CR 94-173 Blake School Revenue Bond ^ \ j Y O
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4 a
September 12, 1994 y y Council Report 94-173
O p K \ �
BLARE SCHOOL REVENUE BOND
• Praposed Action.
Staff recommends approval of the followinq actions Approval of
� Resolution 94-87, authorizing the issue and sale and deliverv of
the S5 5 million revenue bond series 1994 {Blake School Pro
and apt�roving the form of, and authorizina the execution and
delivery of, the bonds and the related documents.
With approval of this action, the actual sale of bonds �aill be
able to be completed.
overview
B1ake 5chools has made application to the City of Hopkins for
sale of a tax-exempt revenue bond. The proceeds from this
proposed $5.5 million sale would be used to undertake the
following activities at Blake School in Hopkinse
o remodel approximately 45,000 sq. ft.
o construct approximately 35,000 sq. ft. of space.
Financing, as provided through this process, will provide a lower
interest rate than Blake Schools could secure at a private
• lending institution. With these lower interest costs, the
project is made more financially feasible.
State statute requires that when a local unit of government
undertakes this type of financing, a public hearing is required.
The applicant is requesting that at this public hearing final
approval be given to their request. As a result, if the City
Council approves the staff recommended action, there will be no
other actions required by the City other than to �xecute the
necessary documents.
Primarv Issues to Consider
o What is the purpose of this type of financing?
o What are the implications to the City as relates to this
action?
o Does the project meet the requirements of the City's policy
as relates to taxable/tax-exempt fznancing?
supnortinQ Documents
o Resolution 94-87
o Ci Reve ue Bond Financing Application
i
�
Jam . erriga
Dir ctor of Pla ing & Economic Development
, i CR94-173 ' �
Page 2 .
Primary Issues to Consider
� o What is the purpose of this type of financinq?
Local units of government are authorized to issue tax-exempt
revenue bonds in order to facilitate projects which it is
felt would be beneficial to the community. In order to
utilize this type of financing tool, the applicant needs to
meet very specific federal requirements. This bond
financing is for the most part only available for certain
types of industrial or housing projects.
Because the bonds as proposed for use in the subject
transaction are tax-exempt, the interest rate on the funds
secured as a result of the sale are lower than what would be
available through conventional financing. This helps to
make the project more "financially feasible."
o Does the project meet the requirements of the City policy as
relates to taxable/tax-exempt financing?
The City of Hopkins adopted a policy as relates to revenue
bond financing in 1991. The approval criteria within this
policy, for the most part, relates to new construction
projects.
• The City's policy as relates to tax-exempt revenue bond
financing is fairly open-ended. In general it would seem
that the project as proposed meets the general intent of the
policy. As part of their site plan, they would nesd to meet
certain design standards detailed in the policy,
The major criteria for considering whether to provide
revenue bond financinq relates to the benefit of the project
to the community. Blake School definitely seems to meet
this requirement. They are a large property owner, provide
educational services to the community, and employ a number
of people within the area.
o What are the implications ta the City as relates to this
action? °
The action presently being requested is for final approval
of the sale of a revenue bond for Blake Schools. These
bonds and all such revenue bonds are secured by a pledge of
repayment strictly from the company for which the City is
selling the bonds. The City is not liable to make any
payment should there be a default. In essence, the City is
only acting as a facilitator in order to secure the
tax-exempt status on the bonds.
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CR94-173
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Even though the City is not liable for any payment, it is
� important that staff determine there are sufficient revenues
available from the company to make the required payments.
" In the case of Blake Schools, because they are a long
standing institution within the City and have never had any
neglig�nt financial problem, the staff feels comfortable
with their ability to make payments on this financing.
Alternatives
The City Council has the following alternatives regardinq this
issue:
o Approve the action as recommended by staff. This will
allow for sale of the bond as proposed.
o Deny approval for the sale of the bond. Under this
action, the Council needs to detail the reason for
denial. Matter should be discussed with the City
Attorney prior to undertaking such action.
�
�
:
� CITY OF HOPKTNS
RESOLUTION NO. 94-87
A RESOLUTION OF THE CITY OF HOPKINS AUTHORIZING
THE ISSUANCE, SALE AND DELIVERY OF THE $5, 750, 000
REVENUE BONDS, SERIES 1994 (THE BLAKE SCHOOL
PR.OJECT) AND APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION AND DELIVERY OF THE
BONDS AND THE RELATED DOCUMENTS.
