HomeMy WebLinkAbout5.i.Discussion of Business Park - Report from SpringstedThe City of Rosemount Port Authority,
Vinnesota
Prepared February 17, 1993
Land Acquisition
Note
By SPRINGSTED Incorporated
10 Year Note
V
Dated:
8- 1-1993
SCHEDULE A
CA
G
Mature:
2- 1
First Interest:
8- 1-1994
ro
Total
r
Year of Year of
Principal
°o
Levy Mat.
Principal
Rates
Interest
& Interest
.�
(1y (2)
(3)
(4)
(5)
(6)
1993 1995
17,000
7.00%
41,160
58,160
1994 1996
31,000
7.0096
26,250
57,250
1995 1997
34,000
7.00%
24,080
58,080
U
1996 1998
36,000
7.00%
21,700
.57,700
0
1997 1999
38,000
7.00%
19080
57,180
N
1998 2000
411000
7.00%
16,520
57,520
1999 2001
44,000
7.00%
13,650
57,650
2000 20x2
47,000
7.00%
10,570
57,570
2001 2003
50,000
7.00%
7,280
57,280
2002 2004
54,000
7.0ft
3,780
57,780
TOTALS:
392,OOD
184,170
576,170
H
H
M
d
Bond Years:
2,631.00
Annual
Interest:
184,170
H
Avg. Maturity:
6.71
Plus Discount:
0
Avg. Annual Rate:
7.0009
Net Interest:
184,170 j
T.I.C., Rate:
6.978%
N.I.C.
Rate:
7.000
Interest rates are estimates; changes
may cause
significant
alterations of this schedule.
c
O
i
ro
O
The City of Rosemount Port Authority, Minnesota
G.O. Bonds for Industrial mark Development
10 Year Bonds - 18 Months Capitalized Interest
Dated: 8. 1-1993 SCHEDULE B
Mature: 2- 1
First Interest: a- 1.1994
Prepared February 17, 1993
By SPRINGSTED Incorporated
Year of Year cf
Total
Capital,-
Net
Levy
Mat.
Principal
Rates
Interest
BPInterest
ized
Interest
Levy
105%
(1)
(2)
(3)
(4)
(5)
(6)
Required
of Total
(7)
(8)
(9)
1993
1994
1995
1996
0
90,000
0.00%
3.60%
78,819 �
52,546
78,.813
142,546
78,819
0
0
1995
1997
95,000
3.90%
49� 306
144,306
0
142,546
149 673
�
1996
1998
100,006
4.20%
45 601
1`15,601
0
0
144,306
151,521
1997
1999
105 000
4.45�1s
41,401
146,401
0
145,601
152,881
1998
200p
105, 00
4.65
36,728
141,728
0
146,401
153,721
1999
2001
110,000
4.80%
31,845
141,845
0
141,728
148,814
2000
2002
120,000
4.95%
26,565
146,565
0
141,845
148,937
2001
2003
125,000
5.10%
20,625
145,625
0
146,565
iS3,893
2002
2004
130,000
5.25%
14,250
144,250
0
145,565
152,906
2003
2005
135,000
5.50%
7,425
142,425
0
144,250
1512463
142,425
149,546
TOTALS:
1,115,000
405,111
1,520,111
78,819
1,441,292
1,513,355
Bond Years:
8,217.50
Annual
Interest:
405,111
Avg. Maturity:
7.37
Plus Discount:
12,265
Avg. Annual
Rate:
4.930%
Net Interest:
417,376
T.I.C. Rate:
5.076%
N.T.C.
Rate:
5.07915
Interest rates are
The actual underwriter's
estimates;
discount
changes
may cause
significant alterations
of this schedule.
bid
may also vary.
The City of Rosemount Port Authority,
Minnesota
Prepared February
17, 1993
G.O. Bonds for
Industrial Park Development
By SPRINGSTED Incorporated
10 Year Bonds -
30 Months Capitalized
Interest
Dated:
8- 1-1993
SCHEDULE C
Mature:
2- 1
First Interest:
8- 1-1994
Total Capital-
Net
Year v1 Year of
Principal
ized
Levy
105%
Levy Mat.
