Loading...
HomeMy WebLinkAbout7139 - ADMIN Resolution - City Council - 1982/05/17r RESOLUTION NO. 7139 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY THOMAS PERBIX AND ASSOCIATES AND PERBIX MACHINE COMPANY UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN APPLICATION TO THE DEPARTMENT OF ENERGY, PLANNING AND DEVELOPMENT FOR APPROVAL THEREOF BE IT RESOLVED by the City Council of the City of St. Louis Park, Minnesota, as follows: 1. There has been presented to this Council a pro- posal by Thomas Perbix and Associates (the "Borrower") and Perbix Machine Company, Inc., a Minnesota corporation (the "Company") that the City undertake and finance a project pursuant to the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474 (the "Act") generally consisting of the acquisition of a building and the construction and installation of improvements thereto for use as a machine shop (the "Project"). Under the proposal, the Project facilities will be owned by the Borrower and leased to the Company, and the Borrower will enter into a revenue 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 the interest on up to approximately $515,000 Industrial Development Revenue Bonds of the City to be issued pursuant to the Act, to provide monies for the acquisition, construction and installation of the Project; and the City will pledge its interest in the revenue agreement to secure the bonds. 2. As required by the Act, this Council conducted a public hearing on May 17 , 1982 on the proposal to undertake and finance the Project after publication in the official newspaper and a newspaper of general circulation in the City of a notice setting forth the time and place of hearing; stating the general nature of the Project and an estimate of the principal amount of bonds or other obligations to be issued to finance the Project; stating that a draft copy of the proposed Application to the Commissioner of Securities, together with all attachments and exhibits thereto, is available for public_inspection at the office of the City Clerk, in the City Hall, at all times between the hours of 8:00 A.M. and 4:30 1.M. each day except Saturdays, Sundays and holidays to and including the day of hearing; and stating that all parties who appear at the public hearing shall have -an opportunity to express their views with respect to the °proposal. The draft application to the Commissioner of Securi- ties, together with -all attachments and exhibits thereto, was on file and available for public inspection at the place and times set forth in the notice. 3. It is hereby found, determined and declared that the Project furthers the purposes stated in Section 474.01 of the Act in 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 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 Municipality, county and school district where the Project is located. 4. The Borrower and the Company has entered into preliminary discussions with Wayzata Bank and Trust Company, as purchaser, and the purchaser has reported that the Project and the sale of bonds therefor are feasible. 5. The Company has agreed to pay any and all costs incurred by the City in connection with the Project, including all legal fees and all outside and independent fees and charges incurred, whether or not the Project is approved by the Department of Energy, Planning and Development and whether or not the Project is carried to completion. 6. The Project is hereby given preliminary approval by the City subject to approval of the Project by the Department of Energy, Planning and Development and subject to final approval by this Council and by the purchasers of any bonds to be issued as to the ultimate details of the Project and as to the terms of the bonds. 7. In accordance with Section 474.01, Subd. 7 of the Act, the Mayor, the City Manager, and such other officers and representatives 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 Department of Energy, Planning and Development and request the Commissioner's approval thereof, and the Mayor, the ' City Manager, and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as he may require. The Borrower, the Company, Faegre & Benson as bond counsel, the City Manager, 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. 8. The Borrower and the Company are hereby authorized to enter into such contracts, in its own name and not as agent for the City, as may be necessary for the acquisition and construc- tion of the Project by any means available to it and in the manner it determines without advertisement 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. Adopted by City Council May 17, 1982 Attest: 449 City Clerk Reviewed for administration: ,_.„,_,a' Approved as to form and legality: City Attorney