HomeMy WebLinkAboutResolution - 79-128 - Authorizing Sale of Property to MTS - CITY OF EDEN PRAIRIE
HENNEPIN COUNTY , MINNESOTA
RESOLUTION NO. 79-128
RESOLUTION RELATING TO THE AUTHORIZATION OF A
CONVEYANCE OF CERTAIN PROPERT"Y TO MTS SYSTEMS
CORPORATION, PURSUANT TO LEASE WITH MTS SYSTEMS
CORPORATION DATED JULY 1, 1974 AND THE AUTHORI-
ZATION OF AI4 AMENDMENT TO SAID LEASE AND PARTY
WALL AGREEMENT
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` WHEREAS , under the Industrial Revenue Bond financing
of 1974 between the City of Eden Prairie (the "City" ) and MTS
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Systems Corporation ( "MTS" ) , certain property of MTS was deeded
to the City and leased back to MTS under Lease dated July 1, 1974 ,
and
WHEREAS, this property covered the property upon
which the addition to the building was constructed as well
as additional property, and
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` WHEREAS , this same leased property is also encumbered
by the Mortgage and Indenture of Trust between the City of
Eden Prairie and First Trust Company of St . Paul, Trustee , dated
July 1 , 1974 , and
WHEREAS , both of -these documents contemplate the sale of
unimproved land to MTS for use in the business of MTS (Lease Section
8 . 03; Mortgage and Indenture , Section 6-3 . ) , and
WHEREAS, MTS intends to construct an addition to the
existing building on the land presently deeded to the City and
leased to MTS , and
WHEREAS, pursuant to Section 10 . 01 of the Lease , MTS
has requested that the City sell the property leased to MTS under
the aforesaid Lease , except that portion upon which the addition
to the building financed by the 1974 Industrial Revenue Bond
financing was constructed, for the purchase price of $500 per
acre as called for in the Lease, and
WHEREAS, PATS has given its assurance that no building,
structure or permariently installed Leased Equipment has been
placed on the property to be conveyed since the date of the
Lease (July 1 , 1974) , and
WHEP.EAS, the Certification by MTS required by the Lease
and Indenture has beer) received by the City ,
THEREFORE, it is hereby -resolved by the City of Eden
Prairie acting through its City Council , as follows:
1 . That the Mayor and City Manager of the City of Eden
Prairie are hereby authorized and empowered to execute on behalf
of the City a deed to MTS Systems Corporation to the property
described in Exhibit A attached to this resolution , except that
portion upon which the improvements financed by the 1974 Industrial
Revenue Bond Financing are constructed, upon the payment by MTS
Systems Corporation of the proper release price to the Trustee ,
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First Trust Company of Saint Paul, upon execution of the release
of the same property from the Mortgage and Indenture of Trust by
the Trustee, and upon the additional condition that MTS immediately
thereafter _grant a new easement to the City for parking and for
ingress and egress to the remaining property owned by the City .
2 . That the Mayor and City Manager of the City of Eden
Prairie are hereby authorized and empowered to act on behalf of
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the City to perform any and all acts necessary and incident to
the transfer to MTS of the aforesaid property including but not
limited to execution of an Amendment to the Lease and execution
of an additional Party Wall Agreement.
Ii Adopted this _2 z e, day of July, 1979 .
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Yol fgaKgg' enzel , Mayor
ATTEST:
�-z
Mn D. Frane, City Clerk
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EXHIBIT •"A"
All that part of the North one-half of the
Northwest Quarter of Section_ 15 , Township 116
North, Range 22 West lying East of the West 75
rods of said Northwest Quarter of said Section
15 and South of the Southerly right-of-way line
of State Trunk Highway No. 5 described as follows :
The South 320 feet of the North 752 . 8 feet as
measured along the West line thereof and drawn
at right angles to said West line , of the West
85 . 38 feet.
A
AND
All that part of the Northwest 1/4 of Section
15 , Township 11G North , Range 22 West lying be-
tween the East line of the Westerly 75 rods of
said Section 15 and a line 600 feet West of
and parallel to said East line of said West 75
rods and South of the Southerly right-of-way
line of State Trunk Highway No . 5 and Northerly
of the following aescribed line : Commencing at
a point on the East line of said West 75 rods
lying 871 .65 feet South of the Southerly right-
of-way line of said Trunk Highway No . 5 , thence
South 67 ° 24 ' 31 " West to said line lying 600
feet West of and parallel to said Fast line of
the West 75 rods of said Section 15 , except
that part thereof lying Northerly of the fol-
lowing described line : Convnencing at a point
on the East line of said West 75 rods lying 432 . 88
feet South of the Southerly right-of-way of said
Trunk Highway No . 5 , thence at right angles West-
erly 285 feet , thence at right angles Southerly
340 feet , thence at right angles Westerly 315
feet to said line lying 600 feet West of and
parallel to said East line of the West 75 rods
of said Section 15 .