HomeMy WebLinkAboutResolution 11151 1 f 1? 1 f H i I i
Ti '_ , it LM.Lp, TH!' MUNICt"Af.
INDUSTRIM, DEWLOPMENT ACT; RX-�FERRING
THE PROPOSAL TO THE COMMISSIONER OF
SECURITIES FOR APPROVALI AND AUTIJUhIZING
--TARATION 01' NECESSAM DOCUMENTS
BE IT RESOLVED by the City Couricil of the City of
Moun4a Vi*w, Mint*,vincita (1 -he Muidelpalityl, an fallowat.
SUMION I
Recitals nnd Findin
�_ _9�F
1.11 Phis abuholl hA# r&-e-aived a proposal that the KUhWJiP&litY
finance a portion of the cost of a proposed project under
minnesots StStutRA, Chapter 474 (th, Act), onnsiating of the
acquisition uf land and tha conutructiui- thuyaon of an offica and
warehouse facility to house design and engineering staff and
provide warthouse space for smembly of certain components of
meariplo handling systems (the Proj4wt) by Arlin Walf, -an
individual residing in Coon Rapida, Minnesota (hereinafter the
Sorrowor), to be ]eased by the borrower to Wolf and Associate*,
1,2* At a public houring, duly noticGd and b,�ld On May 2!t
QhJ#rt&Acm ano finance the rroj*ot, tlL pArti-es who iipo6t.red &�t
-wtrm y
AV
_pportAmit tlp�. _h"r - Vi
.... .. - ---- ------
respect tlx"m proposal t�- undcrtake and =Inna-: ta vortion M&—the
cort of the Proiact. Based on such.hu.Arin "d suc t Ir icu
4t& —�Arcamstahoim--Az riant th n zduftc
-heraby -finds-, dateruittel -and declares --a ftl-1-twu
(a), The welfare of the State of "innaxota
4otive-promotion, Attraction, encouragwrent and duvelopment.of.
om"hi-cally: Wulld industry and ammoree -t"Cuo
aete to prevoutt go far as possiblAt 4mi,argenco of blighted
-land—&—md-arsao-ot-cbr—onic-on*Woymenti.-and--tho--Btato has
encouraged local government units to Act to prevent such
economic deterioration.
(b) The Project would further the general purposefi
00ntMPlAt#4 4A4 deacribed in Section 474.01 of the Act,
(a) Tho exiatrunct of the Project would add to the tax
base of th ipality, the County and School District in
which the ;roujincict is located and would provide inoreased
opportunities for employment for rehidonts of the Municipality
anC surroundiny axaa.
1.'L".' ;! 1:1; ; i I � i � q i 1
I
Thir. Cfz�tj�ril hiin- iw-t-n � p
P011 Vi'l i L' i �.r,
if fhf- Hfirrower and Mi I I rr and Srhrnw�ivr Y I.-, a I I -I ,I j cur�jora
Iliventmerit bankvrs and ulonlorm In mupicipal 1-onds, t,11, -It
UGFIVOntional, Pummarcial f�nancinq to pay the 0 --out of the
Project iS aVailable uirJy on a limited basis and At Auch
high costs ot borrowir., that the ecancomic fe2aibility of opera-
t1y)q the Project would bo hignifivantly reduced-, but that
with the aid ot municipal be"
- r.rowinq, and 11tris rusulting lower
bOri0wing cost, the Projout in aconrmicaliy moro FOAsible,
is) This ct4iji,ril has also been advined by the Borrower,
and Miller and Schroeder Finanrial Corporation, that an tha
bar.s of thair discussions with potential buyers of taxw---
exempt
Doi i1b, rev"nue bondA of the municipality (which may be in the
foi of a commercial develomiant revenue note or tio-tes) could
be isnued, and sold up -on favo.-'ablt ratoa and t r
�V_mja to fi-fi&ftcu,
4 portion of the cost of the Projact.
