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HomeMy WebLinkAboutRES 80-048 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES AND AUTHORIZING THE PREPERATIO Meeting Sheet IIIIII VIII VIII VIII VIII VIII IIII IIII I 102751 Box: 23 Folder: RES 1980 Document: RES 80-048 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES AND AUTHORIZING THE PREPERATIO V1 L:VU ' ".J L.C.-t11 LC:kj iU $1, 500, 000 Commercial Development Revenue Bonds Issuer : City of St. Anthony, Minnesota j • Governing Body : City Council Kind , date, time and place of meeting : A regular meeting, held on Tuesday, July 22, 1980 , at 8 : 30 P.M. , at the City Hall - Members present : Haik, Sundland, Ranallo, Marks, Letourneau. Members absent : None Documents Attached : Minutes of said meeting (pages) : RESOLUTION NO. 80-048 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF + SAID PROJECT TO THE COL2.1ISSIONER OF SECURITIES AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT I, the undersigned , being the duly qualifed and acting recording officer of the public corporation issuing the bonds 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 in my legal custody , from which they have been transcribed; that said documents are a correct and com- plete 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 thsy relate to said bonds; 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. ttWITNESS my hand officially as such recording officer this !�O_ day of July , 1980. ignat Y • _raro1 Lou .7ohnson• .City_ Clerk Name and Title i Councilmember Ranallo introduced the following j i i resolution and moved its adoption: RESOLUTION NO. 80-048 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES , AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT WHEREAS, (a) The City Council has received from Apache Plaza, Ltd. (the "Obligor") , a proposal that the City finance a project for purposes consistent with the Minnesota Municipal Industrial Development Act, Chapter 474, Minnesota Statutes , said project to consist of the renovation and refurbishing of a shopping center in the City (the "Project" ) at a cost presently estimated at $1, 500 , 000 ; (b) The City- has been advised by the Obligor that conventional, - commercial financing to pay the capital cost of undertaking the Project is available only at such costs of borrowing that the economic feasibility of undertaking the Project would be reduced, but the Obligor has also- advised this Council that with the aid of municipal financing and its resulting low borrowing cost, the Project is economically enhanced; (c) The Project would increase the tax base of the City and create additional employment opportunities in the City; (d) The full faith and credit of the City would not be pledged or be responsible in connection with such Project; (e) A public hearing on the proposal has been held' as required by law. NOW THEREFORE , BE IT RESOLVED by the City Council of the City of St. Anthony , as follows : `f i (1) The Project is hereby given preliminary approval by the City, subject to the approval of the Project by the i Commissioner of Securities and subject to final approval by this Council and the Obligor and the initial purchaser of any bonds to be issued as to the ultimate details of the Project and such bonds. The City hereby undertakes preliminarily to issue its revenue bonds in the amount necessary to pay the costs of the Project, presently estimated to be $1 ,500 ,000 . (2) In order that completion of the Project will not be unduly delayed, the Obligor is hereby authorized to make such expenditures and advances toward payment of costs of the Project as it considers necessary, including the use of interim, short-term financing, subject to reimbursement from the proceeds of the revenue bonds if and when delivered but otherwise without liability on the part of the City. (3) In accordance with Subdivision 7 of Section 474. 01, Minnesota Statutes, the Mayor and City Clerk are hereby authorized and directed to submit the proposal for the above described Project to the Commissioner of Securities requesting her approval. (4.1. The adoption of this resolution does not consti- tute a guarantee or a firm commitment t;.at the City will issue the bonds as requested by the Obligor. The City retains the right - -� in its sole discretion to withdraw from participation and accord- ingly not issue the bonds should -the Citv at any time prior to the issuance thereof determine that it is in the best interests of the City not to issue the bonds .or should the parties to the transaction be unable to reach agreement .as to the terms and conditions of any of the documents required for the transaction. Approved: 'Mayor Attest: 's- ( /1"L& �2� City Cle 1 Motion for adoption of the foregoing resolution was f duly seconded by Councilmember Marks , and upon vote being taken the following voted in favor: Haik, Sundland, Ranallo, Marks, Letourneau :and: the following were opposed: None Wte'ieupon said resolution was declared and passed and adopted. F