#82-076 08-03-82 Amend Resolution No. 81-563 L p Resolution 82-76
August 3, 1982
Member Anderson introduced and read the following resolution and moved its
adoption:
RESOLUTION AMENDING RESOLUTION NO. 81-56 REGARDING A PROJECT AND ITS FINANCING
UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; REFERRING THE AMENDMENT TO
THE COMMISSIONER OF THE MINNESOTA DEPARTMENT OF ENERGY, PLANNING AND DEVELOPMENT
FOR APPROVAL; AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the
"Municipality"), as follows:
SECTION 1
Recitals and Findings
1.1. This Council has received a proposal that it amend Resolution No. 81-56,
adopted July 21, 1981 (the "Inducing Resolution") regarding the financing of a
portion or all of the cost of a proposed project under Minnesota Statutes,
Chapter 474 (the "Act"), consisting of the acquisition of land and the construction
thereon of a commercial office building (the "Project)" by HB Associates, a
Minnesota limited partnership (the "Borrower"), by increasing the authorized
amount of revenue bonds from $1,000,000 to $1,350,000.
1.2. The Borrower has informed this Council that while the nature of the Project
has not changed since the date of the Inducing Resolution, the costs of the Project
have increased so that it is now necessary to increase the amount of revenue bonds
authorized by the Municipality pursuant to the Act from $1,000,000 to $1,350,000.
1.3. At a public hearing, duly noticed and held on August 3, 1982, in accordance wit
the Act, on the proposed amendment, all parties who appeared at the hearing were
given an opportunity to express their views with respect to the proposed amendment.
SECTION 2
Amendment to Inducinq Resolution
2.1. On the basis of the information given the Municipality to date, it appears
that it would be desirable for the Municipality to amend the Inducing Resolution
to authorize the issuance of revenue bonds under the provisions of the Act to
finance the Project in an estimated total amount of $1,350,000.
2.2. Section 2.1 of the Inducing Resolution is hereby amended to read as follows:
On the basis of information given the Municipality to date it appears
desirable for the Municipality to issue its revenue bonds under the
provisions of the Act to finance the Project in the approximate amount
of $1,350,000.
2.3. In all respect other than the amendment contained in paragraph 2.2 of this
Section 2, the Inducing Resolution is hereby ratified, and is in full force and
effect.
2.4. The Amended Application to the Commissioner of Minnesota Department of
Energy, Planning and Development, with applicable attachments, is hereby
approved, and the Mayor and City Manager are hereby authorized to execute said
documents in behalf of the Municipality.
Resolution 82-76 - Continued
August 3, 1982 3 69
2.5. In accordance with Section 474.10, Subdivision 7a of the Act, the Mayor
and City Manager are hereby authorized and directed to cause the Amended
Application to be submitted to the Commissioner of Minnesota Department of
Energy, Planning and Development. The Mayor, City Manager, City Attorney and
other officers, employees and agents of the Municipality are hereby authorized
and directed to provide the Commissioner with any preliminary information needed
for this purpose. The City Attorney is authorized to initiate and assist in the
preparation of documents as may be appropriate to the Project, if approved by
the Commissioner.
Rosemary Thorsen Ma r
ATTEST:
John r y, City CleNcD
The motion for the adoption of the foregoing resolution was seconded by Member
Mitchell and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Johnson, Mitchell, Stockman and 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.
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