HomeMy WebLinkAboutResolution - 87-278 - Relating to Crown Auto MIDB's - RESOLtiTION #87-278
ADOPTION BY CITY COUNCIL,
CITY OF EDEN PRAIRIE
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(Crown Auto, Inc. Exercise of Option to Purchase )
WHEREAS, by a lease (the "Lease" ) dated as of November 1 ,
1972, the Village (now City ) of Eden Prairie leased to Crown Auto
Stores, Inc. ( the "Tenant" ) the Leased Land described in the Lease
and Exhibit A thereto, together with the Buildings and the Leased
Equipment described in the Lease, for a term commencing as of the
date of the Lease and extending to November 1 , 1993 , unless sooner
terminated as provided in the Lease ; and
WHEREAS, the cost of acquisition and construction of the
Project, as described in tie Lease was financed by the issuance
and sale of the Bonds described in the Lease ; and
WHEREAS, pursuant to Section 8 . 01 of the Lease, the Tenant
has assigned its interest in the Lease to Crown Auto, Inc . , a
Minnesota corporation ( the "Assignee" ) by an assignment of lease
( the "Assignment" ) dated September 30 , 1987; and
WHEREAS, pursuant to Section 8 . 07 ( 5 ) of the Lease, the
Assignee has given written notice to the City and to the Trustee
described in the Lease of its exercise of the option to purchase
the City 's title and interest in the Project and of its intention
to deposit with the Trustee the sum of One Dollar ( $1 . 00 ) plus a
sum of caste sufficient, when added to the amounts on deposit in
the Funds of the Trustee and available for this purpose, to pay
the items described in Subsections ( 2 ) (A) and ( 2 ) (B ) of Section
8 . 07 of the Lease at the next permissible redemption date, namely,
November 1 , 1987 ;
NOW, THEREFORE, it is hereby :
RESOLVED, that upon compliance by the Assignee with all of
the applicable provisions of the Lease and of the Indenture
described in the Lease relating to exercise of the option to
purchase the City ' s title and interest in the Project, the Mayor
and City Manager are hereby authorized and directed, on behalf of
the City , to execute and deliver all documents and to take such
actions as are specified in, or contemplated by , Section 8 . 07 of
the Lease, including , but not limited to, the limited warranty
deed and bill of sale described in Section 8 . 07 ( 7 ) of the Lease,
and to cause the Trustee to deliver a release of the Indenture .
ADOPTED by the City Council of theCity of Eden Prairie on this 6th day of
October, 1987.
Gary D Petez on Mayor
ATTES
Joh D. Fran City Clerk