WHEREAS, the purpose of the Minnesota Municipal Industrial Development Aet,
Minnesota Statutes , Sections 469 .152 to 469 .1651, as amended ( the "Act" ), as found
and determined by, the Legislature of the State of Minnesota, is to promote the
welfare of the State af Minnesota by the active attraction, encouragement and
development of eeonomically sound industry and commerce to prevent so far as
possible the emergency of blighted and marginal lands and areas of chroruc
unemployment, and for this purpose the State of Minnesota has encouraged aetion
by local governmental units; and
WHEREAS, factors necessitating the active promotion and development of
economically sound industry and commerce are the increasing concentration of
population in urban and metropolitan areas, the rapidly rising increase in the amount
and cost of governmental services required to meet the needs of the inereased
population, and the need for development and use of land which will provide an
� adequate tax base to finance these increased costs; and
WHEREAS, the effect of these factors is intensified by the necessity of
withdrawing land for publie use for highways, parks and open space reserves,
schools and playgrounds and other public enterprises needed to sustain proper
living conditions, communications, and mobility in an increasingly urban society;
and
WHEREAS, the City of Hopkins, Minnesota (the "Issuer" and the "City")
desires to expand the business and employment opportunities, and to promote the
redevelopment of property within the City; and
WHEREAS, the Issuer is authorized by the Act to enter into a revenue
agreement with any person, firm or public or private corporation or federal or state
governmental person, firm or public or private corporation or federal or state
governmental subdivision or agency in such manner that payments required thereby
to be made by the contracting party shall be fixed, and revised from time to time as
necessary, so as to produce ineome and revenue sufficient to provide for the prompt
payment of principal of and interest on all bonds issued under the Aet when due,
and the revenue agreement shall also provide that the contracting party shall be
required to pay all expenses of the operation and maintenance of the project
including, but without limitation, adequate insurance thereon and insurance agai,nst
all liability for injury to persons or property arising from the operation thereof, and
all taxes and special assessments levied upon or with respect to the project and
payable during the term of the revenue agreement; and
WHEREAS, the Act further authorizes the Issuer to issue revenue bonds, in
� anticipation of the collection of revenues of a project, to finance, in whole or in part,
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• the cost of acquisition, construction, reconstruction, improvement, betterment, or
extension of sueh project; and
WHEREAS, the Issuer has received from The Blake School, a Minnesota
nonprofit corporation (the "Borrower"), a proposal that the Issuer finance a project
for purposes consistent with the Act, said project to consist of remodeling
approximately 45,000 square feet of space and constructing approximately 35,000
square feet of additional space at the School's micidle sehool facility (the "Projeet")
located in the City; and
WHEREAS, the improvement of the Project will maintain and provide for an
increase in opportunities for employment for residents of the City, including
economically disadvantaged or unemployed individuals; and
WHEREAS, the Issuer has been advised by the Borrower that on the basis of
information submitted to them and their discussions with representatives of area
financial institutions and potential buyers of tax-exempt bonds, industrial
development revenue bonds of the Issuer could be issued and sold upon favorable
rates and terms to finance the improvements of the Projeet; and
WHEREAS, the Issuer has determined that, on the basis of information
provided to it by the Borrower and others, the Prvject furthers the purposes set
forth in the Act; and
WHEREAS, the Projeet is authorized by the Act and therefore, approval of this
� Project by the Commissioner of the Minnesota Deve�opment of Trade and Econotnie
Development is expected to be obtained and sueh approval is a requirement under
the Act before the Bonds can be issued; and
WHEREAS, neither the State of Minnesota nor any political subdivision thereaf
(other than the Issuer and then only to the extent of the trust estate pledged in the
Indenture (as hereinafter defined) ) shall be liable on the Bonds, and the Bonds shall
not be a debt of the 5tate of Minnesota or any political subdivision thereof (other
than the Issuer and then only to the extent of the trust estate pledged in the
Indenture), and in any event shall not give rise to a charge against the general
credit or taxing power of the Issuer, the City, the State of Minnesota, or any
political subdivision thereof; and
WHEREAS, on the basis of the information given the Issuer to date, it appears
that it would be in the best interest of the City to issue its industrial development
revenue bonds under the provisions of the Act in the amount of $5 , 750, 000 to finance
the cost of the Project .
NOW, THER.EFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
HOPKINS, MINNESOTA AS FOLLOWS:
Section 1. The Issuer acknowledges, finds, determines and deelares that the
acquisition, construction, equipping, improving and installing of the Project in the
City will expand the business and employment opportunities within the City, and will
generally aid and assist the City and the County of Hennepin, and that the financing
of the Project will further the purposes of the Act.
� Section 2. The Issuer further finds, determines, and deelares that it is in the
best interest of the City that the Issuer (1) issue the Bonds in the aggregate
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� principal amount of $5, 750, 000 pursuant to the terms of an Indenture of Trust dated
as of October 1, 1994 (the "Indenture") by and between the Tssuer and First Trust
National Association, as trustee (the "Trustee") and (2} provide for the use of the
proceeds of the Bonds by the Issuer to make a loan (the "Loan") to the Borrower in
accordance with the provisions of a Loan Agreement dated as of October 1, 1994 (the
rrLoan Agreement") by and between the Borrower and the Issuer.
