HomeMy WebLinkAbout80-035
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No. 80-35
RESOLUTION ACCEPTIAIG SUBSTITUTIOPd 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 P4UNICIPAL INDUSTRIAL DEVELOPMENT ACT; GIVING PRE-
LIMINARY APPROVAL TO THE PROJECT; REFERRING THE PROPOSAL TO THE
COA:.MISSIONER 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 organized under the
laws of the State of Minnesota and 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 Lakeville State Bank, 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 March 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 : April 7 19 gQ. `
M yor
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Attest . Z !l t-c,c..~-
City lark