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.
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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
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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