HomeMy WebLinkAboutCity Council Resolution 1990-231Member Ricker introduced the following resolution and moved its
adoption:
CITY OF PLYMOUTH
RESOLUTION NO. 90-231
AUTHORIZING EXECUTION AND DELIVERY OF
CONTRACT FOR PRIVATE DEVELOPMENT
(TIF 7-1; RYAN CONSTRUCTION
COMPANY OF MINNESOTA, INC. AND
DAYTON HUDSON CORPORATION)
WHEREAS, the City has created and established Municipal Development
District No. 7 ("District") and Economic Development Tax Increment Financing
District No. 7-1 ("TIF District") to finance all or a portion of the public and other
development costs of the District pursuant to the authority granted in Minnesota
Statutes, Chapter 469 ("Act"); and
WHEREAS, the City has, pursuant to the Act, adopted a development
district program ("Program") and a tax increment financing plan ("TIF Plan"); and
WHEREAS, in order to achieve the objectives of the Program and TIF Plan
as hereinafter defined and particularly to make land in the District available for
development by private enterprise for and in accordance with the use specified in
the Program, the City has determined to provide substantial aid and assistance
through the sale of bonds and other obligations to finance the public and other
development costs in the District; and
WHEREAS, Ryan Construction Company of Minnesota, Inc. and Dayton
Hudson Corporation ("Developers") have proposed a development within the
District which the City has determined will promote and carry out the objectives
for which development in the District has been undertaken, will assist in carrying
out the objective of the Program and TIF Plan, will be in the vital best interests of
the City and the health, safety, morals and welfare of its residents, and is in
accordance with the public purposes and provisions of the applicable state and local
laws and requirements under which development in the District has been
undertaken and is being assisted; and
WHEREAS, the Developers and the City Manager have presented to this
Council a Contract For Private Development ("Contract") relating to such proposed
development; and
WHEREAS, the council having reviewed the Contract and received
comments pertaining t;1ereto:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota, that the Contract is hereby approved and the Mayor and City
Manager are hereby directed to execute and deliver said Contract to the
Developers and to take all actions and do all things necessary and proper to carry
out the City's obligations thereunder.
DATED: April 2 , 1990.
Mayor
ATTEST: Kim Bergman, Mayor
Laurie Ravenliorst, City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Zitur
member and upon vote being taken thereon, the following voted in favor thereof:
Vasiliou, Ricker, Zitur, Helliwell.
and the following voted against same: None.
Absent: Bergman.
Whereupon said resolution was declared duly passed and adopted.
' PL100-076
2
r
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 special meeting of the City
Council of the City of Plymouth, Minnesota, was duly held in the City Hall in said City
on Monday, April 2, 1990, commencing at 7:00 p.m.
The following members were present: Council Members Carole Helliwell,
Lloyd Ricker, Maria Vasiliou and Robert Zitur
and the following were absent: Mayor Kim M. Bergman
• r r
The Mayor announced that the next order of business was consideration of the
bids which had been received for the purchase of the City's =1,350,000 General
Obligation Taxable Tax Increment Bonds, Series 1990, as advertised for sale. The City
Clerk presented affidavits showing publication of the notice of sale in the City's offi-
cial newspaper and in Northwestern Financial Review, a financial paper published In
Minneapolis, Minnesota, which affidavits were examined and found satisfactory and
ordered placed on file.
The City Clerk presented a tabulation of the bids which had been received in the
manner specified in the Official Notice of Sale Terms of Offering of the Bonds. The
bids were as follows:
See Bid Tabulation Attached.
$1,350,000 Taxable General Obligation Tax Increment Bonds, Series 1990
City of Plymouth, Minnesota
S&L: Monday, April 2, 1990
AWAR : PARK INVESTMENT CORPORATION
RATS G: Mundy'$ "Aa" BBI:_ 7.33%
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR & RATE PRICE
PARK INVESTMENT CORPORATION 8.90% 1994 -1999 $807,882.47 $1,333,881.25
Minneapolis, Minnesota
MOORE. JURAN 8 COMPANY, INC. 9.0834%
Minneapolis, Minnesota
MILLER b SCHROEDER FINANCIAL, INC.
Minneapolis, Minnesota
RICAN NATIONAL BANK 8 TRUST 8.76% 1994 $907,945.81 $1,337,850.00
PANY OF ST. PAUL 8.80% 1995
St. Paul. Minnesota 8.90% 1996 9.0844%
M.H. Novick 8 Company, Inc. 9.00% 1997 -1999
GRIFFIN, KUBIK, STEPHENS 8.90% 1994 -1996 =809,245.54 $1.338,361.75
8 THOMPSON, INC. 9.00'X. 1997 -1999
Chicago, Illinois 9.0990%
MILLER, JOHNSON b KUEHN, INC. 9.00% 1994 -1999 "13,262.50 $1.337,175.00
Minneapolis, Minnesota
CRONIN 3 COMPANY, INC. 9.14421/.
Minneapolis, Minnesota
PIPER, JAFFRAY 8 HOPWOOD INC. 9.00% 1994 -1998 $820,307.08 $1,335,286.00
Mlnnea�mpo- a, Minnesota 9.05% 1997
AlNson-WlMams Company 9.10% 1998 -1999 9.22400X6
Juran b Moody, Inc.
Marquette Bank Minneapolis, N.A.
Craig-Hallum, Inc.
NORWEST INVESTMENT SERVICES, INC. 8.906/6 1994 $820,641.15 $1,338,500.00
Minneapolis, Minnesota 9.006/6 1995 -1996
S INVESTMENT SERVICES, INC. 9.10% 1997 -1998 9.2271%
neapoUs, Minnesota 9.15% 1999
herty, Dawkins, Strand 8 Yost, Inc.
I'� Mr ASM MC. 00 %vemh SIrai
9140#02 1M r1161or 66848Ar
. V`{/ VV/ VV VY•!rV �� va.+ vvv rvv �___ __ _
350,000 Taxable General Obligation Tax Increment Bonds, Series 1990
of Plymouth, Minnesota
nday, April 2, 1990
Pape 2
COUPON NET INTEREST COST
NAME OF BIDDER RATE YEAR A RATE PRICE
HARRIS TRUST AND SAVINGS BANK 9.10% 1994 -1999 $826,482.50 $1,332,868.75
Chloagc, Illinois
Hutchinson, Shockey, Erley b Company, Inc. 9.2926%
La Salle National Bank
Bank One, Milwaukee, N.A.
CLAYTON BROWN 8 ASSOCIATES, INC.
9.00%
1994 -1995
$833,426.95 $1,330,440.74
Chicago, Illinois
9.101ye
1996
9.20%
1997 -1999
9.370919
SHEARSON LEHMAN HUTTON, INC.
9.10%
1994
$643,613.02 $1,330,087.50
chic NNnols
EAN WIERREYNOLDS. INC.
9.15%
9.20%
1906
1996
9.4843%
Illinois
9.25%
1997
n• gibber, Inc.
9.30%
1998
9.35%
1999
IMERT W. BAIRD 8 COMPANY, INC.
9.10%
1994
;648,952.08 =1,338,600,00
Milwaukee, Wisconsin
9.20%
1996
9.30%
1998
9.5464%
9.409'6
1907
9.609E
1998 -1999
0