80-6337R~ ,
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RESOLUTION N0. 6337
A RESOLUTION RELATING TO AN AGREEMENT FOR
PRIVATE DEVELOPMENT BETWEEN THE CITY OF
RICHFIELD AND THE S & M COMPANY: AUTHORIZING
CERTAIN AMENDMENTS THERETO
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RICHFIELD, MINNESOTA AS FOLLOWS:
1. The City of Richfield (the."City") has entered
into an Agreement For Private Development dated September 8,
1980 (the "Agreement") with The S & M Company (the "Company")
in connection with the development of certain land within
the Lyndale-Hub-Nicollet Redevelopment Project Area.
2. The Agreement contains certain provisions relating
to the issuance and sale by the. City of its Industrial
Development Revenue Bonds (the "IDR Bonds") to provide funds
to be loaned to the Company for a project consisting generally
of the expansion of Company's Lyndale Hardware retail facility
at 66th Street and Lyndale Avenue in the City.
3. It appears necessary that those provisions of the
Agreement relating to the IDR Bonds be modified to more
accurately reflect the provisions of the underlying financing
documents to be utilized in the IDR Bonds and the contemplated
schedule for the issuance of the IDR Bonds.
4. Pursuant to Section 8.9 Company has requested that
the Agreement be amended..
5. The Agreement is hereby amended in accordance with
the amendments set forth in the form of amendment attached
hereto as Exhibit A.
6. The Mayor and City Manager are authorized and
directed to execute the form of amendment on behalf of the
City.
Passed by the City Council of the City of Richfield this 10th day of
November, 1980. _ ,~_
J. Priebe ~'l~lavor
ATTEST:
Syly' K. Bergh Acting City C
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