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81-6538R65 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, November 23, 1981, commencing at 7:00 o'clock P.M. The following members were present: Howard A. Bunce, Juanita Collins, Don Hassenstab, Ivan Ludeman and the following were. absent: none The following resolution was presented by Councilmember Ludeman who moved its adoption: RESOLUTION N0. 6538 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION REDEVELOPMENT -~ BONDS OF 1981 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 they City of Richfield (the "Authority".) has by resolut . ion of November 17, 1981 requested 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 'a follows: Multi-family Site Costs Acquisition $ 816,972 Site Improvements 28,325 Relocation 107,510 Demolition 4,200. Project 705 Special Assessments 78,626 Disposition Expense 15,000 Administrative Expense 44,938 Contingencies (5%) 58,444 Property Management Expense 60,816 Legal Costs 12,000 Other. Project Area Costs Administrative Costs $ 177,700 Multi-family and Commercial- Rehab 100,376 Advances from Capital Improvement Fund 96,551 Lyndale Garden Center Development Costs (1980-81) _ 273,958 Financing Costs Legal and Fiscal $ 25,000 Capitalized Interest 550,000 Bond Discount 48,000 Total bond issue 'required $2,450,000 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, Tax 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 anal. sell its General Obligation Redevelopment Bonds of 1981 (the "Bonds") as provided in this Resolution.' 2.02. In order-to:-provide,f;nancing for the Public Redevelopment Costs, the City shall therefore issue '.and sell Bonds. in the amount. of $2,402,000, In order to provide in part the. additional interest required to market the Bonds at this time, additional Bonds shall be issued in .the amount of $48,000. Any excess of the purchase price of the Bonds over the sum of $2,402,000 shall be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the Bonds. The Bonds in the principal amount of $2,450,000 shall be issued and sold in accordance with the terms of the following Official Notice. of Sale: 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 Wednesdaq, December 16, 1981, at 5:30 o'clock p.m. for the purpose of considering sealed bids on the bonds and taking any other appropriate .action. 3. Maturity Schedule. 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. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Bunce, and upon vote being taken thereon, the following voted in favor: Howard A. Bunce, Juanita Collins, Don Hassenstab, Ivan Ludeman - and the following voted against: None whereupon said. resolution was declared duly passed and .adopted. Passed by the City Council of the City of Richfield this 23rd day of November, 1981. a Don ld J. Prieb Mayor ATTEST: ylvi Bergh City Viler OFFICIAL NOTICE OF SALE General Obligation Redevelopment Bonds of 1981 .City of Richfield. Hennepin. County, Minnesota NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $2,450,000 General Obligation Redevelopment Bonds of the City of Richfield, Minnesota,: will be received until 11:30 a.m., G.T. on Wednesday, December 16, 1981 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 5:30. o'clock p.m. C.T. on the same .day. Purpose and Securit 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 January 1, 19$2, will be in denomination of $5,000 each, and will mature on February 1 in the following years and amounts: Year Amount Year Amount 1984 $ 20,000 1993 $120,000 1985 25,000 1994 140,000 1986. 30,000 1995 170,000 1987 45,000 1996 185,000 1988 55,000 1997 210,000 1989 70,000 1998 235,000 1990 80,000 1999 270,000 1991 90,000 2000 300,000 1992 105,000 2001 300,000 Redemption Feature All bonds of this issue maturing after February 1, 1995 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. Interest Interest on the .,bonds will be payable on August 1, 1982, and semiannually thereafter on each February 1 and August 1. All bonds maturing on the same date,~inust bear ::interest from date of issue until paid. at a single, uniform rate, not exceeding the rate specified for. bonds of any subsequent maturity. The difference between the highest and lowest rate specified may not exceed 3%. Each rate must be in an integral multiple of 5/100 of l%, and no rate of interest nor the net effective average rate of the. issue may exceed 12% per annum. Paying Agent Principal and interest will be made payable at any suitable bank recommended by the purchaser and approved by the Council, and the City will pay the customary charges for this service provided that such recommenda- tion is received within 48 hours after the sale and the .Council will select the paying agent if the recommendation is not approved. CUSIP Numbers The City will assume no 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 or, 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 or 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 deposit with the delivery agent, in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opiniom 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 the purchaser. The legal opinion will state that the bonds are valid and binding 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 become due without limit as to rate or amount. .Type 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 $49,000, 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 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-$2,450,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $2,402,000 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 Dated: November 23, 1981 - Exhibit „A„ NOTICE OF SALE $2,450,000 Genera l':;Qbligaton Redevelopment Bonds of 1981 'City o£ ~2chfield .Hennepin County, Minnesota NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $2,450,000 General Obligation Redevelopment Bonds of the City of Richfield, Minnesota, will be received until 11:30 a.m., C.T. om Wednesday, December 16, 1981 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 5:30 o'clock p.m. C.T. on the same day. Dated January 1, :1982, the bonds will mature on February 1 in the years and amounts as follows: Year Amount Year Amount 1984 $ 20,000 _ 1993 $120,000 1985 25,000 1994 140,000 1986 30,000 1995 170,000 198.7 45,000 1996 185,000 1988 55,00!0 1997 210,000 1989 70,00':0 - 1998 235,000 1990 80,000 1999 270,000 1991 90,00!0 2000 300,000 1992 105,00:0 2001 300,000 All bonds maturing after February 1, 1995 are subject to prior redemption on said date and any interest payment date thereafter at par plus accrued. interest.. Interest will. be payable on August 1, 1982, and semiannually thereafter. Each rate must be in an integral multiple of 5/100 of 1% and no rate .may exceed 12% per annum. Minimum price, $2,402,000. An unquali- fied legal opinion will be furnished by Messrs. LeFevere, Lefler, Kennedy, O'Brien & Drawz, A Professional Association, of Minneapolis, 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: November 23, 1981 STATE OF MINNESOTA ) - ) COUNTY OF HENNEPIN ) SS. CITY OF RICHFIELD ) I, the undersigned, being. the duly qualified and acting City Clerk of the City of Richfield, Minnesota do hereby certify that I have carefully compared the attached: and foregoing extract of minutes of a regular meeting of the City Council. of said City held on .Monday, November 23, 1981, with the original thereof on fife in my office and the same is a full, true and complete transcript thereof, insofar as the same relates to the issuance and sale of $2,450.,000 General Obligation Redevel- opment Bonds of 1981, of the City. WITNESS My hand as such City Clerk .and the corporate. seal. of the City this 23rd day of November ,.1981. ~. City erk .~ '~ ~; I ~' ~~ City of Richfield, Minnesota .~ , ; ' ~ ~ ,~ ~ i ~ ' } ~~ rs.~ ~~ t ~ '~, t ~ ~~ ,~ ~ ~ ~ 1 , : i , t'~1, , . ' ~' ~'