Section 3. For the purpose of financing the Project there is hereby authorized
the issuance of the Bonds in the amount of $5,750,00, subject to approval of the
Projeet by the Minnesota Department of Trade and Economic Development ("DTED" ).
The Bonds shall be numbered, shall be dated, shall mature, shall bear interest, shall
be subject to redemption prior to maturity, shall be in sueh form, and shall have
such other details and provisions as are prescribed in the Indenture, in the form
now on file with the Issuer.
Section 4 . The Bonds shall be special obligations of the Issuer payable solely
from the revenues of the Project. The Bonds sha11 not constitute an indebtedness,
liability, general or moral obligation (except to the extent of the payments received
under the Loan Agreement and pledged to the payment of the Bonds) or a pledge of
the faith and credit or any taxing power of the Issuer, the State of Minnesota, or
any political subdivision thereof . Subject to approval of the Projeet by DTED, the
Issuer hereby authorizes and directs the Mayor of the City Council of the Issuer (the
"Mayor") and the City Manager of the Issuer (the '�City Manager") to execute the
Indenture, on behalf of and under the corporate seal of the Issuer, and to deliver
the Indenture to the Trustee, and hereby authorizes and directs the execution of the
Bonds in accordance with the terms of the Indenture, and hereby provides that the
S Indenture shall provide the terms and conditions, covenants, rights, obligations,
duties and agreements of the owners of the Bonds, the Issuer and the Trustee as set
forth therein.
All of the provisions of the Indenture, when executed as authorized herein,
shall be deemed to be a part of this resolution as fully and to the same extent as if
incorporated verbatim herein and shall be in full force and effect from the date of
executian and delivery thereof . The Indenture shall be substantially in the form on
file with the Issuer, which is hereby approved, with such necessary and appropriate
variations, omissions and insertions as do not materially change the substance
thereof, as the Mayor and the City Manager, in their discretion, shall determine,
and the execution thereof by the Mayor and the City Manager shall be conelusive-
evidence of such determination.
Section 5. The Mayor and the City Manager are hereby authorized and
directed to execute and deliver the Loan Agreement and the Bond Placement
Agreement to be dated on or prior to closing (the "Bond Placement Agreement" )
between the Issuer, the Borrower and the ultimate purchaser of the Bonds. When
executed and delivered as authorized herein, the Loan Agreement and the Bond
Placement Agreement shall be deemed to be a part of this resolution as fully and to
the same extent as if incorporated verbatim herein and shall be in full force and
effect from the date of execution and delivery thereof . The Loan Agreement and the
Bond Placement Agreement shall be substantially in the forms on file with the Issuer
on the date hereof, and are hereby approved, with such necessary variations,
omissions and insertions as do not materially affect the substance of the transaction
� and as the Mayor and City Manager, in their discretion, shall determine; provided
that the execution thereof by the Mayor and City Manager shall be conclusive
. evidence of such determination.
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� Section 6. The Bonds shall be revenue obligations of the Issuer, the proeeeds
of whieh shall be disbursed pursuant to the Indenture and the Loan Agreement, and
the principal, premium and interest on the Bonds sha11 be payable solely from the
proceeds of the Bonds, revenues received pursuant to the terms of the Loan
Agreement and the other sources set forth in the Indenture.
Seetion 7 . The Trustee is hereby appointed as Paying Agent and Bond
R.egistrar for the Bonds .
Section 8 . In accordance with Minnesota Statutes, Section 469.154, the Mayor
and City Manager are hereby authorized and directed to submit the Project to DTED.
The Mayor and other officers, employees and agents of the Issuer are hereby
authorized to provide DTED with any information needed for this purpose. The
Mayor and City Manager of the Issuer are hereby authorized to execute and deliver,
on behalf of the Issuer, such other documents as are necessary or appropriate in
connection with the issuance, sale and delivery of the Bonds, including the
Arbitrage Certificate, and all other documents and certificates as shall be necessary
and appropriate in connection with the issuance, sale and delivery of the Bonds.
Section 9 . The Issuer has not participated in the preparation of the
Preliminary Official Statement relating to the Bonds (the "Preliminary Official
Statement" ), which Preliminary Official Statement is expected to be amended and
completed to add certain pricing and other information (as so amended, the "Official
Statement" } and has made no independent investigation with respect to the
information contained therein, including the Appendices thereto, and the Issuer
assumes no responsibility for the sufficiency, accuracy or completeness of such
� information. Subject to the foregoing, the Issuer hereby consents to the
distribution and the use by FBS Investment Services, Inc. , as Placement Agent, and
Piper Jaffray Inc. , as Underwriter, in connection with the sale oF the Bonds of the
Preliminary Official Statement and the Official Statement in the form on file with the
Issuer. The Preliminary Official Statement and the Official Statement are the sole
materials consented to by the Issuer for use in connection with the offer and sale of
the Bonds.
