacted by the State Legislature during the 1992
ISD 196 (Rosemount) 52.249 40J93 47.058 54.602 58.486 12.790 � Regular Session.
Special Districts" 4.755 4.844 4.978 6.139 5.405 0.928
Total 104.604% 88.699% 102.283% 115.501% 120.259% 21.880% Property Valuations (Chapter 273, Minnesota Statutes)
�
* Inc/udes Metropolitan Council, Regiona/ Transit District, Metropolitan Mosquito Control, Dakora Assessor's Estimated Market Value
County Technica!College and the Dakota County Llght Rail Transit Each parcel of rea) property subject to taxation must, by statute, be appraised at least once
NOTE: For property raxes payab/e in 1989, taxes were determined by multip/ying the gross tax capacity every four years as of January 2 of the year of appraisal. With certain exceptions, all property
by the tax capacity rate, expressed as a percentage. This rep/aced the use of assessed value is valued at its market value which is the value the assessor determines to be the price he
mu/tiplied by m1ll rates. Beginning with taxes payab/e in 1990, net rax capacity has replaced believes the property to be fairly worth, and which is referred to as the "Estimated Market
gross iax capaciry as the basis on which taxes are/evied(see Appendix ll). Value.°
Indicated Market Value
Tax Collections for the City Because the Estimated Market Value as determined by an assessor may not represent the
Collected During Collected
Amount Collection Year As of 5-31-93 price of real property in the marketplace, the "Indicated Market Value" is generally regarded as
Lew/Collect of Lew Amount Percent Amount Percent more representative of full value. The Indicated Market Value is determined by dividing the
Estimated Market Value of a given year by the same year's sales ratio determined by the State
1992/93 $2,913,401* (In Process of Collection) Department of Revenue. The sales ratio represents the overall relationship between the
iggl/g2 2,748,113 $2,711,623 98.7% $2,719,725 99.1% Estimated Market Value of property within the taxing unit and actual selling price.
1990/91 2,498,285 2,453,637 98.2 2,489,677 99.7
1989/90 2,095,644 2,063,786 98.5 2,092,044 99.8 Tax Caqacitv
1 g88/8g 1,745,243 1,692,876 97.0 1,744,552 99•9 For property taxes payable in 1989, the value of the property used to determine the property
* The 1992/93 gross tax levy inc/udes aids of$911,038, inc/uding Homestead and Agricu/tura/ Credit tax was "Gross Tax Capacity." Gross Tax Capacity, like Assessed Value, was calculated by
Aid ("HACA°), Equalization A�d and Disparity Aid. The net levy of $2,002,363 after subtracting the applying a statutory formula to the Estimated Market Value. Generally, Gross Tax Capacity is
HACA, Equalization Aid and DisparilyA►d is the basis for computing the 1992/93 tax capaciry rates. approximately 12.5% of Assessed Value for most classifications of property. The Gross Tax
Capacity multiplied by the Tax Capacity Rate, instead of the Mill Rate, determined the tax
payable on a parcel of property.
Beginning with taxes payable in 1990, Net Tax Capacity has replaced Gross Tax Capacity as
FUNDS ON HAND the basis on which taxes are levied. The Estimated Market Value multiplied by the appropriate
As of August 31, 1993 class rate (gross or net) yields the tax capacity (gross or net). Net Tax Capacity differs from
Gross Tax Capacity prirnarily by having lower values for homesteaded residential and certain
agricultural property.
Fund Cash and Investments
The formulas for converting Estimated Market Value to Assessed Value and Tax Capacity
General $ 1,213,183 ` represent a basic element of the State's property tax relief system and are therefore subject to
Special Revenue ��132��y 3 annual revisions by the State Legislature.
Port Authority 339,985
�, For taxes payable in 1988 and for prior years, property taxes were levied based on "Assessed
Debt Service: Value." Assessed Value of real property was calculated by applying the statutory formula
Tax Supported 87,168
Assessment Supported 4,951,434 applicable to the property's classification.
