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82-6573R:3 RESOLUTION N0. 6573 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $4,100,000 GENERAL OBLIGATION REDEVELOPMENT BONDS OF 1982 BE IT RESOLVED By the City Council of the City of Richfield, Hennepin County, Minnesota as follows: 1. Findings. 1.01. This Council by Resolution No. 5717 authorized the issuance and sale of a separate series of general obligation redevelopment bonds to finance Public Redevelopment Costs in the Lyndale-Hub-Nicollet Redevelopment Project Area (the "Project Area"). 1.02. The City has issued and sold its $4,700,000 General Obli- gation Bonds of 1977, dated August 1, 1977 to finance a portion of the Costs. 1.03. The Housing and Redevelopment. Authority of the City of Richfield (the "Authority") has by resolution of November 17, 1981 re- quested the City to issue and sell additional general obligation. bonds to finance all or a portion of additional Costs in the Project-Area which Costs are presently estimated to be as follows: Multi-family Site Costs Acquisition $ 880,696 Site Improvements 28,325 Relocation 107,510 Demolition 4,200 Project 705 Special Assessments 78,626 Disposition Expense 15,000 Administration Expense 44,938 Contingencies 91,271 Property Management Expense 60,816 Legal Costs 12,000 Multifamily and Commercial Rehab, General Administrative Costs 100,376 Lyndale Garden Center Costs Acquisition $ 205,002 Relocation 18,063 Administration Expense 50,893 L- Richfield State Agency Costs Acquisition $ 552,500 Site Improvements 126,000 Relocation 30,000 Administration Expense 44,684 Contingencies 25,000 Legal Costs 12,000 Godfather Block (West End) Costs Acquisition $ 597,000 Relocation I 24,905 Demolition 23,273 Administrative Expense 90,072 Contingencies Iii 77,880 Property Management Expense 44,000 Other Project Area Cjosts Administrative Costs% - LHN Project $ 177,700 Financing Costs Legal and Fiscal ', $ 25,000 Capitalized Interes 471,97.0 Bond Discount 80,300 Total Bond Issue Required $4,100,000 1.04. The City is~, authorized to issue and sell its general obligation bonds for the purposes above stated by Minnesota Statutes, Sections 462.411. to 462.716, the Housing and Redevelopment Act, and Sec- tions 273.71 to 273.78, the Tx Increment Financing Act, and all conditions of those Acts necessary for the issuance of bonds have been met. 1.05. This Council~~finds and determines that it is necessary for the sound financial management of the City and the achievement of its redevelopment goals for the ~~Project Area that bonds for the above stated purposes be issued and sold. 2. Sale of Bonds. 2.01. The City shall issue and sell its General Obligation Redevelopment Bonds of 1982 (the "Bonds") as provided in this Resolution. 2.02. In order to Costs, the City shall there $4,019,700. In order to pro' to market the Bond's at this amount of $80,300. Any exce sum of $4,019,700 shall be c for the purpose of paying i Bonds in the principal amour accordance with the terms of provide financing for the Public Redevelopment Eore issue and sell Bonds in the amount of ide in part the additional interest required :ime, additional Bonds shall be issued in the s of the purchase price of the Bonds over the -edited to the debt service fund for the Bonds iterest first coming due on the Bonds. The t of $4,100,000 shall be issued and sold in :he following Official Notice of Sale: 3- OFFICIAL NOTICE OF SALE $4,100,000 General Obligation Redevelopment Bonds of 1982 City of Richfield Hennepin County, Minnesota NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $4,100,000 General Obligation Redevelopment Bonds of the City of Richfield, Minnesota, will be received until 11:00 a.m., C.T. on Wednesday, April 21, 1982 in the office of the City Manager in the City Hall at 6700 Portland Avenue South, Richfield, Minnesota 55423, at which time the bids will be opened and tabulated for presentation to the City Council at a special meeting at 5:00 o'clock p.m. C.T. on the same day. Purpose and Security The proceeds of the bonds will be used to finance all or a portion of certain, public redevelopment costs associated with a redevel- opment project undertaken by the Housing and Redevelopment Authority of the City and will be issued pursuant to the Minnesota Housing and Redevelopment Act and the Minnesota Tax Increment Financing Act. The bonds will be payable primarily from tax increments to be derived from .increases in the taxable valuation of property within a redevelopment project area in the City, but will be general obligations of the City to which full faith, credit and taxing powers of the City will be pledged. Date and Maturities The bonds will be dated May 1, 1982, will be in denomination of $5,000 each, and will mature on February 1 in the following years and amounts: Year Amount Year Amount 1985 $ 50,000 1993 $250,000 1986 75,000 1994 275,000 1987 75,000 1995 325,000 1988 100,000 1996 350,000 1989 125,000 1997 400,-000 1990 150,000 1998 750,000 1991 175,000 1999 800,000 1992 200,000 Redemption Feature All bonds of this issue maturing after February 1, 1994 will be subject to prior redemption at the option of the City in inverse order of serial numbers on said date and any interest payment date thereafter at a price of par plus accrued interest to date of redemption. -4- Interest on the bone semiannually