83-6830R56
EXTRACT OF MINUTES OF MEETING
• OF THE CITY COUNCIL OF THE CITY
OF RICHFIELD, HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof a regular meeting of the City
Council of the City of Richfield, Hennepin County, Minnesota, was held at
the. City Hall in said City on Monday, October 24, 1983, commencing at 7:00
o'clock P.M.
The following members were present:
Bunce, Hassenstab, Kirsch, Ludeman, Priebe, Hamilton
and the following were absent:
The following resolution was then presented by Councilmember
Hassenstab who moved its adoption, the reading of which was
dispensed with by unanimous consent:
RESOLUTION N0. 6830
RESOLUTION RESTATING THE COUNCIL'S INTENT
OF GIVING PRELIMINARY APPROVAL TO A PROJECT
UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT
BE IT RESOLVED By the City Council of the City of Richfield,
Minnesota, as follows:
It is hereby found, determined and declared as follows:
Section 1. Background.
1.01. On July 25, 1983 the City Council of the City of Richfield
passed Resolution No. 6786 (Resolution) giving Preliminary Approval to
Richfield Shoppes Developers Project (Project) under the Municipal
Industrial Development Act.
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1.02. A public heari~~ng before the Council was held prior to the
adoption of the Resolution abut published notice of the hearing as required
by law was not given.
1.03. Notice of a public hearing on the Project which was held this
date was duly given and published as required by law.
Resolution No. 6786 did not meet certain technical publication
requirements.
In the opinion of ,bond counsel and the City Council those techni-
cal requirements are not 'such so as to void the original preliminary
approval given to the Project by Resolution No. 6786.
Section 2. Findings: Determination.
2.01. The City Council hereby restates and reaffirms its findings,
determinations and declarations made in Resolution No. 6786 and hereby
states that it is and has (been the intent of the City Council to grant
preliminary approval to the Project since July 25, 1983.
2.02. The City Clerk is authorized and directed to send a certified
copy of this resolution to ', the Minnesota Energy and Economic Development
Authority. '
The motion for the ad~,option of the foregoing resolution was duly
seconded by Councilmember Bunce and upon vote being
taken thereon, the following', voted in favor of the motion:
Bunce, Hassenstab, .Kirsch, Ludeman, Priebe, Hamilton
and the following voted against:
None
4
whereupon said resolution was declared duly passed and adopted.October 24, 1983.
ATTEST:
S a K. g City C
5/
EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE CITY
OF. RICHFIELD, HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof a regular meeting of the City
Council of the City of Richfield, Hennepin County, Minnesota, was held at
the City Hall in said City on Monday, October 24, 1983, commencing at 7:00
o'clock P.M.
The following members were present:
$unce, Hassenstab, Kirsch', Ludeman, Priebe, Hamilton
and the following were absent:
;~::.
._.__._
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The following resolution was then presented by Councilmember
Bunce who moved its adoption, the reading of which was
dispensed with by unanimous consent:
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WI~REAS, the City has jade the necessary arrangements with Richfield
Shoppes Developers, a Minne ota general partnership {the "Company"), for
the purchase and renovation by the Company of a retail and commercial
facilities (the "Project"), which will be of the character contemplated by
and will accomplish the purposes provided by the Act; and
WI~REAS, it has been determined that bonds in the principal amount of
$4,350,000 should be issued; sold and delivered to provide proceeds for a
loan to be made to the Company to pay a part or all of the cost of the
Project; and
NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of
Richfield, Minnesota, as follows:
Section 1. Definition, Exhibits and General Provisions.
1.01. Definitions. In this Resolution the following terms have the
following respective meanings unless the context hereof clearly requires
otherwise:
1.02. Act: the Minnesota Municipal Industrial Development Act,
Minnesota Statutes, Chapter '474, as amended;
1.03. Assignment: ',the Assignment of Rents and Leases, dated as of
October 1, 1983, between Company and Bank;
1.04. Bond: the Commercial Development Revenue Bond (Richfield
Shoppes Developers Project)'in the aggregate principal amount of
$4,350,000, to be issued by 'the City pursuant to this Resolution.
1.05'. Bond Register: the register maintained by the City pursuant to
Section 4.02 hereof;
1.06. City: the City''of Richfield, Minnesota, its successors and
assigns;
1.07. Disbursing Agreement: the Disbursing Agreement dated
October 1, 1983 among Bank, ',City and Company.
1.08. Guaranty: the Guaranty dated October 1, 1983 given by the
partners of the Company to the Bank..
1.09. Holder: the Registered Holder of the Bond;
1.10. Loan Agreement:, the Loan and Bond Purchase Agreement dated as
of October 1, 1983, between 'the City, the Bank and the Company and any
amendments or supplements thereto;
1.11. Mortgage: that certain Combination Mortgage, Security Agree-
ment and Fixture Financing Statement by the Company to the Bank;
1.12. Payment Date: a date on which an installment of interest or of
principal and interest is due on the Bond.;