HomeMy WebLinkAbout09-052 - ADMIN Resolution - City Council - 2009/04/06RESOLUTION NO. 09-052
CITY OF ST. LOUIS PARK
HENNEPIN COUNTY, MINNESOTA
RESOLUTION AUTHORIZING MAYOR AND CITY MANAGER
TO EXECUTE CLOSING DOCUMENTS RELATING TO
SARA LEE CORPORATION (FORMERLY McGARVEY COFFEE,
INC.) 1978 INDUSTRIAL REVENUE BONDS TRANSACTION
WHEREAS, pursuant to a Mortgage and Indenture of Trust between the City and
Northwestern National Bank of Minneapolis, as trustee, dated January 1, 1978, the City authorized
the issuance of its Industrial Development Revenue Bonds (the "Bonds') in the aggregate principal
amount of $1,830,000 for the acquisition, construction and installation of a Project consisting of
certain real estate, buildings and related equipment and machinery in the City and improvements to
be constructed thereon and thereto (the "Project') as more particularly described in said Indenture
and that certain Lease, dated January 1, 1978, between the City, as lessor, and McGarvey Coffee,
Inc., as lessee (the "Lease"), as assigned to the Sara Lee Corporation by that certain Assignment and
Assumption Agreement, dated as of February 1, 1991;
WHEREAS, pursuant to the Lease, upon payment of the Bonds, the City will convey title
to the Project to Sara Lee Corporation as the assignee of McGarvey Coffee for the sum of One
Dollar; and
WHEREAS, the Bonds have been paid and Sara Lee Corporation is requesting conveyance
of the Project.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Manager are hereby
authorized to execute all closing documents necessary to transfer title to the Project in accordance
with Lease.
Review d or Administration: Adop - • by the City Council April 6, 2009
I 1i
Mr
City Ma age
Attest:
City Clerk
CaL
Mayo