HomeMy WebLinkAboutResolution - 82-278 - Approving Extension of MIDB's for Sorem and Sherman - 12/07/1982 After some discussion , Councilmember
introduced the following resolution and ( after it had been
read in full ) ( after the reading of the resolution was
dispensed with by unanimous consent ) moved its adoption :
RESOLUTION NO . �-- �))2�
RESOLUTION EXTENDING THE AUTHORIZATION TO ISSUE
REVENUE BONDS OF THE CITY UNDER MINNESOTA
STATUTES , CHAPTER 474 , FOR THE PURPOSE OF
FINANCING A PROJECT THEREUNDER
BE IT RESOLVED by the City Council of the City of
Eden Prairie , Minnesota , as follows :
Section 1 . Recitals .
1 . 01 . The City Council has , by Resolution
81-242 , dated December 19 , 1981 ( the Original Resolution ) ,
given preliminarti approval to the issuance by the City of
industrial development revenue bonds under Minnesota
Statutes , Chapter 474 , as amended ( the Act) , in an amount
not to exceed $1 , 000 ,000 ( the Bonds ) to finance costs of
acquisition of land within the City and construction and
( equipping thereon of one or more buildings ( the Project )
to be owned and operated by L . S . Sorem and William B .
Sherman Partnership , a Minnesota general partnership ( the
Partnership) , and leased to L . S . Sorem & Associates ,
Inc . and Excel Marketing , Inc . , Minnesota corporations ,
for use as office and warehouse facilities ; and to make
the proceeds of such sale available to the Partnership .
1 . 02. The Partnership has now been formed under
the assumed name of S & S Land Company . L . S . Sorem and
William B . ,Sherman are the general partners of the
Partnership.
1 . 03 . Section 3 . 08 of the Original Resolution
provides that the Original Resolution shall expire if ,
within twelve months of the date of adoption of the
Original Resolution or any extension of said period , the
City and the Partnership have not agreed to mutually
acceptable terms and conditions of a revenue agreement ,
the Bonds and of the other instruments and proceedings
relating to the Bonds and their issuance and sale .
i
1 . 04 . The City has received a request from the
Partnership for an extension of the period during which
the Original Resolution is effective because , due to
circumstances beyond the control of the Partnership which
caused a delay in the acquisition of the Project site and
further delays in the commencement of construction , the
financing cannot be completed in the twelve months
following the adoption of the Original Resolution .
Section 2 . Approval .
On the basis of information given the City , it is
found and determined that it would be in' the best interest
of the City to grant an extension of the effectiveness of
the Original Resolution foc a period of twelve months from
the date of adoption of this resolution and such extension
is hereby approved and granted .
Section 3 . Effective Date .
This resolution shall be effective immediately
upon its final adoption .
PASSED AND FINALL`y ADOPTED by the City Council of
the City of Eden Prairie , Minnesota , thiP 7th day of ,
December , 1982 . /
r'
Mayor
Attest :
City erk
The motion for the adoption of the foregoing
resolution was seconded by Councilmember ,
and , upon vote being taken thereon , the following voted in
favor thereof :
and the following voted against the same :
whereupon said resolution was declared duly passed and
finally adopted and , was signed by the Mayor which was
attested by the City Clerk .
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