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01/12/1981 - 5361OFFICIAL CITY COUNCIL AGENDA PUBLIC HEARING MEETING JANUARY 12, 1981 � . _ _ f�� _��' �li'1� CC)UiV� 1 L � PUBLIC HEARIiJG f�ECTIidG -- �Af,llARY 12, 1931 - 7:�0 P, M, ME�it� -�.C: Der��r�rr��Etv-r }l�r,ps . Cot�t_o��ll NG �,�� rF�E "AC7IO��S i��EDED" , f'��nsE Fin,v� ��o�r� AtdSWFRS ' T3/iCK I � TH� �ITY �iANI'��ER' S Of�F I Cti BY THE ;'ICUidESDAY T3i E�ORE 1 HF NEXT REGU L.AR COUNC T L h1EE7 T PdG , ThiAl�!!: YOU 4��',�. -2'. � 9�' � � � PUBl.IC tJG�tKS PUBLIC WOt2KS /�DQPT I O�J OF AGE�dDA : Adopted as presented OLU �US I IJESS : .COVSIDERATION OF COUNTY RESOLUTION I�IO� SO-��6 AU�NORI�ING �STABI�ISHMENT OF CITIZEiV�S ADVISORY GOMMITTEE APPOINTED BY CITIES RNB TO'vJ�1Sl-iIPS-- COMf�IUNITY DEVELOPMEN i B�_ocK GRANT PROGRAf�1; A�lD CONSIDERATION OF APPOINT�IENT OF TWO FRIDLEY CITIZE�lS,TO �OMMIT7E;E (TAB�ED 115/81) � � � � � � � � 1 - 1 B Appoi ntments tc� �1dvi sory Com�ni ttee made : Barb Favre, 159d 73'z Avenue N.E. Dennis Schneid�r - Council Representativ� ACTION NEEDED: In�orrr� representative of appointment and alsa anoka county of Council appointments �JE�� BIiS I iJESS : CONSIDERATION OF AGREEMENT WITH PARK COfJSTRUCTION GOM('A�Y ANI) THE CITY OF FRIDLEY FQR EARTH ��ORK IN 2 THE COMMUiJ I TY PARK� � � � � � � _ � � � � ' ' ' ' ' ' ' Approved with amendment ACTION NEEDED: Amend agreement as directec� by Council an� execu�e. � �. , - 'PUBLIC WORKS �, E ��CITY MANRGER INANCE� DEPT. FINANCE DEPT.' 'PUBLIC WORKS 'iJEW BUSIi��ESS (CONTINUED) CONSIDERATION OF PLAT A�1ENDMENT; INiVSBRUCK P�ORTH TOWNFiOUS� PLAT VI, FOR SETTING PUBLIC NEARING FOR FEBRUARY 9, 1931, , . , , , ; , � ; , , , , , , , , . , 3 Council set public hearing for February 9, 1981 ACTION NEEDED: Make arrangements for� pubiic hearing February 9, 198} CONSIDERATION OF CITY COUNCIL REPRESENTATIVES REQUESTING REGULAR �''�EETINGS WITH SCHOOL DISTRICT �Fl�l SCHOOL BOARD REPRESENTATIVES � '� � � � � � � � � 4 - 4 A Mayor to send letter to School Board suggesting two possib7e meeting dates for their consideration to meet with the Council ACTION NEEDED: Forward Mayor's letter to School Board CONSIDERATION OF A RESOLUTION PROVIDING FOR TNE ISSUANCE AND SALE OF A RE��ENUE �'�OTE PURSUAi�T TO TNE P�1 idNESOTA I�Ii1N I C I PAL I NDUSTR i AL DEVELOPh1ENT ACT TO PRUV I DE FUNDS TO BE� LOANED � TO BARBEE COMPANY, A �'�I NNESOTA PARTNERSH I P, FOR AN INDUSTRIAL PROJECT'AND APPROVING THE DISBURSI1vG AGREEMENT, LOAN AGREEMENT, ASSIGNh1ENT OF LOAN AGREEMENT, I'�ORTGAGE AND SECURITY AGREEMENT, LEASE AND ASSIGNMENT OF REiVTS AND LEASES ('y�IN STEPHENS DATSUN r�ORTH, INC� � 5—�" � Resolution No. 4-1981 adopted . ACTION NEEDED: Inform Win Siephens Datsun North, Inc. of Council approval. �LAI MS � � � � � � � � . � � � � � Claims approved ACTION NEEDED: Pay claims �,.,,.,,,,, 6 MEETING WITH CABLE TELEVISION COMMISSION Commission to be contacted to see if they can �eet with the City Council on January 26, 19f31. ACTION NEEDED: Contact.Cable Television re r�eeting with Counc�l Jan. 26, 1981 ADJOURN: 8;�5 �;M. _ , _ _ - _�� C �' � [. ,. � . �� a: .,. , . . _ �_. . , � � � '1},� �r��'+::,, `,� N � a V � � �� L.! � � i V � � � � , � 3 , � �. �.r .. t; OJJ'irr nJ'�hc� C'�ur�t�,r l3uurd uJ' ('u»urri.s.siu�rc�r.�. .�.�. � ., �� ✓ ; � COURIHUUSE AN01<A, MINNESOTA 55303 612-421-4760 � � i: ,�,. �,.:,,,r-.z,.. :�J � �:, z.