HomeMy WebLinkAboutCity Council - 10/31/1981SPECIAL EDEN PRAIRIE CITY COUNCIL MEETING
CURDAY, OCTOBER 31, 1981
COUNCIL MEMBERS:
10:00 AM, CITY HALL
Mayor Wolfgang Penzel, George Bentley, Dean
Edstrom, Paul Redpath and George Tangen
COUNCIL STAFF:
City Manager Carl Jullie and Finance
Director John Frane
I. ROLL CALL
APPROVAL OF AGENDA AND OTHER ITEMS OF BUSINESS
PUBLIC HEARINGS
A. Request for Municipal Industrial Development Bonds in the
amount of $378,000.00 for Spencer Dean, Sr. (Resolution No.
81-215)
B. Request for Municipal Industrial Development Bonds in the
amount of $250,000.00 for Kinder-Care (Resolution No. 81-216)
C. Request for Municipal Industrial Development Bonds in the ,
amount of $360,000.00 for Little Red (Resolution No. 81-217)
D. • Request for Municipal Industrial Development Bonds in the
amount of $3,500,000.00 for Eden Prairie Project 100 (Resolution
81-218)
E. Request for Municipal Industrial Development Bonds in the
amount of $4,000,000.00 for Hoyt (Resolution No. 81-219)
IV. SCHEDULE FOR CODIFICATION REVIEW
V. NEW BUSINESS
VI. ADJOURNMENT.
JOHN O. FRAME
Page 2355
Page 2356
Page 2357
Page 2358
Page 2359
TO: Mayor & Council
FROM: John Frane
DATE: 10-29-81
RE: Preliminary approval of MIDB's for Spencer Dean Sr. - $378,000.
Mr. Dean proposes to construct a 4500 square foot office building in
the Lake Ridge Office Park, which will house the companies he owns.
The total cost of the project is estimated to be $420,000; there will
be 23 employees. A first and second I.D.R. bond mortgage will be
issued on this project. The property is zoned office which is correct
for the intended use. Resolution #81-215 is enclosed for your
consideration.
24S.S•
CITY OF EDEN PRAIRIE, MINNESOTA
Application for
Industrial Development Bond Project Financing
1. APPLICANT; Spencer Dean, Sr.
a. Business Name - N/A
b. Business Address -
Communications Marketing, Inc. Financial Communications, Inc.
5100 Edina Industrial Boulevard (address same)
Edina, MN 55435 Dean Enterprises, Inc. (address same . . c. Business Form (corporation, partnership, sole proprietor-
ship, etc.) -
Corporation
d. State ot Incorporation organization
Minnesota
e.. AuiEdrized Representative
f. Phone - 835-5888
Spencer i Dean, Sr.
2. NAME(S) AND ADDRESSES OF MAJOR STOCKHOLDERS OR PRINCIPALS:
Communications Marketing. Inc. Financial Communications, Inc.
a.
Spencer M. Dean
(address same)
Spencer M. Dean
(address same)
b. Eldon Roesler
,W. 219 East Wisconsin Avenue
Nashotah, Wisconsin 53058
Dean Enterprises, Inc.
Spencer M. Dean
(address same)
3. GIVE BRIEF DESCRIPTION OF NATURE OF BUSINESS, PRINCIPAL
PRODUCTS, ETC:
Publishers
Agri-Business and financial magazines
4. DESCRIPTION OF PROJECT
a. Location and intended use: Lake Ridge Office Park, Bryant
Lake Center, Eden Praire, MN
intended use: Corporate Headquarters for
Communications Marketing, Inc. b. Present ownership of project site:
Mr. Wallace H. Hugtad
c. Names and address of architect, engineer, and general
contractor: Architect: Waters, Cluts & O'Brien'
7470 Market Place Drive •
Eden Prairie, MN 55344
Engineer: Sathre-Berquist
935 EastWayzataBoulevard
Wayzata, MN 55391
General Contractor: Ryan Development, Inc.
5. ESTIMATED PROJECT COST FOR: 7470 Market Place Drive Eden Prairie, MN 55344
.1
Land $ 12,600.00
Constnuction Contracts
Architectural & Engineering
Legal
Contingencies
$ 379,260.00
incluced
$ 18,480.00
3,780.00
Loan Fees
Total
5,880.00
420,000.00
*Heating and air conditioning units are forced-air, roof mounted,
gas fired, HVAC units (3 per building).
-2-
23S-S
BOND ISSUE -
a. Amount of proposed bond issue - $378,000.00
b. Proposed date of sale of bond - February 1, 1982
c. Length of bond issue and proposed maturities -
Fifteen years based upon.a thirty-year amortization
schedule.
d. Proposed original purchaser of bOnds - First Federal
• Savings and Loan of Grand Rapids, Minnesota. ($315,000.00
first mortgage bond). Ryan Development, Inc. ($63,000.00
second mortgage bond)...
e. Name and address of suggested trustee - N/A '
f. Copy of any agreement between Applicant and original
purchaser - N /A
•
r-*
g. Describe any interim financing sought or available -
Construction financing to be provided by First National
Bank of Minneapolis.
h. Describe nature and amount of any permanent financing
in addition to bond financing - Will be in the form of
equity contribution.
7. BUSINESS PROFILE -
a. Are you located in the City of Eden Prairie? no
b. Number of employees in Eden Prairie?
i. Before this project:
ii. After this project?
23
C. ,Approximate annual sales -
$1,500,000
d. Length of time in business 13 years •••
in Eden Prairie NONE
ONE.
e. Do you have plants in other locations? If so, where?
No
f. Are you engaged in international trade?
Yes
8. OTHER INDUSTRIAL DEVELOPMENT PROJECT (5)
a. List the name Cs) and location(s) of other industrial
development project(s) in which the Applic*ht is the
owner or a 'substantial user" of the ficili4es .or a,
"releated person" within the meaning of Section 1 03 (b)(8)
of the Internal Revenue Code. . •
None.
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-5-
235 s
b. List all cities in which the Applicant has requested
industrial revenue development financing.
None. O.
11••n•
c. Detail the status of any'request the Applicant has before
any other city for industrial development revenue financing.
None
d. List any city in which the Applicant has been refused .
industrial development revenue financing.
None.
e. List any city (and the project name) where the Applicant
has acquired preliminary approval to proceed but in which
final approval authorizing the financing has been denied.
None
*MOO
f. If Applicant has been denied industrial development
revenue financing in any other city as identified
. in (d)or (e), specify the reason(s) for ihe.depial
and the name(s) of appropriate city officials who
—have knowledge of the transaction.
None.
9. .NAMES AND ADDRESS OF:
a: Underwriter (If public offering) N/A
b. Private Placement Purchaser (If private placement)
First Federal Savings and Loan Association of Grand Rapids,
Minnesota.
-
i. If lender will not commit until City has ,
passed its preliminary resolution approving
the project, submit a letter from proposed
• lender that it has an interest in the
offering subject to appropriate City
approval and approval of the Commissioner
of Securities.
2SS
b. Bond Counsel -
\ • ,
c. 'Corporate Counsel -
Speeter, Johnson, Bauman and Olson - Minneapolis, Minnesota
d. Accountant -
Robert Hanson and Son - Bloomington, Minnesota
OMR
10. MAT IS YOUR TARGET DATE FOR:
Construction start - .October 21, 1981
b. Construction completion - February 1, 1982 :
FOR FURTHER INFORYATION CONTACT:
The undersigned Applicant understands that the approval or
disapproval by the City of Eden Prairie for Industrial .
Development bond financing does not expressly or impliedly
constitute any approval, variance, or waiver of any provision
or requirement relating to any zoning, building, or other rule
or ordinance of the City of Eden Prairie, or any-other law
applicable to the property included in this proIct,
a. Property is zoned - On6
11. ZONING - TO HE COgPLETEB BY THE CITY PLANNING DEPARTMENT
intended use.
b. Present zoning F.$) (is not) correct for the intended
Use.
c. Zoning application.received on • for • which is come= for the
d. Variances required:-
City Planner
-8-
After all persons who wished to do so had stated their
views on the proposal, the Mayor declared the hearing to
be closed.
After some discussion, Councilmember
introduced the following resolution and (after it had been
read in full) (after the reading of the resolution was
dispensed with by unanimous consent) moved its adoption:
RESOLUTION NO.
RESOLUTION RELATING RELATING TO THE AUTHORIZA-
TION AND ISSUANCE OF REVENUE BONDS OF
THE CITY UNDER MINNESOTA STATUTES,
CHAPTER 474, FOR THE PURPOSE OF FINANC-
ING A PROJECT THEREUNDER; GIVING PRE-
LIMINARY APPROVAL TO THE PROJECT AND
AUTHORIZING AN APPLICATION BY THE CITY
TO THE MINNESOTA COMMISSIONER OF SECUR-
ITIES AND REAL ESTATE
BE IT RESOLVED by the City Council (the Council)
of the City of Eden Prairie, Hennepin County, Minnesota
(the City), as follows:
Section 1. Recitals.