Section 10 . All covenants, stipulations, obligations, representations and
agreements of the Issuer contained in this resolution or contained in the
aforementioned documents sha11 be deemed ta be the covenants, stipulations,
obligations, representations, and agreements of the Issuer to the full extent
authorized or permitted by law, and all such covenants, stipulations, obligations,
representations and agreements shall be binding upon the Issuer. Except as
otherwise provided in this resolution, all rights, powers and privileges conferred,
and duties and liabilities imposed upon the Issuer or the City Council by the
provisions of this resolution or of the aforementioned documents shall be exercised
ar performed by the Issuer, or by such members, officers, board, body or agency
as may be required or authorized by law to exercise such powers and to perform
such duties .
No covenant, stipulation, obligation, representation or agreement herein
contained or contained in the aforementioned documents sha11 be deemed to be a
covenant, stipulation, obligation, representation or agreement of any officer, agent
or employee of the Issuer in that person's individual capaeity, and neither the
� members of the City Council of the Issuer nor any officer or employee executing the
Bonds shall be liable personally on the Bonds or be subjeet to any personal liability
or accountability by reason of the issuance thereof .
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• No provision, covenant or agreement contained in the Bonds, the
aforementioned documents or in any other document related to the Bonds, and no
obligation therein or herein imposed upon the Issuer or the breach thereof, shall
constitute or give rise to a general obligation of the Issuer or any charge upon its
general credit or taxing powers. In making the agreements, provisions, covenants
and representations set forth in such documents and the Bonds, the Issuer has not
obligated itself to pay or remit any funds or revenues, other than the funds and
revenues derived from the Loan Agxeement which are to be applied to the payment
of the Bonds, as provided therein and in the Indenture.
Section 11. Except as herein otherwise expressly provided, nothing in this
resolution, the aforementioned documents or in the Bonds, expressed or implied, is
intended or shall be construed to confer upon any person, firm or corporatian other
than the Issuer or any owner of the Bonds issued under the provisions of this
resolution, any right, remedy or claim, legal or equitable, under and by reason of
this resolution or any provision hereof, this resolution, the aforementioned
documents, the Bonds and any provision thereof, being intended to be and being for
the sole and exelusive benefit of the Issuer and any owner from time to time of the
Bonds issued under the provisions of this resolution and the Indenture.
Section 12. In case any one or more of the provisions of this resolution, other
than the provisions contained in the first two sentences of Section 4 hereof, or of the
aforementioned documents or the Bonds issued .hereunder shall for any reason be
held to be illegal or invalid, such illegality or invalidity shall not affect any other
provision of this resolution, the aforementioned documents or the Bonds, but this
resolution, such documents and the Bonds shall be construed as if such illegal or
• invalid provision had not been contained therein.
Seetion 13 . The Bonds, when executed and delivered, shall contain a recital
that they are issued pursuant to the Act, and such recital shall be conclusive
evidence of the validity of the Bonds and the regularity of the issuance thereof, and
that aIl acts, conditions and things required by the laws of the State of Minnesota
relating to the adoption of this resolution, to the issuance of the Bonds and to the
execution of the aforementioned documents to happen, exist and be performed
precedent to and in the enactment of this resolution, and precedent to issuance of
the Bonds and precedent to the execution of the aforementioned documents have
happened, exist and have been performed as sa required by law.
Section 14. The City Council of the Issuer, officers of the Issuer and
attorneys and other agents or employees of the Issuer are hereby authorized to do
all acts and tlungs required of them by or in connection with this resolution and the
Bonds and the other documents referred to above for the full, punctual and complete
performance of all the terms, covenants and agreements contained in the Bonds and
the other documents referred to above, and this resolution.
Section 15 . If for any reason the Mayor is unable to execute and deliver those
documents referred to in this resolution, any other member of the Board of
Commissioners of the Issuer may execute and deliver such documents with the same
force and effect as if such documents were executed by the Mayor. If for any reason
the City Manager of the Issuer is unable to execute and deliver the documents
referred to in this Resolution, such documents may be executed and delivered by
� any other officer of the issuer or member of the City Council with the same force and
effect if such documents were exeeuted and delivered by the City Manager of the
Issuer.
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• 5ection 1S. All costs incurred by the Issuer in connection with zhe zssuance,
sale and delivery o� the Bonds and the execution. and delivery of the aforementioned
docunaents ox� any other ag�reement or instrument relahve to the Bonds, whether or
not actually issued or del,ivered, shall be paid by the Borrower or z�eimbursed by the
� Borrower to the Issuer.
Section I7 . This �esolution shall be iu full force and effect Pram and after its
passg.ge .
Adopted bSr the Cit� Council. ou September 20, I994.
