Loading...
HomeMy WebLinkAbout85-114 • CERTIFICATION OF MINUTES RELATING TO $3,500,000 COMMERCIAL DEVELOPMENT REVENUE LiOPdllS Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on November 18, 1985, at 7.30 P.M. at 7773-214th Street West Members present: Sindt, Enright, Nelson, Zaun Members absent: Harvey Documents Attached: Minutes of said meeting (pages): RESOLUTION NO. 85-114 RESOLUTION DETERMINING TO PROCEED WI'T'H A PROJECT AND ITS FINANCING UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; RE~'ERRIIdG THE PROPOSAL TO THE MINNESOTA ENERGY AND ECONOMIC DEVELOPMENT AU`T'HORITY FOR APPROVAL ANll AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS • I, the undersigned, being .the duly .qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of ail resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as tney relate to said bands; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand official as uch ecord' g officer this 18th day of November, 1985 ignature (SEAL) Patrick McGarvey, Administrator-Clerk Name anti Title r • Member Nelson introduced the following resolution and moved its adoption: RESOLUTION N0. 85-114 RESOLUTION DETERMINING ~0 PROCEED WITH A .PROJECT AND ITS FINANCING UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPt~tENT ACT; REFERRING THE PROPOSAL TO THE MINNESOTA ENERGY AND ECONOMIC DEVELOPMENT AUTHORITY FOR APPROVAL ALGID AUTHORIZING PREPARATION OF NECESSARY DOCU."YIENTS BE IT RESOLVED by the City. Council of trie City oz Lakeville, Minnesota (the City) as follows: Section 1. Recitals anal Findings. 1.1. This Council has received a proposal that the City finance a portion or all of the cost of a proposed project under Minneoota Statutes, Chapter 474 (the Act), consisting of the acquisition of land and. construction of a 194,000 square foot retail discount store (the Project) in the City owned by Mills Properties, Inc. (the Borrower). Tne Project will De located at I-35 and Minnesota Hig hway #50 in the City. 1.2. At a public hearing, duly noticed and Held on November 18, 1985, in accordance with the Act, on the proposal to undertake and finance the Project, all parties who appeared at the hearing were given an opportunity to express their views with respect to the proposal to undertake and finance the Project. Based on the public hearing and such other facts and circumstances as this Council deems relevant, this Council hereby finds, determines and declares as follows: (a) The welfare of the State or Minnesota requires active promotion, attraction, encouragement and development of economically sound industry and commerce tnrougn governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and the State of Minnesota has encouraged local government units to act to prevent such economic deterioration. (b) The Project would further the general purposes contemplated and described in Section 474.01 or the Act. (c) The existence of the Project would add to the tax base of .the City, the County and School District in wnicn the Project is located and would provide increased opportunities for employment for residents of the City and surrounding area. • r (d) This Council has been advised by the torrower • that conventional, commercial financing to pay the cost of the Project is available only on a limited oasis and at such high costs of borrowing that the Project would not be presently undertaken without the aid of revenue pond financing. (e) This Council has also been advised by the Borrower that on the basis of its discussions with potential buyers of tax-exempt bonds, revenue bonds of the City (which may be in the form of a commercial development revenue note or notes) could be issued and sold upon favorable rates and terms to finance the Project. Section 2. Approvals and Authorizations. 2.1. On the basis of the information given the City to date, it appears that it would be desirable for the City to issue its revenue bonds under the provisions of the Act, in one or more series, to finance the Project in the estimates total amount of $3,500,000. 2.2. The Council hereby determines to proceed with the Project and its financing, and hereby declares its present intent to have the City issue its revenue bonds under the Act to finance the Project, subject to the approval of the Project by the Minnesota Department of Energy and Economic Development. Notwithstanding the foregoing, however, the adoption of this resolution shall not be deemed to establish a legal obligation on the part of the City or this Council to issue or to cause the issuance of such revenue bonds. All .details of such revenue bond issue and the provisions for payment thereof shall be subject to the mutual agreement of this Council, the Borrower and the purchaser or purchasers of the revenue bonds and such further conditions as the City may specify, such agreement and specification on the part of the City to be evidenced by a resolution of .this Council authorizing the issuance of the revenue bonds on the terms and conditions agreed upon and authorizing the execution of .necessary documents. In all events, it is understood that the revenue bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the revenues pledged to payment of such revenue ponds, and each bond, when, as and if issued, shall recite in substance that the bond, including interest thereon, is payable solely from the revenues received from the Project and any property pledged to the. payment thereof and shall not consitute a debt of the City within the meaning of any constitutional, statutory or charter limitation. • 2.3. The Application to the Minnesota Department of Energy and Economic Development, with attachments, is hereby approved, and the Mayor and City Administrator-Clerk are authorized to execute said documents on behalf of the City. 2.4. The Borrower has agreed and it is hereby determined that any and all direct and indirect costs incurred by the City in connection with the Project, whether or not the Project is carried to completion, and whether or not approved by the Department of Energy and Economic Development, and whether or not .the City by resolution authorizes the issuance of the bonds, will be paid by the Borrower upon request. Adapted this 18th day of I~oveinber, 1935. M r Attest: ~ ity Administ ator-Cle • The motion for the adoption of the foregoing resolution was duly seconded by Member Sindt , and upon vote being taken thereon, the following voted in favor thereof: Enright, Nelson, Zaun, Sindt and the following voted against the same: None whereupon the resolution was declared duly passed and adopted.