� D4Gember 1Q, 19a0 7he Hon��-abl e t�li 11 i�,�� J. rdae M�yar, City c�f 1=ric�ley 2;�9 l.ogan �arkvray i�.E. Fridley, Minn. 55�32 Qear h1�yor tdee : I am wri ti r�y �'G�a tod�y i n r�g�ard to the att�cf;eu r�sol uti on ��0-126 passed tay t��e f�:nc'r,� Cr�i�nt,r i�oar°d of Cc�missi�r►�rs an Tu�sday, D�cerr�be�• 3, 1�8�. Tii� s r��7 uti �r� r�qu�s�, �r��?� e�ch Ci �y arf� Tt��r��s#�i p �ai ;;hi n a�G�:a Cou��ty ��;aai n�i ��:bo c+ ti ��ns to tl�L Ci i; ± x.�r�s i�dvi scr•y CUrami �t�e, on� of �at��m should h� a o�r� n�o�n m��b�� ot the co�nm�nity. 7he Ci �� zc�ns Advi sory+ Com7�� fi. �pe ►n«s-� be es�.at�13 shed i n�r�d�r to mect the Depar4ment af E3ousi ng ��>>d llrbafi D�v�l c�r,r,��n � regul ut � o�s � n r�gar� ta the Anoka County Cur:;;unf �y t��v;.j1,,;��t i:iac�: �r�ri� �ppiic��ia�t �rocPSS. �'he Ci ti zens ��dvisnry Cor?�i t�eA �� ] per�o►�� a ve�vy ir�l�ort� �t fiunction in the rev�ew o� proj��t ac��vi�;c�. Th� �QUnt�n��i dv C� �f zAns Adv� s�r�r Co�;ri t�.�� r� i 1, �or tjye p��^poses af program e�'fici�ncy, be gt°�uped in t��e �oiio��:ing �^ann�r: �n�¢s Group 1- Col ur.^.�i � H�:i c�hts , Anaku ,�� i 11 ��p Group 2- Glaine. Ga�n t�.i��id�, �Fr�id.1..��..- Group 3- C4ntervti7r�, Cjrc1A P nci s, Lexing�on, �ino �.akese Sprir�q ' a�� P2.rk Grousj�� -�,FidC4`4"� f�e�hel, t�ur�s Tav,�ship, 4�k Grov� Township, R�ms�y, St. Fr�nc3s Group 5- Colu��s To�<rnshi��, East �e�he:1, �{�m L�ke, Lin;V00d �61�ts�ship Eact► advi�ory cosr�n�ittee is re4ui7°��d to f10�� 011� p�blic f�earing on the Comru�7i icy D��el o,:.r��«� (31 ock Cra7�: Proctr�� nd rtcarr,mencl�:d dC'�� V� t� @5. Caun�� s�GGtf ti�rill r�eet with ti�e cen;,,�itLees to pro��7c+.� ctirecticn and advice. Each coR�=ittce v�ill determ�ir�e �ir�e and location of ineetings. Recause of thc m�ny ongoi ng operati on ;� nvp� YP.d �vi th the Comm�a�i ty pe��elc?s��nf�nt ulock Gr•�r* ��pifcation pt�ocess► ti�re tiive �skcd ��ou�• technica] advi sary co:»m9 tte� n�z�r,�:�er to keep irou abr�east of current actf ons. � ')s�cc,r�l�er 1�J, 19F,0 � Pa,e Tv�o T i��auld a;!% that you aroulci plcasP inform Tim Yantos of th2 County Ac1��ini�Y.t°atien OS�ficc, l�� _J��.nuary 5, 1��;0, of your appaintmen�s or if you �rrou"ic1 }�ave any �auestions ��iith�rc'�t`o the Citizens Advisory Comrr►itfiee �t 421-47u(l, extension 1177. � Tfie fo]}o:��ing lnfor7�a�ian, is th� section 8 lo�,r incame limits ti-�h�ch wi]1 be used to determ�i ne 1 o�rr i ncome repres�^ntcati on an the advi sory corrimi ttees : SECTION 8 L�tJ TtdCOi�tE LIt�1I7S Persons in Farniiy 1 - 13,200 2 - 15,100 3 - 17,000 . 4 - 1F3, 9a0 5 - 2Q,050 6 - 21,250 � - 22�400 f3 or more - 23,6QQ Rs al�rays, if there is anyl:hing a�hich this Couniy Commissioner can da to assfist yo��, please do not t��sitate to contact me. lJith persan��t reg�rds, i am9 0 Very truly yaurs, Albert A. Kordiak, Chatrman Anoha County 8oard of Commission�rs �1�iK:cg Httacf�ment cc: ��1r. i��sim Qureshi V . lA ` _ _. _. � � - - . . . . ' �. � I�CSl�.(_i� C�►� E:C.��.�t:'i� CG�l�;t:►E�'�'IG(�I:[.."� . � !'.r►at:c: �cc►cz�Z�, F�►ii�ric:�Ufin � ° t2Uso tt�soLU�r1o� NO. $0-]26 � DA7.': � � 01�1'ERrDI3YCU11�]lSSIO�I.R _ Fields __ AUTHORIZItdG TNE ESTA[3LISH�tENT OF C17IZEI�S ADVISORY CO.