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HomeMy WebLinkAboutResolution - 95-205 - Site Plan Review - Valley Place Office - Phase II - 12/05/1995 VALLEY PLACE OFFICE - PHASE H CITY OF EDEN PRAIRIE HENNEPIN COUNTY, MINNESOTA RESOLUTION NO. 9 5 - 20, 5 A RESOLUTION GRANTING SITE PLAN APPROVAL FOR VALLEY PLACE OFFICE - PHASE H BY DESIGN I OF EDINA WHEREAS, Design I of Edina have applied for Site Plan approval of Valley Place Office - Phase 1I on 0.67 acres for construction of a 6,400 sq. ft. office building located at 9973 Valley View Road; and, WHEREAS, the Planning Commission reviewed said application at a public hearing at its October 9, 1995, Planning Commission meeting and recommended approval of said site plans; and, WHEREAS,the City Council has reviewed said application at a public hearing at its November 7, 1995, meeting; NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDEN PRAIRIE, that site plan approval be granted to Design I of Edina for the construction of an office building, based on plans revised and dated November 3, 1995, between Design I of Edina, and the City of Eden Prairie. ADOPTED by the City Council on December 5, 995. can L. Harris, Mayor ATTEST: Johnr .. Frane, City Clerk furnished for such purpose in accordance with the Loan Agreement, sufficient to pay all costs of such performance or the enforcement thereof. The provisions of this paragraph shall, for purposes of the Bonds, be controlling and shall be given full force and effect, anything else to the contrary in the Bonds notwithstanding. 5 . Subject to the final approval of Issuer' s counsel the forms of the Loan Agreement, Indenture and Placement Agreement and exhibits thereto are approved substantially in the form submitted. The Loan Agreement, Indenture and Placement Agreement are directed to be executed in the name and on behalf of the Issuer by the Mayor and the City Manager. Any other documents and certificates necessary to the transaction described above shall be executed and delivered by the appropriate Issuer officials . Copies of all of the documents necessary to the transaction herein described shall be delivered, filed and recorded as provided herein and in the Loan Agreement, Indenture and Placement Agreement. 6. The Issuer shall proceed forthwith to issue its Bonds, in the form and upon the terms set forth in the• Indenture. The offer of the Placement Agent to place the Bonds for sale to accredited investors at par plus accrued interest to the date of delivery at the interest rate or rates specified in the Indenture as of the date of issuance of the Bonds at a rate not to. exceed 100 per annum is hereby accepted. The Mayor and City Manager are authorized and directed to prepare and execute the Bonds as prescribed in the Indenture and to deliver them to the Trustee for authentication and delivery to the Placement Agent. 7 . The Mayor and City Manager and other members of the City are authorized and directed to prepare and furnish to the Placement Agent certified copies of all proceedings and records of the Issuer relating to the Bonds, and such other affidavits and certificates as may be required to show the facts relating to the legality - of the Bonds as such facts appear from the books and records in the officers' custody and control or as otherwise known to them; and all such certified copies, certificates . and affidavits, including any heretofore furnished, shall constitute representations of the Issuer as to the truth of all statements contained therein. 8 . The approval hereby given to the various documents referred to above includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by Issuer' s counsel and the officials authorized herein to execute said documents prior to their execution; and said officials are hereby authorized to approve said changes on behalf of the Issuer. The execution of any instrument by the appropriate officer or officers of the Issuer herein authorized shall be conclusive evidence of the approval of such documents in accordance with the terms hereof. In the absence 736772.2 3 (a) The Loan Agreement, (b) The Indenture, and (c) Placement Agreement. The use of the Memorandum is hereby approved, but the Issuer takes no responsibility for any of the information contained therein. 4 . ' It is hereby found, determined and declared that: (a) it is desirable that the Bonds be issued by the Issuer upon the terms set forth in the Indenture; (b) the basic payments under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Bonds issued under the Indenture when due, and the Loan Agreement and Indenture also provide that the Company is required to pay all expenses of the operation and maintenance of the Project, including, but without limitation, adequate insurance thereon and insurance against 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 Premises and payable during the term of the Loan Agreement and Indenture; and (c) under the provisions of Minnesota Statutes, Section 469 .155, and as provided in the Loan Agreement and Indenture, the Bonds and the interest thereon and any penalty, charge or premium, or any amounts payable thereunder, however designated, due thereunder are payable by the Issuer solely from the revenues and proceeds derived from the Loan Agreement, do not constitute a debt of the Issuer within the meaning of any constitutional or statutory limitation, are not payable from or a charge upon any funds of the Issuer other than the revenues and proceeds pledged by the Issuer to the payment thereof, and do not give rise to a pecuniary liability of the Issuer nor of any of its officers, agents, or employees, and no holder of the Bonds shall ever have the right to compel any exercise of the taxing power of the Issuer to pay the Bonds or the interest thereon or any penalty, charge or premium or any amounts payable thereunder, however designated, due thereunder, or to enforce payment thereof against any property of the Issuer, and the Bonds and the interest thereon and any penalty, charge or premium, or any amounts payable thereunder, however designated, do not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer and the agreement of the Issuer to perform or cause the performance of the covenants and other provisions therein referred to shall be subject at all times to the availability of revenues or other funds 736772.2 2