Minutes - 1973/02/12 - Laserfiche WebLink

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Rather than do that, Attorney Mayers stated that they have entered into an atornment agreement whereby M. F. J. Corp. which consists of the Bonellos (Mario, Frank, and Julius) are named on the lease together with Century Motor Freight. Attorney Meyers also added that Century Motor Freight has deposited $50,000. with the trustee, and that there will be an additional $25,000 payment if there is a default. Moreover, Century Motor Freight will have an average rent over the life of the 25 -year bond issue of $142,000. a year to repay the bonds. Attorney Meyers declared that there is no full faith and credit of the Village pledged on the bonds, the bonds are tax free and the lease and indentures are in final form. He said he has received Century Motor Freight's insurance policy and that the Vilh ge will receive annual financial statements from the tennants. Attorney Meyers stated that at the request of Councilman Johnson, he is giving a verbal opinion that the project does conform to the Industrial Development Law and based on his review of the lease and the ii agreement, the articles of partnership, and the examination of the financial statements of the tennant, in his opinion that the proceedings are valid and he recommends that the Council may proceed with the project. The Council asked a number of questions of Roger Wikner regarding the disposition of funds and defaults. MSP (Pickax- Hodges) To adopt Resolution No. 593 authorizing the acqui- sition, installation and leasing of a project under the Minnesota Municipal Industrial Development Act and the issuance of Industrial Development Revenue Bonds to finance the project. MSP (Johnson Baumgartner) lo approve Resolution No. 594 whereby the Village elects to have the provisions of Section 103 (c)(6d) of the Internal Revenue Code applied to this bond issue totaling $1,500,000. William Gillespie, operator of the Skelly station at 2045 Highway 10, appeared at the request of the Council to discuss his gasoline station license. The Council felt that Mr. Gillespie was failing to maintain his property in a sightly condition and questioned him relative to improving his property. Councilman Baumgartner fell: that Mr. Gillespie should be given 30 days to have his back yard at his home cleaned of vehicles, that the gasoline station lot should alesu be cleaned up and that if Mr. Gillespie fails to do so at the end of 30 days a warrant should be issued and Mr. Gillespie should be made to comply by hurting him in his billfold. The Council generally concurred with Councilman Baumgartner with Council- man Johnson stressing that Mr. Gillespie has been before them three or four times previously. -3- 5 Ayes 5 Ayes