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HomeMy WebLinkAbout16071 - ADMIN Resolution - City Council - 1978/07/17p r 1 4 JULY 17, 1978 RESOLUTION NO. 6071 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY PARK LANE BOWLING COMPANY UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR APPROVAL THEREOF AND AUTHORIZING THE PREPARATION OF DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT Resolved by the City Council of the City of St. Louis Park, as follows: 1. There has been presented to this Council a proposal by Park Lane Bowling Company, a partnership (the "Company") that the City undertake a project pursuant to the Minnesota Municipal Industrial Development Act (Minnesota Statutes, Chapter 474), to provide financing for constructing a bowling alley facility (hereinafter called the "Project"). Under the proposal, the Project will be owned by the Company and the Company will enter into a loan agreement with the City upon such terms and conditions as are necessary to produce income and revenues sufficient to pay, when due, the principal of and interest on up to approximately $650,000 Industrial Development Revenue Bonds of the City to be issued pursuant to said Chapter 474, Minnesota Statutes, to provide monies for the Project, and the City will pledge its interest in the loan agreement to secure the bonds. 2. It is hereby found, determined and declared that the purpose of the Project is and the effect thereof will be to promote the public welfare by the attraction, encouragement and development of economically sound industry, agriculture and commerce so as to, prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the retention and development of industry to use the available resources of the community in order to retain the benefit of its existing investment in educational and public service facilities, by halting the movement of talented, educated personnel of mature age to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; and the more intensive development of land avail- able in the area to provide a more adequate tax base to finance the cost of governmental services in the City, County and School District where the Project is located. 3. The Project is hereby given preliminary approval by the City subject,to approval of the Project by the Commissioner of Securities and subject to final approval by this Council and by the purchasers of any bonds to be issued and as to the ultimate details of the Project. -2- / j 4. In accordance with Section 474.01, Subd. 7a, Minnesota Statutes, the Mayor, the City Clerk, and such other officers and members of the City as may from time to time be designated are hereby authorized and directed to submit the proposal for the Project to the Commissioner of Securities and request his approval thereof, and the Mayor, Clerk, and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as he may required. The Company, Messrs. Faegre & Benson as bond counsel, the City Attorney, and other City officials are also authorized to initiate the preparation of a proposed loan agreement and such other documents as may be necessary or appropriate to the Project so that, when and if the proposed Project is approved by the Commissioner and -this Council gives its final approval thereto, the Project may be carried forward expeditiously. 5. The Company has agreed to pay any and all costs in- curred by the City in connection with the Project whether or not the Project is approved by the Commissioner and whether or not the Project is carried to completion and to indemnify the City, its officers and employees from all liability which the City and any officers and employees may incur in connection with the Project or the issuance and sale of the bonds. 6. The Company is hereby authorized to enter into such contracts, in its own name and not as agent for the City, as may be necessary for the construction of the Project by any means available to it and in the manner it determines without adver- tisement for bids as may be required for the acquisition or construction of other municipal facilities, but the City shall not be liable on any such contracts. test: City C Rei Adopted by the City Coucil July 17, 1978. . Appoyed as to form and legality: -3- Cit £ttorne ,