10-25-95 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL OCTOBER 25~ 1995 Increment Bonds, Series 1995 B which are to be used for financing and rehabilitation of the Market Place Shopping Center. Fifield submitted to the Council documents outlying the structure of these bonds, which he explained in detail to the Council. Fifield recommended that the sale occur on Tuesday, November 28th. The City Administrator reviewed the revised Statement of Understanding that the City would enter into with Mr. Grootwassink and Mr. Hotzler regarding their purchase of the Market Place Shopping Center, and the City's assistance in the financing of their purchase. The Administrator reported that the significant changes include the developer putting more equity into the project and there being less discount of the purchase price by TCF. Fifield reported that the City has up until the time the bonds are sold to walk away from the proposal. At this point in time, however, there doesn't appear to be anythinq that would prevent the project from going forward. Morelan asked what the costs incurred would be up to the point of the sale. Fifield estimated those costs as minimal since the majority of costs are incurred only if the bonds are issues. Mrs. Scalze introduced the following resolution and moved its adoption: RESOLUTION N0. 95-10-255 - PROVIDING FOR THE SALE OF $1,970,000 G.O. TAXABLE TAX INCREMENT BONDS, SERIES 1995B, CITY OF LITTLE CANADA, MINNESOTA, AND CALLING FOR A SPECIAL MEETING TO AWARD THE BONDS ON TUESDAY, NOVEMBER 28, 1995 AT 5:30 P.M. The foregoing resolution was duly seconded by Pedersen. Ayes (5) Scalze, Pedersen, Fahey, Morelan, LaValle. Nays (0). Resolution declared adopted. SCHEDULE Fifield reported that the Council discussed a November RICE STREET 15th date to hold a workshop to discuss the Rice Street RFP RFP process. He is unavailable on that date. Fifield WORKSAOP also reported that given the pending sale of the Market Place Shopping Center and the fact that the City is in 9