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Res 1979 - 13 Extract of Minutes of Meeting of the City Council of MH (2/6/1979)I � �� 7�-�3 0 Extract of Minutes,of Meeting of the City Council of the City of Mendota Heights, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Mendota Heights, Minnesota was duly held at City Hall in said City on Tuesday, the 6th day of February,,1979, at 7:30 o'clock P.M. � • The following Councilmen were present: and the following were absent: * * * Councilman * * * introduced and read the following written resolution and moved its adoption: RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT TO BE CONSTRUCTED AND FINANCED UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR APPROVAL THEREOF P,ND AUTHORIZING THE PREPAR.ATION OF DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT The motion for the adoption of the foregoing resolution was duly seconded by Councilman � , and upon vote being taken thereon the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. RESOLUTIQN GIVING PRELIMINARY APPROVAL T� A PROPOSED INDUSTRIAL DEVELOPMENT FROJECT TO BE CONSTRUCTED AND FTNANCED UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMIS�IQN �F AN APPLICATIdN Tfl THE COMMIS�IONER OF. SECURITIES FOR APPRQVAL THEREOF AND AUTHQRiZING THE PREPARA.TION OF DOCUMENTS AND MATERIALS IN CONNECTTON WZTH THE PR�JECT . ; BE IT RESOLVED by the;City Council of the City of Mendata Heights, Minnesata, as follows: l. There has been presented to this Council a proposal �.hat the City undertake a praject pursuant to the Minnesota Mu- nicipal Industrial De�relopment Act, Chapter 474, Minnesota Stat- utes, consisting of the acquisi�.ion and construction af a ware- house building (the "Project") in the City to be owned by R. L. Johnson Tnvestment Connpany, Inc., a Minnesota corporation. Under the proposai, R. L. Johnson Investme�t Company, Znc. {the "Developer") will enter into a loan agreement whereby �.he Devel.oper �.grees to construct the Pro3ect�and the City agrees to issue up �o appraximately $5,000,000 Industrial Deve�.opment Revenue Bonds of the City pursuant to the Act�to finance the Project. The Bonds wauld be issued to institutional investors in a�o-cailed �.ax exempt mortgage private placement transaction whereby �he Bonds would be secured by a mortgage of the Projec�. The Develaper will retain title ta the Praject and the site �.hereof and the Ioan agreement will reguir� the Developer to pay amounts sufficient �o pay �.he prin�ipal of and interest on any Bonds issued. The Deve�.oper wi,11 1.ease the Prc,ject to selected tenan�s. The Devel- oper's a.nterest in'�he leases will be assigned to the bondholders as security for the Bands. The'City will also assign its interes�. in the laan agreement to the bondhol.ders to secure the Bonds. The Bonds shall be issued in accordance with �he Act, and shall provide that the Bonds are payable solely from amounts received by the Ga.ty pursuan�. to the loan agreement and other property pledged to their paymen�. The Bonds shall not be a general obligata.on af the Ca,ty or be payable from any other property ar funds of the City. . 2. There has been presented to this mee�.ing a form of Appl.icatian to eommissioner af Securities �ar approval af the Project setting forth the e�timated costs af the Project and �Ghe increased employment and payroll.s to result therefrom, together with a letter o� in�.ent of Midwest Federal Savings and Loan Associa�ian to purchase the Bands. It is hereby found, determined and declared that the purpase o�f the Project is and the e£fec� thereaf wi11 be ta pramate the public welfare by the attraction, encouragement and development a�f economically sound industry and commerce so as to prevent, So far as passible, the emergence of' -2- blighted and marginal lands and�areas of chronic unemployment; �he develapment of indu�try to use the available resources of the community, in order to retain the bene�it of i�s existing invest- ment in educatianal and public service facilities, by halting the movemen� of talented, educated persannel o� mature age to other area� and thus preserying the econamic and human resources needed as a base for providing governmental services and �acilities; and the more intensive development of land availabZe in the area ta � provide an adequate tax base to finance the increase in the amount and cost of governmental services provided by the City, �he Caunty and �he �chool District in which the Ci�y is located. • 3. The Project i� hereby given preliminary approval by the City, subject to (i} approval o� the Project by the Minneso�a Cammissioner of Securities and (ii) approval of this Cauncil, the Develaper and an institutional investor or investors af the ultimate details of the Project and the terms of the Bonds. 4. The Mayar and City Clerk are hereby authorized and directed to submit to the Commissioner of Securities an Applica- tion.for Approval of the Project, substantially in the form presented ta this meeting, together with the letter of intent, a stat�ment o� public purpose and a preliminary opinion of bond counsel necessary to camplete such App2ication. The Mayor and City Clerk and other officer�, employees and agents of the City are hereby autharized ta pravide the Commissioner with such additional preliminary information as he may request. � � 5. The Developer has agreed ta pay any and al1 costs incurred by the City in connect:ion with the Prajec�. whether or not the Project is approved by the Commissioner and whether or not the Project is carried to compl.etian. t 6. The Developer is hereby autharized ta enter into such contracts as may be necessary far the construction of the Project by any means available to him and in the manner he determines without advertisement for bids as may be required �or the constructian or acquisitian of ather municipal fac�.lities. Attest: Ci.iy' C7.erk -3- Mayor STATE OF MINNESOTA ) ) SS. COUNTY OF DAKOTA ) � I, 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 of a regular meeting of the City Council of said city held February 6, 1979, with tr�e original thereof on file in my office and the same is a full, true and correct transcript there- from insofar as the same relates to preliminary approval of an Tndustrial Development Project of the City. WITNESS My hand officially and the seal of the city this �� day of February, 1979. (Seal) � -4- �� � �'I. — --- - __ �, ' y Clerk