80-2841 CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 80-2841
RESOLUTION GIVING PRELIMINARY APPROVAL
TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT
BY JOHN B. STANDAL UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING
SUBMISSION OF AN APPLICATION TO THE
COMMISSIONER OF SECURITIES FOR APPROVAL THEREOF
Be It Resolved by the City Council of the City of
Hopkins, Minnesota, as follows :
1. There has been presented to this Council a proposal
by John B. Standal (the "Borrower" ) that the City undertake a
project pursuant to the Minnesota Municipal Industrial Development
Act (Minnesota Statutes, Chapter 474) for the acquisition, construc-
tion and equipping of an office building (the "Project" ) . Under
the proposal, the Project will be owned by the Borrower, and the
Borrower will enter into a Loan Agreement with the City upon such
terms and conditions as are necessary to produce income and
revenues sufficient to pay when due the principal of and interest
411 on up to approximately $1, 000, 000 Industrial Development Revenue
Bonds of the City to be issued pursuant to said Chapter 474 ,
Minnesota Statutes, to provide monies for the acquisition,
construction and equipping of the Project, the City will pledge
its interest in the Loan Agreement to the bondholder, and the
Borrower will mortgage the Project and assign the leases to
secure the bond.
2. As required by said Chapter 474, Minnesota Statutes,
this Council conducted a public hearing on April 1, 1980 on the
proposal to undertake and finance the Project, after publication
in the official newspaper and a newspaper of general circulation
in the City of a notice of the time and place of hearing, stating
the general nature of the Project and an estimate of the principal
amount of bonds or other obligations to be issued to finance the
Project and stating that a draft copy of the proposed Application
to the Commissioner of Securities, together with all attachments
and exhibits thereto, shall be available for public inspection at
the office of the City Clerk, in the City Hall, Hopkins , Minnesota,
at all times between the hours of 8: 00 a.m. and 4 : 30 p.m. each
IIP day except Saturdays, Sundays and holidays to and including the
day of hearing; and all parties who appeared at the public hearing
were given an opportunity to express their views with respect to
the proposal.
3. It is hereby found, determined and declared that
the purpose of the Project is and the effect thereof will be to
promote the public welfare by the attraction, encouragement and
development of economically sound industry, agriculture and
commerce so as to prevent, so far as possible, the emergence of
blighted and marginal lands and areas of chronic unemployment;
j the retention and development of industry to use the available
resources of the community, in order to retain the benefit of
their existing investment in educational and public service
facilities, by halting the movement of talented and educated
personnel of mature age to other areas and thus preserving the
economic and human resources needed as a base for providing
governmental services and facilities; the more intensive develop-
ment of land available in the area; and the more intensive develop-
ment of land available in the area to provide a more adequate tax
base to finance the cost of governmental services in the City,
County, and School District where the Project is located.
4. The Borrower has entered into preliminary
discussions with the Steinberg Financial Corp. , as Underwriter,
and the Underwriter has reported that the Project and the sale of
bond therefor are feasible.
5. The Project is hereby given preliminary approval by
the City subject to approval of the Project by the Commissioner
of Securities and subject to final approval by this Council and
410
by the purchasers of any bonds to be issued and as to the ultimate
details of the Project.
6. In accordance with Section 474. 01, Subd. 7, Minnesota
Statutes, the Mayor, City Manager, the City Clerk, and such other
officers and representatives of the City as may from time to time
be designated are hereby authorized and directed to submit the
proposal for the Project to the Commissioner of Securities and
request her approval thereof, and the Mayor, City Manager, the
City Clerk, and other officers, employees and agents of the City
are hereby authorized to provide the Commissioner with such
preliminary information as she may require. The Borrower,
Messrs. Faegre & Benson as bond counsel, the Underwriter, the
City Attorney, and other City officials are also authorized to
initiate the preparation of a proposed loan agreement, lease
agreement, mortgage and such other documents as may be necessary
or appropriate to the Project so that, when and if the proposed
Project is approved by the Commissioner and this Council gives
its final approval thereto, the Project may be carried forward
expeditiously.
7. The Borrower has agreed to pay any and all costs
incurred by the City in connection with the Project whether or
not the Project is approved by the Commissioner and whether or
not the Project is carried to completion.
8. The Borrower is hereby authorized to enter into
such contracts , in his own name and not as agent for the City, as
may be necessary for the construction of the Project by any means
available to him and in the manner he determines without advertise-
ment for bids as may be required for the acquisition or construc-
tion of other municipal facilities, but the City shall not be
liable on any such contracts.
41 STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
I, the undersigned, being the duly qualified and acting
hereby Clerk of the City of Hopkins, Minnesota, do he y certif y
that the attached extract of minutes of a regular meeting of the
City Council of the City held April 1, 1980, is a full, true
and correct transcript therefrom insofar as the same relates to
the $1, 000, 000 Industrial Development Revenue Bond of the City.
WITNESS My hand officially and seal officially as said
City Clerk this 17th day of April , 1980. k1
7/
7c
City Clerk E. Richardson
(Seal)
111