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HomeMy WebLinkAbout80-074 CERTIFICATION OF MINUTES RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BONDS Issuer: City of Lakeville, Minnesota Governing Body: City Council Rind, date, time and place of meeting: A council meeting, held on July 17 , 1980, at 7:30 0' clock P .M. , at council chambers, Airlake Park. Members present: Spande, Lekson, Zaun, Sindt and Nelson. Members absent: None Documents Attached: Minutes of said meeting !pages): '3ESOLUTION NO. 80-74 ~ RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALL- ING FOR A PUBLIC HEARING THEREON I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds re- ferred to in the t~.tle of this certificate, certify that the docu- ments 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 all resolutions and other actions taken and of all docu- ments 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 through- out by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this 17th day of July , 19 $ 0. f Si nature (SEr1'L ) Patrick McGarvey, City Clerk Name and Title „r Member zaun introduced the following resolution and moved its adoption: RESOLUTION NO. 80-74 RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALL- . ING FOR A PUBLIC HEARING THEREON BE IT .RESOLVED by the City Council of the City of Lakeville, Minnesota (.hereinafter, the Municipality,, as follows: Section 1. Recitals. 1.0~., By Resolution No. So-72 adopted on July 7, 1980, entitled "Resolution Relating To A Project Under The Municipal Industrial Development Act; Calling For A Public Hearing Thereon", the City Council called for a public hearing on a proposal that the City issue revenue bonds, in the approximate principal amount of $3,000,000, under"the Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to under- take and finance a project. The proposed project would have con- sisted of the acquisition and improvement of land in the Munic~;~ality and the construction, furnishing and equipping thereon of a facility to be used by G.T.C., Inc., a South Dakota corporation, in its business of the distribution of automotive and truck replacement parts and accessories. The proposed project would have included office, warehouse and distribution facilities. G.T.C. Inc. is a wholly-owned subsidiary of General Parts, Inc., a North Carolina corporation, and General Parts,'Inc. would have guaranteed the payment when due of the principal, interest and premium, if any, on the revenue.bondS. 1.02. Thus Council has now been advised that the.pro- posed project is to be owned by Warehouse Realty Company, a North Carolina general partnership, and to be leased by Warehouse Realty Company to G.T.C. Inc. for the purposes described above, but in all other respects the proposed project is the same as that described in Resolution No. 80-72, except that the exact nature of any guaranty to be given by General Parts Inc. and whether any guaranty given by General Parts, Inc. will be a guar- anty of the prompt payment of the revenue bonds issued or of the lease payments due. under the lease between Warehouse Realty Com- pany and G.T.C. Inc., as tenant, has not been finally determined. Hence, the project as now proposed will consist of the acquisi- tion and improvement of land in the Municipality and the construc- tion, furnishing and equipping thereon of a facility to be owned by Warehouse Realty Company, and to be leased by Warehouse Realty Company to, and used by, G.T.C. Inc. in its business of the dis- tribution of automotive and truck replacement parts and accessor- ies. The proposed project would include, without limitation, office, warehouse, distribution and related facilities. The estimated total principal amount of the proposed bond issue to finance costs of the proposed project is $3,000,000. Accordingly, it is necessary to cancel the public hearing scheduled by Resolution No. 80-72, and call a public hearing on the proposal to undertake and finance the proposed project as such proposed project is described in this resolution. Section 2. Public Hearing. 2.01. Section 474.01, Subdivision 7b of the Act requires that prior to submission of an application to the Minnesota Commissioner of Securities requesting approval of the project as required by Section 474.01, Subdivision 7a~: of the Act,. this Council shall conduct a public hearing on the proposal to undertake and finance the project. Pursuant to that provision, a public hearing on the proposal to undertake and finance the project is called and shall be held on August 18, 1980, at 7:30 o'clock P . M . , at the council chambers , Airlake Industrial Park . . 2.02. The City Clerk shall cause notice of the public hearing to be published in .the official newspaper of the Munici- pality and in~a newspaper of general circulation in the Munici- pality, at least once not less than fifteen (15) nor more than thirty (30~. days prior to the date fixed for the hearing, such notice to be in substantially the following form: -2- 2.03. A draft copy of the proposed application to the Minnesota Commissioner of Securities, together with all attach- ments and exhibits thereto, are hereby ordered placed on file with the City Clerk, and shall be available for public inspec- tion, following the publication of the notice of public hearing, between the hours of S:oo a.m. and 4:3o p.m. on business days. /i%~j Mayor T Attest: City Clerk ,The motion for the adoption of the foregoing resolution was duly seconded by Member spande and upon vote being taken thereon, the following voted in favor thereof: Nelson, Zaun, Lekson, Spande and Sindt; and the following voted against the same: None whereupon the resolution was declared duly passed and adopted and was signed by the Mayor and attested by the City Clerk. -4- . i