HomeMy WebLinkAboutResolution - 82-41 - Awarding Sale and Authorizing Issuance - $18,000,000 General Obligation Tax Increment Bonds of 1982 - 03/01/1982 The City Council then proceeded to consider such bid .
3 After the bid had been considered and discussed , Member Paul.
Redpath introduced the following resolution and moved its
adoption:
RESOLUTION NO. 82-41
RESOLUTION AWARDING THE SALE OF AND AUTHORIZING ISSU-
ANCE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR
THE PAYMENT OF $18 , 000 , 000 GENERAL OBLIGATION TAX INCRE-
MENT BONDS OF 1982
BE IT RESOLVED by the City Council of the City of Eden
Prairie , Minnesota, as follows :
Section 1 . Award and Sale
1. 01 . Bids . This City Council, under and pursuant to
Minnesota Statutes , Chapter 472A, as amended , Sections
273 . 71 to 273 . 78 , inclusive , and Chapter 475 , and pursuant
to a resolution adopted on January 19 , 1982 , entitled "Reso-
lution Relating to $18 , 000 , 000 General Obligation Tax Incre-
ment Bonds of 1982 ; Authorizing the Issuance Thereof and
Calling for the Public Sale Thereof" ( the "Resolution" ) ,
authorizing the issuance of and ordering that a public sale
of $18 , 000 , 000 aggregate principal amount of the City ' s
General Obligation Tax Increment Bonds of 1982 (the "Bonds" )
be held on this date . Notice of the public sale of the
Bonds was duly given as required by Minnesota Statutes ,
Section 475 . 60 . In accordance with the Official Notice of
Sale for the Bonds , one (1) sealed bid was received for the
Bonds by the Finance Director-Clerk prior to 4 : 30 o ' clock
p.m. , C. S . T. , on this date. Those bids have been opened and
publicly read aloud and considered by this City Council , and
the terms of each have now been determined .
1. 02 . Award . The bid of BancNorthwest of Minneapolis,
Minnesota , (the "Purchaser " ) for the purchase of the Bonds
on the terms set forth in the Official Notice of Sale , at a
price of $17 , 650 , 000 plus accrued interest from the date of
the Bonds to the date of delivery thereof , the Bonds to bear
interest at the rates set forth in Section 3 hereof , results
in a net interest cost (determined by the addition of any
discount to and the deduction of any premium from the total
interest on all Bonds from their date to their stated matur-
ity ) of $26 , 542 , 250 , which is the lowest net interest cost
of all bids received pursuant to the Notice of Bond Sale and
the Official Notice of Sale for the Bonds and is therefore
declared to be the best bid received and is hereby
accepted . The Mayor and the Finance Director--Clerk are
hereby authorized and directed to execute a contract for the
sale of the Bonds to the Purchaser in accordance with the
2
terms of said bid , the Official Notice of Sale and this
resolution . .
1 . 03 Interest Rates . Pursuant to the bid accepted by
this City Council by this resolution , Bonds maturing in the
years set forth below shall bear interest at the respective
rates per annum set forth opposite such years , as follows :
Year Rate Year Rate Year Rate
1985 11. 60% 1990 11. 60 % 1995 11 . 75%
1986 11. 60% 1991 11. 60% 1996 12 . 00%
1987 11. 60% 1992 11. 60% 1997 12 . 00%
1.988 11. 60% 1993 11. 60% 1998 12 . 00%
1989 11. 60% 1_994 11. 60% L 12 . 00$
2000 12 . 00%
1. 04 . Good Faith Deposits . The Finance Director-Clerk
shall retain the good faith check of the successful bidder ,
pursuant to the Official Notice of Sale , and shall return
the good faith checks of the unsuccessful bidders forth-
with .
Section 2 . Recitals.
2 . 01. This City Council has heretofore duly established
a municipal development district pursuant to Minnesota Sta-
tutes , Chapter 472A, as amended , designated as the Develop-
ment District No. 1 (the "Project") , which includes the area
of the City described therein and has duly established a tax
increment financing district (the "District" ) which is
within the Project area. This City Council has duly estab-
lished and adopted a Development Plan and Tax Increment
Financing Plan for the Project and the District (the
"Plan" ) , in accordance with Minnesota Statutes , Chapter 472A
and Sections 273 . 71 to 273 . 78 , inclusive .
This City Council has heretofore ordered various local
improvements designated as improvements 51-308A, 51-308C,
51-335 , 51-340A and 51-398 (the "Improvements" ) to be con-
structed in the City under and pursuant to Minnesota Stat-
utes , Chapter 429 .