(f) Thu Municipality is authurised b�y tho Act to isnue
its revonue bonds to-fiftAftCe dapital-pre-lectm vonsi-stinq of
properties used and useful in connection with a revrinue
r to
-oducing on I#*, such as that of the Borrower, and the
such -Vwd-S�W-Uw mun pt
substiftial indudement to the flarrower to AcqUirs and construct,
tht Project.
ON CTION 2
ininary WrWal at t1jr, proiect,
Wi".96V tM it wSu14 --for- t-iw----
-he av"Lan
-munia Aut to
-USUN its.- r -T W -oft"
p6rt1W of- -We corit -ot th
Z3
It is* her#* determined prove with the PrioJe t i�
--a nd
Its a-and-thi I _1 -1i -1
n r-, i
appFrOvAl misnicipality and t ance of revenue b6hft
of -the Run cipa ty in such amount is hereby approved# oftJoct
%.W u&m %IVMA W& -the mjwt by the com-1421oher of xeauritlas�
the IWITImont of such Other- d8hill-ti0fit- as -the-AWticAr-ity-
4"j*Yti�Urt wAh respecii ;.,s once of 011 hnodA n
coan4ation V10--ths - "roftt- Md thil-m—Utual agreement of this
Council and the borrower as to the details of the bond issue
W--br kwio�fcr- -the ir -p&ymwnt-,- - tn all *vent -a -I
t g
understood# however, that the bonds of the Municipality shali
not constitute a charge, lion or -encumbrance, legal or equitable,
upon any property of the Municipalityl except the proj*otf ind
each bond,when,_&a and if issuadt shall recite in substance
that the bond, imelidirg interLft thereon, in
t Jayable SQ163Y
trur- the revenues received from the Projec a property pledged
to the payment thereof# and shall not constitute a deLt of the
-(,11 j,, Of
wi'�11 attachment", iN h& -roily "loprOveno vw
M&yog "nd rity Cler I X Adminintrator are autl'"'Zod to
said document.& in bjhalf Uf the Municip4lity.
2.4, In macordanca with S&Ction 474.10, stiWivitsion Of
the Act, thft MAYOr and City cjerk�Adm.inirtra6r art YWOW
guthorise-1 and directud to C&ustj said. Appl-ication to bb
the C -OW -miritie.9 for apprOval
submitted to AiApl�)Flcr ot Se . A
gf th Maynr, city Clerk-Adiministrator, CitY
.a Project. The aqentp of the
Att0TnQY 2-nA- other officers, emplOyOffft And
Municipality are hereby authorizeO and directed to prOvIde
the CoMmissionor with any preliminary information the
Commissi _ oner moy nead for tili;, purpuse, and the City Attornoy
is authorizod to initiAtO and ifisist in t '-'jo preparation of
inte tn the Project, if it is
%UCh documents #8 meY be aPPrOPr
&p-"cvgd by the C---Jasion�,-r.
ABC -?ION -4
Gone-VAL
't th* bondr, are i3sued an6 soldt tits municipality
3.1. 1
a, sale Of loan gqrsount or stallaX
kkv-4w or— into- At -
xatisfyIng- the. roquirlorefitra Wrt##W
ent
IrAomnti-With Uh* sorrower, The lamas rentals,
A4 ar -attler-Amounw-
rasmonts # loan psymerIts
V. this
Ue A" shai _be_ muff iciert to PaY tha Pr.
was Itha-1,1- t*come -PAY""
'Its
iss
-Tha--Dof "-Wtr IRV-
in d
-dirtct- -and com
Vha Oar or.-.
not the Project is carried to car wh*ther
r securities, and
not �zprw -617- Ind 111MMOMMUS
ti- out
or nut the- MunioiPAUO by reAulu- on -- n request*
of the bond$# will be paid by.thO Sorrower uPO
are dirtatedo
3,3. The mayor and city 6iork-AdaLhistrAtOr
u&d and s6ld� thdr-SlAttlir to UOMPly- WMA -
it tbo- bonis are is#-
--*--f -Statutes -subdivision
the provisions a nne
Adopted this 28th day of May, 1980.
ATTROTI
(goal)