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HomeMy WebLinkAboutCity Council Resolution 1997-155• Councilmember P'eus introduced the following resolution and moved its adoption: RESOLUTION NO. 97- iss RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT ON BEHALF OF WOODLAND VILLAGE INVESTMENTS LIMITED PARTNERSHIP PROJECT AND ITS FINANCING UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; AUTHORIZING SUBMISSION OF THE PROPOSAL TO THE MINNESOTA DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT FOR APPROVAL; AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS. BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"), as follows: SECTION 1 Recitals and FindinM 1.1. This Council has received a proposal that the City finance a portion or all of the cost of a proposed project under Minnesota Statutes, Sections 469.152 through 469.165 (the "Act"), on behalf of Woodland Village Investments Limited Partnership, a Minnesota limited partnership (the "Borrower"), consisting of the acquisition, construction and equipping of an approximately 50,000 squam-foot expansion of an existing manufacturing facility to be used by the Borrower in its aluminum casting manufacturing business (the "Project"). The Project will be located at 7600 Niagara Lane, in the City. 1.2. At a public hearing, duly noticed and held on March S, 1997 in accordance with the Act and Section 147(f) of the Internal Revenue Code of 1986, on the proposal to undertake and finance the Project, all parties who appeared at the hearing were given an opportunity to express !heir views with respect to the proposal to undertake and fiaance the Project and interested patties were given the opportunity to submit written comments to the City Clerk before the time of the hearing. Based on the public hearing, such written comments (if any) and such other facts and circumstances as this Council deems relevant, this Council hereby finds, determines and declares as follows: (a) the welfare of the State of Minnesota requires active promotion, attraction, encouragement and development of economically sound industry and commerce through governmental actions for the purpose of preventing the emergence of blighted and marginal lands and areas of chaonic unemployment, and the State of Minnesota has encouraged local government units to act to prevent such economic deterioration; and • M Minnesota Department of 7)rade and Economic Development (the "Department"). The issuance of the Bonds shall be subject to a final authorizing resolution by the City Council in its sole discretion and approval by the City of the terms of the Bonds and the documents in connection therewith. The City retains the right in its sole discretion to withdraw from participation and accordingly not to issue the Bonds, or to issue the Bonds in an amount less than the amount referred to in this resolution, should the City, at any time prior to issuance thereof; determine that it is in the best interests of the City not to issue the Bonds, or to issue the Bonds in an amount less than the amount referred to in this resolution, or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents required for the transaction. The Bonds, if issued, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except the revenues specifically pledged to the payment themo% and each Bond, when, as and if issued, shall recite in substance that the Bond, including interest thereon, is payable solely from the revenues and property specifically pledged to the payment thereof, and shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 2.3. The APplication to the Department (the "Application"), with attachments, is hereby approved, urd the Mayor and City Administrator are authorized to execute said documents on behalf of the City. 2.4. In accordance with Section 469.154, Subdivision 3 of the Act, the Mayor and City Alministrator are hereby authorized and directed to cause the Application to be submitted to the Depart.aent for approval of the Project. The Mayor, City Administrator, City Clerk, City Attorney and other officers, employees and agents of the City are hereby authorized and directed to 1 rovide the Department with any preliminary information needed for this purpose. Best & Flanagan, Professional Umiud Liability Partnership is designated as Bond Counsel for the Bonds to finance the Project and is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if approved by the Department. SECTION 3 3.1. If the Bonds are issued and sold, the City will enter into a loan agreement or similar agreement satisfying the requirements of the Act (the "Loan Agreement") with the Borrower. The loan payments or other amounts payable by the Borrower to the City under the Loan Agreement shall be sufficient to pay the principal of, and interest and redemption premium, if any, on the Bonds as and when the same shall become due and payable. 3.2. The Borrower has agreed and it is hereby determined that any and all direct and indirect costs incurred by the City in connection with the Project, whether or not the Project is carried to completion, whether or not approved by the Department, -3- • • and whether or not the City by resolution authorizes the issuance of the Bonds, will be paid by the Borrower upon request. 3.3. The Mayor and City Administrator are directed, if the Bonds are issued and sold, thereafter to comply with the provisions of Section 469.154, Subdivisions 5 and 7 of the Act. Adopted by the City Council of the City of Plymouth on this 5th day of March, 1997. /s/ Joycelyn H. Tierney Mayor Attest: 1aw•ie F_ Ahrens City Clerk The motion for the adoption of the foregoing resolutions was duly seconJed by Councilmember Black and, upon vote being taken thereon, the following voted in favor thereof. Councilmembers Spigner, Black, Bildsoe, Wold, Johnson, Preus, rind Mayor Tierney. and the following voted against the same: None. whereupon the resolution was declared duly passed and adopted and was signed by the Mayor, whose signature was attested by the City Clerk. CMIOMOMOD"WIM AMMV&M e M -4- •