1.01. The Legislature of the State of Minnesota
in Minnesota Statutes, Chapter 474, as amended (the Act),
has found and declared that the welfare of the State
requires active promotion, attraction, encouragement and
development of economically sound industry and commerce
through governmental acts to prevent, so far as possible,
emergence of blighted lands and areas of chronic
unemployment; has authorized municipalities to issue
revenue bonds to finance, in whole or in part, the cost of
the acquisition, construction, reconstruction, improvement
and betterment of projects, including any properties, real
or personal, used or useful in connection with a revenue
producing enterprise engaged in any business; and has
authorized municipalities to enter into "revenue
agreementsTM, as defined in the Act, with any person, firm,
or public or private corporation or federal or state
governmental subdivision or agency (the Contracting Party)
providing for the payment by the Contracting Party of
amounts sufficient to provide for the prompt payment of
principal of and interest on the revenue bonds.
1.02. It has been proposed that the City issue
its revenue bonds, pursuant to the authority granted by
the Act, in an aggregate principal amount not to exceed
$378,000, or such lesser amount as may be necessary, to
finance costs of acquisition of land within the City and
construction and equipping thereon of one or more
buildings (the Project) to be owned by Spencer Dean, Sr.
(the Applicant) and to be leased by the Applicant to
Communications Marketing, Inc., a Minnesota corporation
(the Lessee), to be used as corporate headquarters for the
Lessee; and to make the proceeds of such sale available to
the Applicant. The Applicant will agree to pay she City
amounts sufficient to pay promptly the principal of and
interest on the revenue bonds, and will agree to cause the
Project to be completed. The Project is presently
estimated to cost approximately $420,000.
1.03. The City has been advised that
conventional, commercial financing to pay the capital cost
of the Project is available only on a limited basis and at
such high costs of borrowing that the scope of the Project
or the economic feasibility of operating the Project would
be significantly reduced, but that with the aid of
municipal financing, and its resulting low borrowing
costs, the Project can be constructed as designed and its
operation economically made more feasible.
Section 2. Public Hearing.
2.01. As required by Section 474.01, Subdivision
7b, of the Act, this Council, pursuant to a motion passed
on , 1981, called and held a public hearing on
the proposal to undertake and finance the Project. Notice
of the time and place of the hearing, and stating the
general nature of the Project and an estimate of the
principal amount of bonds to be issued to finance the
Project, was published at least once not less than fifteen
(15) days nor more than thirty (30) days prior to the date
fixed for the hearing, in the official newspaper of the
City and a newspaper of general circulation of the City.
A draft copy of the proposed application to the Minnesota
Commissioner of Securities and Real Estate, together with
all attachments and exhibits thereto, was available for
public inspection following the publication of such notice
at the place and times set forth in the notice.
2.02. All parties who appeared at the public
hearing were given an opportunity to express their views
-2-
23 %21-
with respect to the proposal to undertake and finance the
Project. This Council has heard and considered the views
expressed at the public hearing and the information
submitted to the City by the Applicant.
Section 3. Approvals and Authorizations.
3.01. On the basis of information given the City
to date, and the views expressed at the public hearing, it
is found and determined that the Project furthers the
purposes stated in Section 474.01 of the Act., and that it
would be in the best interest of the City to issue its
industrial development revenue bonds under the provisions
of the Act to finance costs of the Project in an amount
not to exceed $378,000 (the Bonds).
3.02. The Project is hereby given Preliminary
approval by the City and the issuance of the Bonds for
such purpose approved. The Bonds shall not be issued
until the Project has been approved by the Commissioner of
Securities and Real Estate, as provided by the Act, and
until the City and the Applicant have agreed upon the
details of the Bonds and provisions for their payment.
3.03. If the Bonds are issued and sold, the City
will enter into a lease, mortgage, direct or installment
sale contract, loan agreement, take or pay or similar
agreement, secured or unsecured, satisfying the
requirements of the Act (the Revenue Agreement) with the
Applicant. The amounts payable by the Applicant to the
City under the Revenue Agreement will be sufficient to pay
the principal, interest and redemption premium, if any, on
the Bonds as and when the same shall become due and
payable.
3.04. The Applicant has agreed to pay directly
or through the City any and all costs incurred by the City
in connection with the Project whether or not the Project
is approved by the Commissioner of Securities and Real
Estate; whether or not the Project is carried to
completion; and whether or not the Bonds or Revenue
Agreement and all other operative instruments are executed.
3.05. The adoption of this resolution does not
constitute a guarantee or a firm commitment that the City
will issue the Bonds as requested by the Applicant. The
City retains the right in its sole discretion to withdraw
from participation and accordingly not issue the Bonds
should the City at any time prior to the issuance thereof
determine that it is in the best interest of the City not
-3-
to issue the Bonds or should the City, the Applicant and
any other parties to the transaction be unable to reach
agreement as to the terms and conditions of any of the
documents required for the transaction.
3.06. In accordance with the Act, the Mayor and
City Clerk are hereby authorized and directed to submit
the proposal for the Project to the Minnesota Commissioner
of Securities and Real Estate for her approval of the
Project. The Mayor, City Clerk, City Attorney and other
officers, employees and agents of the City, in conjunction
with Dorsey, Windhorst, Bannaford, Whitney & Holladay,
Bond Counsel to the City, are hereby authorized to provide
the Commissioner with any preliminary information she may
need for this purpose, and the City Attorney is authorized
to initiate and assist in the preparation of such
documents as may be appropriate to the Project.
3.07. The City will cause the Applicant to
comply with all of the provisions of the Act, including
Section 474.01, Subdivision 8, thereof, in the issuance of
the Bonds and the financing of the Project.
3.08. All commitments of the City expressed
herein are subject to the condition that within twelve
months of the date of adoption of this resolution, the
City and the Applicant shall have agreed to mutually
acceptable terms and conditions of the Revenue Agreement,
the Bonds and of the other instruments and proceedings
relating to the Bonds and their issuance and sale. If the
events set forth herein do not take place within the time
set forth above, or any extension thereof, and the Bonds
are not sold within such time, this resolution shall
expire and be of no further effect.
Section 4. Special Obligations.
In all events, it is understood, however, that
the Bonds shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the
City except the Project, if it becomes the property of the
City, and from the revenues received from the Project and
property pledged to the payment thereof, and shall not
constitute a debt of the City.
Section 5. Effective Date.
This resolution shall be effective immediately
. upon its final adoption.
-4-
23%L
21T
PASSED AND FINALLY ADOPTED by the City Council of
the City of Eden Prairie, this day of 1981.
(SEAL)
Mayor
City Clerk
The motion for the adoption of the foregoing
resolution was seconded by Councilmember
and, upon vote being taken thereon, the following voted in
favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and
finally adopted. '
-5-
TO: Mayor & Council
FROM: John Frane
DATE: 10-29-81
RE: Preliminary approval of MIDB's for Kinder-Care $250,000.
Carl Westin and Harold Hesse intend to construct a 4900 square foot
building on a site to the east of Chester's Restaurant, at a cost
of $320,000. They intend to lease 100% of the facility to Kinder-
Care, Inc. which will operate a day care center with five employees.
The property is zoned office which is correct for the intended use.
Resolution 81-216 is enclosed for your consideration.
Harold F. 'Hesse
1425 Bluff. Creek Dr.
Chaska, MN '55318
b.
C.
CITY OF EDEN PRAIRIE, MINNESOTA
Application for
Industrial Development Bond Project Financing
1. APPLICANT:
a. Business Name - Carl 0. Westin and Harold F. Hesse
b. Business Address -
5265 Howard Pt. Road
Excelsior, MN 55331
c. Business Form (corporation, partnership sole proprietor
ship, etc.) -
Partnership to he formed
. d. State of Incorporation or organization
-
Minnesota
Authorized Representative -
Carl 0. Westin
f. Phone - ~ -
"
2. NAME(S) AND ADDRESSES OF MAJOR STOCKHOLDE
R
S
O
R
P
R
I
N
C
I
P
A
L
S
:
a. Carl 0. Westin
5265 Howard Pt. Road
Excelsior, MN 55331
-2- 233(,8
3. GIVE BRIEF DESCRIPTION OF NATURE OF BUSINESS, PRINCIPAL
PRODUCTS, ETC:
Real estate developers
4. DESCRIPTION OF PROJECT
a. Location and intended use: N.W. corner of 5 & Mitchell Road.
This project will consist of the construction of a Kinder-Care Learning Center
b. Present ownership of project site: The land is currently
owned by the developer.
C. Names and address of architect, engineer, and general
contractor: General Contractor will be Construction 70.
1430 W. County Road C, St. Paul, Minnesota
5. ESTIMATED PROJECT COST FOR:
Land
Construction Contracts
Equipment Acquisition and installation*
Architectural and Engineering
Legal
Interest during Construction
Bond Reserve
Contingencies
Loan Fees
Other
Total
250,000.00
*Beating and air conditioning should be included as building costs.
Indicate the kind of equipment to be acquired here.
-0-
225,000.00
10,000.00
5,000.00
10,000.00
-3-
.23SL C
G. BOND ISSUE -
a. Amount of proposed bond issue - $250,000.00
b. Proposed date of sale of bond - October 15, 1981
C. Length of bond issue and proposed maturities -
20 years
d. Proposed original purchaser of bonds -
financial institution
Name and address of suggested trustee -
none
f. Copy of any agreement between Applicant and original
purehaser
none
g. Describe any interim financing sought or available -
tax exempt construction, loan
IL Describe nature and amount of any permanent financing
in addition to bond financing -
None
. BUSINESS PROFILE OF APPLICANT.
a. Are you located in the City of Eden Prairie? No
.b. Number of employees in Eden Prairie? None
i. Before this project:
None
ii. After this Project? five (5)
c. Approximate annual sales -
$175,000.00
d. Length of time in business ten_ysars
in Eden Prairie none
e. Do you have plants in othcr locations? If so, where?
