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Home My WebLink AboutCC RES 79-045 A RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY SPECIAL PARTNERSHIP UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR A Meeting Sheet 111111111111111-1I 105941 Box: 36 Folder: CC RES 1979 Document: CC RES 79-045 A RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY SPECIAL PARTNERSHIP UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR A s t ; � RESOLUTION 79-045 RESOLUTION GIVING PRELI14INARY APPROVAL TO A • PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY SPECIAL PARTNERSHIP UNDER THE 14UNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR APPROVAL THEREOF AND AUTHORIZING THE PREPARATION OF DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT Resolved by the City Council of the City of St. Anthony, Minnesota, as follows : 1. There has been presented to the City a proposal by Special Partnership, a Minnesota general partnership (the "Company" ) that the City undertake a project pursuant to the Minnesota Municipal Industrial Development Act, Chapter 474 , Minnesota Statutes, to provide financing of the cost of acquiring and constructing and equipping a manufacturing and office facility in the City (the "Project" ) . Under the proposal, the Company will enter into a loan agreement whereby the Company agrees to complete the Project and the City agrees to issue up to approximately $1,000,000 Industrial Development Revenue Bond of the City pursuant to the Act to finance the Project. The Company will retain title to the Project and the site thereof and the loan agreement will require the Company to pay amounts sufficient to pay the principal of and interest on the Bond issued. The Project will be leased to Special Parts , Inc. and the Company will assign its interest in the lease to the mortgagee as security for the Bond. The City will assign its interest in any loan agreement or loan agreements to the mortgagee to secure the Bond. The Bond shall be issued in accordance with the Act, and shall provide that the Bond is payable solely from amounts received by the City pursuant to the loan agreement and any other property pledged to its payment. The Bond shall not be a general -obligation of the City or be payable from any other property or funds of the City, and no taxes shall be levied for its payment. 2. There has been presented to the City a form of Application to Commissioner of Securities for approval of the Project setting forth the estimated costs of the Project and the increased employment and payrolls to result therefrom. It is hereby found, determined and declared that the purpose of the Project is and the effect thereof will be to promote the public welfare by the attraction, encouragement, and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the development of industry to use the available resources of the community, in order to retain the benefit of its existing investment in educational and public service facilities , by halting the movement of talented, educated personnel of mature age to other areas and thus preserving the economic and human resources needed • as a base for providing governmental services and facilities; and the more intensive development of land available in the area to provide an adequate tax base to finance the increase in the amount and cost of governmental services provided by the City, the County and the School District in which the City is located. 3. The Project is hereby given preliminary approval by the City, subject to (i) approval of the Project by the Minnesota Commissioner of Securities and (ii) approval of this Council, the Company and the purchaser of the Bond of the ultimate details of the Project and the terms of the Bond. 4 . FBS Financial, Inc. , on behalf of the Company, has advised this Council that the Project is economically feasible and that it intends to purchase the Bond. In accord- ance with Section 474 .01, Subd. 7a, Minnesota Statutes, the Mayor, City Manager and City Clerk and such other officers and members of the City as may from time to time be designated are hereby authorized and directed to submit the proposal for the Project to the Commissioner of Securities and request her approval thereof, and the Mayor, City Manager, Clerk, members of the Council and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as she may require. The Company, FBS Financial, Inc. , • Messrs. Dorsey, Windhorst, Hannaford, Whitney & Halladay, as bond counsel, the City Attorney and other City officials are also authorized to initiate the preparation of a proposed loan agreement, mortgage, and such other documents as may be necessary or appropriate to the Project so that, when and if the proposed Project is approved by the Commissioner and this Council gives its final approval thereto, the Project may be carried forward expeditiously. 5 . The Company has agreed to pay any and all costs incurred by the City in connection with the Project whether or not the Project is approved by the Commissioner and whether or not the Project is carried to completion and to indemnify the City, its officers and employees from all liability which the City and any officers and employees may incur in connection with the Project or the issuance and sale of the Bond. 6. The Company is hereby authorized to enter into on its own behalf such contracts as may be necessary for carrying forward the Project by any means available to it and in the manner it determines without advertisement for bids as may be required for the construction or acquisition of other municipal facilities. 7. The City intends to comply with the provisions • of Minnesota Statutes 474 . 01, Subd. 8 by supplying to the Department of Economic Development such information relating to the Project as it may require. 8. Pursuant to Minnesota Statutes 474 . 01, Subd. 7b, this Council has held a public hearing on the proposal to undertake and finance the Project, after publication of notice thereof as provided by law. Adopted this day of 1979. Mayor ATTEST: City Clerk Review for Administration: CiY Manager • • Extract of Minutes of Meeting of the City Council of the City of St. Anthony, Minnesota Pursuant to due call and notice thereof , a regular meeting of the City Council of the City of St. Anthony, Minnesota was duly h ld at the City Hall in said City on Tuesday, the day of , 1979 , at � ; (� o' clock P.M. The following CouncilmQembers were present: and the following were absent: Councilmember introduced • and read the following written resolution and moved its adoption: RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY SPECIAL PARTNERSHIP UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING THE PREPARATION OF DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT The motion for the adoption of the foregoing resolution was duly seconded by Councilmember , and upon vote being taken thereon the following voted in favor thereof: and the following votes against the same : �,�_ whereupon said resolution was declared duly passed and adopted. • .. STATE OF MINNESOTA) ) SS . COUNTY OF HENNEPIN) I, the undersigned, being the duly qualified and acting City Clerk of the City of St. Anthony, Minnesota , do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regul meeting of the City Council held on the c�//qday of 1979 , with the original thereof on file in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to preliminary approval of a project under the Municipal Industrial Development Act. WITNESS My hand as Clerk and he corporate seal of the City this r7 day of 1979 , City Clerk City of St. Anthony (Seal)