HomeMy WebLinkAboutResolution - 84-267 - Preliminary Approval MIDB's - McGlynn Bakeries - $2,050,000 - RESOLUTION ALLOCATING
BOND ISSUANCE AUTHORITY
TO INDUSTRIAL DEVELOPMENT
PROJECT TO BE UNDERTAKEN
BY MCGLYNN BAKERIES , INC .
WHEREAS , by Resolution No. 84-120 , adopted May 15,
1984 , this Council gave preliminary approval to a project ("the
Project" ) to be undertaken by Burton J . McGlynn and leased to
McGlynn Bakeries , Inc. (the "Company" ) , and the financing thereof
with industrial development revenue bonds of the City in an
amount up to approximately $ 1 , 6 5 0 , 00 0 ; and
WHEREAS , the Compan-v has advised this Council that it
desires to increase the amount of industrial development revenue
bonds to be issued for the Project to $2 ,050 , 000 , and to make
certain other changes in the Project and the financing plan; and
WHEREAS , the additional $400 , 000 of bonds proposed to
be issued would be subject to the volume limitations of the Tax
Reform Act of 1984 and the provisions of 1984 Minnesota Laws ,
Chapter 582; and
WHEREAS , pursuant to the said Chapter 582 , the City has
reserved its 1984 entitlement issuance authority with the Minnesota
Department of Enemy and Economic Development and has submitted
an application deposit to the Department in the amount of one
percent of the reserved issuance authority; and
WHEREAS , the last day on which the City may return
unused issuance authority to the Department and receive a full
refund of its application deposit is October 31 , 1984 ; and
WHEREAS , the Company has requested that the City
allocate *400 , 000 of its reserved 1984 entitlement issuance
authority to bonds to finance the Project and has submitted an
application deposit in the amount of$4 , 000 to the City, re-
presenting one percent of the $400 ,000 of issuance authority
requested by the Company to be allocated to Bonds for the
Project ;
NOVII , THEREFORE , BE IT RESOLVED by the City Council of
the City of Eden Prairie , Minnesota, as follows :
1 . S400 , 000 of the City' s reserved 1984 entitlement
issuance authority under 1984 Minnesota Laws , Chapter 582 , is
hereby allocated to bonds to be issued to finance the Project .
r 2 . If bonds are issued for the Project in 1984 , the
City shall. return the Company' s $4 , 000 application deposit to the
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Company, promptly upon return of $4 , 000 of the City ' s application
deposit from the Department of Energy and Economic Development_
3 . If bonds are not issued for the Project in 1984 ,
the City shall. be obligated to return to the Company only so much
of its $4 , 000 application deposit , if any, as the City may
receive from the Department of Energy and Economic Development
upon return of the $400 , 000 of issuance authority allocated
hereby to the Department for reallocation_.
ATTEST :
Frane, City Clerk Wo gang ' H,t Penzel , Mayor
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