��I•1ITTEE APPO1tJlEU QY CITIES /1N0 TO:�J��SI{IPS - C0;•u•1UN1TY DEVELOPI9ENT ELOCK GRAt�7 PROGRAM 4J1lEREAS, Title I of the Housing and Com�nunity Development Act, 1974, as amended, provides for a program of coT�munity development block grants; and, t:HEREAS; Anoka County qualifies under said law as an "urban County" eligible to receive community deveiopment block grant funds; arid, 4;HEREAS, in September of 1980, the Anoka County Board of Commissioners authorized the execution of joint po�•�ers agre2m2nts bet�•:�en the County of Anoka and ci ti es/to:�mshi ps v1i thi n Anoka County regardi ng the Corru�uni ty Development Block Grant Program; and, IdHEREAS, Part 570.303, Chapter 5 of Title XXiV of the Code of Federal Reyulations sets forth regulations covering requirements of the citizen participation plan; and, ��JHEREAS, Anoka County desires citizen input from each city and township within ��oka County in the form of a Citizens Advisory Gor,unittee structure to insure citizen participation in the Community Development Biock Grant app7ication process and subsequent pr•oject implementation: NOW, THEP.cfCRE, BE 1T RESOLVED by the F�no4;a County Board of Com.�nissioners that each city and township within Anoka County is hereby requested to appoint two citizens from their jurisdiction to the Citizens Advisory Committee at least one of whom should be a low income member of the conmunity. 8E IT FURTHER RESOLVED that the County Board does hereby direct the Administrative Office of Anoka County to fo n1ard a copy of this resolution to each individual townsi�ip and city �n Anoka County asking that the appointments to the Citizens Advisory Committee be submitted to the County Board on or before January 5, 1981. . vES r�o Kordiak x Kordiak . Fieids X Fields Burman _� Burman Johnson Johr.son O'Rannon x O'8am�on Slatco(>iinncsoW � � Counh' of Anoka i, Rilph L. �1cGmlc�•, Exccutice Sccrct.ir�• to the Count�• Aoard of Commissionrrs. Anoka County, riinncsota, hcrcby ecrtit�' lhal 1 Earc co�nparc� ti:c fcrcgoing copy of the __ r`-' S0� U t l Ot1 ot thc Co�nty Roard o[ said Coanq• with thr o: �Fir.al rccord U.crro! oa filc in tt�c Admini�trat�on Officc, annka Counly, ?linncaota. as statcd in thc mmutcsof Ihc pn�crcd�n�� o[ �aid i�c.:,rd at a mccting duh� h�•Id on _� j 2�9/EQ ---- and that !hc samc is a lrve and corrcct cc, >• of s�id ur i�ri�l rccord and u! thc whole thcrrol, anA 1. :ii. ��.5 n� ��l On N•as dul)' p�s�cd b�• ��id lto�rd at s:ud �ncMing � /r ` 1�ltarcc m y han dan d�o,i l t h i�_ 9 th d a y o!__ .C@inb°1' _/ 9� - � /�'�/I � � � /�— �� _ _._ ItA 1 (IL tilc(�1.`;Lf'i' }:XCCI'71\ F: SC('ttl:7:\lil' 2 WHEREAS, the City of Fridley desires to develop the Community Park property located northwest af 69th Avenue and University Avenue North- east, Park Construction Gampany agrees to: 1) excavate approximately • 20Q,000 cubic yards of granular material from ponds and o�iher areas and to remove this mater�a7 from the site; 2) to rep7ace the 200,000 cubic yards o�' fill removed from this site with approximately 4�0,�00 cubic yards of suitable fill material; 3) to strip and stockp�le approximately 10,000 cubic yards of topsoil prior to beginning grading operations and replare same upon completion of grading; 4) to develop a retention pond and associated drainage ditches, and treatment areas; and 5) to develop the six (6) baseball fields and four (4) football/soccer fields and re- lated berms, trails, paths and hills according to agreed upon plans pre- pared by the City of Fridleyo Park Construction Company agrees to fur- nish and place the material at no cost to the City of F'ridley, THIS AGREEME�VT is contingent upon Park Construction Compar�y be�ng ' awarded State Project 27�1-235 (I�94) 49th and 61st. CITY OF FRIDLEY: PARK C0�ISTRUCTION COMPANY: By . By WILLIAM J. PdEE P-layor Da te � Date 0 , THE CITY OF _,.