HomeMy WebLinkAboutResolution - 717 - M.I.D.B. - Rosemount Engineering - 06/06/1973 V1:LEAGE 01, EDEN PRAIRIE
I ;.C,P IN COUNTY, 1`il�,IiNE SOTA
RES01,U'rI 1 NO. 717
RESOLUTION+ ":UTHORTZING TIIE ACOUISITIO� , CON:STRUCTTO'.v A.'M ;
IEN SIi:G OF A PROJECT UNDER THE 1'*111, :ESOTA I:`;DUS-
TRIAL DEVEI.O?NtI ';'1 ACTT A:':1 IIiE SALT; r1' D "ISSuA:`:Ci OF I`;DUS-
TI:.It1L D`:`'i T.�'.`'....._ P.E.'EN;IJ . EON•IDS TO FI:,AN:CE THE PROJECT,
SBCUP.ED BY t1 PLEDGE AN-D ASSIGN:iI_-"N'T O:' THE. R. =. -.UES THEREOF
J,M A OF TILE i'IZOJECT TO A TRUSTEE
BE IT 11-PSOLVED by the Village Cuunc_; l of the Village of Eden Prairie,
P•Ii.ilnesota as follo":'s :
1. It has been proposed that the Vil.lade acquire certain real prop-
e-ty and lease the sane, together with one or more buildings and improvements
to be constructed thereon and certain related items of capital equipment, to
P osenount Inc. , a Minnesota corporation, which will use the Project as an
(-Zoansion of its eXiSting facility to provide additional manufacturing, research
and office space to be used in the design, manufacture and sale of precision
temperature and pressure sensors and other instruments. The Council gage
preliminary approval to the proposal by resolutions duly adopted April 10,
1973, and pursuant to those resolutions , the following documents relating
to the Project have been submitted to the Council and are now, or shall be
placed, on file in the Office of the Village Clerk:
(a) Warranty Deed , conveying to the Villa ga title to the
leased land which is situated in II^_.nnepiri County,
I.lintlesoL-.a ;
(b) Lease , dated as of may 1, 1.973 , proposed to be made
and entered into between the Village and Rosemount Inc. ,
as Tenant;
(c) Mortgage and Indenture of Trust , dated as of 'Hay 1,
1973, proposed to be made and entered into between
the Village and the Northwestern National Bank of
Minneapolis , Minnesota, as Trus tee ; and
(d) Official Statement, or prospectus.
2. It is hereby found, determined and declared that:
(a) the real property, building or buildings , improvements
and leased equipment described in the Warranty Deed,
Lease and Indenture referred to in paragraph 1 constitute
a. Project authorized by the Municipal Industrial Develop-
ment Act;
(b) the purpose of the Project is, and the effect thereof will
be, to promote the public welfare by the attraction, en-
couragemc2nt and development of economically sound industry
and co-coerce so as to prevent, so far as possible , the
emergence of blighted and marginal 1,ands and areas of
chronic unemployment; the development of industry to
i
i
use the re-sources of the. co�r:,.Lun i ty in order
to rotain !7:ic! 1,onc-f It of -I.tS -jjj,,re_,tme:it in
tho t- w' I I"_-ec I , C!h I ca t ed
zi "(! to C)""'i(.7- and gilt!:: Pr' C'.!;C' %riLIg vho_-! Cic1"Mo'7'1!.0 and
h Urll i I I rcl! !I C'(, for prnvidii)<' nvorii-
and the more ititciisive_
of ]cInd availit'n'Lo in the comrIlLlnicy to provide
an adcqziato base to Ej,n.ciiice the increase in the -mount
and cost- of sorvices ;
(c) the Project is to be located within the Village limmits ,
at ; -3 b e D a site whi,111-i i�, easily to _m. lo.yees
residinc, 1.7i'thin the Villaoc, and the surrounding com-
inunity, and to means of transportation of materills,
and products by rail and highway;
(d) the. Project, when completed , will add sign-1 f-Ticantly to
the tax base or Hennepin COUITI-1-5-, the Village and the
School District in i-.,hich the. Village is located;
(e) the Proj"CC-L has been .approved by the Commissioner of
Econom-Ec Development Of the State of Minnesota as
tending to furthf�r the purposes and policies of thn
Induntrial Development Act;
(f the acquisition and construction of the Project, the
issuance sLud s;mtla of the borids , the execution and
delivery o' the Lease and of the Indenture, and the
performance of all- covenants and agreements of the
Village contained in the Lease and Indenture and of
all other acts and things required under the Consti-
tution cold T;tws of the. State. of Minne�'-ota to make the
T,o;,s c' , T ii,1c,iiturc and B0IId!_, V;1lid MICI bilIC1111F, C)h1ij-,:Lt1.O1If3
of the vil-Taro iti accordance i..,Jt:h their corms , are
authorized by the Municipal Industrial Development
Act;
(g) it is desirable that the Tenant be authorized , in
accordance with the provisions of Section 474.03 (6)
