84-6980RLL
RESOLUTION N0. 6980
RESOLUTION WAIVING SUBDIVISION
ORDINANCE REQUiRENENTS
WHEREAS, the City Council of the City of Richfield has
reviewed the conveyance of the property described in Attachment
A attached hereto between Knutson Construction Company and the
Lake Shore Drive Condominium Association; and
WHEREAS, the proposed conveyance is necessary to carry out
the development as approved by the City of Richfield; and
WHEREAS, compliance with the provisions of the subdivision
ordinance requirements will result in a unnecessary hardship;
and
WHEREAS, failure to comply with the provisions of the
subdivision ordinance does not interfer with the purpose of the
platting regulations of the city.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Richfield as follows:
1. The City of Richfield approves the conveyance of the
property described in the attached Attachment A from
Knutson Construction Company to the Lake Shore Drive
Condominium Association.
2. The City of Richfield waives compliance with the
__ _ __ _subdiv.i ion__r--e-gulations of the city.
Passed by the City Council of the C~.~y of field, this
17th day of December, 19$4. ~; // ~~
n riami~tdri -" Mayor
ATTEST:
Sy via K. Bergh City -Clerk
L.i
Extract of Minutes of Meeting of the
City Council of the
City of Richfield, Minnesota
Pursuant to due call and notice. thereof, a regular
meeting of the City Council of the City of Richfield, Minnesota
was duly held at the City Hall in said City on 2liursday the
2_lth day of December; 1984, at 5:35 o'clock P.M.
The followingg members were Aresent: Mayor John Hamilton
and Councilraembers Howard Sunce, Martin Kirsch, Ivan Ludeman and
Donald Priebe
and the following were absent:
None
Member Ludeman _ introduced the following
resolution and moved its adoption:
- - - - - Reg. 6981
• RESOLUTION AUTHORIZING A PROJECT UNDER
THE MINNESOTA MUNICIPAL Z+*tDUSTRIAL
DEVELOPMENT ACT AND TXE ISSUANCE OF
VARIABLE RATE DE,`~fAND PURCHASE
COMMERCIAL DEVELOPMENT REVENUE BONDS
TO FIYANCE THE PROJECT
The motion for the adoption of the foregoing
resolution was duly seconded by member Bunce and
upon vote being taken thereon the following voted in favor
thereof: Hamilton, Bunce, Ludeman, Kirsc?~, Priebe
and the following voted against the same:
None
whereupon said resolution was declared duly passed and adopted.
RESOLUTION N0. 6981
RESOLUTION ~'UTHORIZING A PROJECT UNDER
THE MINNES~iOTA MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT AND THE ISSUANCE OF
COMMERCIAL DEVELOPMENT REVENiTE BONDS
TO FINANCE THE PROJECT
BE IT RESOLVED by the Council of the City of
Richfield, Minnesota, as' followsi
1. The Coun
Plaza Commercial Joint
undertake to finance a
pursuant to the Minnes~
Chapter 4'74., Minnesota
by the city of its $5,
Commercial Development
"Bonds"), and in accor
"Purchase Agreement") '
Cargill Export, Inc. (
2. The Compa.
estate and construct th
foot building and relat
facilities and equz.pmen
facility (hereinafter r
Project as described ab
employment in the City.
and purposes of the Act
adopted by this Council
the Project are hereby
has received a proposal from Market
nture (the "Company") that the City
stain Project as herein described,
Municipal Industrial Development Act,
atutes fthe "Act"), through issuance
,040 Variable Rate Demand Purchaee
venue Bonds, Series 1984 (the
ce with a Bond Purchase Agreement (the
peen the City, the Company and
"Bond Purchaser").
desires to acquire certain real
eon an approximately 70,000 .square
improvements including parking
suitable for a retail shopping
erred to as the "Project'°). The
e will provide substantial additional
d will otherwise further the policies
nd the findings made in the resolution
n February 16, 1982 with respect to
tified, affirmed and approved.
3. It is proposed that, pursuant to a Loan Agreement
dated as of December 1, j19$4, between the City as Lender and
the Company as Borrower'{the "Loan Agreement"), the City loan
the proceeds of the Bond~,s to the Company to partially finance
the cost of the Project.', The basic payments to be made by the
Company under the Loan Agreement are fixed so as to produce
revenue sufficient to pa'~y the principal of, premium, if any,
and interest on the Bond'!,s when due. rt is further proposed
that the City assign its' rights to the basic. payments and
certain other rights under the Loan Agreement to First Trust
Company of Saint Paul, in St. Paul, Minnesota (the "Trustee")
as security for payment,of the Bonds under an Indenture of
Trust dated as of Decemb',er 1, I9S4 (the "Indenture") and to
further secure the payment of the Bonds and the interest