�, � 1 �^� � �yA r� � ��.�Y IDATE FROM D.P.�'V, SUBJECT i � z ,. . �, .' ► �� A iYS�, ,�^ �_ � ° F Plat Amendment, Innsbruck North Townhouse Plat VI � � �. • � • ��' • � • � . r / _ � I�� ; � '� • . i ACTIONI �N�'O• Darrel Farr Corperation is amending their• Innsbruck North Townhouse P1at VI by eliminating six g�rage sites. They require th�s amended plat to be approved and fiied, so they can process the properties affected. The Planning Commission revievaed the amendment at their January 7, 1981 meeting and have referred it to City Council for action. Amendmen ts to replat require a Public Hearing by the Counc�l prior to ap- proval. Tn order to expedite this minor change, it is suggested that the City Councii set a Public Hearing on this amend�nent for February 9, 1981 public hearing meeting. - JGF:ik Q� 0 MEMC]RA,t�+i�C�L.iM GITY �� FF�IOi,.EY 6431 IJNIVERSfTY AVE. NE. FRtD�EY. MN.. L5543� (6'Y.T� 57'i-3A50 MEMO T0: FROM: SUBJECT: THE HONORABLE MAYOR AND CTTY COUNCIL CI7Y MANAGER l� O�FICE OF TME �tTY MANAGER NASIIVI M. C3�1lAE5H1 December�4, 1980 DISCUSSION REGARDING FUTURE COMPOSITION OF CITY/SCHOOL MEETINGS At the meeting of December 2, 19E0, schooi administrators along with three board members--Ralph Stouffer, Jim Hanson, and Mike Murphy--were present at the meeting from the school side and frorn the City side there were City administrative people plus Councilman Barnette. Dick Stanton traced the history of this group and what its originally intended composition was and what its presEnt composition is. I pointed out to the group that this ci�:y/school arrangement was set up in 1973 when I became the City Manager and requested Paul Brown to work with the school adminisi:ration to formulate this group. Dick Stanton's feeling was that the present mixing of three levels of people with different responsi- bilities is making this difficult to be effective and maybe these three levels should be sorted out as (1) schQOl administrative staff working with City administrative staff to take care of the day to day nuts and bolts type of activit�ies; (2) top executives like John Nanson and the City Manager ' meet to resolve issues of their level; (3) School Board and City Council meet to work on the policy issues. I pointed out to the group, and especially the school board members, that the City did appoint a committee of two members of the council to mee� with the school board representatives for direct communicatians with them on policy issues. But the City was directed to use the city/school meetings as a forum to discuss sueh issues and there wa� no exclusive contact set up between the council and the school board members. I indicated to them that if it is a desire of the school board, I am sure the councilmembers would be willing to meet with the school bcard representatives. I am writing this to give the Council some background and seek instructions in regard to whether the Council wants to reactivate the original request to the school board to meet with the City counci] r4presentatives. NMQ/ms _ . _ ; - , .- . : . :� r � r ,. . - . � �' . ' 4 A CITY/SCNOOL MEETING � District Auditorium Conference Room Tuesday, December 2, 1980 - 12 Noon AGENDA I. Items of Business A. Lentz 1. City Improvements at Rice Creek Site (Also submitted by Qureshi) 8. Qureshi 1. Status of vacant District 14 schools C. Bourdreau 1. Report on Advisory Committee for City Recreation Center D. Myhra 1. Winter Progress Report E. Stanton . 