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HomeMy WebLinkAbout82-093 CERTZFTCATION OF tdINUTES RELATING TO $1,300,000 I; JSTRIAL DEVELOPMENT REVEP1t OBLIGATIONS (.CEDAR 70 BUSINESS PARK PROJECT) Issuer: City of. Lakeville, Minnesota ~ - Governing Body: City Council Kind, date, tine .anti place of meeting: A council . meeting held oa December 6,...1982, at ~:oo o'clock P.A1., at the City Hall.: Members present: Nelson., Jensen, Zaun, Sindt, Enright Members absent: None Documents. Attached:- Minutes of said meeting (pages): RESOLUTION N0. 82-~~ RESOLUTION GIVING PRELIMINARY APFROVAL TO A PROJECT L'NDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPI•iENT ACT, AUTHORIZING TFiE SUBMISSION. OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIOr:ER OF ENERGY, PLANNING AND DEVELOPi•4ENT, .AND AUTHORLZ ING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT - L the-undersigned, being the duly. qualified and acting recording officer of the public coreoration issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have bcen care- fully 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 saki corporation, and correct .and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting,. so far as they relate to said bonds; 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. ~,7IT2dESS my hand officially as such recording officer this 6th day of December, 1982. 2 l-~C-~-~e Signature Fatrick i~ieGarvcy, City Administrator Name and Title r Councilperson zaun introduced the following- resolutionand moved its adoption: RESOLUTION NO. 82-93 RESOLUTION GIVI*IG PRELIMINARY APPROVAL TO A PROJECT UNDER THE MINNESOTA riUNICIPAL TNDt;STRIAL DEVELOPrI~''NT ACT, AUTHORIZING THE SUEMISSION Off' • AN APPLICATION FOR APPROVAL OF SAID .PROJECT TO T~iE COI~IMISSLONER OF ENERGY, PLAi1NIIJG AND DEVELOPriE:3T, AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT BE IT RESOLVED by the .City Council of the City of Lakeville, Minnesota as follows: Section. 1. Recitals. 1.01. The City Council has received from Cedar 70 Business Park (the "Borrower"), a proposal that the City issue • its revenue obligations pursuant to the Minnesota Municipal Industrial Development,Act, Minnesota Statutes, Chapter 474, to finance the cost of a Project as defined in Chapter 474 to be undertaken by the Borrower; -1.02 The Project consists generally of the acquisition of land and construction of 2 office-warehouse buildings in the City; • 1.03. The total capital cost of acquisition, design, construction, equipping and financing the Project is estimated to be $1,300,000; 1.04. The City has been advised by the Borrower that conventional, cornnercal financing to pay the capital cost of u.~certaking the Project is available only at such costs of bor- rowing that the economic feasibility of undertaking the Project would be reduced, but the Borrower has also advised this Council that with the aid of municipal financing and its resulting low borrowing cost, the Project is economically enhanced; and .1.05, The Council held a public hearing on the proposed financing of the Project by the City on November 29, 1982, at which hearing all residents and interested persons were afforded an opportunity to express their views and to be heard by the Council; the action of the City Administrator in publishing notice of said hearing is hereby ratified, and confirmed. Section 2. Policy and Purpose. On the basis of infor- maton provided to this Co-iuZCii by the Borrower it appears, and s the Council hereby finds, determines and declares that the effect of the Project, if undertaken, kill be to increase the genera3 level of economic activity in the City, to increase the property tax base in the City, and to increase current employment oppor- unities for residents of the City, all to the benefit of the residents of the City and the State of Minnesota. Section 3. Authorization. . 3.01 The Council hereby approves the. proposal of the Borrower that the City undertake to issue its revenue obligations pursuant to Chapter 474 to .finance all or such portion of the cost of the Project. as the City shall determine, and upon such terms and conditions as are hereafter mutually agreed ugon by the City, the. Borrower and the purchaser of the revenue obligations, with provi- sions for revision from time to time as necessary, so as to Froduce income and revenues sufficient to pay, when due, the principal of and interest on the revenue obligations. 3.02 The Project is hereby given preliminary approval by the City. The City hereby undertakes preliminarily to issue its revenue obligations in one or more series, in an aggregate amount .not exceeding the cost of the Project, to finance the cost . of the Project. 3.03 The I~iayor and City Administrator are hereby authorized. ari:d directed to submit the proposal-for the above-described Pro- ject to the Commissi©ner of Energy, Planning and Development re- - questing his approval. Section 4. No Liability of City. Nothing in this reso- l~tion or in the documents pregarec pursuznt hereto shall authorize the expenditure of-any moneys of the City on .the Froject other than the revenues derived from the Project or the proceeds of the reve- nue obligations authorized by the City herein, The revenue obliga- tions shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or moneys of the City and the revenue pledged to the payment thereof, nor shall the City be .subject to any .liability thereon. No holder of any of the .obligations shall ever have the right to compel any exercise of the taxing power of the City to .pay any such obligations or the interest thereon, nor to enforce payment thereof against any property of the City. Each revenue obligation shall recite in substance that the revenue ob- ligation, including interest thereon, is Fayable solely frori the revenue pledged to the. payment thereof. Section 5. Project Exvenditures. In anticipation of the approval by the Commissioner ~ Energy, Planning and Develop- . ment and the issuance of revenue obligations to finance the cost of the Project, and in order that completion of the Project will ..not be unduly. delayed when approved, the Borrower is hereby autho- rized to make such expenditures and advances toward payment of - 2 - costs of the Project as it considers necessary, including the use ' of interim, short-term financing,.. subject to reimbursement from the proceeds of the revenue obligations when delivered, but otherwise without liability on the part of tree City. Arrroved: ayor Attest : ,~®i~~ ~ City Administrator//' Motion for the adoption of the .foregoing resolution was duly seconded by Councilperson sinat , and upon vote being .,taken, the following voted in favor: Nelson, Jensen, Zaun, Sindt, Enright ' and the following-were opposed: None whereupon said resolution was declzred duly .passed and adopted. _ ~