2. 02. The City has requested the Director of Property
Taxation of Hennepin County (the "County Auditor " ) to cer-
tify to the City the assessed value of all taxable property
in the District as of January 2, 1980 ( the , "Original As-
sessed Value" ) , * and to certify to the City each year there-
after the then current assessed value of all taxable prop-
erty in the District ( the "Current Assessed Value" ) . The
County Auditor has certified the Original Assessed Value of
the District to be $5 , 867 , 946 . The Current Assessed Value
of each parcel less the Original Assessed Value of each
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parcel is the Captured Assessed Value . The ad valorem taxes
derived from the property described on Exhibit A attached
hereto in the District in each year , by application of the
aggregate mill rate levied by all governmental entities
having authority to levy taxes on such property to the Cap-
tured Assessed Value , plus any real estate tax reimbursement
to be paid by the State of Minnesota , is the Tax Increment
to be derived from such property.
2 . 03 . By resolution adopted January 19 , 1982 , this
Council authorized the issuance and sale of $18 , 000 , 000
principal amount of General Obligation Tax Increment Bonds
of 1982, of the City, dated as of March 1 , 1982 - (the
"Bond s11 ) , to finance certain improvements and appurtenances
described in the Plan in undertaking the Project in accor-
dance with the Plan, including , without limitation , munici-
pal bond insurance with respect to the payments due for
principal of and interest on the Bonds as an expense which
is reasonably necessary and incidental to such acquisition
and betterment . The tax increments to be paid to the City
and pledged to the payment of principal of and interest on
the Bonds are estimated to be sufficient to pay not less
than twenty percent (20%) of the principal of and interest
on the Bonds when due. Therefore , the Bonds may be issued
without an election in accordance with Minnesota Statutes ,
Sections 273 . 71 to 273. 76 , inclusive , and Section 475 . 58 .
All acts , conditions and things which are required by the
Constitution and the laws of the State of - Minnesota to be
done , to exist , to happen and to be performed prior to the
issuance of the Bonds having been done , existing and having
happened , it is now necessary for this City Council to
establish the form and terms of the Bonds , to provide for
the security thereof and to issue the Bonds forthwith.
Section 3 . Bond Terms , Execution and Delivery .
3 . 01. The Bonds shall be designated General Obligation
Tax Increment Bonds of 1982 , shall be dated as of March 1 ,
1982, shall be issued in the denomination of $5 , 000 each ,
payable to bearer , shall be 3 , 600 in number and numbered
serially from 1 to 3600 , inclusive , shall mature serially on
March 1 in the respective years and amounts stated below,
and shall bear interest from date of issue until paid or
duly called for redemption at the respective annual rates
set forth opposite such years and amounts , as follows:
4
Year Amount Rate Year Amount Rate
1985 $ 250 , 000 11 . 60% 1993 $1 , 250 , 000 11 . 60%
1986 500 , 000 11 . 60 1.994 1 , 500 , 000 11 . 60
1987 500 , 000 11 . 60 1995 1 , 500 , 000 11 . 75
1988 500 , 000 11 . 60 1996 1 , 500 , 000 12 . 00
1989 500 , 000 11. 60 1997 1 , 500 , 000 12 . 00
1990 1, 250 , 000 11 . 60 1998 1 , 500 , 000 12 . 00
1991 1, 250 , 000 11 . 60 1999 1 , 500 , 000 12 . 00
1992 1 , 250 , 000 11 . 60 2000 1 , 750 , 000 12 . 00
The maturities of the Bonds , together with the maturities of
all other outstanding general obligation bonds of the City ,
meet the requirements of Minnesota Statutes , Section 475 . 54 .
3 . 02 . The interest on the Bonds shall be payable semi-
annually on each March 1 and September 1, commencing on
September 1, 1982. The principal of and interest on the
Bonds shall be payable at the main office of Northwestern
National Bank of Minneapolis in Minneapolis , Minnesota ,
which is designated as paying agent , or in the event of its
resignation, removal or incapability of acting as paying
agent , at the office of such successor paying agent as may
be appointed by the City Council . Upon merger or consolida-
tion of the paying agent with another corporation, if the
resulting corporation is a bark or trust company authorized
by law to conduct such business, such corporation shall be
authorized to act as successor paying agent . No resignation
of the paying agent and no appointment of a successor paying
agent shall become effective until the date specified in a
daily or weekly periodical published in a Minnesota city of
the first class or its metropolitan area which circulates
throughout the state and furnishes financial news as a part
of its services and specified by written notice to the Pur-
chaser , not less than thirty ( 30) days before said effective
date .
