94-8116r73
RESOLUTION N0. 8116
RESOLUTION APPROVING.EXTENSION OF P~ATURITY OF
COMMERCIAL DEVELOPMENT REVENUE BOND
(RICHFIELD SrIOPPES DEVELOPERS PROJECT)
WHEREAS, the City of Richfield has heretofore issued
its Commercial Development Revenue Bond (Richfield Shoppes
Developers Project) (the "Bond"), sold the Bond.to Norwest Bank
Minneapolis, National Association (now Norwest Bank Minnesota,
National Association) {the "Bondholder"), and loaned the proceeds
of the Bond to Richfield Shoppes Developers, a Minnesota general
partnership (the "Borrower"), to finance a retail facility in the
City, all pursuant to a Loan and Bond Purchase Agreement dated as
of October 1, 1983 (the "Loan Agreement"); and
WHEREAS,: pursuant to a First Amendment to Commercial
Development Revenue Bond and Loan and Bond Purchase Agreement,
effective as of January 25, 1994 (the "First P.mendment"), the
City, the Borrower and the Bondholder have agreed to extend the
final maturity of the Bond to October 1, 2008; and
WHEREAS, the Borrower and the Bondholder have recruested
the City to further extend the final maturity of the Eond to
October 1, 2013;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Richfield, Minnesota, as follows:
1. The City hereby appro~
the maturity of the Bond to October
amendments set forth in the form of
Commercial Development Revenue Bond
P_greement (the "Second Amenament"),
City Manager.
yes the further extension of
1, 2013 and the additional
Second Amendment to
and Loan and Bond Purchase
which is or_ file with the
2. The Mayor and other City officers are authorized
and directed to execute she Second Amendment on behalf of the
City, substantially. in the form on file, but with all such
changes therein as shall be approved by the officers executing
the same, which approval shall be conclusively evidenced by the
execution thereof:
Approved by the City Council of the City of Richfield, Minnesota
this 28th day of February, 1994.
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ATTEST:
omas P, Ferber, City Clerk
i6~~'
trartin J. K rsc Mayor