Tax Increment Supported 838
General Obfigation Revenue Supported 72,417 Property TaxPayments and Delinquencies
Construction 5,506,870 (Chapters 276, 279-282 and 549, Minnesota Statutes)
Water,Sewer and Storm Water 3,587,853 Ad valorem property taxes levied by local governments in Minnesota are extended and
Trust and Agency 2.125 collected by the various counties within the State. Each taxing jurisdiction is required to certify
Total $16,894,586 the annual tax fevy to the county auditor within five (5) working days after December 20 of the
-10- Il-1
GENERAL INFORMATION CONCERNING THE CITY
as certified or photostatic copies and the authenticity of the
originals of such documents, and the accuracy of the statements The City of Rosemount, located in northern Dakota County, is a southern suburb of the
of fact contained in such documents, and based upon present Minneapolis/Saint Paul metropolitan area. The City encompasses an ar�ea of 22,000 acres
Minnesota and federal laws (which excludes any pending (35.25 square miles) and has a 1990 U.S. Census count of 8,622, a 69.6/o increase from the
legislation which may have a retroactive effect on or before the City's 1980 Census count of 5,083. The Metropolitan Council estimates the population, as of
date hereof) , regulations, rulings and decisions, it is our ApriF 1992,to be 9,750.
opinion that:
An important aspect of the City's tax base and economy is the 6,200-acre petrochemical
(1) The proceedings show lawful authority for the issuance
t industrial complex loeated in the northeastem portion of the City near the Mississippi River at
of the Bonds according to their terms under the Constitution and Pine Bend. Major firms located there include Great Northem Oil Company ("Koch Re�ning"),
laws of the State of Minnesota now in force. North Star Chemical and Spectro Alloys. Mid-American Pipeline Company transports gas from
� southern states and operates a bottling station at Pine Bend. Minnesota Pipeline Company
(2) The Bonds are valid and binding general obligations of transports Canadian and North Dakota crude oil to the Koch refinery.
the City of Rosemount (the "City") and a11 of the taxable 000 barrels of crude oil each day and employs 850
property within the City's jurisdiction is subject to the levy of Koch Refining processes 180,000 to 200,
an ad valorem tax to pay the same without limitation as to rate persons in Rosemount. A$17,000,000 project is under construction to add a security building,
or amount; provided that the enforceability (but not the additions to an office, laboratory and cafeteria. The project is being built in four phases with
validity) of the Bonds and the pledge of taxes for the payment of final completion expected in 1993.
the principal and interest thereon is subject to the exercise of Koch Refining is investing $200,000,000 in a clean air project that wil) reduce air emissions,
judicial discretion in accordance with general prinaiples of control odors and result in the production of cleaner fuels. These activities will result in the
equity, to the constitutional powers of the United States of creation of approximately 500 new construction jobs.
America and to bankruptcy, insolvency, reorgani2ation, moratorium
and other similar laws affecting creditors' rights heretofore or ,
hereafter enacted. The University of Minnesota s Rosemount Research Center is located on an 8,000 acre tract of
land situated partially in the City. This facility is utilized by the University for agricultural and
We express no opinion regarding other state or federal tax other research projects and also by other research agencies and private enterprises. The U.S.
consequences caused by the receipt or accrual of interest on the Navy operates a satellite tracking station on the Rosemount campus.
Bonds or arising with respect to ownership of the Bonds. Some of the larger employers in the City are listed below:
APProximate
Dated at Saint Paul, Minnesota, this day of November, Number
1993 . Employer Product/Service of Employees
Koch Refining Company Crude Oil 900
Independent School District 196 Education 715
Professional Association Dakota County AVTI Education {Vo Tech) 475
. Greif Brothers Corporation Multiwall Bags 150
� Spectro Alloys Corp, Aluminum Alloys 95
Knutson Services, lnc. Trash Disposal/Recycling 95
Genz& Ryan Plumbing & Heating Plumbing and Heating 85
Peoples Natural Gas Natural Gas 36
Continental Nitrogen Chemica(s 35
� Carlson Tractor Industrial/Farm Equiprnent 30
Source: City of Rosemount,"Comprehensive Guide P/an,'January, 1993.
�
Labor Force Data
June 1993 June. 1992
Civilian Unemployment Civilian Unemployment
Labor Force Rate Labor Force Rate
Dakota County 172,716 4.4% 165,893 4.6%
Minneapolis/St. Paul MSA 1,473,386 5A 1,414,933 5.1
Minnesota 2,532,753 5.5 2,452,837 5.6
Source: Minnesota Department of Jobs and Training. 1993 data is preliminary.
