HomeMy WebLinkAbout85-115 - ADMIN Resolution - City Council - 1985/08/05RESOLUTION NO. 85-115
A RESOLUTION GIVING PRELIMINARY APPROVAL
TO A PROPOSAL FOR THE ISSUANCE OF BONDS TO
FINANCE A COMMERCIAL REHABILITATION LOAN PROGRAM
WHEREAS, the City of St. Louis Park ("City") is authorized by Minnesota
Statutes, Sections 459.31 to 459.33 (the "Commercial Rehabilitation Act") to establish
a program for the making of loans to the owners of small and medium sized businesses
in the City; and
WHEREAS, the City has received requests from the owners of numerous small
and medium sized commercial buildings located in the City for loans to finance the
rehabilitation and renovation of such commercial buildings;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of St.
Louis Park that:
1. It is the present intention of the City Council of the City of St. Louis Park
to issue industrial development revenue bonds in an amount not to exceed
$2,700,000 to finance the program for making loans in accordance with the
requirements of the Commercial Rehabilitation Act to the owners of small and
medium sized commercial buildings located in the City, including the projects
identified below:
Estimated
Cost of
Name
Location
Improvement
Jiffy Car Wash
3740
Kipling Avenue
$80,000
Northcoast Partners
4300
W. 361 St.
200,000
Duggan's Bar and Grill
5916
Excelsior Boulevard
25,000
Jay Carlson
2230
Edgewood Avenue S.
200,000
Ralph Fine
4811-15 Excelsior Blvd.
25,000
Park Pet Hospital
4925
Highway 7
71,000
Douglas Ramstad
6925
Wayzata Blvd.
60,000-100,000
Wayne Hoffart
1330
Jersey Avenue S.
60,000
Eugene Morescki
6817
Wayzata Blvd.
40,000-70,000
Offset Printing, Inc.
5727
W. 36th St.
30,000-60,000
Helmut Mauer
5608
Excelsior Blvd.
200,000
Jack Fitzgerald
5911
Excelsior Blvd., and
25,000
6950
Oxford Street
Gearty-Delmore Chapel
3960
Wooddale Avenue S.
200,000
Smith Motors
4419
Excelsior Boulevard
75,000
Z & S Companies
6005
Wayzata Blvd., and
25,000
7000
Oxford Street
Orville Prechel
3560
Dakota Avenue
25,000
John B. Standal
3356
Gorham Avenue, and
35,000
5806-12 W. 36th St.
50,000
Luverne Lokken
6700
Excelsior Blvd.
200,000
Thomas Perbix & Assoc.
2238-2240 Florida Avenue
150,000
Starita Properties
7204
Minnetonka Blvd.
$35,000
Plaza West Bldg.
6311
Wayzata Blvd.
100,000
Michael McNeeley
3715
Oregon Avenue N.
150,000
Name
First Federal Savings
Alan Roers
Gas Supply Inc.
Solar Wash
NOW Foods
MEPC
Sathe and Associates
Walser Ford
Larry Donlin
Cale -Type
Curtis Square, Inc.
M.W.F. Space Center
A. Luther
M & M Enterprises
George Betts
Carpet King
Leonard Anderson
TWINCO Automotive
Snyder Electric
7 West 36th St.
Ken Larson If,
Stewart Interior, Inc.
Donald G. Paul
Location
5501
Excelsior Blvd.
4424-30 Excelsior Blvd.
2238
Edgewood South
8951
W. 36th St.
3857
Louisiana Ave. S.
Parkdale/Gamble Centers
5821
Cedar Lake Road
3555
South Highwa 100
7460
Oxford St.
6817
Wayzata Blvd.
3755
Louisiana Avenue
1551
Vernon Avenue, and
5901
Wayzata Boulevard
3550
Dakota Avenue
6121
Excelsior Boulevard
7035
Wayzata Boulevard
8225
Highway 7
6524
Walker Street
7430-34 West 27th St.
6112
use should not upset
25,000
4140
Excelsior Boulevard
4424
Excelsior Boulevard
6528
West Lake Street
Estimated
Cost of
Improvement
25,000
75,000
100,000
56,000
60,000-80,000
25,000
25,000
85,000
25,000
100,000
25,000
25,000
25,000
25,000
200,000
25,000
50,000
100,000
the overall plannting572
100,000
150,000
30,000
2. The City Manager, City Attorney and other officers, agents and staff of the
City are hereby authorized and directed to cooperate with and assist Miller &
Schroeder Municipals, Inc. and Holmes and Graven, Chartered in the preparation
of necessary documents for the establishment of the' City of St. Louis Park
Commercial Rehabilitation Loan Program and for the issuance of industrial
development revenue bonds of the City to finance such program.
3. This resolution shall be in full force and effect from and after its date of passage.
Adopted by the City Council August 5, 1985
2" 46/vdl-'�
M y
ATTEST:
ity Cler
Reviewed for administration:
ity Manager
Approved as to form and legality:
12 j= i W'
City Attorney L4