#091 10-06-81 Extend Approval North Wirth Associates Issue Bonds14 6 Resolution #91
October 6, 1981
Member Mitchell introduced and read the following resolution and moved its
adoption:
RESOLUTION EXTENDING PRELIMINARY APPROVAL TO A PROJECT WITH
NORTH WIRTH ASSOCIATES UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT, EXTENDING PRELIMINARY APPROVAL FOR THE ISSUANCE
OF REVENUE BONDS TO FINANCE THE PROJECT AND AUTHORIZING THE
PREPARATION OF NECESSARY DOCUMENTS
WHEREAS, the City Council (the "Council") of the City of Golden Valley,
Minnesota (the "City"), received a proposal from North Wirth Associates (the
"Borrower") that the City undertake to finance a Project hereinafter described
through the issuance of revenue bonds or notes (the "Bonds") pursuant to Chapter
474, Minnesota Stautes, known as the Minnesota Municipal Industrial Development
Act (the "Act"); and
WHEREAS, the Council on October 20, 1980, adopted a resolution (the
"Preliminary Resolution") entitled as follows:
RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT WITH
NORTH WIRTH ASSOCIATES UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT, GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE
OF REVENUE BONDS TO FINANCE THE PROJECT, AUTHORIZING THE SUBMISSION
OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF
SECURITIES OF THE STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF
NECESSARY DOCUMENTS
WHEREAS, the Project to be financed by the bonds is
a five -story office
building to be leased by the User to
certain tenants for
the use by them as
general office space, and consists of
the acquisition of
land and the construction
of buildings and improvements thereon
and the installation of equipment therein,
and will result in the employment of
additional persons
to work within the new
facilities; and
WHEREAS, construction of the Project has commenced and is continuing, and
the bonds are to be issued upon completion of financing negotiations for the
Project;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City as follows:
1. The Council hereby extends the preliminary approval given to the Project
by the Preliminary Resolution to October 20, 1982, which is a period of one year
from the expiration date of the Preliminary Resolution.
2. The Borrower has agreed and it is hereby determined that any and all
costs incurred by the City in connection with the financing of the Project
whether or not the Project is carried to completion and whether or not approved
by the Commissioners will be paid by the Borrower.
3. Nothing in this resolution or in the documents prepared pursuant hereto
shall authorize the expenditure of any municipal funds on the Project other than
the revenues derived from the Project or otherwise granted to the City for this
purpose. The bonds shall not constitute a charge, lien or encumbrance, legal or
equitable, upon any property or funds of the City except the revenue and proceeds
pledged to the payment thereof, nor shall the City be subject to any liability
thereon. The holder or holders from time to time of the bonds shall never have
Resolution #91 - Continued October 6, 1981 147
the right to compel any exercise of the taxing power of the City to pay the
outstanding principal on the bonds or the interest thereon, or to enforce
payment thereof against any property of the City. The bonds shall recite in
substance that the bonds, including interest thereon, is payable solely from the
revenue and constitute a debt of the City within the meaning of any constitutinal
or statutory limitation.
4. Representatives of the City and Lindquist & Vennum, as bond counsel,
are hereby authorized, in cooperation with the Borrower and the Borrower's
counsel, to inititate the preparation of a proposed loan agreement, mortgage and
such other documents as may be necessary or appropriate to the Project so that,
upon completion of the Project and final approval by the Council, the Project
may be carried forward expeditiously.
Approved and adopted this sixth day of October, 1981.
� � �! � -
osemary Mayor
ATTEST:
John phy, City
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The motion for the adoption of the foregoing resolution was
seconded
by Member
Johnson and upon a vote being taken thereon, the following
voted in
favor
thereof: Anderson, Johnson, Mitchell and Stockman and the
following
abstained:
Thorsen, and the following voted against the same: none, whereupon
said
resolution was declared duly passed and adopted, signed by
the Mayor
and her
signature attested by the City Clerk.
1