1-2 � - 11 -
APPENDIX I
Building Permits Issued by the City PROPOSED FORM OF LEGAL OPINION
Singie Family
Total Permits Home Permits Oniy
Number Value Number Value
1993 (to 8-31) 427 $25,525,034 123 $12,661,271
19g2 633 43,352,223* 234 23,046,277 Briggs and Morgan
1991 512 19,939,006 200 18,087,341 Professional Association
1990 491 21,921,872 184 16,682,775 Lawye r s
1989 480 28,037,283 194 17,320,711
1988 506 30,974,532 267 22,232,787 � First National Bank Building
1g87 316 21,636,314 160 14,460,303 Saint Paul, Minnesota
1986 232 9,401,135 75 6,721,265
1985 228 7,132,024 35 2,951,480 � and .
1984 236 11,849,796 101 5,996,951
1983 199 6,352,570 30 2,569,347 IDS Center
1982 188 7,239,563 56 2,927,999 Minneapolis, Minnesota
1981 150 3,778,617 23 1,704,508
* /ncludes$17,000,000 for Koch Refining. _
Recerrt and Praposed Development
Over the past four years, an average of$26,725,000 in new construction value has been added
per year. During this same period the City has added over 230 housing units per year to its $580,000
housing stock. Approximately 90% of these units are single family homes. TAXABLE GENERAL OBLIGATION BONDS,
SERIES 1993E
Some of the larger housing projects currently being developed are as follows: ROSEMOUNT PORT AUTHORITY
Units Units Built DAKOTA COUNTY
Development/Developer Housin �proved as of 4-30-93 MINNESOTA
Carrollton Second Addition/Entry One, Ina Single Family 126 112
Country Hills/U.S. Home Corporation Single Family 567 452
O'Leary's Hills/Parkview,ina Single Family 213 111 We have acted as bond counsel in connection with the
West Ridge/Rosemount Dev. Co.. Single Family 233 183
Shannon Hills/Ground Develo ment Co. Sin le Famil 190 gg issuance by tha Rosemount Port Authority, Dakota County,
Shannon Park/Limerick Way Rental g y Minnesota (the "Issuer") , of its $580,000 Taxable General
Townhouses Multi le Famil 128 g6 Obligation Bonds, Series 1993E, bearing a date of original issue
Shannon Pond PUD/Hampton p y of November 1, 1993 (the "Bonds") . We have examined the law and
Development Corp. Single Family 89 0 such certified proceedings and other dacuments as we deem
necessary to render this opinion.
Recent and proposed commercial and industrial development occurring in the City includes the
following: We have not been engaged or undertaken to review the
� accuracy, completeness or sufficiency of the Official Statement
• 38,000 square foot chlorine processing facility owned by DPC Industries. or other offering material relating to the Bonds, and we express
no opinion relating thereto.
• 36,000 square foot auto recycling facility. ��
As to questions of fact material to our opinion, we
• 20,000 square foot commercial recycling materials recovery facility. have relied upon the certified proceedings and other
certifications of public officials furnished to us without
• 12,000 square foot construction debris materials recovery facility. undertaking to verify the same by independent investigation.
• $31 million Minnesota industrial containment facility designed to contain non-hazardous Based upon such examinations, and assuming the
industrial solid waste on a 236 acre site. The facility is owned and operated by United authenticity of all documents submitted to us as originals, the
States Pollution Control, Inc., a Houston based subsidiary of the Union` Pacific conformity to original docwaents of all documents submitted to us
Company.
-12- !-1
There are a number of projects in various stages of planning and development. They include
the following:
• $1.35 million renovation of the multi-Ievel Rosemount malL
• $1 million office/service center to be constructed in 1993.
• $135 million Dakota County waste to energy facility, designed to process 600 tons of
municipal solid waste per day. The facility would be located on a portion of the
� University of Minnesota Rosemount Research Center property. The permit for this
facility was recently approved by the Pollution Control Agency and Dakota County is
currently �nalizing agreements with vendors and other parties, Construction is
� expected to begin in the spring of 1994.
• 10-screen movie theater at a cost of$2.1 million.
• 60-unit motel and 160-seat restaurant at a cost of$2.7 million.
Financial Institutions
The First State Bank of Rosemount and Rosemount National Bank are located in the City. As
(This page was left blank intentionally.) of December 31, 1992, the two banks reported combined deposits of $62,109,000, compared
to $58,125,OOQ in 1991.