There are 750 Kinder -Care Learning Centers in 35 states
f. Are you engaged in international trade? no
. 8. OTHER INDusTn 1AL DEVELOPMENT PROJECT ( S):
a. List the name(s) and location(s) of other industrial
development project(s) in which the Applicant is the
owner or a "substantial user" of the facilities or a
"rebated person" within the meaning of Section 103(b)(0)
of the Internal Revenue Code.
None
-4 -
b. List all cities in whiCh the Applicant has requested
industrial revenue development financing.
None
c. Detail the status of any request the Applicant has before
any other city for industrial development revenue financing.
None
d. List any city in which the Applicant has been refused
'industrial develepment revenue financing.
None
e. List any city (and the project name) where the Applicant
• has acquired preliminary approval to proceed but in which
final approval authorizing the financing has been denied.
None
-5-
f. If Applicant has been denied industrial development
revenue financing in any other city as identified
in (d) or (e), specify the reason(s) for the denial
and the name(s) of appropriate city officials who
have knowledge of the transaction.
None
9. NAMES AND ADDRESS OF:
a. Underwriter (If public offering)
b. Private Placement Purchaser (If private placement
)
First Corporate Services, Inc.
822 Marquette Ave., Suite 206
Minneapolis, MN 55402
j. If lender will not commit until City has
passed its preliminary resolution approving
the project, submit a letter from proposed
lender that it has an interest in the
offering subject to appropriate City
approval and approval of the Commissioner
of Securities.
-6-
b. Bond Counsel
e. Corporate Counsel -
d. Accountant -
Briggs & Morgan
2200 First National Bank Building
St. Paul, MN 55101
10. VHAT IS YOUR TARGET DATE FOR:
a. Construction start - November 1, 1981
b. Construction completion - March 1, 1982
FOR FURTHER INFORMATION CONTACT:
The undersigned Applicant understands that
t
h
e
a
p
p
r
o
v
a
l
o
r
disapproval by the City of Eden Prairie for
I
n
d
u
s
t
r
i
a
l
Development bond financing does not express
l
y
or impliedly
constitute any approval, variance, or waive
r
o
f
a
n
y
p
r
o
v
i
s
i
o
n
or requirement relating to any zoning, buildin
g
,
o
r
o
t
h
e
r
r
u
l
e
or ordinance of the City of Eden Prairie, o
r
a
n
y
o
t
h
e
r
l
a
w
applicable to the property included in this
p
r
o
j
e
c
t
.
Applicant
11. ZONING - TO nr COMPLETED BY THE CITY PLANNING DEPARTMENT
a. Property is zoned - off v,e,
b. Present zoning is not) correct for the intended
use.
C. Zoning application received on
for which is correct for the
intended use.
d. Variances required -
City Planner
-8 -
2L N
RESOLUTION RECITING A PROPOSAL FOR A
COMMERCIAL FACILITIES DEVELOPMENT PROJECT
GIVING PRELIMINARY APPROVAL TO THE PROJECT
PURSUANT TO THE MINNESOTA
• MUNICIPAL INDUSTRIAL DEVELOPMENT ACT
AUTHORIZING THE SUBMISSION OF AN APPLICAT
I
O
N
FOR APPROVAL OF SAID PROJECT TO THE
COMMISSIONER OF SECURITIES
OF THE STATE OF MINNESOTA
AND AUTHORIZING THE PREPARATION OF
NECESSARY DOCUMENTS AND MATERIALS
IN CONNECTION WITH SAID PROJECT
WHEREAS,
(a) The purpose of Chapter 474, Minnesota
Statutes, known as the Minnesota Municipal Indus
t
r
i
a
l
Development Act (the "Act") as found and deter
m
i
n
e
d
b
y
t
h
e
legislature is to promote the welfare of the sta
t
e
b
y
t
h
e
active attraction and encouragement and developm
e
n
t
o
f
e
c
o
n
o
m
i
-
cally sound industry and comnerce to prevent so
f
a
r
a
s
p
o
s
s
i
b
l
e
the emergence of blighted and marginal lands and
a
r
e
a
s
o
f
chronic unemployment;
(b) Factors necessitating the active promotion
and development of economically sound industry
a
n
d
c
o
m
m
e
r
c
e
a
r
e
the increasing concentration of population in t
h
e
m
e
t
r
o
p
o
l
i
t
a
n
areas and the rapidly rising increase in the am
o
u
n
t
a
n
d
c
o
s
t
o
f
governmental services required to meet the need
s
o
f
t
h
e
increased population and the need for developme
n
t
o
f
l
a
n
d
u
s
e
which will provide an adequate tax base to fina
n
c
e
t
h
e
s
e
increased costs and access to employment opport
u
n
i
t
i
e
s
f
o
r
s
u
c
h
population;
(c) The City Council of the City of Eden
Prairie ("the City") has received from Carl Wes
t
i
n
a
n
d
H
a
r
o
l
d
F. Hesse, who intend to form a Minnesota genera
l
p
a
r
t
n
e
r
s
h
i
p
(the "Company") a proposal that the City under
t
a
k
e
t
o
f
i
n
a
n
c
e
a
Project hereinafter described, through the issu
a
n
c
e
o
f
r
e
v
e
n
u
e
bonds in the form of a single debt instrument
(
"
t
h
e
N
o
t
e
"
)
pursuant to the Act;
(d) The City desires to facilitate the selec-
tive development of the community, retain and
i
m
p
r
o
v
e
t
h
e
t
a
x
base and help to provide the range of services
a
n
d
e
m
p
l
o
y
m
e
n
t
opportunities required by the population; and
t
h
e
P
r
o
j
e
c
t
w
i
l
l
assist the City in achieving those objectives. The Pr
o
j
e
c
t
will help to increase assessed valuation of the City a
n
d
surrounding areas and help maintain a positive relatio
n
s
h
i
p
between assessed valuation and debt and enhance the im
a
g
e
a
n
d
reputation of the community;
(e) The Project to be financed by the Note is a
Kinder-Care child learning and day-care facility to be
l
o
c
a
t
e
d
in the City and leased to Kinder-Care Learning Centers
,
I
n
c
.
and consists of the construction of buildings and impr
o
v
e
m
e
n
t
s
on land located in the City and the installation of eq
u
i
p
m
e
n
t
therein, and will result in the employment of addition
a
l
persons to work within the new facilities;
(0 The City has been advised by representa-
tives of Company that conventional, commercial financ
i
n
g
t
o
p
a
y
the capital cost of the Project is available only on a
l
i
m
i
t
e
d
basis and at such high costs of borrowing that the ec
o
n
o
m
i
c
feasibility of operating the Project would be signifi
c
a
n
t
l
y
reduced, but Company has also advised this Council th
a
t
w
i
t
h
the aid of municipal financing, and its resulting low b
o
r
-
rowing cost, the Project is economically more feasible;
(g) A public hearing on the Project was held on
October 31, 1981, after notice was published, and mater
i
a
l
s
made available for public inspection at the City Hall,
a
l
l
a
s
required by Minnesota Statutes, Section 474.01, Subdivi
s
i
o
n
7
b
at which public hearing all those appearing who so desi
r
e
d
t
o
speak were heard;
(h) No public official of the City has either a
direct or indirect financial interest in the Project no
r
w
i
l
l
any public official either directly or indirectly benef
i
t
financially from the Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Eden Prairie, Minnesota, as follows:
1. The Council hereby gives preliminary approval to
t
h
e
proposal of Company that the City undertake the Projec
t
pursuant to the Minnesota Municipal Industrial Develop
m
e
n
t
A
c
t
(Chapter 474, Minnesota Statutes), consisting of the a
c
q
u
i
-
sition, construction and equipping of facilities withi
n
t
h
e
City pursuant to Company's specifications suitable for
t
h
e
operations described above and to a revenue agreement
b
e
t
w
e
e
n
the City and Company upon such terms and conditions wi
t
h
provisions for revision from time to time as necessary
,
s
o
a
s
2‘.;GT
to produce income and revenues sufficient to pay, when due, the
principal of and interest on the Note in the total principal
amount of approximately $20, 001) to be issued pursuant to the
Act to finance the acquisition, construction and equipping of
the Project; and said agreement may also provide for the entire
interest of Company therein to be mortgaged to the purchaser of
the Revenue Bonds; and the City hereby undertakes preliminarily
to issue its Note in accordance with such terms and conditions;
2. On the basis of information available to this Council
it appears, and the Council hereby finds, that the Project
constitutes properties, real and personal, used or useful in
connection with one or mora revenue producing enterprises
engaged in any business within the meaning of Subdivision la of
Section 474.02 of the Act; that the Project furthers the
purposes stated in Section 474.01, Minnesota Statutes; that the
availability of the financing under the Act and willingness of
the City to furnish such financing will be a substantial
inducement to Company to undertake the Project, and that the
effect of the Project, if undertaken, will be to encourage the
development of economically sound industry and commerce, to
assist in the prevention of the emergence of blighted and
marginal land, to help prevent chronic unemployment, to help
the City retain and improve the tax base and to provide the
range of service and employment opportunities required by the
population, to help prevent the movement of talented and
educated persons out of the state and to areas within the State
where their services may not be as effectively used, to promote
more intensive development and use of land within and adjacent
to the City and eventually to increase the tax base of the
community;
3. The Project is hereby given preliminary approval by
the City subject to the approval of the Project by the Com-
missioner of Securities and Real Estate, and subject to final
approval by this Council, Company, and the purchaser of the
Note as to the ultimate details of the financing of the -
Project;
4. In accordance with Subdivision 7a of Section 474.01
Minnesota Statutes, the Mayor of the City is hereby authorized
and directed to submit the proposal for the Project to the
Commissioner of Securities and Real Estate, requesting her
approval, and other officers, employees and agents of the City
are hereby authorized to provide the Commissioner with such
preliminary information as she may require;
235G,K
5. Company has agreed and it is hereby determined that
any and all costs incurred by the City in connection with the
financing of the Project will be paid by the Company. Such
costs will be paid regardless of whether the Project is carried
to completion, the Note or revenue agreements or any other
operative documents are executed, and whether or not the
Project is approved by the Commissioner of Securities and Real
Estate;
6. Briggs and Morgan, Professional Association, acting as
bond counsel, and First Corporate Services, Inc., investment
bankers, are authorized to assist in the preparation and review
of necessary documents relating to the Project, to consult with
the City Attorney, Company and the purchaser of the Note as to
the maturities, interest rates and other terms and provisions
of the Note and as to the covenants and other provisions of the
necessary documents and to submit such documents to the Council
for final approval;
7. Nothing in this resolution or in the documents pre-
pared pursuant hereto shall authorize the expenditure of any
municipal funds on the Project other than the revenues derived
from the Project or otherwise granted to the City for this
purpose. The Note shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property or funds of
the City except the revenue and proceeds pledged to the payment
thereof, nor shall the City be subject to any liability
thereon. The holder of the Note shall never have the right to
compel any exercise of the taxing power of the City to pay the
outstanding principal on the Note or the interest thereon, or
to enforce payment thereof against any property of the City.