of the Industrial Development Act and subject to
the terms and conditions set forth in Article 3
of the Lease , which terms and conditions the Village
determines to bc necessary, desirable and proper ,
to provide for the. construction, acquisition and
installation of the building or buildings , improve-
ments and leased eqi.iipmeiit to be includod in the
Project by such means as shall be available to the
Tenatit and in the manner determined by the Tenant,
and with or w1thout advertisement for bids as
required for the construction and acquisition of
other municipal facilities ;
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(h) -it- is desirable that indu,7trip_2 Deve.7op-nent Revenue
11oncl-; Ain the. ;irciiint of $1,50; 000 to be, issued by
tale Ville?-e tli 'c.eri-iis set forth J.n the lm-,Ienture,
tii,.(Ior the pr(:)vJ., ;.oiis of which the Villa_-e 's interest
III the 1.(?aso. Lhc- renL-a] s 1-ill ho pledged and the
to t'Y (-- Tlru!'ro.c! cis security
the pa%m,,cuit of pr_incl.pal and interest oil thn Bonds ;
W th o rentals ch.arsud in the Leasr. for the. use of the
Project are fired , ;:irid required to be revised fro-..1
time to time as ncicessary, so as to produce income
,�nid revenue sufficient to provi-de for prompt pay-
ment of principal of and interest on all Bonds
is-sated under the indenture -when due, and the Lease
also, provides that the Tenant iss required to pay
all e.l,pensos of the operation and m;?_lfrttenaiice of
t'ric Project inclu(liiig, but without li-MitElti0n,
adequate. insurance thereon, and insurance acaiiist all.
liability for injury to persons or property arising
from the operation thereof , and all taxes and special
-assessments levied upon or with rosrc�ct to the leased
promises and payFable during thn term of the Lease ,
chiring which torm a tax is imposer) by Minnesota Statutes ,
soctfo,.i 474.03 (3) for tho pri.vJ 'I("-"k' 0C using ;ind pos-
-cssin,; the Project , in th,.7t CimoliiiL EJiid to the sa!lie
cr'tent as thoug_,h the. Tenant were the oinier of all real
and personal property comprising t'he same; and
tinder the provisions of Minnesota Statutes , Section
474. 10, and as prov-.1ided in the Lease and Indenture,
the Bonds are not to be payable from nor charged
upon any fundsother than the revonue pledged to
the. payment thereof; the V.11la-ge. is not subject
to ally liability thereon, no holders of the Bonds
shall ever have the right to compel ;,.tiy exercise
of the Village to pay any Of the Ponds or the
.;c
interest thereon, nor to enforce payment thereof
against any property of the Village except the
Project mortgaged by the ITICIE-11ture; the. Bonds
shall not constitute a charge, lien or encum-
brance, legal or equitable, upon any property of
the Village except the Project; each Bond issued
under th,2 Indenture shall recite that the Bond,
ineJuding interest thereon, is payable solely from
the revenue p.Lc.d,,-,e.d to the payment thereof ; and no
Fond shall. cotistitute a debt of the Village within
c� I the M
mr,aning C)C ly cons titUtiOII�11 Or StittuCory
1 Iml.tar-ion.
3. The forms of 1,:arranty Deed , Lease and, Mortgage and Indenture of
Trust referred to in paragraph I are approved . The Village accepts the convey-
ance by the ?,.Iarrziiity Deed of the leased land. The Lease , with such variations ,
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insertions and ad, .Ltions as the Village Attorney nay hereafter deem appropriate,
directed to be :in tll-ie. and on behalf of the � by the
1
'.',-Iyc)r and -io 7 by Llic officers of Rosem
M ,cut:lon ti reo1
c 1,la Ln-.-id lrir of t'rt3w:1.t uc va r t ions , insertions
tions` tu - h
,ndl nrl-lit-Lons L, Vilizi"i:1 At:rorney -.-nny hero.-.I�ue.r ('C(-'M is
directed to be, in t1he zind on of the Villal-e- by tho
!-T-Ivor and d (J o I v r e 6 to -L 11 2 T1-ustcc . Copies of, all of
the be filed and recorded as pro%,--;.dcd therein.
111c Official or prosmact-us , with suc'n variations , inslort:Lons
,ind aciditions a-�; tl-le V 1 la-e i,-ttorncy may herca{ter de.cm app--ropriata is
hereby approvel,-1 , with the c:,-:ception of the statements contained nierein
under the lieadin—; "The Guarant-i" and the hoading "Ttic Company", and the-
Village hereby consents to the distribut-Lon of such official statement ,
or prospectus , to prospective nurclhasers of the Bonds .