,ATTEST : N�Yor
City Clexb. _
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� SDrC752t7
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CITY OF HOPKINS
1010 FIRST STREET SOUTH
� HOPKINS, MN 55343
OFFICE USE ONLY:
Date Received•
Received by:�
Type of Request:
Taxable Bond Issue
Tax-Exempt Bond Issue X
Refunding of Previous Bond Issue
APPLICATION FOR TAXABLE/TAX EXEMPT
BOND FINANCTNG OR BOND REFIINDING
(Complete as appropriate)
APPLICANT INFORMATION
1. Applicant/business name: Blake School
Contact person: Doug McClure
Addr'eSS : 110 Blake Road
� City: Hopkins, State: MN Zip: 55343
Telephone: (work) 938-1936 (home)
Fax: 938-9407
Interest in property: Owner
2. Applicant's legal counsel Steve Rosholt
Fiz'm: Faegre & Benson
Address : 2200 Norwest Center, 90 South Seventh Street
City: Minneapolis, State: MN Zip: 55402 '
Telephone: (work) 336-3144 (home)
Fax: 336-3027
3. Applicant's architect: KKE Architects, Inc.
Address: 300 First Avenue No�th .
� City: Minneapolis, State: MN Zip: 55401
Telephone: (work) 339-4200 (home)�
Fax: 342-92b7
, 2
4. Applicant's contractor: (If selected): Not Selected
� Firm:
Address:
City: State: Zip:
Telephone: (work) (home)
Fax:
5. Property owner(s) of record: Blake School
Addresses : 110 Blake Road
City: Hopkins, State: MN Zip: 55434
Telephone: (work) 938-1936 (home)
Fax: 938-9407
• 6. Applicant's business form (corporation, partnership, sole
proprietorship, etc.) and state of incorporation or
organization:
A Minnesota nonprofit corporation
7. If the applicant is a corporation, list the officers, directors
and stockholders holding more than 5% of the stock of the
corporation. State their name, address, telephone and
relationship to the applicant. (Tf a corporation is not
formed, list the potential officers, directors and
stockholders):
Dr. Tyler Tingley, Head of School
Mr. Doug McClure, Director of Business & Finance
Ms. Jane Howard, Director of Development
Also, please see the attached Board of Trustees
�
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8. If the applicant is a partnership, list the general partners
and any limited partners with more than 5% interest. (If the
� partnership is not formed, give as much data as possible
concerning the potential partners):
N/A
9. List any cities to which you have previously applied for
taxable/tax exempt bond financing within the last five years:
N/A
i
10. Has the applicant ever been in bankruptcy? If yes, pZease
explain:
No
11. Has the applicant ever defaulted on any bond or mortgage
commitment? If yes, please explain:
No
.
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PROJECT INFORMATION
i
l. Project name: The Blake School Proiect
2. Legal description of the site see attached
3. Brief description of the nature of the business, such as
principal services or products, etc.:
Provides private, non-sectarian education to students in �rades
pre-kindergarten through twelve.
4. Amount of bond issue requested: $ 5, 500, 000. 00
� 5. Who is lending interim financing, and in what amount: N A
BUSINESS INFORMATION
l. Number of employees in Hopkins?
Full Time Part Time
A. Before this project: 79 11
B. After this project: 80 11
2. Projected annual sales: $ N/A
3. Projected annual payroll: $ 3 200 000 00
4. Is the project associated with an existing Hopkins business?
• A. Yes g
B. No
� 5
5. If this project is associated with an existing Hopkins
business, which of the following apply:
. � A. Relocation
B. Expansion X
C. Rehabilitation X
6. Will you occupy this project after completion?
A. Yes g
B. No
7. If no, state name of future lessees and status of commitments
or lease agreements:
N/A
8. Estimated date of construction: 10/94 Completion: 9/96
� 9. Will any public official of the City, directl or indirectl
Y Y,
to the best of your knowledge, benefit by the issuance of the
City's tax-exempt financing For this project according
Minnesota Statutes, Section 412.87? No
TF so, please explain:
FILING RE�.IUIREMENTS
You must provide ail of the follo�ring items with your application,
unless the Director of Planning & Economic Development waives a
requirement:
1. If the project requires approval by the Zoning and Planning
� Commission, you must apply for these approvals prior to or with
this application. If Zoning or Planning Commission approval is
not required, you must submit a list of property owners and
their addresses, for your property and for all�properties
within 350 feet. An abstract company must certify this list.
Abstract companies are listed in the yellow pages.
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� 2. A written opinion, with supporting justification, from an
expert acceptable to the Director of Planning & Economic
Development, to document that the development will not
adversely effect similar, existing developments. This
requirement may be waived if there are no similar developments
in the area of your project.
3. A public hearing noti.ce and resolution of preliminary approval.
You must have these items prepared by the City's bond counsel.