The Note shall recite in substance that the Note including
interest thereon, is payable solely from the revenue and
proceeds pledged to the payment thereof. The Note shall not
constitute a debt of the City within the meaning of any
constitutional or statutory limitation;
8. The adoption of this Resolution does not constitute a
guaranty or a firm commitment that the City will issue the Note
as requested by the Company. The City retains the right in its
sole discretion to abstain from participation and accordingly
not issue the Note should the City at any time prior to the
issuance of the Note make a determination that it is not in the
best interest of the City to issue the Note or should the
parties to the transaction he unable to reach agreement as to
the terms and conditions of any of the documents required to
the transaction;
2 3s-6L
9. All commitments of the City expressed herein are
subject to the condition that within 12 months of the date of
adoption of this Resolution the City and the Company shall have
agreed to mutually acceptable terms and conditions of the
revenue agreement, the Note and other instruments and
proceedings relating to the Note and its issuance and sale. If
the events set forth herein do not take place within the time
set forth above, or any extension thereof, and the Note is not
sold within such time, this Resolution shall expire and be of •
no further effect.
Adopted by the City Council of the City of Eden Prairie,
Minnesota, this 31st day cf October, 1981.
Mayor
Attest:
City Clerk
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF EDEN PRAIRIE
I, the undersigned, being the duly qualified and
acting Clerk of the City of Eden Prairie, Minnesota, DO HERE
B
Y
CERTIFY that I have compared the attached and foregoing ext
r
a
c
t
of minutes with the original thereof on file in my office,
a
n
d
that the same is a full, true and complete transcript of th
e
minutes of a meeting of the City Council of said City duly
called and held on the date therein indicated, insofar as s
u
c
h
minutes relate to a resolution giving preliminary approval
t
o
a
commercial facilities development project.
WITNESS my hand and the seal of said City this
day of , 1981.
City Clerk
(SEAL)
2W, 0
TO: Mayor & Council
FROM: John Frane
DATE: 10-29-81
RE: Preliminary approval MIDB's - Haakon Nyhammer (Little Red
Store) - $360,000.
Mr. Nyhammer proposes to construct a 4000 square foot facility to
the south of the present store. The project would be owned and
occupied by the Nyhammers and would employ 11 persons. The prop-
erty is zoned C-Commercial which is correct for the intended
use. Resolution 81-217 is enclosed for your consideration.
C.
-1-
23s1
CITY OF EDEN PRAIRIE, MINNESOTA
Application for •
Industrial Development Bond Project Financing
1. APPLICANT:
a. Business Name - Eden Prairie Grocery
•n•
b. Business Address - 7447 Eden Prairie Road
Eden Prairie, Minnesota
c. Business Form (corporation, partnership, sole proprietor-
ship, etc.) - sole proprietorship
d. State of Incorporation or organization -
e. Authorized Representative - Haakon J. Nyhammer
f. Phone - 937-8892
2. NAME(S) AND ADDRESSES OF MAJOR STOCKHOLDERS OR PRINCIPALS: '
a. Haakon J. Nyhamrmr
b.
••••
-2- 2AAB
GIVE BRIEF DESCRIPTION OF NATURE OF BUSINESS, PRINCIPAL
PRODUCTS, ETC:
Retail grocery Store and gasoline
4. DESCRIPTION OF PROJECT
a. Location and intended use: 7447 Eden Prairie Road
'Retail grocery store
b. Present ownership of project site: Applicant
c. Names and address of architect, engineer, and general
contractor: Mattson Builders
Cokato, Minnesota
5. ESTIMATED PROJECT COST FOR:
Land (Site prep & grading) $ 23,000
Construction Contracts 200,000
Equipment Acquisition and installation* 83,000
Architectural and Engineering 4,000
Legal 15,000
Interest during Construction
Bond Reserve
Contingencies 35,000
Loan Fees
Other
Total
$ 360,000
'Heating and air conditioning should be included as building costs.
Indicate the kind of equipment to be acquired here.
6. BOND ISSUE -
a. Amount of proposed bond issue - $360,000
b. Proposed date of sale of bond - December, 1981
C. Length of bond issue and proposed maturities - 20 years
d. Proposed original purchaser of bonds - None at this time
e. Name and address of suggested trustee - N/A
1. Copy of any agreement between Applicant and original
purchaser - N/A
g. Describe any interim financing sought or available -
Interim financing will be sought as part of bond issue
b. Describe nature and amount of any permanent financing
in addition to bond financing - None_anticip-ated7,
7. BUSINESS PROFILE -
a. Are you located in the City of Eden Prairie? y es
b. Number of employees in Eden Prairie?
i. Before this project: 8
-3-
231 C-
ii. After this project? 11
C. Approximate annual sales - $472,000
d. Length of time in business
15 yaarg
in Eden Prairie ' 10 years
e. Do you have plants in other locations? If so, where?
No.
1. Are you engaged in international trade?
No.
S. OTHER INDUSTRIAL DEVELOPMENT PROJECT(S):
a. List the name(s) and location(s) of other industrial
development project(s) in which the Applicant is the
owner or 's. "substantial user" of the facilities or a
"releated person" within the meaning of Section 103(b)(6)
of the Internal Revenue Code.
None
b. List all cities in which the Applicant has requested
industrial revenue development financing.
None
c. Detail the status of any request the Applicant has before
any other city for industrial development revenue financing.
None
d. List any city in which the Applicant has been refused
industrial development revenue financing.
None
e. List any city (and the project name) where the Applicant
has acquired preliminary approval to proceed but in which
final approval authorizing the financing has been denied.
None
-5-
23s7C
X. If Applicant has been denied industrial development
revenue financing in any other city as identified
in (d) or (e), specify the reason(s) for the denial
and the name(s) of appropriate city officials who
have knowledge of the transaction.
None
9. NAMES AND ADDRESS OF:
a. Underwriter (If public offering) N/A
b. Private Placement Purchaser (If private placement)
Not determined at this time
i. If lender will not commit until City has
passed its preliminary resolution approving
the project, submit a letter from proposed
lender that it has an interest in the
offering subject to appropriate City
approval and approval of the Commissioner
of Securities.
BY •
bate
-7-
b. Bond Counsel
c. Corporate Counsel
d. Accountant —
Michael E. Reeslund
Dorsey, Whinhorst, Hannaford, Whitney & Halladay
2200 First Bank Place East
Minneapolis, Minnesota 55402
Mr. Glenn Purdue
Lefevere, Lefler, Pearson, O'Brian & Drawz
1100 First National BAnk.Building
Minneapolis, Minnesota 55402
Mr. Robert Gastler
Hancock Nelson
Hampden Avenue
St. Paul, Minnesota
10. WHAT IS YOUR TARGET DATE FOR:
a. Construction start — Soon as possible
b. Construction completion —
4 months after start
FOR FURTHER INFORMATION CONTACT:
The undersigned Applicant understands that the
a
p
p
r
o
v
a
l
o
r
disapproval by the City of Eden Prairie for I
n
d
u
s
t
r
i
a
l
Development bond financing does not expressly
o
r
i
m
p
l
i
e
d
l
y
constitute any approval, variance, or waiver
o
f
a
n
y
p
r
o
v
i
s
i
o
n
or requirement relating to any zoning, buildi
n
g
,
o
r
o
t
h
e
r
r
u
l
e
or ordinance of the City of Eden Prairie, or
a
n
y
o
t
h
e
r
l
a
w
applicable to the property included in this pr
o
j
e
c
t
.
it
11. ZONING - TO BE COMPLETED BY THE CITY PLANNING DEPARTMENT
a. Property is zoned - 0-Conin&Q,A
b. Present zoning T‘....S) (is not) correct for the intended
use.
c. Zoning application received on
for which is correct for the
intended use.
d. Variances required -
City Planner
After all persons who wished to do so had stated their
views on the proposal, the Mayor declared the hearing to
be closed.
