The URL can be used to link to this page

Home My WebLink About6624-6626 (Res.)• 150 • • RESOLUTION NO. 6625 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT UNIER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT: REFERRING THE PROPOSAL TO THE COIMfISSIONER OF SECURITIES FOR APPROVAL: AND AUTHORIZING EXECUTION OF A MEMORANDUM OF AGREEMENT AND PREPARATION OF NECESSARY DOCUMENTS. BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota (the city), as follows: 1. It is hereby found, determined and declared as follows: 1.1 The welfare of the State of Minnesota requires active promotion, attraction, encouragement and development of economically sound industry and commerce through governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and the State has encouraged local government units to act to prevent such economic deterioration. 1.2 Representatives of Consolidated Lumber Company, a Minnesota corporation (the borrower), have advised this Council of the Borrower's desire to construct within the City one or more buildings and to acquire and install therein items of equipment, machinery, furnishings and other property, all to be used as a retail 'building material sales facility (the Project). 1.3 The existence of the Project would add to the tax base of the City, and of the County and School District in which the Project is located and would provide increasedopportunities for employment for residents of the City and surrounding area. 1.4 This Council has been advised by said representatives that conventional, commercial financing to pay the cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of opera- ting the Project would be significantly reduced, but that with the aid of municipal borrowing, and its resulting lower borrowing cost, the Project is economically more feasible. 1.5 This Council has also been advised by said representatives that on the basis of their discussions with potential buyers of tax-exempt bonds, industrial development revenue bonds of the City could be issued and sold upon favorable rates and terms to finance the Project. 1.6 The City is authorized by Minnesota Statutes, Chapter 474, as amended (the Act), to issue its revenue bonds to finance capital projects consisting of properties used and useful in connection with a revenue producing enterprise, such as that of the Borrower, and the issuance of such bonds by the City would be a substantial inducement to the Borrower to construct the project. 2. On the basis of information given the City to date, it appears that it would be in the best interest of the City to issue its industrial development revenue bonds under the provisions of the Act to finance a portion of the cost of the Project, the total cost of which is presently estimated to be approximately $900,000. 3. The Project is hereby given preliminary approval by the City and the issuance of revenue bonds of the City in an amount not to exceed $900,000 to finance a portion of the cost of the Project is hereby approved subject to the approval of the Project by the Commissioner of Securities and to the mutual agree- ment of this Council and the Borrower as to the details of the bond issue and provisions of their payment. In all events, it is understood, however, that the bonds of the City shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except the Project, and each bond, when as and if issued, shall recite the substance that the bond, including interest thereon, is payable solely from the revenues received from the Project and property pledged to the payment thereof, and shall not constitute a debt of the City. 4. The form of Memorandum of Agreement relating to the issuance of revenue bonds of the City to finance the cost of the Project is hereby approvedand the Mayor and the City Clerk are hereby authorized and directed to execute the Memorandum of Agreement in behalf of the City. 5. In accordance with Section 474.01, Subdivision 7a of the Act, the Mayor and the City Clerk are hereby authorized and directed to submit an Application for the Project to the Commissioner of Securities for his approval of the Project. The Mayor, City Clcrk,City Attorney and other tfficers, employees and agents of the City are hereby authorized and directed to provide the Commissioner with any (continued on page 51) • !