3 . 03 . Bonds maturing in the years 1990 and thereafter
shall each be subject to redemption and prepayment at the
option of the City , in whole , or in part in inverse order of
serial numbers , on March 1 , 1989 , and any interest payment
date thereafter , at a price of par plus accrued interest to
the date fixed for redemption. Notice of redemption identi-
fying the Bonds to be redeemed shall be published at least
once not less than thirty ( 30) days prior to the date fixed
for redemption 'in a daily or weekly periodical published in
a Minnesota city of the first class or its metropolitan
area , circulating throughout Minnesota and carrying finan-
cial news as a part of its service , and shall be mailed to
the holders , if known , of the Bonds to be redeemed and to
the bank at which principal and interest are then payable ,
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but no defect in or failure to give such mailed notice of
redemption shall affect the validity of proceedings for
redemption of any Bond . The Finance Director-Clerk shall
maintain a record of the names and addresses of holders of
prepayable Bonds and the serial numbers of such Bonds , so
far as such information is furnished by the holders .
3. 04 . The Bonds , appurtenant interest coupons and cer-
tification of legal opinion shall be in substantially the
following form:
1
6
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF EDEN PRAIRIE
GENERAL OBLIGATION TAX INCREMENT BOND OF 1982
No. $5, 000
KNOW ALL PERSONS BY THESE PRESENTS that the City of Eden
Prairie , a duly organized and existing municipal corporation
of the County of Hennepin, State of Minnesota , acknowledges
itself to be indebted and for value received promises to pay
to bearer upon presentation and surrender of this Bond , the
sum of FIVE THOUSAND DOLLARS on the 1st day of March , 19 ,
or if this Bond is redeemable as provided below , on any
earlier date on which it shall have been duly called for
redemption , and to pay interest on said principal sum at the
rate of percent ( %) per annum, from the date
hereof until said principal sure is paid , or if this Bond is
redeemable , until it has been duly called for redemption,
payable semiannually on each March 1 and September 1 , com-
mencing September 1 , 1982, interest to maturity being .pay-'
able in accordance with and upon presentation and surrender
of the interest coupons appurtenant hereto . Principal and
interest are payable at the main office of Northwestern
National Bank of Minneapolis , in Minneapolis , Minnesota, in
any coin or currency of the United States of America which
on their respective dates of payment is legal tender for
payment of public and private debts . For the prompt and
full payment of such principal and interest as the same
respectively become due , the full faith and credit and tax-
ing powers of the City have been and are hereby irrevocably
pledged .
This Bond is one of an issue in the total principal
amount of $18 , 000 , 000 , all of like date and tenor except as
to serial number , maturity date , interest rate and redemp-
tion privilege , all issued for the purpose of financing
certain improvements and appurtenances described in the Plan
for the Development District No. 1 being undertaken by the
City , and is issued pursuant to and in full conformity with
the Constitution and laws of the State of Minnesota there-
unto enabling , and pursuant to resolutions duly adopted by
the City Council . The American Municipal Bond Assurance
Corporation , a New York insurance corporation , has issued
its Municipal Bond Insurance Policy No. 427 with respect to
the payments due for principal of and interest on this Bond
to the United States Trust Company , New York , New York , as
the Insurance Trustee under said Policy . Said Policy is on
file and available for inspection at the principal office of
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said Insurance Trustee and a copy thereof may be secured
( from said Corporation or said Insurance Trustee.
Bonds of this issue maturing in the years 1990 and
thereafter are each subject to redemption and prepayment at
the option of the City, in whole or in part , in inverse
order of serial numbers , on March 1 , 1989 and any interest
payment date thereafter , at a price of par plus accrued
interest to the date fixed for redemption. Not less than
thirty (30 ) days before the date fixed for redemption of any
of the Bonds , the City will cause notice of such redemption
to be published in a financial periodical published in a
Minnesota city of the first class or its metropolitan area
and to be mailed to the bank at which the BondE are then
payable .
IT IS HEREBY CERTIFIED , RECITED , COVENANTED AND AGREED
that all acts , conditions and things required by the Consti-
tution and laws of the State of Minnesota to be done , to
exist, to happen and to be performed preliminary to and in
the issuance of this Bond in order to make it a valid and
binding general obligation of the City in accordance with
its terms , have been done , do exist , have happened and have
been performed as so required ; that prior to the issuance
hereof the City has provided for the payment to the City of
ad valorem tax increments to be derived from said Project ,
which are estimated to be collectible for the vears and in
amounts sufficient to pay not less than twenty percent ( 20%)
of the principal of and interest on the Bonds of this issue
when due ; that prior to the issuance hereof the City has
levied ad valorem taxes on all taxable property within its
corporate limits which are collectible for the years and in
amounts sufficient to produce , with Bond proceeds and esti-
mated collections of tax increments pledged to the payment
of the Bonds , sums not less than five percent ( 5%) in excess
of the principal of and interest on the Bonds of this issue
when due , and has appropriated such taxes to the payment of
such principal and interest ; that if necessary for payment
of such principal and interest , additional ad valorem taxes
are required to be levied upon all such property , without
limitation as to rate or amount ; and that the issuance of
this Bond does not cause the indebtedness of the City to
exceed any constitutional or statutory limitation of in-
debtedness.