After some discussion, Councilmember
introduced the following resolution and (after it had been
read in full) (after the reading of the resolution was
dispensed with by unanimous consent) moved its adoption:
RESOLUTION NO.
, • •
RESOLUTION RELATING TO4THEAAUTHORIZATION AND
ISSUANCE OF REVENUE BONDS OF THE CITY UNDER
MINNESOTA STATUTES, CHAPTER 474, FOR THE PURPOSE
OF FINANCING A PROJECT THEREUNDER; AND
AUTHORIZING AN APPLICATION BY THE CITY TO THE
MINNESOTA COMMISSIONER OF SECURITIES
BE IT RESOLVED by the City Council of the City of
Eden Prairie, Minnesota, as follows:
Section 1. Recitals.
1.01. The Legislature of the State of Minnesota
in Minnesota Statutes, Chapter 474, as amended (the Act),
has found and declared that the welfare of the State
requires active promotion, attraction, encouragement and
development of economically sound industry and commerce
through governmental acts to prevent, so far as possible,
emergence of blighted lands and areas of chronic
unemployment; has authorized municipalities to issue
revenue bonds to finance, in whole or in part, the cost of
the acquisition, construction, reconstruction, improvement
and betterment of projects, including any properties, real
or personal, used or useful in connection with a revenue
producing enterprise engaged in any business; and has
authorized municipalities to enter into "revenue
agreements", as defined in the Act, with any person, firm,
or public or private corporation or federal or state
governmental subdivision or agency (the Contracting Party)
providing for the payment by the Contracting Party of
amounts sufficient to provide for the prompt payment of
principal and interest on the revenue bonds.
-3-
1.02. It has been proposed that the City issue
its revenue bonds, pursuant to the authority of the Act,
in an amount not exceeding in the aggregate principal
amount $360,000, or such lesser amount as may be
necessary, to finance costs of acquisition, construction
and equipping of a retail grocery store and related
facilities on land located in the City (the Project) to be
owned and operated by Haakon J. Nyhammer, an individual
residing in the State of Minnesota (the Borrower); and to
make the proceeds of such sale available to the Borrower.
The Borrower will agree to pay the City amounts sufficient
to pay promptly the principal of and interest on the
revenue bonds, and will agree to cause the Project to be
completed. The Project is presently estimated to cost
approximately $360,000.
1.03. The City has been advised that
conventional, commercial financing to pay the capital cost
of the Project is available only on a limited basis and at
such high costs of borrowing that the scope of the Project
or the economic feasibility of operating the Project would
be significantly reduced, but that with the aid of
municipal financing, and its resulting low borrowing
costs, the Project can be constructed as designed and its
operation is economically more feasible.
Section 2. Public Hearing.
2.01. As required by Section 474.01, Subdivision
7b, of the Act, this Council called and held a public
hearing on the proposal to undertake and finance the
Project. Notice of the time and place of the hearing, and
stating the general nature of the Project and an estimate
of the principal amount of bonds to be issued to finance
the Project, was published at least once not less than
fifteen days nor more than thirty days prior to the date
fixed for the hearing, in the official newspaper of the
City and a newspaper of general circulation of the City.
A draft copy of the proposed application to the Minnesota
Commissioner of Securities, together with all attachments
and exhibits thereto, was available for public inspection
following the publication of such notice at the place and
times set forth in the notice.
2.02. All parties who appeared at the public
hearing were given an opportunity to express their views
with respect to the proposal to undertake and finance the
Project. This Council has heard and considered the views
expressed at the public hearing and the information
submitted to the City by the Borrower.
-4-
231T
Section 3. Aurovals and Authorizations.
3.01. On the basis of information given the City
to date, and the views expressed at the public hearing, it
is found and determined that the Project furthers the
purposes stated in Section 474.01 of the Act, and that it
would be in the best interest of the City to issue its
industrial development revenue bonds under the provisions
of the Act to finance costs of the Project in an amount
not to exceed $360,000 (the Bonds).
3.02. The Project is hereby given preliminary
approval by the City and the issuance of the Bonds for
such purpose approved. The Bonds shall not be issued
until the Project has been approved by the Commissioner of
Securities, as provided by the Act, and until the City and
the Borrower have agreed upon the details of the Bonds and
provisions for their payment.
3.03. If the Bonds are issued and sold, the City
will enter into a lease, mortgage, direct or installment
sale contract, loan agreement, take or pay or similar
agreement, secured or unsecured, satisfying the
requirements of the Act (the Revenue Agreement) with the
Borrower. The amounts payable by the Borrower to the City
under the Revenue Agreement will be sufficient to pay the
principal, interest and redemption premium, if any, on the
Bonds as and when the same shall become due and payable.
3.04. The Borrower has agreed to pay directly or
through the City any and all costs incurred by the City in
connection with the Project whether or not the Project is
approved by the Commissioner of Securities; whether or not
the Project is carried to completion; and whether or not
the Bonds or Revenue Agreement and all other operative
instruments are executed.
3.05. The adoption of this resolution does not
constitute a guarantee or a firm commitment that the City
will issue the Bonds as requested by the Borrower. The
City retains the right in its sole discretion to withdraw
from participation and accordingly not issue the Bonds
should the City at any time prior to the issuance thereof
determine that it is in the best interest of the City not
to issue the Bonds or should the City, Borrower and any
other parties to the transaction be unable to reach
agreement as to the terms and conditions of any of the
documents required for the transaction.
-5-
23S1K
3.06. In accordance with the Act, the Mayor,
City Manager and City Clerk are hereby authorized and
directed to submit the proposal for the Project to the
Minnesota Commissioner of Securities for her approval of
the Project. The Mayor, City Manager, City Clerk, City
Attorney and other officers, employees and agents of the
City, in conjunction with Dorsey, Windhorst, Hannaford,
Whitney & Halladay, Bond Counsel to the City, are hereby
authorized to provide the Commissioner with any
preliminary information she may need for this purpose, and
the City Attorney is authorized to initiate and assist in
the preparation of such documents as may be appropriate to
the Project.
3.07. The City will cause the Borrower to comply
with all of the provisions of the Act, including Section
474.01, Subdivision 8, thereof, in the issuance of the
Bonds and the financing of the Project.
3.08. All commitments of the City expressed
herein are subject to the condition that within twelve
months of the date of adoption of this Resolution the City
and the Borrower shall have agreed to mutually acceptable
terms and conditions of the Revenue Agreement, the Bonds
and of the other instruments and proceedings relating to
the Bonds and their issuance and sale. If the events set
forth herein do not take place within the time set forth
above, or any extension thereof, and the Bonds are not
sold within such time, this Resolution shall expire and be
of no further effect.
Section 4. Special Obligations.
In all events, it is understood, however, that
the Bonds shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the
City except the Project, if it becomes the property of the
City, and from the revenues received from the Project and
property pledged to the payment thereof, and shall not
constitute a debt of the City.
Section 5. Effective Date.
This resolution shall be effective immediately
upon its final adoption.
PASSED AND FINALLY ADOPTED by the City Council of
the City of Eden Prairie, this 31st day of October, 1981.
Mayor
Attest:
City Clerk
-6-
,23s1 L
-7-
.23s9 M
The motion for the adoption of the foregoing
resolution was seconded by Councilmember
and, upon vote being taken thereon, the following voted in
favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and
finally adopted and was signed by the Mayor which was
attested by the City Clerk.
TO: Mayor & Council
FROM: John Frane
DATE: 10-29-81
RE: Preliminary approval of MIDB's - Eden Prairie Project 100 -
$3,500,000.
Joseph Whitney and Ken Barthel propose to construct a 100,000 square
foot facility to the west of C.P.T. which would be leased to Barthel
Homes, a manufacturer of prebuilt homes. Barthel Homes would employ
approximately 50 persons. The proponents have requested rezoning
on the parcel from Rural to 1-2 which will be correct for the use
intended. Resolution 81-218 is attached for your consideration.
—1—
q2c 09
CITY OF EDEN PRAIRIE, MINNESOTA
Application for
Industrial Development Bond Project Financing
•
1. APPLICANT:
a. Busines .Name
B.T. Partnership
'b. Business Address —
1614 Harmon Place Suite 300
Mpls., MN 55403
c. Business Form (corporation, partnership, sole
p
r
o
p
r
i
e
t
o
r
-
ship, etc.) —
Partnership
d. State of Incorporation or organization
Minnesota
e. Authorized Representative
Joseph H. Whitney or Ken A. Barthel
f. Phone —
Whitney 333-3455
Barthel 428-4381
2. NAME(S) AND ADDRESSES OF MAJOR STOCKBOLDERS OR
P
R
I
N
C
I
P
A
L
S
:
it. Joseph H. Whitney
b. Ken A. Barthel
D.B.A. Tipton Corporation
1614 Harmon Place
Mpls., MN 55403
D.B.A. Barthel Homes Inc.
21370 John Millass Dr.
Rogers, MN 55374
Z. GIVE BRIEF DESCRIPTION OF NATURE OF BUSINESS
,
P
R
I
N
C
I
P
A
L
PRODUCTS, ETC:
Manufacturing and sale of prebuilt homes.
