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1988-106 . . . CITY OF HOPKINS Hennepin County, Minnesota RESOLUTION NO: 88-106 A RESOLUTION WAIVING PLATTING REQUIREMENTS FOR A DIVISION OF LOT 3, BLOCK 8, BELLGROVE INTO TWO PARCELS WHEREAS, Bruce Malkerson has applied to the City Council of Hopkins for approval of a division of P.I.D. fJ 13-117-22-23-0025 and to add additional land to P.I.D.fJ 13- 117-22-23-0024 lying within the North 1/2 of Section 13, Township 117, Range 22, County of Hennepin, State of Minnesota. The two new parcels are described as follows: 19 Loring Road: Lot 3, Block 8, Bellgrove, except that part of said Lot 3 lying easterly of a line drawn from the Northeasterly corner of said Lot 3, to a point on the South line of said Lot 3, distant 17.00 feet West from the Southeast corner of said Lot 3, Block 8, Bellgrove, according to the recorded plat thereof. 17 Loring Road: The Northwesterly 50 feet of Lot 1, all of Lot 2, and the East 50 feet of Lot 4, all in Block 8, Bellgrove, and that part of Lot 3 lying Easterly of a line drawn from the Northeasterly corner of said Lot 3 to a point on the South line of said Lot 3 distant 17 feet West from the Southeast corner of said Lot 3, Block 8, Bellgrove, according to the plat thereof on file or of record in the office of the Registrar of Titles in and for said County. NOW THEREFORE, it is hereby resolved by the City Council of the City of Hopkins that said premises as above described may be divided as hereinabove set forth without further platting or other formal subdivision requirements. Passed and adopted by the City Council of the City of Hopkins, Minnesota, at a regular meeting held the July 7, 1983. d:d# MES A. G~~' City Clerk ~~~ERT' Mayor JERRE MILLER, City Attorney ._, Extract of Minutes of Meeting of the City Council of the City of Hopkins Hennepin County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Hopkins, Hennepin County, Minnesota, was duly held in the City Hall in the City on Tuesday, April 5, 1988, commencing at 7:30 o'clock P.M. The following members were present: Milbert, Anderson, Kritzler, Redepenning, and Shirley and the following were absent: None * * * * * * * * * The following resolution was presented by Councilmember Anderson who moved its adoption, the reading of which was dispensed with by unanimous consent: RESOLUTION NO. 88-25 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $2,145,000 GENERAL OBLIGATION REDEVELOPMENT BONDS, SERIES 1988A BE IT RESOLVED By the City Council of the City of Hopkins, Hennepin County, Minnesota, (City) as follows: 1. It is hereby determined: (a) The City has issued and sold its $2,775,000 General Obliga- tion Temporary Redevelopment Bonds, Series 1985B (Temporary Bonds) to provide funds to temporarily finance public redevelopment costs (Costs) incurred or to be incurred in the City's Central Business Redevelopment Project Area (Project Area). The Project Area is a Tax Increment Financing District within the meaning of Minnesota Statutes, Chapter 469 (Act). (b) The City is authorized by Section 469.178 of the Act to issue and sell its long-term bonds to permanently finance Costs in the Project Area as identified in the redevelopment plan (Plan) for the Project Area. (c) The Housing and Redevelopment Authority of the City (Author- ity) has identified the following Costs to be permanently financed: Structured Parking Facility Total $1,950,000 180,260 44,000 25,740 (55,000) $2,145,000 Contract Costs Professional Advisory Costs Cost of Issuance Discount Less City Contribution (d) The Authority has requested the City to issue and sell long term bonds to finance all or a portion of the Costs. (e) The Tax Increment Agreement between the Authority and the City, dated September 30, 1977, and filed with the Director of Property Taxation of Hennepin County is ratified and confirmed. (f) That it is necessary and expedient to the sound financial management of the affairs of the City to issue $2,145,000 General Obligation Redevelopment Bonds, Series 1988A (Bonds) to provide financing for the Redevelopment Costs. (g) The Temporary Bonds are subject to redemption and prepayment on June 1, 1988. 2. In order to provide financing for the Costs, the City shall therefore issue and sell Bonds in the amount of $2,119,260. 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 $25,740. Any excess of the purchase price of the Bonds over the sum of $2,119,260 shall be credited to the debt service fund for the Bonds for the purpose 0 paying interest first coming due on such additional Bonds. The Bonds shall be issued and sold in accordance with the terms of the following Official Notice of Sale: OFFICIAL NOTICE OF SALE $2,145,000 GENERAL OBLIGATION REDEVELOPMENT BONDS, SERIES 1988A CITY OF HOPKINS HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above captioned bonds will be received until 11:00 a.m. C.T., on Tuesday, April 26, 1988, in the office of the City Manager at City Hall, 1010 South 1st Street, Hopkins, Minnesota 55343, at which time the bids will be opened and tabulated for consideration by the City Council at a special meeting at 12:00 noon C.T. on the same day. The bonds are offered on the following terms. Purpose and Security The purpose of the bonds is to provide funds for the permanent financing of public redevelopment costs in a redevelopment project area in the City. The bonds will be general obligations to the City, for which its full faith, credit and taxing powers are pledged together with tax incre- ments from the project area. Date and Maturities The bonds will be issued in fully registered form, will be dated May 1, 1988, will be in integral multiples of $5,000 each and will mature on June 1 in the following years and amounts: Year Amount Year Amount 1989 $140,000 1997 $145,000 1990 140,000 1998 145,000 1991 140,000 1999 145,000 1992 140,000 2000 145,000 1993 140,000 2001 145,000 1994 140,000 2002 145,000 1995 145,000 