IN WITNESS WHEREOF the City of Eden Prairie , Hennepin
County , Minnesota, by its City Council , has caused this Bond
and the interest coupons appurtenant hereto and the certifi-
cate appearing on the reverse side hereof to be executed by
the printed facsimile signatures of the Mayor and the City
Manager and the Finance Director-Clerk , the corporate seal
of said City having been intentionally omitted as permitted
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by law , has also caused this Bond t-o be executed by the
manual signature of one of said officers, and has caused
this Bond to be dated as of March 1 , 1982 .
ATTEST:
(Manual Signature ) (Facsimile S gnature)
Finance Director-Clerk Mayor
(Facsimile Signature)
City Manager
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(Form of Coupon)
No. $
On the 1st day of September (March ) , 19 , unless the
Bond described below is subject to and has been duly called
for earlier redemption , the City of Eden Prairie , Hennepin
County , Minnesota , will pay to bearer at the main office of
Northwestern National Bank of Minneapolis , in Minneapolis ,
Minnesota , the amount shown hereon in lawful money of the
United States of America, for the interest then due on its
General Obligation Tax Increment Bond of 1982, dated as of
March 1 , 1982 , No.
(Facsimile Signature) (Facsimile Signature)
Finance Director-Clerk Mayor
(Facsimile Signature)
City Manager
(Form of certificate to be printed on the reverse
side of each Bond , following a full copy of the
legal opinion)
We certify that the above is a full , true and correct
copy of the legal opinion rendered by Bond Counsel on the
issue of Bonds of the Citv of Eden Prairie , Minnesota , which
includes the within Bond , dated as of the date of delivery
of and payment for the Bonds .
(Facsimile Signature) (Facsimile Signature)
Finance Director-Clerk Mayor
(Facsimile Signature)
City Manager
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3 . 05 . The Bonds shall be prepared under the direction
of the Finance Director-Clerk and shall be executed on be-
half of the City by the printed , engraved or lithographed
signatures of the Mayor and the City Manager and the manual
signature of the Finance Director-Clerk. On the reverse
side of each Bond shall be printed a copy of the legal opin-
ion rendered by bond counsel and the certificate of the
Mayor , the City Manager and the Finance Director-Clerk . The
certificate as to legal opinion and the interest coupons
attached to the Bonds shall be executed and authenticated by
the printed , engraved or lithographed facsimile signatures
of the Mayor , City Manager and Finance Director-Clerk . The
official corporate seal of the City shall be omitted from
the Bonds and in+_r =�L cour as permitted by _U aw. When
the Bonds have; been so executed and authenticated , they
shall be del,*.vered by the Finance Director-Clerk to the
Purchaser upon payment of the purchase price in accordance
with the contract of sale heretofore made and executed , and
the Purchaser shall not be obliged to see to the application
of the purchase price .
Section 4 . Capital Expenditures Fund . There is hereby
established on the official books and records of the City a
"Development District No. 1 Capital Expenditures Fund " of
the City, and the Finance Director-Clerk shall continue to
maintain such Fund until all costs and expenses financed by
the Bonds have been paid. To said Fund there shall be cred-
ited all proceeds of the Bonds not required to be deposited
in the Bond Account established in Section 5, and from said
Fund there shall be paid all costs and expenses incurred and
to be incurred by the City in aid of the Project, as per-
mitted by Minnesota Statutes , Section 273. 75 , Subdivision 4 ,
other than interest coming due on the Bonds ; provided that
not more than $868 , 000 shall be used to pay administrative
expenses of the Project . The total tax increment expendi-
tures to be made with respect to the Project is determined
to be $44 , 542 , 250, which is the aggregate face amount of
principal of the Bonds ($18 , 000 , 000 ) plus the total amount
of interest coming due thereon to their stated maturity
($26, 542 , 250) , less interest to be paid from the proceeds of
the Bonds ( $2 , 146 , 750) through March 1, 1985 . After payment
of all costs incurred with respect to the Project and the
Plan, said Fund shall be discontinued and any Bond proceeds
remaining therein shall be transferred to the Development
District No. 1 Tax Increment Bond Account in the general
obligation bond- Debt Service Fund of the City and used to
pay the next principal and interest coming due on the
Bonds.
