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Res 2003- 62 Authorizing Execution of Amendment to NoteEXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF MENDOTA HEIGHTS HELD: August 19, 2003 Pursuant to due call and notice thereof, a meeting of the City Council of the City of Mendota Heights, Dakota County, Minnesota, was duly called and held at the City Hall in said City on Monday, the 19th day of August, 2003, at 7:3 ) 0 o'clock p.m. The following members were present: Huber, Kxebsbach, Duggan and Vitelli and the following were absent: Schneeman Member —Duggan— introduced the following resolution and moved its adoption: RESOLUTION NO 03-62 RESOLUTION AUTHORIZING EXECUTION OF AN AMENDMENT TO NOTE A. WHEREAS, the City Council of the City of Mendota Heights, Minnesota (the "City") has heretofore executed a Loan Agreement between Saint Thomas Academy Ice Arena (the "Borrower") and the City dated as of April 1, 2003 (the "Loan Agreement") in connection with the issuance of the City's $2,900,000 Recreational Facilities Revenue Note, Series 2003 (Saint Thomas Academy Ice Arena Project) (the "Note") and the City has assigned its interest in this Loan Agreement to Wells Fargo Brokerage Services, LLC (the "Lender"). B. WHEREAS, the Developer has experienced delays in construction of the Saint Thomas Academy Ice Arena (the "Project") that have caused the Project not to be available for use during the 2003 ice hockey season; therefore, no revenues will be collected in 200' ) in connection with the Project in order to make principal and interest payments on the Note. C. WHEREAS, the Lender has agreed to forebear payment of interest due on October 15, 2003 until April 30, 0, 2004 and principal due on October 15, 2003 until October 30, 2004. D. WHEREAS, the Borrower has requested that the Note be amended to, among other things, provide for the deferment of principal due on the Note. E. WHEREAS, the City desires to execute an amendment to the Note on behalf of the Borrower. 1558776vl NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mendota Heights, Minnesota, as follows: 1. The City Council hereby approves the Amendment No. I to Recreational Facilities Revenue Note, Series 2003 (Saint Thomas Academy Ice Arena Project) in substantially the form attached as Exhibit A, and the Mayor and Finance Director are hereby authorized and directed to exec -Lite the Amendment No. I to Recreational Facilities Revenue Note, Series 2003 (Saint Thomas Academy Ice Arena Project) on behalf of the City. The motion for adoption of the foregoing resolution was duly seconded by member —Krebsbach— and, after full discussion thereof, and upon a vote being taken thereof, the following voted in favor thereof. and the following voted against same: none Adopted this _19th day of August, 2003. Attest: i4 ""— Clerk 1558776vl 2 STATE OF MINNESOTA COUNTY OF DAKOTA CITY OF MENDOTA HEIGHTS 1, the undersigned, being the duly qualified and acting Clerk of the City of Mendota Heights, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes with the original minutes of a meeting of the City Council of said City held on the date therein indicated, which are on file and of record in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to a Resolution Authorizing the Execution of an Amendment to Note. WITNESS my hand as such Clerk, of the City Council of the City of Mendota Heights this day of August 2003. Cleyc 1558776vl 3 AMENDMENT NO. 1 TO RECREATIONAL FACILITIES REVENUE NOTE, SERIES 2003 (SAINT THOMAS ACADEMY ICE ARENA PROJECT) This Amendment No. 1 to Recreational Facilities Revenue Note, Series 2003 (Saint Thomas Academy Ice Arena Project) is made with respect to the City of Mendota Heights, Dakota County, Minnesota $2,900,000 Recreational Facilities Revenue Note, Series 2003 (Saint Thomas Academy Ice Arena Project) ("Note"), the original of which is stapled hereto and by this reference incorporated herein. Note. All capitalized terms used herein shall have the meanings ascribed to them in the 2. Paragraph 3 of the Note is hereby amended and replaced with the following: "Froin and after the date hereof this Note shall be payable as follows: (a) An interest payment in the amount of $146,160 shall be payable on April 30, 2004. Equal blended installment payments of principal and interest in the amount of $119,488.83 shall be payable on the thirtieth day of each April and October thereafter commencing October 30, 2004 and continuing to, and including October 30, 2017 and a final blended installment payment of principal and interest in the amount of $1,164,182.74 shall be payable on April 30, 2018, all above payments shall be made as stated, provided that, if the interest rate is adjusted upon the occurrence of a Determination of Taxability (as described below), the amount of the monthly installment payment shall be adjusted to the amount necessary to amortize the principal balance over the remaining term of this Note; (b) All unpaid principal and interest accrued thereon shall be due and payable in full on April 30, 2018." 