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HomeMy WebLinkAbout6834-6836 (Res.)RESOLUTION NO. 6834 RESOLUTION APPROVING EMPLOYMENT. BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota, that the employment of STEVEN FINNEGAN as Assistant Ice Arena Supervisor from and after October 1, 1980, be, and the same is hereby approved; and that as compensation for services the said Steven Finnegan shall receive the sum of $5.25 per hour. Adopted by the Council this 16th day of September, 1980. Published: September 22, 1980 Mayor Attest: J �/,�-.2%C— Ciiy Clerk RESOLUTION NO. 6835 RESOLUTION RECITING A PROPOSAL FOR A COMMERCIAL FACILITIES DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TC THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRAPPROVALLAOFDSAID PROJECTCT TOATHEORIZING THE COMMISSIONERUOFLSSION OF AN SECURITIES or THE ATION STATE FOR STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMI VTS AND MATERIALS IN CONNECTION WITH SAID PROJECT. WHEREAS, (a) The purpose of Chapter 474, Minnesota Statutes, known as the Minnesota Muniripal Industrial Development Act (the Act") as found and determined by the legislature is to promote the welfare of the state by the active attraction and encouragemmit and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; (b) Factors necessitating the active promotion and development of economi- cally sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for the development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; (c) The City Council of the City of Stillwater (the "City") has received from David S. Johnson, a proposal that the City assist in finnacni g a Project hereinafter described, through the issuance of a Revenue Bond or Bonds or a Revenue Note or Notes hereinafter referred to in this resolution as "Revenue Bonds" pursuant to the Act; (d) The City desires to facilitate the selective development of the comhaity, retain and improve the tax base and help to provide the range of services and employment opportun- ities required by the population; and the Project will assist the City in achieving those objectives. The Project will help to increase assessed valuation of the City and help maintain a postive relationship between assessed valuation and debt and enhance the image and reputation of the coannity; (e) Company is currently engage in the business of developing rental prop- erties. The Project to be financed by the Revenue Bonds is a Kinder -Care Learning Cater facility to be located in the City and leased by the Company to Kinder -Care Learning Cetera, Inc. and consists of the acquisition of land and the construction of buildings and improvements thast �i- and the installation of equipment hterein, and will result in the employmentof at tional persons to work within the new facilities; (continued on page 254) 0 • • • •I 20 0 RESOIXTIOM NO. 6835 - continued (f) The City has been advised by representatives of Company that conven- tional, commercial financing to pay the capital cost of the Project is mailable only an a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but Ccepany has also advised this Council that with the aid of mnicipal financing, and its resulting low borrowing cost, the Project is economically more feasible; (g) Pursuant to a resolution of the City Council adopted August 19, 1980, a public hearing on the Project was held on September 16,1980, after notice was published, and materials made available for public inspection at 216 North Fourth Street, all as required by Minnesota Statutes, Section 474.01, Subdivision 7b at which public hearing all those appear- ing at said hearing so desired to speak were heard (h) No public offidal of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially fran the Project. NOrl, TRERMMORE, BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota, as follows: 1. The Comcil hereby gives pretindnary approval to the proposal of Company that the City undertake the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the acquisition, construction and equipping of facilities within the City pursuant to Ccepany's specifications suitable for the operations described above and to a revenue agreement between the City and Company upon such terms and conditions with provisions for revision from time to time as necessary, so as to produced income and revenues sufficient to pay, when due, the principal of and interest on the Revenue Bonds in the total principal annnnt of approximately $325,000 to be issued pursuant to the Act to finance the acquisition, construction and equipping of the Project; and said agreement may also provide for the entire interest of Company therein to be mortgaged to the purchaser of the Revenue Bonds; and the City hereby under- takes preliminarily to issue its Revenue Bonds in accordance with such terse and conditions; 2. On the basis of information available to this Council it appears, and the Council hereby finds, that the Project constitutes properties, real and personal, used or useful in connecof tion withcne or more revenue producing enterprises engaged in any business within the meaning Sub- division la of Section 474.02 of the Act; that the Project furthers the purposes stated in Section 474.01, Minnesota Statutes; that the availability of the financing under the Act and willingness of the City to furnish such financing will be a substantial inducement -to.:Company