Principal
Rates
Interest
8 Interest
Interest
Required
of Total
(1) (2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
1993 1995
0
0.00%
86,139
86,139
86,139
0
0
1994 1996
0
0.00%
57,426
57,426
57,426
0
0
1995 1997
95,000
3.90%
57,426
1523426
0
152,426
160,047
1996 1998
100,000
4.20%
53,721
153,721
0
153,721
161,407
1997 1999
1051000
4.45%
49,521
154,521
0
154,521
162,247
1998 2000
105,000
4.65%
441848
149,B48
0
149,848
157,340
1999 2001
110,000
4.80%
39,965
149,965
4
149,965
157,463
2000 2002
1201000
4.95%
34,685
154,685
0
154,685
162,419
2001 2003
1253{}00
5.10%
28,745
153,745
0
153,745
161,432
2002 2004
130,000
5.25%
22,370
152,370
0
152,370
159,989
2003 2005
135,000
5.50%
15,545
150,545
0
150,545
158,072
2004 2006
145,000
5.60%
8,120
153,120
0
153,120
160,776
TOTALS:
1,170,000
498,511
1,668,511
143,565
10524,946
1,601,192
Bond Years:
9,805.00
Annual
Interest:
498,511
Avg. Maturity:
8.38
Plus Miscount:
12,870
Avg. Annual Rate: 5.084%
Net Interest:
511,381
T.I.C. Rate:
5.2135
N.I.C.
Rate:
5.216%
Interest rates are estimates;
changes
may cause
significant alterations
of this schedule.
The actual underwriter's discount bid
may also
vary.
ROSEMOUNT PORT AUTHORITY PROCEEDINGS
REGULAR MEETING
FEBRUARY 16, 1993
Pursuant to due call and notice thereof the regular meeting of the
Rosemount Port Authority was duly held on Tuesday, February 16, 1993
at 5:30 p.m. in the Council Chambers of the City Hall, 2875 145th
Street West.
Chairperson Dunn called the meeting to order.
Susan Walsh, Administrative Assistant/City Clerk gave the Oath of
Office to Kevin Carroll.Commissioner Carroll was welcomed by all
Port Authority commissioners and Carroll said he looked forward to
his role in the Rosemount Porn Authority.
Port Authority commissioners present were Carroll, Anderson, Dunn,
McMenomy, Wippermann, and Sinnwell. Edwards was absent. Staff
present included Economic Development Coordinator John Miller,
Administrative Assistant Susan. Walsh, Recording Secretary Jentink,
and Mike Miles, general counsel for the Port Authority.
Chairperson Dunn called for any additions or corrections to the
agenda. Sinnwell requested comments on the status of appeals (6.E.)
and project updates (6 F.).
MOTION by Wippermann to approve the Port Authority amended minutes of
February 8, 1993. Second by McMenomy. Ayes. Carroll, Anderson,
Wippermann, Dunn, McMenomy, Sinnwell. Nays: None.
MOTION by Wippermann to approve the Port Authority minutes of
February 8, 1993 closed meeting. Second by McMenomy. Motion and
second withdrawn. Staff directed to amend the minutes for further
review.
Economic Development Coordinator Miller gave an update on the.
Community Center Ice Arena. Funds will be requested due to the delay
in construction at the onset of the project. This was due to legal
action by a firm regarding the bidding process. The thirty day delay
may be able to be made up, but will have an additional cost.
The Tax Increment Finance Audit is in progress. Maps are being
prepared by Engineering so a print out from Dakota County can be
compared. This should be available by the next regular meeting.
The "Old Baptist Church Building" on Cameo Avenue has been offered to
the Port Authority for sale. Miller requested the consensus of the
Commission for land use of this lot. It was proposed that this might
work for an alternative site for the HRA Senior Housing Project.
Staff was requested to determine if there is interest by the HRA in
this site.
Miller explained that the proposed "Rosemount Mall Land Swap" has
terminated since the participants are no longer in agreement. A
strip of land owned by the Port Authority next to the Post Office was
to be traded for use of land north of the Rosemount Mall for an
egress to the lower level. Carroll suggested to keep the land for
options such as a possible walkway through downtown Consensus was
ROSEMOUNT PORT AUTHORITY PROCEEDINGS DRAFT
REGULAR MEETING
FEBRUARY 16, 1993
to maintain the strip as cheaply as possible for now.
Public Works Director Ron Wasmund resigned as Appeals Officer noting
that participants would not feel he was being impartial, thereby not
fairly solving the appeal. Economic Development Coordinator John
Miller researched different cities and found that some use -a
mediation service for an Appeals Officer. West Suburban Mediation
Services was recommended by Richfield HRA.