Education
The major portion of the City is part of Independent School District 196, headquartered in
Rosemount. The District's fall enroAment for the 1992/93 school year is approximately 23,018
students in grades kindergarten through finrefve. TMe District is one of the fastest growing
school districts in the State. The enrollment increased an average of 6.3% per year from the
1988/89 school year through the 1992/93 school year. The Rosemount-Apple Valley-Eagan
School District is one of the largest employers in the City with approximately 2,500 fu11-time and
part-time employees. The physical plant of the District consists of 14 elementary schools, four
middle schoots, and three senior high schools. Of these schools, two elementary schools, one
junior high, and one senior high are located in the City of Rosemount.
In November, 1991, voters in the District authorized the issuance of $36,500,000 for the
acquisition and betterment of school facitities. In late December, 1991, the District issued
$18,500,000 of general obligation school building bonds (Phase l) #o build a new middle
school, elementary school, additional classroom space in the high school and in the
Rosemount Middle SchooL
4
Small portions of the City are located in Independent School District 199 (Inver Grove-Pine `
0
Bend) and lndependent School District 2Q0 (Hastings).
The Dakota County Technical Catlege is also iocated in the City. The Technical College,
located on a 96-acre site, opened in 1973. The Technical College has an enrollment of
approximately 2,000 post-secondary students. In addition, the Technical College offers an
extensive adult education program.
- 13-
GOVERNMENTAL ORGANIZATION AND SERVICES Employee Pensions
Aii full-time and certain part-time empioyees of the City of Rosemount are covered by defined
Organization benefit pension plans administered by the Public Employees Retirement Association of
Rosemount was established as a municipal corporation in 1858, and became a statutory City in Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the
1974. The City has a Mayor-Council form of government, with the four Council members being Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer
elected to overlapping four-year terms of office. The present City Council is listed below. public employees retirement plans. PERF members belong to either the Coordinated Plan or
the Basic Plan. Coordinated members are covered by Social Secur'ity and Basic members are
Ex�ration of Term not. All new members must pa�ticipate in the Coordinated Plan. All police officers, fire fighters
� and peace officers who qua{ify for membership by statute are covered by the PEPFF. For the
E.B. McMenomy Mayor December 31, 1993 year ended December 31, 1992,the City's contribution to PERA was$113,605.
Sheila M. Klassen Council Member December 31; 1993 `
Harry R. Wiltcox Council Member December 31, 1993
James Staats Council Member December 31, 1995
Dennis Wippermann Council Member December 31, 1995
The City's chief administrative officer is the City Administrator, who is appointed by and serves
at the discretion of the City Council. Mr. Stephan Jilk has resigned this position as City
Administrator, effective October 29, 1993. Mr. Jeff May, who has served in the City's finance
Department since 1985, was appointed as the City's Finance Director in March of 1991.
Growth and development ofi the City is guided by a Comprehensive Land Use Plan which was
commissioned soon after the consolidation in 1971 of the former Village and Town of
Rosemount. The Plan outlines long-range zoning and development policy of the City, and is
designed to encourage and promote orderly development and growth which will perpetuate a
sound tax base. This Plan was last updated in 1980. The City completed its update of the Plan
for the 1990's through a process which involved the Crty Planning Commission, City Council,
City staff and the Metropolitan Council. The updated plan is awaiting approval by the
Metropolitan Council. _ :
Services
Police protection for the City is provided by 12 full-time o�cers and eight police reserves. Fire
protection is provided by 39 trained volunteers. The City has a class 5 insurance rating.
Municipal water, sanitary sewer and storm water services are provided to virtually all of the
developed areas of the City. The municipaf water service is provided by four wells with two
water towers having a total storage capacity of 1,500,000 gallons. The maximum pumping
capacity is 2,225 gallons per minute with an average demand of 600,000 gaAons pumped daily.
It is the City's policy to finance all of its lateral sanitary sewer and water improvements by
special assessments filed against benefited properly; however, there is a provision for deferred �
assessments, in which case it may be necessary to provide some tax support. Core facilities
are intended to be financed from water and sewer connection charges, but these too may
require some tax support in the event sufficient connections do not occur in a timely manner. r
To date, tax support has not been necessary.
The City finances the construction and long-term maintenance of its stormwater core facilities
through the operation of a Stormwater Utility. Each property in the City pays a monthly
"stormwater user fee" and connection charges to support the program.
Although the City constructs and maintains its own sewer laterals, sewer trunk lines and
treatment plants are owned by #he Metropolitan Waste Control Commission ("MWCC"), an
agency of the Metropolitan CounciL The City is billed for its usage of MWCC facilities.
- 14- - 15-