4. An application fee of $5,000. Make your check out to the City
of Hopkins. This fee is not refundable and is separate from
the Bond Counsels', City Attorneys', or closing fees.
PROCEDORE
1. Return this application to the Community Development
Department.
2. The City Council will hold a public hearing and decide whether
to approve your application. City staff will notiFy you of the
� meeting.
REOIIIREMENTS FOR TAX-EXEMPT/TAXABLE BOND FTNANCING
Your application must meet the following requirements for approval
of taxable/tax-exempt bond financing:
1. The project shall not require a significant amount of public
money for City improvements if the City Council determines that
the site is premature for development.
2. The notes or bonds shall be for an issue not less than
$250,000.
3. Construction must begin within one year of preliminary
approval. The City Cauncil may grant a time extension if just
cause is shown.
4. Contractors doing work on projects funded in whole or in part
� by tax-exempt financing:
a. Shall not discriminate in the hiring and firing of
employees on the basis of race, color, creed, religion,
national origin, sex, marital status, age, disability or
the need for public assistance.
� �
b. Shall pay employees as provided under the United States
� Code, Section 276A, as amended through June 23, 1986, and
under Minnesota Statutes 1985, Sections 177.41 - 177.44.
c. Shall employ Minnesota residents in at least 800 of the
jobs created by the project. In addition, at least 60% of
these employees shall be residents of the seven-county
metropolitan area. Residential status shall be determined
as of the date of the project's approval by the City
Council. However, if the contractor can show that these
quotas are not possible because of a shortage of qualified
personnel in specif ic skills, the contractor may request a
release from the City Council of the two residency
requirements. These requirements shall continue for the
length of the constructian project.
d. Shall be active participants in a State of Minnesota
apprentice program, approved by the Department of Labor
and Industry.
e. The above requirements shall apply to all subcontractors
working on the project.
5. You must use the City's Bond Counsel.
� 6. The project must involve an existing business that the City
wishes to expand or a new business which the City wishes to
attract. A business is the manufacturing, distribution, sale,
storage or making of any merchandise, real estate, produce
food, housing or services which will produce income for one or
more individuals. An existing business is a commercial project
that has operated for at least one year in the City. A new
business is a commercial project which does not qualify as an
existing business.
a. Existing business criterza: The City will consider any
expansion, relocation or rehabilitation of an existing
business for approval.
b. New business criteria: The City will only consider a new
business for approval if it:
(1) Offers at Zeast 400 hours per week of new,
year-around employment, or
(2) Involves the rehabilitation of a vacant or scheduled
to be vacated structure, or
(3) Is within a designated development or redevelopment
target area, and
� (4) Has a low potential for creating pollution.
7. The project must exceed minimum code requirements by including
at least five of the following features into the project:
• • 8
a. Brick
b. BuiZding design should be a distinctive, non-generic
� style.
c. A noticeable increase in the size and quantity of
landscape plantings over what the City normally requires.
d. Underground irrigation of all landscaping.
e. Opeh space, other than required setbacks.
f. At least 10% more parking than code requires. >
g. Walkway along street frontages.
h. All parking stall widths at least ten feet.
i. All signs shall be at least 20% smaller or fewer than
allowed by code.
8. City staff sha11 review compliance with the appropriate request
for refunding of previous bond issues.
9. You must pay an administrative fee to the City of one quarter
percent of the bond issue with a maximum of $10,000 at closing.
� The City will credit the application Fee against the
administrative fee.
AGREEMENT
I, by signing this application, agree to the following:
1. I have read and will abide by all the requirements of the
City for taxable/tax-exempt financing. I will also commit
all contractors, subcontractors and any other major
contributors to the project to all segments applicable to
�hem. I am aware that failure to comply by myself or any
of the above can result in cancellation of the resolution.
2. The above information is true and correct.
3. I agree to pay aII costs involved in the legal and fiscal
review of this project. These costs include the Bond
Counsel and City Attorney, and all costs involved in the
issuance of the bonds to finance the project.
4. I understand that the City reserves the right to deny
final approval, regardless of preliminary approvai or the
degree of construction completed.
� � �
� `��/�..��.s � �'�f��" ��.c�n¢ .Si" � ''� � G`y
�pp licant � Dat ¢
f
financap
__ _ __ _
BLAKE SCHOOL BUSINESS 6129389407 P.82
. . , ' ' • • • •� •
. . . , THE 6LAKE� SC�It'30L• � ; l . :
� � 80ARD OF T.RUSTCLS # 9���9� i . •.
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� �WiQidiri• "611{�� V 8yars { .
DoWalt 'i��' H. Ar�ket�Y • �
• . � ,�a s�-��� I : : .
Harria9bon Road ,
v��rz�e►; MN ssso� w�y.z.t�. Ma � `' ; . . : .