+ • • • 51 • • • RESOLUTION NO. 6625 - continued preliminary information the Commissioner may need for this purpose, and the City Attorney is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if it is approved by the Commissioner. Adopted by the Council this loth day of April, 1979 Published: April 13, 1979 Attest: J se. .L. ,.,ace- CCCiiity Clerk RESOLUTION NO. 6626 RESOLUTION DIRECTING THE PAYMENT OF BILLS. RESOLVED, by the City Council of the City of Stillwater, Minnesota that the following bills are hereby audited and approved for payment, and that order - checks be issued for the payment thereof: Horstmann, Zantha Services $ 69.60 Abrahamson, Wallace Mileage 100.00 American Bakeries Company Supplies 55.74 American Linen Supply Co. Services 25.60 Bear's Auto Clinic Services 57.54 Bielenberg Electric Company Repair scoreboard 176.55 Blumberg Photo Sound Co. Tapes 43.61 Brookman Motor Sales, Inc. Equipment parts 12.87 Burroughs Corporation Supplies 513.27 Century Power Equipment, Inc. Equipment parts 62.40 Cbial, David E. Mileage 31.38 Clutch & U-Joint Equipment parts 19.69 Coast to Coast Markers 3.90 Commissioner of Revenue Sales Tax 100.41 Croixside Press Supplies 74.00 Crossroads Ford Parts 31.68 Del's Sharpening Service Repairs 10.50 Denco & Associated Chemical Co. Cleaner 64.37 Eutetic Corporation Welding rods 45.03 Fackler,James Mileage 37.80 Farmers Union Grain Terminal Fertilizer 360.00 Frico-Lay, Inc. Supplies 124.28 Fullerton, Gary Reimbursement 3.71 Gillespie Sales & Equipment Grader 2,100.00 Gross Industrial Services Uniform rental 302.95 Guardian Alarm, Systems Alarm 24.00 Hardware Hank Supplies 52.20 Herman Junker Candy Company Supplies 213.30 Hicks Clothing & Tailoring Services 10.00 Hooley Super Markets, Inc. Supplies 23.28 Horstmann, Zantha Services 72.50 Lakeview Memorial Hospital Blood sample 15.00 Leef Bros., Inc. Uniform rental 54.80 Linner Electric Company Services 75.84 MacQueen Equipment, Inc. Parts 193.15 Medical Oxygen & Equipment Supplies 3.41 Metropolitan Waste Control Comm. SAC Charges 267.30 Midway Tractor & Equipment Co. Parts 82.69 Minnesota Toro, Inc. Parts 154.75 (continued on page 52) • • • • • RESOLUTION NO. 6626 - continued Motorola, Inc. Motorola, Inc. Nelson, Lori Niska, Ronald North St. Paul Welding, Inc. Northern States Power Company N. W. Bell Telephone Company Oasis Petroleum Company Office Electronics, Inc. Oxford Chemicals, Inc. Oxygen Service Company Pepsi-Cola/7-Up Bottling Co. Pilqust Auto Parts Pinky's Croixland Postmaster Postmaster Power Brake Equipment Co. Harden, Keith Radio Shack Reed Drug Rogers University St. Croix Animal Shelter St. Croix Car Wash St. Paul -Ramsey Hospital Scientific International Research Short -Elliott -Hendrickson, Inc. Stafford, R. H., Washington County Treasurer Stafford, R. H., Washington County Treasurer State Treasurer State Treasurer Stillwater Bakery Stillwater Book & Stationery Stillwater Emergency Services Stillwater Gazette Stillwater Insurance Agency Stillwater Motor Company SunRay Chrysler -Plymouth, Inc. Thompson Hardware, Inc. Tower Asphalt, Inc. Trail Dodge, Inc. Turrentine and Magnuson Valley Auto Supply, Inc. Valley Dri-Kieenette Van Paper Company White Bear Dodge, Inc. Wisconsin Bearing Co. Ziegler, Inc. Services Maintenance Skate instructor Reimbursement Supplies Services Services Gas & Fuel Freight Chemicals Supplies Supplies Parts Pumping Postate-meter Envelopes Parts Refund Duophone Supplies Book Services Washing Ethanol Supplies Engineering Section maps Salt -sand Surplus goods Surcharge report Supplies Supplies Subsidy Publications Fidelity Bond Lease Parts Supplies Cold mix Seal For Dominium Corp. Supplies and parts Laundry Trash Liners Parts Equipment Tire Adopted by the Councilthis10th day of April, 1979 Published: April 16, 1979 Attest: ocp,..._arty ,e. ,e_8�. tLL.# •J CitydClerk $ 160.87 98.50 75.00 72.00 28.57 11,341.92 904.95 6,182.80 2.96 159.37 12.00 102.60 20.00 35.00 500.00 563.50 102.92 10.00 104.90 8.48 21.00 30.00 10.00 87.00 194.45 1,323.60 6.00 5,684.25 16.30 866.43 172.60 133.36 1,100.00 473.35 162.00 75.00 8.30 28.74 88.14 .83 52.50 698.69 85.55 128.00 75.20 55.94 419.84 $38,152.51 Mayor • •