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
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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,
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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
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