4�'5-4�189 • 478•847) � ' .. •
s�pnt Manaown�� co. Arthur ,Andenserc :& c�m► t �: ���,
Y �`'� 2��0 . .
� 4�00 Fkat Bank Ptace 4b South 7th 3, >,:.
• . 80!1 2ncf Avsnus 3cwth Minneopolis, 1►Aw : ' . . ; , , � � � .
Miinneapoii�, MN 554a2-4320 334 •4 8 5 0 � �
� 33�-3871 . 334-47Q0 FAX �
� 398-2084 FAX • :
• Kaih�rina 'Kste" K. Oon�d�on, P�!.::- '66 � •
Rpbprt 'Bnb" L. Ben+vws ' � 24Q8 West 24tlt �it � � : ..
. g�eq��y Minnaapali,s, MN ��D6 � � :
8�1 Park Tsrrace 3? 7• 5 8 4.4 � .. .
� . . h�ppkltli, MN bb343 � ` . � :
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99 7 -0818 EdinborouQh ` , <.,.. . ::�; i
3300 F�inbc�rat,��:. ..., <, 3uiLe 4�f 8 .:
i.�on�rd. 8trset � Deinsrd � Edlna� MN� 5lS4�b :� �
� 1l60 8ou�t► 6th Street, SuiGe 2300 896�1772
MinnNpolis, MN bb402 896•1743 FAX
� 93�-'t 600 i , .
�� 336•1 �57 FAX Kri�bna `Kri�' S. Erick�, i
. Ghair j �
$usau� H�r�n � �123 lsk� R+clq�t R4�rjG!' ! �
•� Tr.�aaurer Edina� MN� SS4�6 ' �
� 2?!�4 Thames Av�nue South 83 b-6 6 g 9 i �,
M�nne�polis� MN b5418 93t?-973? FAX �
. 929-i 519 !
• ; WiNiam "8i!!" F. Fartey ; � . ,
� � D�y�o� Dept. S�rea 350 South Browt� _ � � . � .
7Q� Niodi�t M�II Lony l�afc�. MN ;��` �_;; � �
. �
: 'M�ne�pais. MN asaoa a�s-Yes� Eu�iis�� ; :
.37`5-43 i 2 ' � , : .
:� 37�f-3f�60 FAX �rst 68nk 5yst�,:l�c. � � �
: so1 2rrd Ave�►uq ;:, �.,._.,,+ Sufto� 2900
.lohn G. �raaler � '71 � Mia�aapalis, M�i����42 � � � .
�4�01 Coppsriield Place 973-040�4 � " �
' W�yza�a, MN 55391 g73-0410 FAX ; �
. �839-4061 � � E
. . �
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. �3�in�ai Mf{b, Inc. � '
� �1�: Q�henl Mills 8oulevarci •
� ; ' PQ Bdc 1113 � : , .
. : Minne�pol�e� MN 55440 ;
b�0-2217 ' . �
� 540-7779 FAX � �
'� i
BLAKE SCHOOL BUSINESS 6i29389407 P.03
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. . , i •
.1ohn W. Fc�c � . Pstar H. Hi�oh • '� , � : , .
230 Na1h Central Awnu� 1362t MaGinby Raad �t . ,
V1►�yt�; MN 5�1 � � � Minttetonka� MN �� . . �
� 478-2�83 933-9Si8�i. .� , . :.
� Ter� �P inc. ; � . :
230 North Gent�el Avanue �f 1 g • �� �� � � . � . ,
wey�u�a. MN ss3a� ss. �ouis Par�c, r�N ��+� � . �.
� � �78•2f83 525-20t0 ; ..
478-Z103 FAX � 525-2014 FAX �
C�hAdM 'C1�'�1" P. C�fay � � SCOt� E1. Klydtly . , . . .
AQO�i E�t Sun�rystape Road i2i50�► Marion l.�+» #i�'
Edi�a.1f�1 5�t24 M�nnsbr►►ke�� MN fi� �: .
' sza•���r1 � a�o 824 . :
Kvv�k FNs. Ina. ' ., Norvwast B�atks ' ...
500 73ni Awnus North �stat Sixtlt 8tre�t & N{arqu� Aa�,c�ut � .�
� � . P�idiey. MN 55432 - , MinneaAclts. �IIN "6�47!�t07� : '
' S72•9 �SQ 667-7274 . :
, b72-OlaB FAX 8g7�2228 FAX � � �
!ularlalk:� P. H�jrwood � Haward P. Liszt . ,.
i 846 N�. Garve Avonus 715 Yalt�y W�4r "��.. •
� � Minni�ofls, MN 65443 � Hapldns� MN 66345 : . . : .
� 3T•7�Oe82 � 93�-4759 ' .
14dvo S�ms. tnc. . Campbs!! M�hun � .. .,
� 4Z18 Pt�ic Qlenn Road 222 Soulh 91h 8trsst ;
' � St LoWs Park� MN �5�18 � Minn�polb, MN �±a2 � �
' 926-1 �41 . 34T-# 377 . .