3. Appendix 1 of the Note is hereby amended and replaced with the schedule attached hereto as Appendix 1. 4. Except as herein amended, all terms and provisions of the Note as originally executed as of April 30, 2003 shall remain in full force and effect. I558776vl SIGNATURE PAGE TO AMENDMENT NO. I TO RECREATIONAL FACILITIES REVENUE NOTE, SERIES 2003 (SAINT THOMAS ACADEMY ICE ARENA PROJECT) City of Mendota Heights, Minnesota m A��'aC Attested:ce Director�� 1558776vl 2 APPENDIX I Sample St. Thomas Academy Investor's Amortization Schedule Investor Settlement Figures 29 Payments I Level Payment 1st Payment Average Life $2,900,000.00 Costs Funded 2per year $119,488.83 Apr 30,2004 11.2 years $56,207.52 1.938% Fee 5.040% Ra'-: Feti=.041203 Apr30,2003 134.38 months Commencement: Apr 30, 2003 •Investor Yield $2,900,000.00 Closing Date: Apr 30, 2003 $2,956,207.52 Total at Closing 4.800% $119,488.83 Pmt Total Payment Due Interest Payment Due Principal Payment Due Atter Payment Principal Balance Remaining Principal as Factor Payment Due Date $2,900,000.00 1.00000000 Apr30,2003 1 $146,160.00 $146,160.00 $2,900,000.00 1.00000000 Apr 30, 2004 2 $119,488.83 $73,080.00 $46,408.83 $2,853,591.17 .98399696 Oct 30, 2004 3 $119,488.83 $71,910.50 $47,578.33 $2,806,012.84 .96759064 Apr 30, 2005 4 $119,488.83 $70,711.52 $48,777.30 $2,757,235.54 .95077088 Oct 30, 2005 5 $119,488.83 $69,482.34 $50,006.49 $2,707,229.05 .93352726 Apr 30, 2006 6 $119,488.83 868,222.17 $51,266.66 $2,655,962.39 .91584910 Oct 30, 2006 7 $119,488.83 $66,930.25 $52,558.57 $2,603,403.82 .89772545 Apr30,2007 8 $119,488.83 $65,605.78 $53,883.05 $2,549,520.77 .87914509 Oct 30, 2007 9 $119,488.83 $64,247.92 $55,240.90 $2,494,279.86 .86009650 Apr 30, 2008 10 $119,488.83 $62,855.85 $56,632.97 $2,437,646.89 .84056789 Oct 30, 2008 11 $119,488.83 $61,428.70 $58,060.13 $2,379,586.76 .82054716 Apr30,2009 12 $119,488.83 $59,965.59 $59,523.24 $2,320,063.52 .80002190 Oct 30, 2009 13 $119,488.83 $58,465.60 $61,023.23 $2,259,040.30 .77897941 Apr 30, 2010 14 $119,488.83 $56,927.82 $62,561.01 $2,196,479.28 .75740665 Oct 30, 2010 15 $119,488.83 $55,351.28 $64,137.55 $2,132,341.74 .73529025 Apr 30, 2011 16 $119,488.83 $53,735.01 $65,753.82 $2,066,587.92 .71261652 Oct 30, 2011 17 $119,488.83 $52,078.02 $67,410.81 $1,999,177.11 .68937142 Apr30,2012 18 $119,488.83 $50,379.26 $69,109.56 $1,930,067.54 .66554053 Oct 30, 2012 19 $119,488.83 $48,637.70 $70,851.12 $1,859,216.42 .64110911 Apr 30, 2013 20 $119,488.83 $46,852.25 $72,636.57 $1,786,579.85 .61606202 Oct 30, 2013 21 $119,488.83 $45,021.81 $74,467.01 $1,712,112.83 .59038373 Apr 30, 2014 22 $119,488.83 $43,145.24 $76,343.58 $1,635,769.25 .56405836 Oct 30, 2014 23 $119,488.83 $41,221.39 $78,267.44 $1,557,501.81 .53706959 Apr 30, 2015 24 $119,488.83 $39,249.05 $80,239.78 $1,477,262.02 .50940070 Oct 30, 2015 25 $119,488.83 $37,227.00 882,261.82 $1,395,000.20 .48103455 Apr 30, 2016 26 $119,488.83 $35,154.01 $84,334.82 $1,310,665.38 .45195358 Oct 30, 2016 27 $119,488.83 $33,028.77 $86,460.06 $1,224,205.32 .42213976 Apr30,2017 28 $119,488.83 $30,849.97 $88,638.85 $1,135,566.47 .39157464 Oct 30, 2017 29 $1,164,182.74 $28,616.27 1 $1,135,566.47 Apr 30, 2018 I:lsecuredlPUBLCFLW ASEGSCHEDUL \2003\St. Thomas Academy Ice Arena1[St. Thomas Academy -15 Year REV.xIs]Lease 08/13/2003 11:46 AM Wells Fargo Brokerage Services, LLC l 558776v 1 A-1 Sample St. Thomas Academy Investor's Amortization Schedule Annual Interest $219,240.00 $142,622.02 $137,704.51 $132,536.03 $127,103.78 $121,394.29 $115,393.42 $109,086.29 $102,457.28 $95,489.96 $88,167.06 $80,470.43 $72,381.01 $63,878.74 I:lsecuredlPUBLCFR,UZASE4SCHEDULE00031St. Thomas Academy Ice Arena\[St. Thomas Academy -15 Year REV.xls]Lease 08/1312003 11:46 AM Wells Fargo Brokerage Services, LLC 1558776v l A-2