HomeMy WebLinkAbout80-005 CITY OF LAKEVILLE
RESOLUTION
Date January 2, 1980 Resolution No. 80-5
Motion by Nelson Seconded by Spande
RESOLUTION ACCEPTING SUBSTITUTION OF A DEVELOPER
OF A PROJECT UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT
BE IT RESOLVED by the City of Lakeville, Minnesota
(the "City"), as follows:
1. On March 19, 1979 the City adopted a resolution
(the "Resolution") entitled "RESOLUTION RELATING
TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOP-
. MENT ACT; GIVING PRELIMINARY APPROVAL TO THE PROJECT;
REFERRING THE PROPOSAL TO THE COMMISSIONER OF
SECURITIES FOR APPROVAL; AND AUTHORIZING EXECUTION
OF A PRELIMINARY AGREEMENT AND PREPARATION OF
NECESSARY DOCUMENTS", authorizing the issuance
of revenue obligations of the City pursuant
to the Municipal Industrial Development Act,
Minnesota Statutes, Chapter 474 (the "Act"), to
finance the cost of the Project described in the
Resolution and on March 19, 1979 the City and
Lakeville Properties, a general partnership organ-
ized under the laws of the State of Minnesota,
the developer of the project entered into a
.Preliminary Agreement (the "Preliminary Agreement").
2. The interests and obligations of Lakeville Properties
has been transferred to First State Bank of Lakeville,
a banking corporation organized under the laws of
the State of Minnesota, (the "Bank") pursuant to
an Assignment from Lakeville Properties to the
Bank, dated January 2 1980 (the "Assignment").
The City consents to and accepts the substitution
of the Bank as the developer of the Project
pursuant to the Assignment.
ADOPTED this 2nd day of January 1980.
CITY OF LAKEVILLE
Gordon Lekson, yor
ATTEST:
Patrick E. McGarvey, City Clerk