thereafter on e maturing on the same date must at a single, uniform rate. Tr rate specified may not excee multiple of 5/104 of 1%, and average rate of the issue may the day of sale. Principal and intere recommended by the purchaser a~ pay the customary charges for tion is received within 48 hou: the paying agent if the recomm~ Interest is will be payable on February 1, 1983, and ach August 1 and February 1. All bonds . bear interest from date of issue until paid ,e difference between the highest and lowest 'd 3%. Each rate must be in an integral no rate of interest nor the net effective exceed the maximum rate permitted by law on Paying Agent st will be made payable at any suitable bank ~d approved by the Council, and the City will this service provided that such recommenda- °s after the sale and the Council will select ~ndation is not approved. ;USIP Numbers The City ;will assumellno obligation for the assignment or printing of CUSIP numbers on the bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any extension of the time of delivery caused thereby. Delivery Within 40 days after sale, the City will furnish and deliver to the office of the purchaser o'er, at its option, will deposit with a bank in the United States selected by it and approved by the City as its agent to permit examination by and to deliver to the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no ',litigation in any manner questioning their validity is then threatened o~r pending. The charge of the delivery agent must be paid by the purchaser, but all other costs will be paid by the City. The purchase price must be paid upon delivery of the bonds, or within five days after deposi'~,t with the delivery agent, in funds available for expenditure by the City on the day of payment. ', Legal Opinion An unqualified lega!1 opinion on the bonds will be furnished by Messrs. LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Asso- ciation, of Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of Ithe purchaser. The legal opinion will state that the bonds are valid andlbinding general obligations of the City, and that the City is obligated and required to levy taxes for the principal and interest thereon as the same ecome due without limit as to rate or amount. -5- ~e of Bid - Amount Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time specified above. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $82,004, payable to the City Finance Coordina- tor, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The good faith check will be deposited by the City at the- time of the award and deducted from the purchase price of the Bonds at delivery. The bid authorizing the lowest net interest cost (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $4,100,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $4,019,700 for principal plus accrued interest on all of the bonds will be considered, and the City reserves the right to reject any and all bids and to waive any informality in any bid. BY ORDER OF THE CITY COUNCIL ~.~ /s/ Sylvia K. Bergh City Clerk i Dated: April 1, 1982 2.03. The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with the foregoing notice of sale and to cause the abbreviated notice of sale attached hereto as Exhibit A, to be pub- lished in the manner required by law. The City Council shall meet in a special meeting on Wednesday, April 21,.1982, at 5:00 o'clock p.m. for the purpose of considering sealed bids on the bonds and taking any other appro- priate action. 3. Maturity Schedule: Prior Authorization. 3.01. In order to conform to the requirements of Minnesota Statutes, Section 475.54, Subdivision 1, the Council hereby combines the maturity schedule of the Bonds with the maturity schedule of its $4,700,000 General Obligation Redevelopment Bonds of 1977, dated August 1, 1977, all as provided in Minnesota Statutes, Section 475.54, Subdivision 2. 3.02. By resolution b538, November 23, 1981, this council authorized the issuance and sale of $2,450,000 General Obligation Redevel- opment Bonds of 1981 to finance a portion of the Public Redevelopment Costs identified in Section 1.03 hereof, which bonds were neither sold nor delivered by the City. Resolution 6538 is rescinded. Passed by the City Council of the Ci Apri1,P 1982. ATTEST: Sylv' Bergh City 'G1erk Exhibit A CE OF SALE $4,100,000 General Obligation Redevelopment Bonds of 1982 City of Richfield Hennep~.n County, Minnesota NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $4,100,000 General Obligation Redevelopment Bonds of the City of Richfield, Minnesota, will be received u~til 11:00 a.m., C.T. on Wednesday, April 21, 1982 in the office of the City Manager in the City Hall at 4700 Portland Avenue South, Richfield, Minnesota 55423, at which time the bids will be opened and tabulated for prel~isentation to the City Council at a special meeting at 5:00 o'clock p.m. CLT. on the same day. Dated May 1, 1982, the bonds will mature. on February 1 in the years and amounts as follows: I Year Amount Year Amount 1985 Y $ 50,000 1993 $250,000 1986 75,000 1994 275,000 1987 75,000 ' 1995 325,000 1988 100,000 ', - 1996 350,000 1989 125,000 ', 1997 400,000 1990 150,000 1998 750,000 199 1 175;000 ~', 1999 800,000 1992 200,000 All bonds maturing after February 1, 1.994 are subject to prior redemption on said date and any interest payment date thereafter