4. . DESCRIPTION OF PROJECT
cuelr
a. Location and intended use: Adjacent to and di
r
e
c
t
l
y
.
e
a
r
r
o
f
C.P.T. new facility, Legal attached.
b. Present ownership of project site:
M.S.R. Properties
c. Names and address of architect, engineer, and gen
e
r
a
l
contractor:
Selection subject to financing of project.
5. .ESTIMATED PROJECT COST FOR:
Land
Building
Equipment
Other .
$ 600 000
$P,630,000
$ -0-
$ 340,000
Total $3,570,000
-2-
.usrb
6. BOND ISSUE -
a. Amount of proposed bond issue -
$3,500,000
b. Proposed date of sale of bond -
December 1981 - April 1981
c. Length of bond issue and proposed maturit
i
e
s
-
25 years with 10 year call.
d. Proposed original purchaser of bonds
Juran & Moody, Inc.
e. Name and address of suggested trustee
To be selected
f. Copy of any agreement between App
l
i
c
a
n
t
a
n
d
o
r
i
g
i
n
a
l
pure.haser -
None
g. Describe any interim financing sought or a
v
a
i
l
a
b
l
e
-
Bank, interim credit line.
h. Describe nature and amount of any permanen
t
f
i
n
a
n
c
i
n
g
in addition to bond financing -
None
7. BUSINESS PROFILE OF APPLICANT.
a. Are you located in the City of Eden Prairi
e
?
Not
• b. Number of employees in Eden Prairie?
j. Before this project:
None
-3-
237
ii. After this project?
50
c. Approximate annual sales —
$4 - 5,000,000
d. Length of time in business 10 years
in Eden Prairie Not._
e. Do you have plants in other locations? If so, where?
NO
f. Are you engaged in international trade?
NO
. 8. OTHER INDUSTRIAL DEVELOPMENT PROJECT(S):
a. List the name(s) and location(s) of other industrial
. development project(s) in which the Applicant is the
.owner or a "substantial user" of the facilities or a
"releated person" within the meaning of Section 103(b)(6)
of the Internal Revenue Code.
None
12<-2,n '
-5-
7AcW.
b. List all cities in which the Applica
n
t
h
a
s
r
e
q
u
e
s
t
e
d
industrial revenue development financ
i
n
g
.
NONE
c. Detail the status of any request the
A
p
p
l
i
c
a
n
t
h
a
s
b
e
f
o
r
e
any other city for industrial develo
p
m
e
n
t
r
e
v
e
n
u
e
f
i
n
a
n
c
i
n
g
.
NONE
d. List any city in which the Applicant
h
a
s
b
e
e
n
r
e
f
u
s
e
d
industrial development revenue financ
i
n
g
.
NONE
e. List any city (and the project name)
w
h
e
r
e
t
h
e
A
p
p
l
i
c
a
n
t
has acquired preliminary approval to
p
r
o
c
e
e
d
b
u
t
i
n
w
h
i
c
h
final approval authorizing the financ
i
n
g
h
a
s
b
e
e
n
d
e
n
i
e
d
.
NONE
—
f. If Applicant has been denied
i
n
d
u
s
t
r
i
a
l
d
e
v
e
l
o
p
m
e
n
t
revenue financing in any oth
e
r
c
i
t
y
a
s
i
d
e
n
t
i
f
i
e
d
in (d) or (e), specify the r
e
a
s
o
n
(
s
)
f
o
r
t
h
e
d
e
n
i
a
l
and the name(s) of appropriat
e
c
i
t
y
o
f
f
i
c
i
a
l
s
w
h
o
have knowledge of the transac
t
i
o
n
.
None
9. NAMES AND ADDRESS OF:
a. Underwriter (If public offeri
n
g
)
Juran & Moody, Inc.
b. Private Placement Purchaser (
I
f
p
r
i
v
a
t
e
p
l
a
c
e
m
e
n
t
)
Juran & Moody, Inc.
f. If lender will not commit unt
i
l
C
i
t
y
h
a
s
' passed its preliminary res
o
l
u
t
i
o
n
a
p
p
r
o
v
i
n
g
the project, submit a letter
f
r
o
m
p
r
o
p
o
s
e
d
lender that it has an interes
t
i
n
t
h
e
offering subject to appropria
t
e
C
i
t
y
approval and approval of the
C
o
m
m
i
s
s
i
o
n
e
r
of Securities.
70fr6//c7 47/.
Date
Tipton Corporation
Applicant
o
bate
Applicant
By
b. Bond Counsel
Dorsey, Windhorst, Hannaford, Whitney,
Hal laday
c. Corporate Counsel -
John Gries, Attorney
d. Accountant -
To be selected. •
10. WHAT IS YOUR TARGET DATE FOR:
a. Construction start -
April 1, 1982
b. Construction completion -
December 1,• 1982
FOR FURTHER INFORMATION CONTACT:
The undersigned Applicant understands that the approval or
disapproval by the City of Eden Prairie for Industrial
Development bond financing does not expressly or impliedly•
constitute any approval, variance, or waiver of any provision
or requirement relating to any zoning, building, or other rule
or ordinance of the City of Eden Prairie, or any other law
applicable to the property included in this project.
Barthel Hines, Inc.
-7-
231 6
11. ZONING - TO BE COMPLETED BY THE CITY PLANNING DEPARTMENT
a. Property is zoned -
b. Present zoning (is)
use.
) correct for the intended
c. Zoning application received on
for which is corrqct for the
intended use.
d. Variances required -
City Planner
-8-
RESOLUTION NO.
RESOLUTION GRANTING PRELIMINARY APPROVAL AND
DETERMINING TO PROCEED WITH A PROJECT AND ITS
FINANCING UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT; REFERRING THE PROPOSAL TO THE
COMMISSIONER OF SECURITIES FOR APPROVAL; AND
AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS
BE IT RESOLVED by the City Council of the City of
Eden Prairie, Minnesota (the Municipality), as follows:
SECTION 1
Recitals and Findings
1.1. This Council has received a proposal that the
Municipality finance a portion or all of the cost of a
proposed project under Minnesota Statutes, Chapter 474
(the Act), consisting of the acquisition of land and the
construction thereon of a 100,000 square foot warehouse,
manufacturing and office facility (the Project) by a joint
venture company to be formed, consisting of Tipton Corp.,
a Minnesota corporation, and Barthel Homes, Inc., a
Minnesota corporation, as the principal joint venturers,
and one or more additional joint venturers to be named
•(the Borrower).
1.2. At a public hearing, duly noticed and held on
October 31, 1981, in accordance with the Act, on the
proposal to undertake and finance the Project, all parties
who appeared at the hearing were given an opportunity to
express their views with respect to the proposal to
undertake and finance the Project. Based on such hearing
and such other facts and circumstances as this Council
deems relevant, this Council hereby finds, determines and
declares as follows:
(a) The welfare of the State of Minnesota
requires active promotion, attraction, encouragement and
development of economically sound industry and commerce
through governmental acts to prevent, so far as possible,
emergence of blighted lands and areas of chronic
unemployment, and the state of Minnesota has encouraged
local government units to act to prevent such economic
deterioration.
(b) The Project would further the general
purposes contemplated and described in Section 474.01 of
the Act.
.13511
(c) The existence of the Project would add to
the tax base of the Municipality, the County and School
District in which the Project is located and would provide
increased opportunities for employment for residents of
the Municipality and surrounding area.
(d) This Council has been advised by representa-
tives of the Borrower that conventional, commercial
financing to pay the cost of the Project is available only
on a limited basis and at such high costs of borrowing
that the economic feasibility of operating the Project
would be significantly reduced, but that with the aid of
municipal borrowing, and its resulting lower borrowing
cost, the Project is economically more feasible.
(e) This Council has also been advised by the
Borrower that on the basis of their discussions with
potential buyers of tax-exempt bonds, revenue bonds of the
Municipality (which may be in the form of a commercial
development revenue note or notes) could be issued and
sold upon favorable rates and terms to finance the Project.
(0 The Municipality is authorized by the Act to
issue its revenue bonds to finance capital projects
consisting of properties used and useful in connection
with a revenue producing enterprise, such as that of the
Borrower, and the issuance of such bonds by the
Municipality would be a substantial inducement to the
Borrower to acquire and construct the Project.
SECTION 2
Determination to Proceed with
the Project and its Financin9
2.1. It is desirable for the Municipality to issue its
revenue bonds under the provisions of the Act to finance
the Project in an amount of $3,500,000.
I` v lk 01 2.2. It is hereby determined to grant preliminary
r approval to and to proceed with the Project and its
.‹ financing) and this Council hereby declares its present
if ---rfiCent to have the Municipality issue its revenue bonds
0 under the Act to finance the Project. Notwithstanding the
foregoing, however, the adoption of this resolution does
not constitute a guarantee or a firm commitment that the
Municipality will issue the revenue bonds as requested by
the Borrower. The Municipality retains the right in its
sole discretion to withdraw from participation and accord-
ingly not issue the revenue bonds should the Municipality
.23(20--
at any time prior to the issuance thereof determine that
it is in the best interest of the Municipality not to
issue the revenue bonds or should the parties to the
transaction be unable to reach agreement as to the terms
and conditions of any of the documents required for the
transaction. All details of such revenue bond issue and
the provisions for payment thereof shall be subject to
final approval of the Project by the Minnesota
Commissioner of Securities and may be subject to such
further conditions as the Municipality may specify. The
revenue bonds, if issued, shall not constitute a charge,
lien or encumbrance, legal or equitable, upon any property
of the Municipality, except the Project, and each bond,
when, as and if issued, shall recite in substance that the
bond, including interest thereon, is payable solely from
the revenues received from the Project and property
pledged to the payment thereof, and shall not constitute a
debt of the Municipality within the meaning of any
constitutional or statuatory limitation.