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Section 5 . Security Provisions
{
Section 5 . 01 . Bond Account . The Bonds shall be payable
from a "Development District No. 1 Tax Increment Bond
Account" ( the "Bond Account" ) , which Bond Account the City
agrees to maintain as a separate and special subfund or
account in its general obligation bond Debt Service Fund
until the Bonds and the interest thereon have been paid in
full . The moneys on hand in said Bond Account from time to
time shall be used only to pay the principal of and interest
on Bonds outstanding under this Resolution when due . If the
money in said Bond Account should be at any time insuffi-
cient to pay principal and interest due on the Bonds , such
amounts shall be paid from the General Fund of the City ,
which shall be reimbursed therefor when sufficient money
becomes available in said Bond Account. There is appropri-
ated to said Bond Account , and into said Bond Account shall
be paid as received , $2 , 146 , 750 of the proceeds of the Bonds
which shall be used to pay interest coming due on the Bonds
through March 1 , 1985 , all tax increments received by the
City in relation to the property described on Exhibit A
attached hereto, special assessments levied on account of
the Improvements, all taxes levied pursuant to Section 6 and
all other moneys appropriated thereto. The American Munici-
pal Bond Assurance Corporation, a New York insurance corpo-
ration, has issued its Municipal Bond Insurance Policy No.
427 with respect to the payments due for principal of and
interest on the Bonds to the United States Trust Company ,
New York , New York , as the Insurance Trustee under said
Policy. Said Policy is on file and available for inspection
at the principal office of said Insurance Trustee and a copy
thereof may be secured from said Corporation or said Insur-
ance Trustee .
5. 02. Use of Moneys in Account.
(a) Investments . Moneys held in the Bond Account may
be invested and reinvested in accounts and securities speci-
fied in Minnesota Statutes , Sections 475. 66 and 475. 67 , as
appropriate , provided that such investments shall mature no
later than March 1 , 1989 , or , if moneys are available for
investment after that date , such investments shall mature no
later than March 1 , 2000 .
(b) Use of Moneys . On March 1 , 1989 , and on each
interest payment date thereafter , the Finance Director-Clerk
may defease or call for the redemption and prepayment on
-said date of Bonds in the maximum principal amount ( insofar
as possible ) that may be redeemed from moneys available in
the Bond Account, in accordance with Section 3 . 02.
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Section 6 . Pledge of TaxinQ Powers . The full faith and
credit and taxing powers of the City are hereby irrevocably
j pledged to ' the payment of the Bonds and interest thereon
when due . For the purpose of producing sums which , together
with the Bond proceeds and the tax increments and special
assessments appropriated to the Bond Account in Section 5 ,
will not be less than five percent (5% ) in excess of the
principal of and interest on the Bonds when due , there is
hereby levied upon all taxable property within the corporate
limits of the City , a direct , annual , ad valorem tax to be
spread upon the tax rolls of the City in each of the years
set forth on Exhibit B attached hereto, in the amount set
forth opposite such years , to be collected in the respective
succeeding collection years . Said tax shall be irrepealable
so long as any of the Bonds are outstanding and unpaid ;
provided that the City reserves the right and power to
reduce the levies in the manner and to the extent permitted
by Minnesota Statutes , Section 475. 61.
Section 7 . Defeasance . When any Bond and all coupons
appertaining thereto have been discharged as provided in
this Section, all pledges , covenants and other rights
granted by this Resolution to t1he holders of such Bond and
coupons shall cease , and such Bond and coupons shall no-
longer be deemed to be outstanding under this Resolution.
The City may discharge its obligations with respect to any
Bond and the coupons appertaining thereto which are due on
any date by depositing with the paying agent on or before
that date a sum sufficient for the payment thereof in full ;
or , if any Bond or coupon should not be paid when due , it
may nevertheless be discharged by depositing with the paying
agent a sum sufficient for the payment thereof in full with
interest accrued to the date of such deposit. The City may
also discharge its obligations with respect to any prepay-
able Bonds according to their terms , by depositing with the
paying agent on or before that date an amount equal to the
principal and interest which are then due , provided that
notice of such redemption has been duly given as provided
herein. The City may also at any time discharge its obliga-
tions with respect to any Bonds , subject to the provisions
of law now or hereafter authorizing and regulating such
action, by depositing irrevocably in escrow, with a bank
qualified by Law as an escrow agent for this purpose , cash
or securities which are authorized by law to be so depos-
ited, bearing interest payable at such time and at such
rates and maturing on such dates as shall be required to pay
all principal and interest to become due thereon to maturity
or said redemption date .
