HomeMy WebLinkAboutCity Council Resolution 2007-017CITY OF PLYMOUTH
Resolution No. 2007-017
Resolution Authorizing Local Approval for a Project to be Financed by the City of
Minneapolis through a Joint Powers Agreement with Hennepin County and the Hennepin
County Housing and Redevelopment Authority
WHEREAS, the Hennepin County Housing and Redevelopment Authority (the
"Authority") is a housing and redevelopment authority created pursuant to Minnesota Statutes
Section 38313.77 (the "Act"), having all of the powers and duties of a housing and redevelopment
authority under Minnesota law; and
WHEREAS, pursuant to the Municipal Industrial Development Act, Minnesota Statutes
Sections 469.152 through 469.165 1, as amended (the "IDB Act"), the City of Minneapolis (the
"Issuer") and, subject to the limitations of the Act, the Authority are each authorized to issue
revenue bonds to finance any "Project" as defined in the IDB Act; and
WHEREAS, pursuant to Minnesota Statutes Section 38313.79, as amended (the
"Multijurisdictional Act"), Hennepin County (the "County") is authorized to be a part of a
multijurisdictional program which includes development and redevelopment of existing
commercial projects and job creation; and
WHEREAS, the Issuer, the Authority and the County have entered into a Joint Powers
Agreement dated as of April 1, 2004 (the "Joint Powers Agreement"), relating to the financing of
projects under the IDB Act and pursuant to the Issuer's "common bond fund" program, which
projects may be located throughout the County; and
WHEREAS, Quality Resource Group, Inc. (the "Company") is considering the purchase
of an existing building located at 12725 16th Avenue North, Plymouth, MN for its office and
operating facilities in Plymouth (the "Project"); and
WHEREAS, the Issuer is considering the issuance of revenue bonds to finance the
Project pursuant to the IDB Act, the Joint Powers Agreement and the Issuer's "common bond
fund" program; and
WHEREAS, the Act requires local approval of the Project to enable the Authority's
participation therein;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, MINNESOTA:
Section 1. The City of Plymouth (the "City") hereby approves the Project and the
issuance of revenue bonds by the Issuer therefor, for the purpose of enabling the Authority's
participation therein as required under the Act. This approval is contingent upon the payment
by the Company of all costs paid or incurred by the City in connection with this approval
of the bonds to finance the Project.
Section 2. The approval of the Project in Section I above does not constitute an approval
of the Project pursuant to the City's zoning and other regulatory requirements. The Company is
aware that such approvals must be obtained separately from the City.
Section 3. The City shall have no liability whatsoever with respect to any revenue bonds
issued by the Issuer with respect to the Project. The bonds will be limited obligations of the
Issuer payable solely from the revenues pledged to the payment thereof, and will not
constitute indebtedness of the City, will not be a general or moral obligation of the City,
and will not be secured by the taxing power or any property or assets of the City.
Adopted by the City Council on January 9, 2007.
STATE OF MINNESOTA )
)ss.
COUNTY OF HENNEPIN )
The undersigned, being the duly qualified and appointed City Cleric of the City of Plymouth,
Minnesota, certifies that I compared the foregoing resolution adopted at a meeting of the
Plymouth City Council on January 9, 2007 with the original thereof on file in my office, and the
same is a correct transcription thereof.
WITNESS my hand officially as such City Cleric and the Corporate seal of the City this
day of
City Cleric
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