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2001.12.03 RESO 2001-0073
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2001.12.03 RESO 2001-0073
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City Council
Document Type
Resolutions
Meeting Date
12/3/2001
Meeting Type
Regular
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RESOLUTION 2001— 73 <br />RESOLUTION AUTHORIZING THE EXECUTION OF <br />AN ASSIGNMENT AND SUBORDINATION OF <br />DEVELOPMENT AGREEMENT <br />BE IT RESOLVED by the City Council of the City of Hugo, Minnesota (the "Issuer"), <br />as follows: <br />1. The City Council has entered a Development Agreement, dated as of May 29, <br />2001, (the "Development Agreement") with Hugo Land Development, LLC, a Minnesota limited <br />liability company (the "Company'). The Development Agreement provides that the Issuer will <br />reimburse the Company for a portion of the cost of the Development Property from Tax <br />Increments (as those terms are defined in the Development Agreement) upon certain conditions <br />referred to in the Development Agreement. The Company desires to assign its interest in this <br />Development Agreement pursuant to an Assignment and Subordination of Development <br />Agreement (the "Assignment") by and among the Issuer, the Company and U.S. Bank Trust <br />National Association (the "Trustee"). <br />2. In addition the Issuer has undertaken to finance a portion of the same <br />development project financed by the Tax Increments through issuance by the Issuer of its <br />$6,550,000 Industrial Development Revenue Bonds, Series 2001 (Minnesota Union Builders <br />Project) (the "Bonds"), pursuant to the Indenture of Trust (the "Indenture") dated as of December <br />1, 2001 between the Issuer and the Trustee. <br />3. A draft of the Assignment has been submitted to the City Council for approval <br />4. The City Council hereby approves the Assignment in substantially the form <br />submitted, and the Mayor and the Clerk -Treasurer are hereby authorized and directed to execute <br />the Assignment on behalf of the Issuer. In the absence of the Mayor or the Clerk -Treasurer, any <br />of the documents authorized by this resolution to be executed may be executed by an acting or <br />duly designated official. <br />Adopted: December 3, 2001 <br />AUKayor <br />Attest: <br />A�t� 4vc.� <br />Citye • c Treasurer <br />1352809v1 <br />
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