HomeMy WebLinkAboutCity Council Resolution 1985-711CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the City Council of
the City of Plymouth, Minnesota, was held on the l6th day of September . 1985.
• The following members were present: Mayor Davenport, �uncilmembers: Scfineiaer,
Crain, Neils and Vasiliou
The following members were absent: none
Mayor Davenport introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 85-711
RESOLUTION SETTING CONDITIONS FOR THE APPROVAL OF
INDUSTRIAL DEVELOPMENT REVENUE BODS FOR OGLE/SHEEHY
WHEREAS, at the September 16, 1985 City Council meeting, the City Council conducted a
public hearing in accordance with Minnesota Statutes to consider the request for
industrial development revenue bond financing by Ogle/Sheehy; and
WHEREAS, the City Council finds that the Ogle/Sheehy industrial development revenue
bond request generally meets the provisions of the Council's policy with respect to
issuance of industrial development revenue bonds; and
• WHEREAS, the request is unique in that the tenant and petitioner are not one in the
same; and
WHEREAS, the City Council is desirous of conditioning its preliminary approval of the
industrial development revenue bond request;
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of Plymouth,
that it should and hereby does subject its preliminary approval for the issuance of
$912,000 of industrial development revenue bonds subject to the following conditions
which are to be enforced by the City's bond counsel:
1. The lease between Ogle/Sheehy and Exotic Rubber and Plastics is to be
coterminous with that of the bond amortization schedule.
2. The lease between Ogle/Sheehy and Exotic Rubber and Plastics shall contain an
option for purchase in favor of the tenant.
3. The lease between Ogle/Sheehy and Exotic Rubber and Plastics shall not be
amendable without the explicit approval of the Plymouth City Council.
4. The bond issue shall not be assumed by a third party pursuant to Exotic Rubber
and Plastic's exercise of a purchase option except with the explicit approval
of the City.
BE IT FURTHER RESOLVED, the City staff is directed to communicate these approving
conditions to the City's bond counsel and to the petitioner; and
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Resolution No. 85-711
Page 2
BE IT FURTHER RESOLVED, the City's bond counsel shall be responsible for verifying
the petitioner's compliance with these conditions prior to the City Council's
consideration of final approval of this bond request.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Schneider , and upon vote being taken thereon, the
following voted In favor thereof: ayor avenport, Councilmembers: Schneider,
Crain, Neils and Vasiliou
The following voted against or abstained: none
Whereupon the Resolution was declared duly passed ana adopted.