2.3. The Application to the Commissioner of Securities,
with attachments, is hereby approved, and the Mayor, City
Manager and City Clerk are authorized to execute satd
documents in behalf of the Municipality.
2.4. In accordance with Section 474.10, Subdivision 7a of
the Act, the Mayor, City Manager and City Clerk are hereby
authorized and directed to cause the Application to be
submitted to the Commissioner of Securities for approval
of the Project. The Mayor, City Manager, City Clerk, City
Attorney and other officers, employees and agents of the
Municipality are hereby authorized and directed to provide
the Commissioner with any preliminary information the
Commissioner may need for this purpose, and the City
Attorney is authorized to initiate and assist in the
preparation of such documents as may be appropriate to the
Project, if it is approved by the Commissioner.
SECTION 3
General
3.1. If the bonds are issued and sold, the Municipality
will enter into a lease, sale or loan agreement or similar
agreement satisfying the requirements of the Act (the
Revenue Agreement) with the Borrower. The lease rentals,
installment sale payments, loan payments or other amounts
payable by the Borrower to the Municipality under the
Revenue Agreement shall be sufficient to pay the
principal, interest and redemption premium, if any, on the
bonds as and when the same shall become due and payable.
23sx K
3.2. The Borrower has agreed to pay directl
y
o
r
t
h
r
o
u
g
h
the Municipality any and all costs incurred
b
y
t
h
e
Municipality in connection with the Project
w
h
e
t
h
e
r
o
r
n
o
t
the Project is approved by the Commissioner o
f
S
e
c
u
r
i
t
i
e
s
;
whether or not the Project is carried to com
p
l
e
t
i
o
n
;
a
n
d
whether or not the revenue bonds or operativ
e
i
n
s
t
r
u
m
e
n
t
s
are executed.
3.3. The Mayor, City Manager and City Clerk
a
r
e
d
i
r
e
c
t
e
d
,
if the bonds are issued and sold, thereafter
t
o
c
o
m
p
l
y
with the provisions of Minnesota Statutes, S
e
c
t
i
o
n
4
7
4
.
0
1
,
Subdivision 8.
3.4. All commitments of the Municipality ex
p
r
e
s
s
e
d
h
e
r
e
i
n
are subject to the condition that within 12
m
o
n
t
h
s
o
f
t
h
e
date of adoption of this resolution the Mun
i
c
i
p
a
l
i
t
y
a
n
d
the Borrower shall have agreed to mutually
a
c
c
e
p
t
a
b
l
e
terms and conditions of the revenue Agreeme
n
t
,
t
h
e
b
o
n
d
s
and of the other instruments and proceeding
s
r
e
l
a
t
i
n
g
t
o
the bonds and their issuance and sale. If t
h
e
e
v
e
n
t
s
s
e
t
forth herein do not take place within the t
i
m
e
s
e
t
f
o
r
t
h
above, or any extension thereof, and the bond
s
a
r
e
n
o
t
sold within such time, this resolution shal
l
e
x
p
i
r
e
a
n
d
b
e
of no further effect.
Adopted this
day of October, 1981.
Mayor
Attest:
City Clerk
(SEAL)
The motion for the adoption of the foregoing
resolution was duly seconded by Member
and upon vote being taken thereon, the foll
o
w
i
n
g
v
o
t
e
d
i
n
favor thereof:
and the following voted against the same:
whereupon the resolution was declared duly pa
s
s
e
d
a
n
d
adopted.
28SZL
••
gnyril
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. W" r d de:;c 1 i
•
ro. corhoc Wto:t
ttc•aNt 10...!c• :',uth 11 1,-e th. E.irt I joy
, Vow. int _Ve •t 1,r .
:Ito 'Aetna , point of 0t....,IhrIng of thc trite!. or 'an.1 I. 0.,.oribod;
..ronco Wonterly Oc"lec%iug to the right ut an an,,le "" 0 n lemr..4.3
minuteu 12 :lecon&;, dintan•, or 231.31 feet;
westerly on a tangental curve to the left 0.1..4i ratiu,.. or 5829.58
..eet a distance of 1097.139 feet, MOFV or lens, to the lint. or
• West of 3ort'new..: 1/4; thnce Vouth a!ong ,;4 4 .!
CO' Went 1/2 of Northeast l/4 to a point tiiere;a
ff.t•t
Nor0! of tie Sont ,!went co-ner of said West 0 %,..r. .•,4t :/4•
Xan:erly parallel w:th %h• !.:out.1 ...Inv of Wc t :/P 0' • "'
-ov.%lenst 1/4, a dintarce or feet; ta-n ,” Nor ..h para22.0.
• h We ..;:t 1 •• or ,., wout, A
0° .1.7.%,15 feet; ...,•erre !.!ort'ne;.nter_y to a no:ut :n thc 'oh% line •f
• went 1/r of .ae ih e'.;tn“t :0 r ,o, North
of .th.e foutoas.t corner or na1d .7/'.? of Nort n o.ov,
North along %he Sast line of said Wen.. lip or No
?..,!,..:,u ; "e
ac•.o.v.1 cr begnninr.
First Party property Legal Description
Steven Bruce and Bradley Hoyt intend to construct a 130,000 square
foot office warehouse facility on Lot 2 Block 2 Le Parc Addition.
The building will be 50% leased to companies owned by the Hoyts.
The estimated cost of the project is $4,855,000 and would employ
about 260 persons. The property is zoned 1-2 which is correct for
the intended use. Resolution 81-219 is attached for your consider-
ation.
TO: Mayor & Council
FROM: John Frane
DATE: 10-29-81
RE: MIDB's for Hoyt Investment - $4,000,000.
C . Bradley S. Hoyt, 150 West 88th Street, Bloomington, MN 55420
-1-
23sq4
CITY OF EDEN PRAIRIE, MINNESOTA
Application for
Industrial Development Bond Project Financing
1. APPLICANT:
-
a. Business Name - HOYT INVESTMENT COMPANY
b. Business Address - 150 West 88th Street, Bloomington, Minnesota
c. Business Form (corporation, partnership, sole proprietor-
ship, etc.) -
Partnership
d. State of Incorporation or organization -
Minnesota
e. Authorized Representative - Steven B. Hoyt
Bruce K. Hoyt
Bradley A. Hoyt
Gayle J. Hoyt
f. Phone - (612) 884-4338
• 2. NAME(S) AND ADDRESSES OF MAJORSTOCKHOLDERS OR PRINCIPALS:
Steven D. Hoyt, 10601 Niblick Lane, Eden Prairie, MN 55343
a.
b Bruce K. Hoyt, 9133 Forest Hills Circle. Bloomington, MN 55437.
3. GIVE BRIEF DESCRIPTION OF NATURE OF BUSINESS, PRINCIPAL
PRODUCTS, ETC:
Hoyt Construction Inc., general contractor.
Vinyl Therm Inc., window manufacturer and plastics extruder.
Hoyt Investment Company, office/warehouse developer.
9. DESCRIPTION OF PROJECT
Multi-tenant office warehouse building comprising 130,000 square.
feet of net rentable area, more or less.
a. Location and intended use:
Lot 2, Block 2, Le Parc.
b. Present ownership of project site:
Bruce Hoyt, Contract Vendee; Galaxy Developers Inc., Contract Vendor.
c. Names and address of architect, engineer, and general
contractor:
Architect: The Design Partnership, Ltd., 15 So. 5th St., Minneapolis.
General Contractor: Hoty Construction Inc.
Engineer: Osmera and Associates, Minneapolis
5. ESTIMATED PROJECT COST FOR:
Land $. 600,000
Construction Contracts
Equipment Acquisition and installation* -0-
Architectural and Engineering
Legal
Interest during Construction
Bond Reserve
Total
$ 9,855,000
*Heating and air conditioning should be included as building costs.
Indicate the kind of equipment to be acquired here.
-2-
30,000
Contingencies
Loan Fees
Other
')5,(1 00
isnn,nn0
7631, nn0
cn .nnn
120 000
23510
BOYD ISSUE -
a. Amount of proposed bond issue -
$4,000,000
b. Proposed date of sale of bond -
March 1, 1982
c. Length of bond issue and proposed maturities -
25 years - monthly principal and interest amirtization
d. Proposed original purchaser of bonds -
unknown
e. Name and address of suggested trustee -
unknown
f. Copy of any agreement between Applicant and original
purchaser -
None
g. Describe any interim financing sought or available -
None •
h. Describe nature and amount of any permanent financing
in addition to bond financing -
None
7. BUSINESS PROFILE OF APPLICANT.
a. Are you located in the City of Eden Prairie?
No.
.1). Number of employees in Eden Prairie?
None.
i. Before this project:
None.
-3-
)3S4
ii. After this project?
260 (including tenants)
c. Approximate annual sales -
$40,000,000 (including all tenants)
d. Length of time in business Hoyt Construction Inc. - 30years;
Vinyl Therm, Inc., 5 years; Hoyt Investment Company, 7 years.
in Eden Prairie None.
e. Do you have plants in other locations? If so, where?