Section 8 . _Registration of Bonds . The Finance Direc-
tor-Clerk is hereby authorized and directed to file a certi-
fied copy of this Resolution with the County Auditor ,
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together with such additional information as the County
Auditor shall require, and to obtain from said County Audi-
tor a certificate that the Bonds have been duly entered upon
the bond register of the County Auditor and that the tax
required for the payment thereof has been levied and filed
as required by law.
Section 9 . Authentication of Transcript . The officers
of the City and said County Auditor are hereby authorized
and directed to prepare and furnish to the Purchaser of the
Bonds and to O' Connor & Hannan , Bond Counsel , certified
copies of all proceedings and records relating to the Bonds
and such other affidavits , certificates and information as
may be required to show the facts relating to the legality
and marketability of the Bonds, as the same appear from the
books and records in the custody and control of or as other-
wise known to the City and the County Auditor , and all such
certified copies, affidavits and certificates, including any
heretofore furnished , shall be deemed representations of the
City as to the correctness of all statements contained
therein.
Section 10 . Arbitrage .
10 . 01 . Covenant. The City covenants and agrees with
the holders 'from time to time of the Bonds herein authorized
that it will not take , or permit to be taken, by any of its
officers , employees or agents, any action which would cause
the interest payment on the Bonds to become subject to taxa-
tion under the United States Internal Revenue Code of 1954 ,
as amended (the "Code" ) ; and that it will take , or it will
cause its officers, employees or agents to take, all affir-
mative actions within its powers which may be necessary to
insure that such interest will riot become subject to taxa-
tion under the Code . The Code as used herein includes the
Code and all regulations , amended regulations and proposed
regulations issued thereunder , as now existing or as here-
after amended or proposed .
10 . 02. Certificate . The Mayor and the Finance Direc-
tor-Clerk , being the officers of the City charged with the
responsibility for issuing the Bonds pursuant to this Reso-
lution, are authorized and directed to execute and deliver
to the Purchaser a certification in order to satisfy the
Provisions of Section 103 (c ) of the Code and the regula-
tions , existing . and proposed , promulgated thereunder .
Section 11. Official Statement.
11. 01 . Official Stater^- it . The Official Statement,
dated as of March 2 , 1982 , relating to the Bonds, prepared
{ and distributed on behalf of the City by Ehlers and A so-
14 -
ciates, Inc.., is hereby approved and the appropriate offi-
cers of the City are hereby authorized and directed to exe-
cute such certificates as are appropriate with respect to
the completeness and accuracy of the Official Statement.
Mayor
Attest:
Fi; Vince hector-Clerk
The motion for the adoption of the foregoing resolution
was duly seconded by Member George Bentley and , upon vote
being taken thereon , the following voted :
YEAS ABSTAINS NAYS
Mayor Wolfgang Penzel None None
Paul Redpath
Dean Edstrom
George Bentley
George Tangen
Whereupon said resolution was declared duly passed and
adopted and was signed by the Mayor and attested by the
Finance Director-Clerk .