to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the development of economically sound industry and commerce, to assist in the prevention of the emergence of blighted and marginal laud, to help prevent chronic unemployment, to help the City retain and improve the tax base and to provide the range of service and eployment opportunities required by the population, to help prevent the moment nt of talented and educated persons out of the state and to areas within the State where their services may rot be as effectively used, to promote more intensive development and use of land within the City and eventually to increase the tax base of the community, 3. The Project is hereby given preliminary approval by the City subject to the approvel of the Project by the Comissioner of Securities, and subject to final approval by this Council, Coopay,:uand the purchaser of the Revenue Bonds as to the ultimate details of the financing of the Project; 4. In accordance with Subdivision 7a of Section 474.01 Minnesota Statutes, the Mayor of the City is hereby authorized and directed to submit the proposal for the Projectto e Commissioner of Securities, requesting his approval, and other officers, ep oYct and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as he may require; 5. Company 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 Commissioner will be paid by Company; 6. Briggs and Morgan, Professional Association, acting as bond counsel, and First Corporate Services, Inc., investment bankers, are authorized to assist in the preparation and review of necessary documents relating to the Project, to consult with the City Attorney, Company and the purchaser of the Revenue Bonds are to the maturities, interest rates and other terms and previsions of the Revenue Bonds and as to the covenants and other provisions of the necessary documents and to submit such documents to the Council for final approval; 7. Nothing in this resoltuion 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 Revenue Bonds shall not constitute a charge, lien or ecu rbrance, 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 of the Revere Bonds shall never haw the right to carpel any exercise of the taxing power of the City to pay the outstanding principal on the Revenue Bonds or the interest thereon, or to enforce payment thereof against any property of the City. The Revenue Bond; shall recite in substance that the Revenue Bonds including interest thereon, is payable solely from the revenue and proceeds pledged to the payment thereof. The Revenue Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation; (continued on page 255) Mi • 255 1 • 0 • RESOLUTION N3. 6835 - continued 8. In anticipation of the approval by the Commissioner of Securities and the issuance of the Revenue Bonds to finance all or a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, Company is hereby authorized to sake much expenditures and advances toward payment of that portion of the costs of the Project to be financed from the proceeds of the Revenue Bands as Company considers necessary, including the use of interim, short-term financing, subject to reimbursement from the proceeds of the Revenue Bonds if andwhen delivered but otherwise without liability on the part of the City. Adopted by the City Council of the City of Stillwater, Minnesota, this 16th day of September, 1980. )) Published: September 22, 1980je jl Attest: CitN Cle Mayor RESOLUTION NO. 6836 RESOLUTION ADOPTING ASSESSMENT LOCAL IMPROVEMENT NO. 152. WHEREAS, pursuant to proper notice duly given as required by law, the Council has met and heard and passed upon all objections to the proposed assessment installationfor nStir nllwatesewers AvenuewwestofnOwens lift Streetstation, forcemain and streetconstruction i NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF STILLWATER, MINNESOTA: 1. That such proposed assessment is hereby accepted and shall constitute the special assessment against the lands named therein, and each tract of land therein included is hereby found to be benefited by the proposed improvement in the amount of the assessment levied against it. 2. Such assessment shall be payable in equal annual installments extending over a period of ten (10) years, the first of the installments to be payable on the first Monday in January, 1981 and shall bear interest at the rate of 71/4% per annum from the date of the adoption of this assessment resolution. To the first installment shall be added interest on the entire assessment from the date of this onuntil interestfo nt rDecember 39on alloeach unpaidsinstallmentsinstallment when due shall beadded 3. The owner of any property so assessed may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment, to the City Treasurer, except that no interest shall be charged if the entire assessment is paid within 30 days from the adoption of this resolution; and he may, at any time thereafter, pay to the Cqty Treasurer the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 15 or interest will be charged through December 31 of the next succeeding year. 4. The Clerk shal forthwith transmit a certified duplicate of this assessment to the County Auditor to be extended on the proper tax lists of the County, and such assessments shall be collected and paid over in the same manner as other municipal taxes. Adopted by the Council this 16th day of September, 1980. Published: September 23, 1980 Attest: ity Clerk Mayor a •