None.
f. Are you engaged in international trade?
Currently establishing international trade representative for
Vinyl Therm, Inc.
. 8. OTHER INDUSTRIAL DEVELOPMENT PROJECT(S):
a. List the name(s) and location(s) of other industrial
development project(s) in which the Applicant is the
owner or a "substantial user" of the facilities or a
"releated person" within the meaning of Section 103(b)(6)
of the Internal Revenue Code.
We have applied for IDB approval for 1321 East 79th Street,
in Bloomington, Minnesota. We do not, at this time,
anticipate utilizing IDB financing for that project.
-4-
259D
b. List all cities in which the Applicant has requested
industrial revenue development financing.
Bloomington.
c. Detail the status of an; request the Applicant has before
any other city for industrial development revenue financing.
See a. above.
d. List any city in which the Applicant has been refused
industrial development revenue financing.
None. ,
e. List any city (and the project name) where the Applicant
has acquired preliminary approval to proceed but in which
final approval authorizing the financing has been denied.
None.
f. If Applicant has been denied industrial development
revenue financing in any other city as identified
in (d) or (c), specify the reason(s) for the denial
and the name(s) of appropriate city officials who
have knowledge of the transaction.
None.
9. NAMES AND ADDRESS OF:
a. Underwriter (If public offering)
Northland Mortgage Company and Juran & Moody Inc.
6600 France Ave. So.
Edina, Minnesota 55435
b. Private Placement Purchaser (If private placement)
Not known
i. If lender will not commit until City has
' passed its preliminary resolution approving
the project, submit a letter from proposed
lender that it has an interest in the
offering subject to appropriate City
approval and approval of the Commissioner
of Securities.
b. Bond Counsel -
Verlane L. Endorf
2200 First Bank Place East, Minneapolis, MN 55402
c. Corporate Counsel -
Steven P. Hoyt, 150 West 88th Street, Minneapolis, MN 55420
d. Accountant -
Lawrence Carlson, CPA, 402 Main Street, Anoka, MN
10. WHAT IS YOUR TARGET DATE FOR:
a. Construction start - March 1, 1982
b. Construction completion - November 1, 1982 .
FOR FURTHER INFORMATION CONTACT: STEVEN B. HOYT
The undersigned Applicant understands that the approval or
disapproval by the City of Eden Prairie for Industrial
Development bond financing does not expressly or impliedly
constitute any approval, variance, or waiver of any provision
or requirement relating to any zoning, building, or other rule
or ordinance of the City of Eden Prairie, or any other law
applicable to the property included in this project.
HOYT INVESTMENT COMPANY
11. ZONING - TO DE COMPLETED BY THE CITY PLANNING DEPARTMENT
a. Property is zoned -
b. Present zoning as (is not) correct for the intended
use.
C. Zoning application received on
which is correct for the
intended use
d. Variances required -
City Planner
for
RESOLUTION NO.
RESOLUTION GIVING PRELIMINARY APPROVAL TO, AND
DETERMINING TO PROCEED WITH A PROJECT
AND ITS FINANCING UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT; REFERRING THE PROPOSAL TO THE
COMMISSIONER OF SECURITIES AND REAL ESTATE
FOR APPROVAL; AND AUTHORIZING PREPARATION
OF NECESSARY DOCUMENTS
BE IT RESOLVED by the City Council of the City of
Eden Prairie, Minnesota (the Municipality), as follows:
SECTION 1
Recitals and Findings
1.1. This Council has received a proposal that the
Municipality finance a portion or all of the cost of a
proposed project under Minnesota Statutes, Chapter 474
(the Act), consisting of the acquisition of land and the
construction and equipping thereon of an office and
warehouse building (the Project) by Hoyt Investment
Company a Minnesota general partnership (the Borrower).
1.2. At a public hearing, duly noticed and held on
October 31, 1981, in accordance with the Act, on the
proposal to undertake and finance the Project, all parties
who appeared at the hearing were given an opportunity to
express their views with respect to the proposal to
undertake and finance the Project. Based on the public
hearing and such other facts and circumstances as this
Council deems relevant, this Council hereby finds,
determines and declares as follows:
(a) The welfare of the State of Minnesota
requires active promotion, attraction, encouragement and
development of economically sound industry and commerce
through governmental acts to prevent, so far as possible,
emergence of blighted lands and areas of chronic
unemployment, and the State of Minnesota has encouraged
local government units to act to prevent such economic
deterioration.
(b) The Project would further the general
purposes contemplated and described in Section 474.01 of
the Act.
(c) The existence of the Project would add to
the tax base of the Municipality, Hennepin County and
-3-
23s-Cr.
School District in which the Project is located and would
provide increased opportunities for employment for
residents of the Municipality and surrounding area.
(d) This Council has been advised by
representatives of the Borrower that conventional,
commercial financing to pay the cost of the Project is
available only on a limited basis and at such high costs
of borrowing that the economic feasibility of operating
the Project would be significantly reduced, but that with
the aid of municipal borrowing, and its resultirg lower
borrowing cost, the project is economically more feasible.
(e) This Council has also been advised by the
Borrower that on the basis of their discussions with
potential buyers of tax-exempt bonds, revenue bonds of the
Municipality (which may be in the form of a commercial
development revenue note or notes) could be issued and
sold upon favorable rates and terms to finance the Project.
(f) The Municipality is authorized by the Act to
issue its revenue bonds to finance capital projects
consisting of properties used and useful in connection
with a revenue producing enterprise, such as that of the
Borrower, and the issuance of the bonds by the
Municipality would be a substantial inducement to the
Borrower to acquire and construct the Project.
SECTION 2
Determination to Proceed with
the Project and its Financing
2.1. On the basis of the information given the
Municipality to date, it appears that it would be
desirable for the Municipality to issue its revenue bonds
under the provisions of the Act to finance the Project in
an estimated total amount of $4,000,000.
S
AC orlr 2.2. The City hereby gives preliminary approval to, and
it is hereby determined to proceed with, the project and
its financingland this Council hereby declares its present
intent to have the Municipality issue its revenue bonds
under the Act to finance the Project. Notwithstanding the
foregoing, however, the adoption of this resolution shall
not be deemed to establish a legal obligation on the part
of the Municipality or its City Council to issue or to
cause the issuance of such revenue bonds. All details of
such revenue bond issue and the provisions for payment
thereof shall be subject to final approval of the Project
-4-
23T
by the Minnesota Commissioner of Securities and Real
Estate and may be subject to such further conditions as
the Municipality may specify. The revenue bonds, if
issued, shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property of the
Municipality, except the Project, and each bond, when, as
and if issued, shall recite in substance that the bond,
including interest thereon, is payable solely from the
revenues received from the Project and property pledged to
the payment thereof, and shall not constitute a debt of
the Municipality within the meaning of any constitutional
or statutory limitation.
2.3. The Application to the Commissioner of Securities
and Real Estate, with attachments, is hereby approved, and
the Mayor and City are authorized to execute
said documents in behalf of the Municipality.
2.4. In accordance with Section 474.10, Subdivision 7a of
the Act, the Mayor and City Manager and Finance
Director/Clerk are hereby authorized and directed to cause
the Application to be submitted to the Commissioner of
Securities and Real Estate for approval of the Project.
The Mayor, City Manager, Finance Director/Clerk, City
Attorney and other officers, employees and agents of the
Municipality are hereby authorized and directed to provide
the Commissioner with any preliminary information needed
for this purpose. The City Attorney is authorized to
initiate and assist in the preparation of documents as may
be appropriate to the Project, if approved by the
Commissioner.
SECTION 3
General
3.1. If the bonds are issued and sold, the Municipality
will enter into a lease, sale or loan agreement or similar
agreement satisfying the requirements of the Act (the
Revenue Agreement) with the Borrower. The lease rentals,
installment sale payments, loan payments or other amounts
payable by the Borrower to the Municipality under the
Revenue Agreement shall be sufficient to pay the
principal, interest and redemption premium, if any, on the
bonds as and when the same shall become due and payable.
3.2. The adoption of this resolution does not constitute
a guarantee or a firm commitment that the Municipality
will issue the bonds as requested by the Borrower. The
Municipality retains the right in its sole discretion to
-5-
i•Irea {.)
MEMORANDUM
TO: Mayor and City Council
FROM: City Manager Carl Jullie
SUBJECT: Review of City Code
DATE: October 30, 1981
The following is a suggested schedule for review of the City Code:
November 12:
Chapter 1. General Provisions and Definitions Applicable to
Entire City Code Including Penalty for Violation
Chapter 2. Administration and General Government
November 17:
Chapter 3. Municipal and Public Utilities - Rules and Regulations,
Rates, Charges and Collections
Chapter 4. Beer, Wine and Liquor Licensing and Regulation
Chapter 5. Other Business Regulation and Licensing
December 1 and December 8:
Chapter 6. Streets and Sidewalks Generally
Chapter 7. Traffic Regulations
Chapter 8. Parking Regulations
Chapter 9. Public Protection, Crimes and Offenses
January 5, January 12 and January 19: •
Chapter 10. Construction Permits and Regulations
Chapter 11. Zoning Regulations
Chapter 12. Subdivision Regulations
Chapter IL Shoreland Management
Public Hearing on February 17 for Chapter 11. Suggest special meetings go from
6:00 - 9:00 PM.
CJJ:jp