1
15
EXHIBIT A
The following parcels located in the City of Eden
Prairie, County of Hennepin , State of Minnesota:
PROPERTY I .D. DESCRIPTION
SN TWP RG QQ SUFX
14-116-22-32-0003
13-116-22-32-0003
11-116-22-42-0002
11-116-22-42-0003
11-116-22-42-0004
11-116-22-4.2-0005
11-116-22-42-0007
11-116-22-42-0008
11-116-22-42-0009
11-116-22-42-0011
11-116-22-42-0013
11-116-22-42-0016
11-116-22-42-0019
REGISTERED LAND SURVEY NO. 1473
14-116-22-13-0023 TRACT A
LOT 2 BLOCK 2
14-116-22-31-0008 THE PRESERVE COMMERCIAL PARK NORTH
11-116-22-44-0008 Outlot F Golden Strip Addition
11-116-22-33-0005 * MENARD ADDITION
OUTLOT A
14-116-22-34-0015 REGISTERED LAND SURVEY NO. 1394
TRACT A
11-116-22--32-0002 * Lot 1 Block 1 Menard Addition
14-116-22-13-0015 LOT 12 BLOCK 0
AUDITOR' S SUBDIVISION NO. 335
LOT 12 EX RD
15-116-22-22-0004 UNPLATTED 15 116 22
COM AT A PT IN THE E LINE OF W 75
RODS OF NW 1/4 DIS 871 65/100 FT S
FROM ITS INTERSEC WITH S LINE OF
STATE HWY NO 5 TH DEFLECT RT 67 DEG
24 MIN 31 SEC TO THE W LINE OF E 600
FT OF W 75 RODS OF NW 1/4 BEING THE
ACTUAL PT OF BEG TH NELY AT 180 DEG
A - 1
TO SAID E LINE TH N 438 77/100 FT TH
' W AT R/A 285 FT TH S AT R/A 340 FT
TH W AT R/A 315 FT TH S TO BEG
14-116-22-21-0005 UNPLATTED 14 116 22
E 1/4 OF NW 1/4 OF NW 1/4 AND THAT
PART OF NE 1/4 OF NW 1/4 LYING W OF
E 812 5/10 FT THOF EX THE FOLLOWING
DESC TRACT COM AT A PT IN W LINE OF
E 812 5/10 FT OF N 1/2 OF NW 1/4 DIS
322 1/10 FT S FROM NW COR THOF TH
WLY AT A ANGLE OF 90 DEG 02 MIN 50
SEC DIS 212 8/10 FT TO ACTUAL PT OF
BEG TH CONT WLY ALONG LAST DESC
COURSE 144 33/100 FT TH S AT R/A 210
3/10 FT TH 67 AT R/A 24 FT TH S AT
R/A 30 FT TH E AT R/A 168 3 3/10 0 FT
TH N TO BEG EX HWY
14-116-22-14-0011 LOT 1 BLOCK 1
EDEN PRAIRIE CENTER ADDITION THAT
PART OF LOT 1 LYING SELY OF A LINE
DESC AS COM AT MOST NLY COR THOF TH
S 31 DEG 14 MIN 49 SEC E ALONG - NELY
LINE THOF DIST 22 FT TO ACT PT OF
BEG TH S 46 DEG 45 MIN 11 SEC W
. 418 .11 FT TO SWALY LINE OF LOT 1 AND
THERE TERMINATING
11-116-22-13-0002 UNPLATTED 11 116 22
GOVT LOT 3 SEC 11 T 116 R 22 AND
THAT PART OF GOVT LOT 4 SAID SEC AND
THE ACCRETIONS TO SAID GOVT LOTS 3
AND 4 AND THAT PART OF THE NW 1/4 OF
THE SE 1/4 SAID SEC ALL OF WHICH IS
BOUNDED BY THE FOL DESC LINE BEG AT
THE INTERSEC OF THE W LINE OF SAID
NW 1/4 OF THE SE 1/4 WITH THE NLY
R/W LINE OF CO RD NO 60 TH ELY ALONG
SAID NLY R/W LINE TO THE INTERSEC
WITH A LINE DRAWN PAR AND DIS 600 FT
W MEAS AT R/A FROM THE E LINE OF
SAID GOVT 10T 4 TH N ALONG SAID PAR
LINE TO THE N LINE OF SAID GOVT LOT
4 TH E TO A PT THEREON DIS 525 FT W
FROM THE NE COR OF SAID GOVT LOT 4
TH DEF LEFT 109 DEG TO THE SHORE OF
BRYANTS LONG LAKE TH NWLY ALONG SAID
SHORE LINE TO THE W LINE OF SAID
GOVT LOT 3 TH S ALONG SAID W LINE
AND THE W LINE OF THE NW 1/4 OF THE
SW 1/4 TO THE PT OF BEG ALSO THAT
A - 2
PART OF. GOVT LOT 2 SAID SEC LYING
ELY AND NELY OF A LINE DESC AS COM
AT THE SE COR OF SAID GOVT LOT 2 TH
N ALONG THE E LINE THOF DIS 1237 . 61
FT TO THE ACTUAL" PT OF BEG OF LINE
TO BE DESC TH DEFLECT 44 DEG DIS 378
FT TH DEF RIGHT 36 DEG 30 MIN TO THE
SHORE OF BRYANTS LONG LAKE AND SAID
LINE THERE TERMINATING