� 929-28�t5 FAX � � 347-1910 FAX . '
Y�tt Zandt Hw� � . LucY C. Mitchsll -'66
. Via�•Chair ' i745 Willo�w �rtve . ' :
�'! 627 Waat 281t� Straet � L�ott� t�ske, MN 66366 � �. �
Minns�polut, MN 55405 . 4 7�J�-1 Q42 ;.
374-5��71 . . .
� : Katie G. P4e�rson . . .
� C;c�idn�r H �wr� .iohnaon & Morri�on 732t Mariner qrive . .
6260 Norvv+�t Center � M�pte Crate. AAN g�es ���
90• 8oti1h 7th 3t1'eet ' � 420-4fi64 . �:
Mlnnoa�olts, MN 55402-4123 : � �
� 398-b912 �3nen �orporation . .
• 336-28i90 FAX 1a00�, 73rd Averwa Ner� :�pat � ..
' � Min�t�8ptis� MN b� � .
Sdty H�ti�Kh � 674-6233 ' • �
.. 4�Q H�hcroit Road 674-587Q FAX .
� . YVaYza� MN 553Qt ' , :.
473-0"1 �4
BLAKE SCHODL BUSINESS , 6129389407 p.��
. � ` , ' , �
JoNphka.RNd-Tsylar . . '
� • 8400 FnMdin Av�nuo West r . .:
, SL: Louii Park. MN 5542�6 .. .,
' • 54Q , .
' Mlt�nospoRa Ccmmt�niiy Cotlege . .
1�G1 Henaep&► Aver�ue , .
� � Mtru�pol�, MN 65404 • �. :
34 t -7d20 . � . . :
341 �TQ7lS FAX ' � :
Tyar 'T�, �C. T�1�Y, EdD. ' � : .
' ' Piis�ad ot Schooi � � . : :
• ?�ib Penn averw� South ' � �
� A�n.t�apolls. MN 6640b .
, � �374-2b33 . � .
� '1'!'�8 Ht�ioa Schoot - . . � : � :
� 61:i� Konwood Parkway � :
. • Mi�iw�oll�. MN 66a03 . . : .
� • 37�-1773 . .
3T7•1989 FAX � . �
ShQidon 'Sh�l• 2. WoK � :
V1oe-CMai� � � � :
• 4700 VMed�woc�d Drive ; .
MMne�or►ks.lu�N b634fi ' . '
' 938-Q406 . , : �
' " Gnfury Bsnk NA ' � � : . .
� 1 t4bb Vik�ng D�ive , . .
� . � Edan Pretirle. MN 66344 : . . �
� �43-230Q .
943-2020 FAX . �
8/71 � 4 �
� � �� .
BLAKE SCHOOL BUSINESS 61293894@7 P_
� ,� . `
�
�EGAL DESCRIPTION OF BLAKE SCHOOL / HOPKINS CAMPUS �
Commencing at the most Northerly corner of �at �2, thence
Southwegterly along the Northwesterly line thereof 154 feet,
thencm Southeasterly at right angles 100 feet, thence
Northeasterly at right angles 123 8/10 feet to East line of said
lot, thence North 103 37/100 feet to beginning, Lot 82, Auditor�
Subdivision No. 239.
That part of Lot 81 lying North of the South I25 feet and that
part of South 125 feet of Lot 81 lying East of the West 3e feet
thereofi, Lot 81, Auditors Subdivision No. 239.
Commencing at the Narthwest corner af Lot 82, thence
Northeasterly/along the Northwester2y line thereof to the
Northwest co�ner of !ot 83, thence South to Southwest corner
th�reo�f. thence East to Southeast corner thereof, thence North to
Northeast corner thereof, thence Northeasterly along the
� Northwesterly 2i�e of !ot 82 distant 289 feet, thence
Southeasterly at right angles 100 feet, thence Ncrtheasterly at
right angles 123 8/10 feet to East line ofi i.ot 82, thence South
to Southeast cor�er thereof, thence Northeasterly at right nn�l�s
123 B/10 feet to the East line of Lot 82, thence �outh ta
Southeast corner thereof, thence Westerly along the South line
thereof to the Southwest corner thereof thence North to
beginning, Lot 82, Auditors Subdivisio� No. 239.
Lot 83, Auditors Subdivisio� No. 239.
Lots 1,2,3 and that part of Lots 7 thru 19 inclusive, lying Es�t
of the West 10 feat thereof, including adjacent one half of
streets and alley vacated, Block 19, West Minneapolis Center
That part of Lots l thru 10, inclusive, iying east ot the west 10
feet thereof, includ�ng adjacent one half af streets vacated,
Block 37, West Minneapolis C��ter.
