HomeMy WebLinkAboutCity Council Resolution 1989-113CITY OF PLVNDUTH
Pursuant to due call and notice thereof, a regular meeting of the City Council of
the City of Plymouth, Minnesota, was held on the 27th day of February, 1989.
The following members were present: Mayor SchneiderZrouncilmembers Vasillou,
Ricker Zitur and Sisk
TRe-7ollowing members were absent: None
Councilmember Sisk introduced the following Resolution and moved Its
adopt on:
RESOLUTION NO. 89-113
AUTHORIZING EXECUTION AND DELIVERY OF
SUBORDINATION AGREEMENT
(TID 3-3; SECOND RNWNL DEVELOPMENT)
WHEREAS, Second RMWNL Limited Partnership, successors to RNWNL Limited Partnersh1p, has
secured a commitment t• -r construction financing from First National Bank of Chicago, a
national banking association ("Lender") for construction of the Improvements within Tax
Increment Financing District 3-3; and
WHEREAS, Lender requires that as a precondition to the closing on such financing that
the City enter into a Subordination Agreement ("Document"), and has presented Its
10 proposed form of the Document to the City; and
WHEREAS, City staff has reviewed the terms of the Document and reported its review to
the City Council.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that the Mayor and City are authorized to execute the Document on behalf of
the City and to deliver an executed copy of the same to the Lender.
The mot -ton for adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote beinq taken thereon, t+L'
following voted In favor thereof: yor Schneider, Councilmembers Vasiliou,
Ricker. Zitur and Sisk
The following voted aga"st or abstained: None
Whereupon the Resolution was declared duly passe an adopte