13-116-22-24-0012 Lot 2 Block 1 Gelco 1st Addition
13-116-22-14-0009 UNPLATTED 13 116 22
THAT PART OF THE E 615 FT OF GOVT
LOT 7 SEC 13 T 116 R 22 LYING S OF
OLD STATE HWY NO 5 AND LYING N OF A
LINE DES AS FOLLOWS COM AT THE IN-
TERSEC OF THE E LINE OF SAID GOVT
LOT 7 AND THE S R/W LINE OF OLD
STATE HWY NO 5 TH ON AN ASSUMED
BEARING OF S 0 DEG 2 MIN 40 SEC W
ALONG THE E LINE OF GOVT LOT 7 A DIS
OF 544 . 57 FT TO THE POINT OF BEG OF
THE LINE BEING DES TH S 66 DEG 30
MIN W 320 FT TH S 22 DEG 30 MIN W
236 FT TH S 86 , DEG 30 MIN W 160 FT
TH N 42 DEG 12 MIN 2 SEC W 106 . 81 FT
TO THE W LINE OF SAID E 615 FT AND
THERE ENDING
13-216-22-11-0005 UNPLATTED 13 116 22
THAT PART OF THE E 920 . 7 FT OF GOVT
LOT 7 SEC 13 T 116 R 22 LYING N OF
INTERSTATE FRgY NO 494 EX RD
14-116-22-22-0002 UNPLATTED 14 116 22
W 1&2 OF E 1&2 -OF NW 1&4 of NW 1&4
EX STATE HWY
14-116-22-13-0005 LOT 16 BLOCK 0
AUDITOR ' S SUBDIVISION NO. 335 THAT
PART OF LOT 16 LYING S OF A LINE
RUNNING PAR WITH AND 34 4&10 FT S
FROM S LINE OF REG LAND SURVEY NO
369 EX HWY
14-116--22-13-0022 REGISTERED LAND SURVEY NO. 1449
THAT PART OF TRACT C LYING WLY OF
REG LAND SURVEY NO 1473
L
A - 3
14-116-22-13-0021 LOT 16 BLOCK 0
AUDITOR' S SUBDIVISION NO. 335 COM AT
SW COR OF REG LAND SURVEY NO 369 TH
SLY TO INTERSECTION WITH A LINE
RUNNING PAR WITH AND 34 4/10 FT S
FROM S LINE OF REG LAND SURVEY NO
369 TH E ALONG SAID PAR LINE TO NWLY
RT OF WAY LINE OF US HWY NO 169 212
TH NELY ALONG SAID HWY LINE TO MOST
SLY COR OF REG LAND SURVEY NO 1473
TH N TO NW COR OF TRACT B SAID LAND
SURVEY TH W ALONG S LINE OF TRACT A
SAID LAND SURVEY TO SW COR THOF TH
NLY ALONG NLY LINE OF SAID TRACT A
TO S LINE OF REG LAND SURVEY NO 1449
TH W TO NE COR OF REG LAND SURVEY NO
369 TH S TO SE COR THOF TH W TO BEG
14-116-22-13-0011 REGISTERED LAND SURVEY NO . 0369
TRACT A
14-116-22-31-0020
13- 116-22-34-0030
* Parcels of property with plats the description of which
may be affected by plats already approved by City but
which may not yet be filed with County .
t
A - 4
EXHIBIT B
TAX INCREMENTS SPECIAL TAXES
YEAR P & I + 50,,, #1 #2 ASSESSMENTS SURPLUS NEEDED
1982 $1 ,113,656 $1 ,052 ,000 $-0- $-0- -0- -0-
1983 2,227 ,312 1,521 ,000 -0- -0- -0- -0-
1984 2,227,313 1,644 ,000 -0- 757,000 -0- 594 ,2811)
1985 2,474,588 1 ,710,000 -0- 620,000 -0- 144,5881)
1986 2,691,412 1,778,000 396,000 593,000 75,588 -0-
1987 2,630,513 1,848,000 425 ,000 565,000 283,075 -0-
1988 2,569,612 1,920,000 448,000 538,000 619,463 -0-
1989 2,508,713 1,995,000 448,000 511 ,000 1 ,064 ,750 -0-
1990 3,189,637 -0- 462,000 483 ,000 1,179 ,887
1991 3,037,388 -0- 476,000 456 ,000 2,105,388
1992 2,885,137 -0- 490,000 429 ,000 1,966,137
1993 2,732,888 -0- 505,000 401 ,000 1 ,826,888
1994 2,827,912 -0- -0- 374,000 2,453,912
1995 2,644,031 -0- -0- 34E ,000 2,298,031
1996 2,457,000 -0- -0- 319,000 2,138,000
1997 2,268,000 -0- -0- 292,000 1 ,976,000
1998 2,079,000 -0- -0- 264,000 1 ,815,000
1999 1 ,890,000 -0- -0- 237 ,000 1 ,653,000
2000 1 ,947,750 -0- -0- -0- 1 ,947 ,750
$466,401 ,862 $13,468,000 $32 ,650,000 $7 185 ,000 $2,042_876 122 ,098.,862
1)Proceeds from capitalized interest will be available to cover these payments.