at par plus accrued interest. Interest will be p'~ayable on February 1, 1983, and semiannually thereafter. Each rate must b'e in an integral multiple of 5/100 of 1°~ and no rate may exceed the maximum rate permitted by law on the date of sale. Minimum price, $4,019,700. An unqualified legal opinion will be furnished by Messrs. LeFevere, Lefler; Kennedy, O'Brien & Drawz, A Professional Association, of Minneapolis,I,Minnesota. The purpose of the bonds is to finance public redevelopment costs in a redevelopment project area in the city. BY ORDER OF THE CITY COUNCIL /s/ Sylvia K. Bergh City Clerk Dated: April 1, 1982 k .;:- 4 RESOLUTION NO 6573 A RESOLUTION GRANTING BUSINESS LICENSE TO J&L INVESTMENT COMPANY WHEREAS, the city council of the City of Richfield, Minnesota, ~`- met in a regular sessi-on in the council chambers of the city hall on Monday, February 8, 1982., at 7:00 p.m. Pursuant to established procedures and notifications, the council conducted a hearing with regard to the 1982 business license renewal application by J&L Invest- ment Company for the Tip-Top Car Wash, located at 6601 .Bloomington Avenue South, in the City of Richfield. Appearing on•behalf of the city in .this matter was Thomas A. Morgan, Jr., Director of Public Safety for the City of Richfield. Appearing on behalf of the applicant in this matter was Mr. Richard H. Speeter, Mr. David S. Colehour it's President, and ~~ WHEREAS, testimony presented by the Public Safety Director with regard to the license renewal application indicated that some concerns have developed during the 198.0 and 1981 business years. These concerns indicate a non-compliance with. certain city ordinance requirements re- lating to the applicants business activity.. Additionally, the city council expressed a concern which had been raised by some residents '~ relating to the inconvenience created by a lack of adequate change machines, a continuing problem with refuse on the. premises and in the neighborhood, and a traffic congestion and noise problem related to the business activity, and WHEREAS, testimony provided by both Mr. Speeter-and Mr. Colehour indicated the .recognition. of the concerns raised by the Department of Public Safety. Both individuals indicated that the problems which re- sulted in the concerns expressed by the Department. of Public Safety were matters which were readily correctable. Mr. Colehour testified that whatever action would be required to correct the concerns which have been raised as a part of the license renewal hearing would receive immediate attention and that he would; as the owner of the business establishment, accept and agree to. be bound by license which would be terminated if these matters were not promptly and .permanently corrected, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City-- • of .Richfield that applicant is hereby granted the 1982 business license requested. Such license will remain in effect for the license period, or until such time as the licensee shall fail, after ten'(10) days written notice, to comply with any, of the following conditions.: - 1. The business activity must comply with the requirements of all applicable ordinances. 2. Change machines must be adequate in number and serviced frequently so as to minimize iriconveni-once to surrounding .businesses caused by car wash patrons seeking change. i ,~ ~ i 3. Automatic shutoffs m~st be installed to shut off lights, vacuum cleaners and washing apparatus at 11:00 p.m., daily to prevent individuals from being able to use the car wash past.-that ti~lme. 4. The premises must be~kept in a clean condition free of litter, trash and refuse. 5. Covered refuse containers must be provided in sufficient numbers to handle thi volume of refuse generated. •• 6. The trash dumpsters`,located on the premises must be re- located so as not tobe within thirty (30) feet of res- idential property and must, prior to June 1, 1982, be enclosed as requiredby ordinance and kept in-such enclo- sure. 7. Trash dumpsters and other refuse containers must be Emptied as often as necessary to prevent overflowing. 8. Prior to June 1, 1982, stripes must be painted on the wait ing area to the car wash bays to allow for forty (40) auto- ' mobiles waiting to be washed to be contained in that area. .-~ 9. The licensee must notify the city at least .every three (3) months, beginning April 1, 19.82, concerning .its progress towards remodeling the facility. 10. Acknowledge acceptance of this conditional license by an Agreement signed by the applicant, accepting the license on the basis'of the stipulations r,eretb set forth and agreeing to be bound'~,thereto. Passed by the City Council of the City of Richfi'~ d, Minnesota this 8th day of February 19.82. i '1 /" ', ~ n ohn Ham' ton ,Mayor ATTEST: i j Sy is K. Bergh City C1 STA`T'EMENT ATTACHED TO, AND MADE PART OF RICHF'IEI,D CITY COUNCIL RESOLUTION 6573 The undersigned acknowledges receipt of a copy of this Resolution, has read and understands its contents and agrees to operate the licensed business establishment in compliance therewith. The undersigned further acknow- _ .ledges.-that failure to comply with the provisions of this. • Resolution may result in. the revocation, suspension or other dicipline of its business license. -; _ J & L INVESTA'IENT COMPANY . By • I is Owner . Dated this day of February,: 1982.