2003 145,000 1996 145,000 Redemption The City may elect on June 1, 1996, or on any interest payment date thereafter to redeem and prepay bonds of this issue in whole or in part, in inverse order of maturities and by lot within maturities, maturing on or after June 1, 1997, at a price of par plus accrued interest to date of redemption. Interest Interest on the bonds will be payable on December 1, 1988, and semiannually thereafter on each June 1 and December 1. All bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, and no rate for any maturity may exceed the rate specified for any subsequent maturity by more than one percent. Each rate must be in an integral multiple of 1/20 or 1/8 of 1%, and no rate of interest nor the net effective average rate of the issue may exceed the maximum rate of interest permitted by law on the day of sale. Paying Agent The City will name the Registrar which shall be subject to applicable SEC regulations. Principal will be payable at the principal office of the Registrar and interest will be payable by check or draft of the Registrar mailed to the registered holder of a bond. The City will pay the reasonable and customary charges for the services of the Registrar. 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 30 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 in funds available for expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by LeFevere, Lefler, Kennedy, 0' Brien & Drawz, a Professional Association, 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 established above for the opening of bids. Each bid must be unconditional. A good faith deposit in the amount of $42,900 must be submitted with each bid prior to or immediately following bid opening. The good faith deposit must be in the form of a certified or cashier's check or bank draft payable to the City Finance Director, or a wire transfer of funds to the City's designated depository. Wiring instructions will be furnished on the day of sale prior to the time of award and sale. The good faith deposit will be deducted from the purchase price of the bonds at delivery. The good faith deposit will 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 $2,145,000) will be deemed the most favorable. No oral bid and no bid of less than $2,119,260 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 Isl James A. Genellie City Clerk Dated: April 5, 1988. 3. The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with the foregoing Official Notice of Sale and to cause the abbreviated notice of sale attached hereto as Exhibit A, to be published in the manner required by law. The City Council shall meet at 12:00 noon on Tuesday, April 26, 1988, to consider bids on the Bonds and take any other appropriate action. 4. The City Clerk is authorized and directed to take appropriate action in consultation with bond counsel to call the Temporary Bonds for redemption and prepayment on June 1, 1988. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Kritzler and upon vote being taken thereon, the following voted in favor of the motion: Milbert, Anderson, Kritzler, Redepenning, and Shirley and the following voted against: None Whereupon said resolution was declared duly passed and adopted. H2:00200388.RAU , . STATE OF MINNESOTA ) ) ) SSe ) ) COUNTY OF HENNEPIN CITY HOPKINS I, the undersigned, being the duly qualified and acting City Clerk of the City of Hopkins, 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 Tuesday, April 5, 1988, with the original thereof on file in my office and the same is a full, true and correct copy thereof, insofar as the same relates to the issuance and sale of $2,145,000 General Obligation Redevelopment Bonds, Series 1988A. WITNESS My hand as such City Clerk and the corporate seal of the City tbis /3r1-J, day of j,-, I , 1988. Minnesota (SEAL) H2:00200388.RAU .. I. EXHIBIT A NOTICE OF BOND SALE $2,145,000 GENERAL OBLIGATION REDEVELOPMENT BONDS, SERIES 1988A CITY OF HOPKINS HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above captioned bonds will be received until 11 : 00 a. m., C. T ., on Tuesday, April 26, 1988, in the office of the City Manager at City Hall, 1010 South 1st Street, Hopkins, Minnesota 55343, at which time the bids will be opened and tabulated for consideration by the city council at a special meeting at 12:00 noon, C.T. on the same day. The Bonds are offered on the following terms. The Bonds will be dated May I, 1988, will bear interest payable semiannually on each June 1 and December 1, commencing December 1, 1988, and will mature on June 1 in the years and amounts as follows: Year Amount Year Amount 1989 $140,000 1997 $145,000 1990 140,000 1998 145,000 1991 140,000 1999 145,000 1992 140,000 2000 145,000 1993 140,000 2001 145,000 1994 140,000 2002 145,000 1995 145,000 2003 145,000 1996 145,000 The City may elect on June 1, 1996 or on any interest payment date thereafter to redeem and prepay bonds of this issue in whole or in part, in inverse order of maturities and by lot within maturities, maturing on or after June 1, 1997 at a price of par plus accrued interest to date of redemption. No rate of interest nor the net effective interest rate of the issue may exceed the maximum rate permitted by law. Bidders must specify a price of not less than $2,119,260 plus accrued interest. A legal opinion on the Bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota. The proceeds of the bonds will be used to permanently finance public redevelopment costs related to a redevelopment proj ect area in the City. Bidders should be aware that the Official Statement to be distributed for the bonds may contain additional bidding terms and information relative to the bonds. In the event of a variance between statements in this Notice of Bond Sale and the Official Statement the provisions of the latter shall be those with which to comply. BY ORDER OF THE CITY COUNCIL Isl James A. Genellie City Clerk Dated: April 5, 1988.