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HomeMy WebLinkAbout80-081 ~f l..u~? CERTrFICATION OF MINUTES RELATi~~G TO INDUSTRIAL DEVELOPMENT REVENUE BONDS Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind, date., time and place of meeting: A council meeting, held on August 18 1980, at 7:30. o'clock p. M. , at 7773 214th Street West Members present: Members absent: Documents Attached: Minutes of said meeting (pages): RESOLUTION N0. SO-81 . RESOLUTION GIVING APPROVAL TO A PROJECT AND THE ISSUANCE OF REVENUE BONDS THEREFOR UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; REFERRING THE PROPOSAL TO THE COMMISSIONER OF SECURITIES FOR APPROVAL; AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the obligations 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 im 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 documents approved by the governing body at said meeting, so far as they relate to .said obligations; 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 officially as such recording officer this is day of August , 1930. J ~ ignature CSEAL Patrick McGarvey, City Clerk Name an Tit e !1 It was stated that this was the time and place fixed by Resolution No. 80-74 of the City Council, adopted on July 17 r 1980, for a public hearing on the proposal that the City undertake and finance a Project on behalf of Warehouse Realty Company, a North Carolina general partnership (the Borrower), pursuant to Minnesota Statutes, Chapter 474. The City Clerk presented an affidavit showing publication of the notice of the public hearing at least once not less than 15 nor more than 30 days prior to the date fixed for the public hearing, in the Dakota County Tribune being the official newspaper of the City, and in the Minneapolis star & Tribune being a newspaper of general circulation throughout the City. The affidavits were examined, found to be satisfactory and ordered placed on file with the City Clerk. The meeting was then opened for the public hearing on the proposal to undertake and finance the project on behalf of the Borrower. The draft copy of the Application to the Com- sioner of Securities with all attachments and exhibits were available, and all persons present who desired to do so were afforded an opportunity to express their views with respect to the proposal to undertake and finance the project, in response to which the following persons appeared, were recognized and made statements, summaries of which appear opposite their re- spective names: Name of Speaker Summary of Views Maynard Johnson Stated that the project would involve construction of a 10,000 square foot office°and 90,000 square foot warehouse building and provide up to 100 new jobs. After all persons who wished to do so had stated their views, the public hearing was declared to be closed. Member nelson introduced the followincr resolution and moved its adoption: -2- ~ f r RESOLUTION N0. 80-81 RESOLUTION GIVING APPROVAL TO A PROJECT AND THE ISSUANCE OF REVENUE BONDS THEREFOR UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; REFERRING THE PROPOSAL TO THE COMMISSIONER OF SECURITIES FOR APPROVAL; AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the Municipality), as follows: SECTION 1 Recitals and Findings 1.1. This Council has received a proposal that the Municipality finance costs of a proposed Pi'ojedt under Minnesota Statutes, Chapter 474 (the Act), consisting of the acquisition and improvement of land and the construction, furnishing and equipping thereon of a facility to be owned by Warehouse Realty Company, a North Carolina general partnership (.the Borrower), and to be leased by the Borrower to, and used by, G.T.C. Inc., in its business of the distribution of automotive _ and truck replacement parts and accessories. ;The proposed, Project would include, without limitation, office, ware- house, distribution and related facilities. 1.2. At a public hearing, duly noticed and held on August is , 1980, 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 theix views with respect to the proposal to undertake and finance the Project. Based on such 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 of Minnesota requires active promotion, attraction, encouragement and development of economically sound industry .and commerce through governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and the State has encouraged local government units to act to prevent such economic deterioration. -3- r-w , • (b) The Project would further the general purposes contemplated and described in Section 474.01 of the Act. v (c) The existence of the Project would add to the tax base of the Municipality, the County and School District in which the Project is located and would provide increased opportunities far employment for residents of the Municipality and surrounding area. (d) This Council has been advised that con- ventional, commercial financing to pay costs of the Project is available only on a limited basis and at such high costs of borrowing that the economic feas- ibility of operating the Project would be significantly reduced, but that with the aid of municipal borrowing, and its resulting lower borrowing cost, the Project is economically more feasible. (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 Municipality (which may be in the form of a commer- cial development revenue note or notes) could be issued and sold upon favorable rates and terms to finance the Project. • (.f) The Municipality is authorized by the Act to issue its revenue bonds to finance capital projects consisting of properties used and useful in connection with a revenue producing enterprise, such as that of the Borrower,~and the issuance of such bonds by the Municipality would be a substantial inducement to the Borrower to acquire, improve, construct, furnish and equip the Project. SECTIOI3 2 Approvals 2.1. On the basis of information given the Municipality to date, it appears that it would be desirable for the Municipality to issue its revenue bonds under the provisions of the Act in an approximate principal amount of $3,000,000 to finance casts of the Project. 2. 2. It is hereby determined to proceed with the Project and its financing and the Project is hereby given approval by the Municipality and the issuance -4- . . ` ~of revenue bonds of the Municipality in an approximate principal amount of $3,000,000 is hereby approved, sub- ject to the approval of the Project by the Commissioner of Securities, and the mutual agreement of this Council and the Borrower as to the details of the bond issue and provisions for its payment. 4 2.3. The form of the Application to the Commissioner of Securities, with attachments and exhibits, is hereby approved, and the Mayor and City Clerk are authorized to execute said Application, and any of said attachments and exhibits to be signed by them, on behalf of the Mun- icipality. 2.4. Zn accordance with Section 474.10, Subdivision 7a of the Act, the Mayor and City Clerk are hereby authorized and. directed to cause said Application to be submitted to the Commissioner of Securities__for approval of the Project. The Mayor, City Clerk, City Attorney and other officers, employees and agents of the Municipality are hereby authorized and directed to provide the Commissioner with any preliminary information the Commissioner may need for this purpose, and the City Attorney is authorized to initiate and assist in the . preparation of such documents as may be appropriate to the Praject, if it is approved•by the Commissioner.. M yor s 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 : Lekson, Zaun, Sindt, Nelson, Spande 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. -5-