RES 1980-108 - 00006592172
RESOLUTION NO. 108 - 1980
RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL
DEVELOPMENT PROJECT BY GERALD W. PASCHKE UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN
APPLICATION TO THE COMMISSIONER OF SECURITIES FOR APPROVAL
THEREOF
BE IT RESOLVED by the City Council of the City of Fridley, Minnesota, as
follows:
1. There has been presented to this Council a proposal by Gerald W. Paschke,
doing business as G. W. Paschke Properties (the "Company ") that the City
undertake a project pursuant to the Minnesota Municpal Industrial
Development Act, Minnesota Statutes, Chapter 474 (the "Act ") generally
consisting of acquisition, construction and equipping a three story
office building at Highway No. 47 and 73rd Avenue, in Fridley, Minnesota
(the "Project "). Under the proposal, the Project facilities will be
owned by the Company, and the Company will enter into a revenue agreement
with the City upon such terms and conditions as are necessary to produce
income and revenues sufficient to pay when due the principal of and the
interest on up to approximately $925,000.00 Industrial Development
Revenue Bonds of the City to be issued pursuant to the Act, to provide
monies for the acquisition, construction and installation of the Project;
and the City will pledge its interest in the revenue agreement to secure
the bonds.
2. As required by the Act, this Council conducted a public hearing on
October 20, 1980, on the proposal to undertake and finance the Project,
after publication in the official newspaper and a newspaper of general
circulation in the City of a notice of the time and place of hearing;
stating the general nature of the Project and an estimate of the
principal amount of bonds or other obligations to be issued to finance
the Project; stating that a draft copy of the proposed Application to the
Commissioner of Securities, together with all attachments and exhibits
thereto, shall be available for public inspection at the office of the
City Clerk, in the City Hall, 6431 University Avenue N. E., Fridley,
Minnesota, at all times between the hours of 8:00 A.M. and 5:00 P.M. each
day except Saturdays, Sundays and holidays to and including the day of
hearing; and stating that all parties who appear at the public hearing
shall have an opportunity to express their views with respect to the
proposal.
3. It is hereby found, determined and declared that the purpose of the
Project is and the effect thereof will be to promote the public welfare by
the attraction, encouragement and development of economically sound industry,
agriculture and commerce so as to prevent, so far as possible, the emergence
of blighted and marginal lands and areas of chronic unemployment; the
retention and development of industry to use the available resources of the
community, in order to retain the benefit of their existing investment in
educational and public service facilities, by halting the movement of
talented and educated personnel of mature age to other areas and thus
preserving the economic and human resources needed as a base for providing
governmental services and facilities; the more intensive development of land
available in the area; and the more intensive development of land available
in the area to provide a more adequate tax base to finance the cost of
governmental services in the City, County, and School District where the
Project is located.
4. The Company has entered into preliminary discussions with First Corporate
Services, Minneapolis, Minnesota, as financial consultant, and the financial
consultant has reported that the Project and the sale of bonds therefor are
feasible.
5. The Project is hereby given preliminary approval by the City subject to
approval of the Project by the Commissioner of Securities and subject to
final approval by this Council and by the purchasers of any bonds to be
issued and as to the ultimate details of the Project.
Page 2 -- RESOLUTION NO. 108 - 1980
6. In accordance with Section 474.01, Subd. 7, Minnesota Statutes, the Act,
the Mayor, the City Administrator, the City Clerk, and such other officers
and representatives of the City as may from time to time be designated are
hereby authorized and directed to submit the proposal for the Project to
the Commissioner of Securities and request her approval thereof, and the
Mayor, the City Clerk, and other officers, representatives of the City as may
from time to time be designated are hereby authorized and directed to submit
the proposal for the Project to the Commissioner of Securities and request
her approval thereof, and the Mayor, the City Administrator, City Clerk, and
other officers, employees and agents of the City are hereby authorized to
provide the Commissioner with such preliminary information as she may
require. The Company, Messrs. Faegre & Benson as bond counsel, the City
Administrator, City Clerk, the City Attorney, and other City officials are
also authorized to initiate the preparation of a proposed loan agreement, and
such other documents as may be necessary or appropriate to the Project so
that, when and if the proposed Project is approved by the Commissioner and
this Council gives its final approval thereto, the Project may be carried
forward expeditiously.
7. The Company has agreed to pay any and all costs incurred by the City in
connection with the Project whether or not the Project is approved by the
Commissioner and whether or not the Project is carried to completion.
8. The Company is hereby authorized to enter into such contracts, in its own
name and not as agent for the City, as may be necessary for the construction
of the Project by any means available to it and in the manner it determines
without advertisement for bids as may be required for the acquisition or
construction of other municipal facilities, but the City shall not be liable
on any such contracts.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 20TH DAY
OF OCTOBER, 1980.
MAYOR - WILLIAM J. N
ATTEST:
ACTING CITY CLERK- NASIM Pi. QURESHI
0072A/0809A
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