HomeMy WebLinkAboutCity Council Resolution 1978-705mr s
EXTRACT OF MINUTES OF MEETING OF
THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a regular
meeting of the City Council of the City of Plymouth, Hennepin County,
Minnesota, was held in the Council Chambers at the City Hall in
s -id City on Monday, October 23, 1978, commencing at 7:30 o'clock p.m.
The following members were present: Mayor Hunt, Councilmembers
Hoyt, Neils, Seibold and Spaeth
and the following were absent: None.
DThe following resolution was presented by Councilmember
Counrilmamhor Nail-, who moved its adoption:
Resolution 78-705
RESOLUTION AUTHORIZING THE EXTENSION OF
TIME OF A PRELIMINARY AGREEMENT BETWEEN
THE CITY OF PLYMOUTH AND MCQUAY-PERFEX,
INC. WITH REGARD TO A PROJECT UNDER THE
MINNESOTA INDUSTRIAL DEVELOPMENT ACT
BE IT RESOLVED By the City Council of the City of Plymouth,
Minnesota, as follows:
I. It is hereby found, determined and declared as follows:
1.01. This council by Resolution 77-623 gave preliminary approval
to a Project under the Minnesota Industrial Development Act by
McQuay-Perfex, Inc. (the "Corporation") for the construction of certain
facilities in the City at an estimated cost of $4,300,000, and
authorized submission of an application therefor to the Minnesota
Commissioner of Securities, and the execution of a Memorandum of
Agreement between the City and the Corporation relating thereto.
1.02. The City has pursuant to Resolution 77-719 issued and
sold its $1,000,000 Industrial Development Bonds (McQuay-Perfex, Inc.
Project) Series 1977 (the "Bonds") to finance a portion of the
project costs.
1.03. The Memorandum of Agreement expires by its terms on
October 24, 1978 and is removable with the mutual consent of the
parties; the Corporation has met its obligations under the Agreement
and requested extension of the Agreement; and it is desirable that
the term of the Memorandum of Agreement be extended for another
twelve-month period to enable the Corporation to complete its project
with additional Industrial Development Bonds within the amount
approved by Resolution 76-623 ($4,300,000), subject to approval by
the Council.
2. The term of the Memorandum of Agreement dated October 24, 1978
between the City and the Corporation shall be extended for a period
of 12 months commencing on October 24, 1978.
3. The Mayor and City Manager are authorized to execute the
Amendment to the Memorandum of Agreement attached hereto as Exhibit
A on behalf of the City.
The motion for the adoption of the foregoing resolution was
duly seconded by Mayor Hunt and upon vote
being taken thereon, the following voted in favor of the motion:
Mayor Hunt, Councilmembers Hoyt, Neils and Spaeth
and the following voted against: Councilmember Seibold
whereupon said resolution was declared duly passed and adopted.
•
Exhibit A
Amendment to Memorandum of Agreement
THIS AMENDMENT to Memorandum of Agreement dated as of October
24, 1978, between the City of Plymouth (the "City") and McQuay-Perfex,
Inc. (the "Corporation") provides as follows:
1. Pursuant to paragraph 4 (a) of that certain Memorandum
of Agreement, dated October 24, 1977, between the City
and the Corporation, the Memorandum of Agree--nt shall
terminate on October 24, 1979.
2. All other terms, conditions and obligations of the
Memorandum of Agreement remain in full force and effect.
3. This Amendment shall be appended to and made a part of
the Memorandum of Agreement.
IN WITNESS WHEREOF, the parties hereto have entered into this
Amendment to Memorandum of Agreement by their officers thereunto
duly authorized this 24th day of October, 1978.
CITY OF PLYMOUTH
BY __
' Its Mayor
By
Its City Manager
MCQUA ERFEX, INC.
By
By