Attorney Miles said it is the City's duty under federal law to have
an appeal process. it is usual to have both parties pay for these
services
MOTION by McMenomy to approve West Suburban Mediation as the
mediators for the Port Authority as the Appeal officer contingent on
the recommendation of the Port Authority attorneys of Lindquist and
Vennon. Second by Wippermann. Discussion followed.
MOTION by McMenomy to amend the above motion to approve West Suburban
Mediation as the mediators for the Port Authority as the Appeal
-Officer contingent on the recommendation of the Port Authority
attorneys of Lindquist and Vennon and having both parties agree.
Second by Wippermann. Ayes: Dunn, Sinnwell, Carroll, Anderson,
Wippermann. Nays: None. Abstain: McMenomy.
Commissioner McMenomy left the meeting at 7:15 p.m.
Chairperson Dunn introduces the issue of Strese oil. Because of
title issues Mr. Fable of Lindquist and Vennum had asked the Port
Authority to extend the response time for the offer to purchase to 90
days.
MOTION by Dunn to amend the response time of the Strese Oil land
acquisition from 30 to 90 days. Second by Sinnwell. Ayes: Carroll,
Anderson, Wippermann, Dunn, Sinnwell. Nays; None. Abstain:
McMenomy.
Mr. Miller will provide a written update of all projects by the next
regular meeting.
The retreat and work session will be Saturday, February 20, 1993 at
8:30 a.m. Don Salverda will be the facilitator.
MOTION by Dunn to adjourn the meeting. Second by Sinnwell. All
agreed. The meeting was adjourned at 7:20 p.m.
Respectfully submitted,
Linda Jentink
Recording Secretary
2
ROSE14OUNT PORT AUTHORITY PROCEEDINGS
REGULAR MEETING
MARCH 2, 1993
DRAFT
information would be sufficient enough to draw a consensus on the project.
Chairperson Dunn felt that the project was not as clear cut as he would
like it to be and would indeed like more information. Discussion ensued
regarding the feasibility study and whether it should be ordered for the
project.
MOTION by Sinnwell to request that SEH complete the feasibility study for
the business park project. SECOND by Anderson. Ayes: Edwards, Sinnwell,
Anderson, Dunn. Nays: McMenomy, Carroll.
Economic Development Coordinator advised the Board that West Suburban
mediation Services recommended that the Port Authority pay Jeff and Debra
Halbert of A and G Auto Body $37,388 based on a hand written offer from Lee
.Smith, a Dakota County HRA employee, for a relocation payment.
MOTION by Sinnwell to approve a $20,000 payment for relocation expenses to
A and'G Auto Body. SECOND by Edwards. Ayes: Edwards, Sinnwell, Carroll,
Anderson, Dunn, McMenomy. Nays: 0.
MOTION by Dunn to adjourn. SECOND by McMenomy. Ayes: 6. Nays: 0.
Meeting adjourned at 7:30 p.m.
Respectfully submitted,
Deborah Widstrom
Recording Secretary
3
4200 IDS CENTER IN DEQ
80 SOUTH EIGHTH STREET LINDQUIST, VENNUM & CHRISTENSEN
MMEAaa1S, MINNESOTA 56402-22D5 600 17TH STREET, SUITE 2125
LINDQUIST & VENNUM TAX 612-3: 8,237,32„ , COLORADO 30347 -SM Sao,
FAX 6123713207 TELEPHONE: 90&5735900
ATTORNEYS AT LAW
Dawn & ALLGEYER
612/371-216
March 15, 1993
Ms. Deborah Widstrom
Recording Secretary
City of Rosemount Port Authority
2875 145 Street West
Post Office Box 510
Rosemount, MN 55068
Re: Port Authority Proceedings
Dear Debbie:
At your request, I have reviewed the meeting minutes. For the March 2, 1993 Repairs,
Inc. minutes, I propose that after the second paragraph we add the following:
The session was closed to allow the Port Authority
members to receive legal advice in confidence.
This addition is because by law we are to state the reason for closing the meeting.
Also, instead of the 30 days to respond to the offer at the end of the second to last
paragraph, I believe the direction was to give them:
until a reasonable time before the closing
Accordingly, I have penciled in that change. As to the March 2 A & G meeting, I again
wanted to indicate the reason for closing the meeting. In this case, I have penciled in:
Because litigation had been threatened and the members
were seeking legal advice, the session was closed.
Finally, I recommend a change to the second to the last sentence to make it quite
clear that I recommend only the limited payment.
rely,
l
David A. Allgfeyyeer
DAA: pae
Enclosures