4. In anticipation of the collection of revenues of the Project ,
the Villn'ge shall proceed forthwith to issue its Industrial Developme--I'L-
Revenue Bonds (-Dosemount Inc. ) , dated as of ilay 1, 1973, in the principal
amount of $1,5010 ,,000 , in the form and upon the terms set forth in the
Mortgage and of Trust , which te.-mrs are , for this purpose ,
--incorporated in this resolution and made a part thereof. The proposal of
Paine, Webber, Jac.1-1-son & Curtis , Incorporated to purchase such bonds at a.
price of 90/'.' of Hvair par value plus accrticd interest , upon the tonns and
condltLoiis set forth in the r-j-)rt-,i7,,c2 --ind -I-ndent-ure of Trust is here-by
found and determined to be reasonl-tbl� and is hereby accepted. Tile 'Mayor
and Village Nann,,er arc authorized and directed to prepare and execute
the Bonds as prescribed in the J"fortc-afe. and Indenture of Trust and to
deliver them to the Trustee , together �-.,itli a certified copy of this
resolution and ot:1--cr documents requ-ired by the 1,1ortgage and indenture
of Trust, for a-uthentication and delivery to the purchaser. If , on the
date of closing , the definitive Bands are not ready for execution, pending
preparation, of Llic definitive Bonds , the Mayor and Village Manager are
authorized upon request of the purchaser of the definitive Bonds , to execute
and to SLIC11 purchaser one or more Temporary Notes , in accordance r,-ith
Section 474.07 , ii�`riziesota Statutes , which sh.-.111 be substantiall.v in the fornn
Prescribed for the definitive Bonds but in typewritten form, payable to the
p,urchnser or its order, maturing on September 1, 1973 , to be paid by an
exchange, on a par for par basis, for the definitive Bonds w-hich the Village
shall issue on or before September 1, 1973. Any such Temporary Note or Notes
shall be in denominations mutually agreeable to the purchaser and Mayor and
Village Manager.
5 . T"he Mayor and Village Manager and other officers of the Village
are authorized and directed to prepare and furnish to the purchaser of the
Bands, when isslo.ed , certified copies of all proceedings and records of the
Villn_-a relit:i-n. ; to the Bonds , and such other affidavits and certificates as
play be required to show the facts- re-Int-ini, to the legality and in--irtQtability
of the Ponds as such f,-i(.--Ls appear from the books and records in the officers '
custody and control or as other-wise known to them; and all such certified
copics , certificates and affidavits , including, any'-herctofore furnished , shall
constitute representations o the as to the truth of all statements
f
contained therein .
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6 . Thct tISO aUthorized and directed :Ln bc-11alf
Of t'llt, Village, to
c� S:`E�11
of Lbc, l':Lr-il tI'c' ILCOrlial Ro-venue. ScrV' -LCE,
b-, t-1110. Vill", to issue ins IIIL!"Istrizil Develop-
"C'nuc, C)- .7
Bonds 1-11 all a prin.c-7pzI W"Ount excec:! ;,,,,
not e::ccc.dijjg, $5 ,00(1,0(),j , , 1,000.,000 but
- - -�'S PrOVid0c] I�v Lhe- Internal r -c.
-Venu c Code of 1954,
ADOPTED by the Village council c):'L the Village of Eden Prairie this
6th_ day of ---..g—une 1973.
Paul R. Re(dp—atli
Attest- o
.To j��!-cane, Cie
$2 , 500 , 000 General Ob.ligatic.-)n Water and Se-wer Bonds
Prairie , Hennopin Count -Minnesota
Village of Eden Y
c V 0 1,r- n 'C'C Village Council
3 d a t-- 1'-:� An adjourned regular meet-iL.1-1g ,
May 29 , 1.973 , at 7 : 30 o 'clock P . M. , at
"em L,bers present : Mayor Paul Redpath, Councilmen John McCulloch, 'Wolfgang Penzel ,
Roger Boerger and Councilwoman Joan Meyers.
Members absent : None
Documents attached
I r1inutes of said m eeting., ( Pa-es ) 1 through 4 , including
RE- SOLUt1ON NO . 715
A RESOLUTION PROVIDING FOR PUBLIC SALE OF $2 , 500 , 000
GENERAL OBLIGATION WATER AND SEWER BONDS
I , the undersigned_, being the duly qualifled and actin.-, re.-
off ir-er of t'n P
cording niih1in r'nrnoration issuing the obligations
referred to in the title of this certificate , certify that the docu-
ments attached hereto , as described above , have 'been carefully corn-
pared with the original records of said corporation in my legal
custody , from i%rhich they have been transcribed ; that said documents
are a correct and complete transcript of the minutes of a meetino
-
o,,r e Z-ning
of the E, body of said corporation, and correc t and complete
C>
copies of all resolutions and other actions taken and of all docu-
ments approved by the croverning body at said meeting so far as they
governing C� .1 meeting ,
relate to said obligations ; and that said meeting was duly held by
the vroverninfr body at the time and place and was attended throughout
C-�' - C� 1 11 C)
by the rne;Tb r indicated above , oursuant to call and notice of such
-
ineeting, given as required by law .
my hand officially as such recording officer this
a IT
of L -1973 .
r
�T nature
John-a. -Frane. Villccle Menk—
(SEAL) flaine an 111 U 1��