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HomeMy WebLinkAboutResolution - 597 - Preliminary Approval - Crown Auto Stores MIDB - 10/10/1972 CERTIFICATION OF MINUTES RELATING TO ?1 , 300 , 000 Industrial Development Revenue Bonds (Crown Auto Stores , Inc . ) Issuer: Village of Eden Prairie , Minnesota Governing Body : Village Council Kind, date , time and place of meeting : a Council meeting, held on October 10 , 1972 , at 7:30 o ' clock P .M. , at the Village Hall Members present : Maui R. Redpath, Ralph J. Nesbitt, John Cosmano, John McCulloch and Joan Meyers Members absent: gone Documents Attached : Minutes of said meeting (pages) : Resolution No. 597 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MUNICIPAL IN- DUSTRIAL DEVELOPMENT ACT, REFERRING THE PROPOSAL TO THE DEPARTMENT OF ECONOMIC DEVELOPMENT FOR APPROVAL, AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS I , the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds re- ferred to in the title of this certificate , certify that the doc- uments attached hereto , as described above , have been carefully compared with the original records of said corporation in my legal custody , from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation , and correct and complete copies of all resolutions and other actions taken and of all doc- uments approved by the governing body at said meeting, so far as they relate to said bonds ; and that said meeting was duly held by the governing body at the time and place and was attended through- out by the members indicated above , pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this 1 2_ day of October , 19 72 Signature �?-- Mrs . Edna Holmgren, Village , Clerk Name and Title Member Ralph J. Nesbitt introduced the following resolution and moved its adoption : RESOLUTION GIVING PRELIMINARY APPROVAL 1110 A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, REFERRING THE PROPOSAL TO THE DEPARTMENT OF ECONOMIC DEVELOPMENT FOR APPROVAL , AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS BE IT RESOLVED by the Village Council of the Village of Eden Prairie , Minnesota , as follows : It is hereby found, determined , and declared as follows : 1 . 1 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 un- employment , and the state has encouraged local government units to prevent such economic deterioration ; 1 . 2 Crown Auto Stores , Inc . (hereinafter, Crown) , a Minne- sota corporation , is considering acquisition of a tract or parcel of land within the Village and construction thereon of a building designed , suitable and to be used for handling , storing , warehousing, processing and shipping products of manufacture , consisting primarily of automo- bile parts , supplies , tires and accessories , together with related office space and incidental facilities ; 1 . 3 The existence of such a facility in Eden Prairie would add to the tax base of the Village and overlapping taxing authorities , would increase employment and add to the level of economic activity in the area , and enhance the reputation or image of the Village as a desirable location for suitable industries ; 1 . 4 The Village has been advised by representatives of Crown 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 economic feasibility of operating the project would be significantly reduced , but Crown has also advised this Council that with the aid of municipal financing, and its resulting low borrowing cost , the project is economically feasible; 1 . 5 This Council has been advised by a representative of Dain , Kalman & Quail , Incorporated of Minneapolis , Minnescta , invest- ment bankers and dealers in municipal bonds , that on the basis of information submitted to them and their discussions with representa- tives of Crown and potential buyers of tax-exempt bonds , industrial development revenue bonds of the Village could be issued and sold upon favorable rates and terms ; 1 . 6 The Village is authorized by Minnesota Statutes , Chapter 474 , 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 Crown, engaged or to be engaged in handling , storing, warehousing , processing and shipping products of manufacture and the issuance of such bonds by the Village would be a subsequent inducement to Crown to locate its proposed facility within or near the Village . 2 . On the basis of information given the Village to date , it appears that it would be in the best interest of the Village to issue its industrial development revenue bonds under the provisions of Chapter 474 to finance the capital project of Crown , consisting primarily of acquisition or installation of items of equipment , at a cost presently estimated to be approximately $1 , 300 , 000 . 3 . The project above -referred to is hereby given preliminary approval by the Village , subject to approval of the project by the Commissioner of Economic development and to the mutual agreement of this body , Crown and the initial purchasers of the bonds as to the details of the bond issue and provisions for their payment. In all events , it is understood, however, that the bonds of the Village shall not constitute a charge , lien or encumbrance legal or equitable upon any property of the Village 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 rentals received from the project and property pledged to the payment thereof, and shall not constitute a debt of the Village . 4 . In accordance with Minnesota Statutes , Section 474 .01 , Subdivision 7 , the Mayor is hereby authorized and directed to submit the proposal for the project to the Commissioner of Economic Develop- ment , for his approval of the project. The Mayor, Village Manager , Village Attorney , and other officers , employees and agents of the Village are hereby authorized to provide the Commissioner with any preliminary information he may need for this purpose , and the Village Attorney is authorized to initiate and assist in the preparation of such docu- ments as may be appropriate to the project , if it is approved by the Commissioner. t *v AP i Mayor Attest: '/,42i Village erk T _ The motion for the adoption of the foregoing resolution was duly seconded by Member John Cosmano , and the following voted in favor thereof : Ralph J. Nesbitt, John Cosmano, Paul Redpath and Joan Meyers. John McCulloch abstained. and the following voted against the resolution: whereupon •the resolution was declared duly passed and adopted . VILLAGE OF EDEN PRAIRIE HENNEPIN COUNTY, MINNESOTA RESOLUTION NO. 598 A RESOLUTION ESTABLISHING A DEPARTMENT OF PUBLIC SAFETY BE IT RESOLVED by the Village Council of the Village of Eden Prairie, Minnesota as follows: ADOPTED by the Council of the Village of Eden Prairie on October 10, 1972. Paul R. Redpath, Mayor ATTEST: _ SEAL Edna M. Holmgren, Clerk f