HomeMy WebLinkAboutResolution - 90-155 - Amending IDR Bond Terms for Evergreen (Bryant Lake Partners) - 06/05/1990 RESOLUTION NO. 9 0 - 14'vr
RESOLUTION AUTHORIZING AMENDMENT TO THE
$4,850,000 COMMERCIAL DEVELOPMENT REVENUE BOND
(BRYANT LAKE PARTNERS PROJECT) AND RELATED
DOCUMENTS
BE IT RESOLVED by the City Council of the City of Eden
Prairie, Minnesota as follows:
1. The City issued its $4,850,000 Commercial Development
Revenue Bond (Bryant Lake Partners Project) (the "Bond") on October
30, 1985 and lent the proceeds of the Bond to Bryant Lake Partners,
a Minnesota general partnership (the "Developer") pursuant to a
Loan Agreement dated as of October 30, 1985 between the Developer
and the City (the "Loan Agreement") .
2. Unum Life Insurance Company, formerly known as
Unionmutual Stock Life Insurance Co. ("Unum") , purchased and is the
present holder of the Note.
3. In connection with the issuance of the Note the City and
Unum entered into a Pledge Agreement whereby the City pledged and
assigned to Unum certain of the City's rights under the Loan
Agreement including the right to repayment of amounts due under the
Bond.
• 4. The Developer has transferred the project financed from
the proceeds of the Bond (the "Project") to Bryant Lake Associates
-- Phase III, a California Limited Partnership (the "Partnership") .
5. Unum and the Partnership have agreed to certain financial
accommodations with respect to the Project, the Bond and the
documents related thereto. The City and the City Attorney have
been provided with forms of an Amendment to Commercial Development
Revenue Bond (Bryant Lake Partners Project) and an Amendment to
Loan Agreement setting forth the terms of the agreement between
Unum and the Partnership together with a form of opinion of Briggs
and Morgan, P. A. , as Bond Counsel.
6. The Mayor, City Manager and any other necessary City
officials are authorized to execute the Amendments in the form
approved by the City Attorney and any related documents submitted
to the City in accordance with the terms of this Resolution.
7. The execution of any instrument herein authorized by the
appropriate officer or officers of the City shall be conclusive
evidence of the approval of such documents in accordance with the
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terms hereof. In the absence of the Mayor or City Manager, any of
the documents authorized by this Resolution to be executed may be
• executed by the Acting Mayor or City Manager respectively.
Adopted June 5, 1990.
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ATTEST:
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