1. Future of City/School Committee II. Other Items III. Adjournment 5 RESOLUTION NO. A RESOLUTION PROVIDING FOR TH� ISSUANCE AND SAL� OF A REVENUE NOTr PURSUANT TO THE MTiJNESOTA MUNICIPI�L INDUSTRIAL DF.VELOPMEPJT AC`i' TO PROVIDF FUNDS TU BE I�OI�N�D `I'O BARIIrE COr9PANX, A MINNE50TA PARTN�RSHIP, FOR AN INDUSTRIAL PROJECT AND APPROVING Tfi� DISBURSING AGREEMENT, LOAN AGR.EEMENT, ASSIGNMEN'.0 OF LUAN AGREL;MENT, MORTGAGE ,AND SE�URITY AGREEMENT, LEASE AND ASSIGNMENT OF RENTS AND LEASES. BE IT RESOLVED by the City Council (this "Council") of the City of Fridley, Minnesota (the "City"), as follows; 1. Authori�y. The City is, by the constitution and the laws of the State of Nlinnesota, including the Municipal Industrial Development Act, Minnesota Statutes, Cha�ter 474,�as amended (the "Act") authorized to issue and se11 its revenue bonds £or the purpose of financing the acquisition, construction and equipping of authorized projects and to enter into contracts necessary or convenient in the exercise of the powers granLed by the Act. 2. Documents Pr�sented. This Council proposes that the City shall issue and sell its Industrial Development F.evenue Note (Win Stephens Datsun North, Inc. Pro�ect) in substantially the form set forth in Exhibit A attached hereto (the "Note") and loan the proceeds thereof to Barbee Company, a Minnesota partnershiQ (the "Company"j to partially pay the cost of acquiring, constructing and equipping an expansion to an existing automobi.le dealership �uilding and related facilities, togetller with necessary exterior utilities and site improvements (the "Project"), all pursuant to the Act. Forms of the following documeni-.s relating to the Note and the Project have been submitted to this Council and are now on file in the office of the City CIe.rY.: (a) Disbursing Agreement, dated as of January 1, 1981, between the r�9ortgag�e, h�reixiafter defined, and the Company, providing for the purchase of the Note by the Mortgagee and the making of advanr.es thereunder in accordance witll the terms and conditions set forth therein (this document will not be executed by the City); (b) Loan Agre�meni:, dated as c�f Janu��ry 1, 1981, between tl�e City atid the Company whereby thc City agrees to make a loan to the Company of the funds advanced by ttie �lortgag�E�, herci.nafter defined, under the Disbur.sing AgreemenL anc� L-he Company agrees to complete the Project anci to pay amounts suffi.cient to provide ior th� prompt payment of the principal of and interest on the Note; � - 2-- (C) Assignment of Loan nyrcement dated as of January 1, 1981 (the "Loan Assignm�n�") by the City in favor of Midwest Federal Savings and L•oan Ass�ciation of Minneapolis (the "T9ortgagne°) whereby the City assigns certain of its inter_est in t.he Loari Agreement to the Mortgagee as security for i:he Note; (d) Mo�:tgage and Security Agr_eement dated a.s of January 1, 1981 (the "Mortgage"), by the Company in f avor of the Mortgagee by which the Company .grants to the Mortgagee a fir.st mortgage lien on and security interest in the Project and all improvements thereto as security for the T1ote (this document will not be executed by the City); that: (e) Lease dated as of January 1, 1981 (the "Lease"), between the Company, as lessor, anc� �ain Stephens Datsun North, Inc, as lessee (this document will not be executed by the City); (f ) As�signment of Rents and Leases dated as of January 1, 1981 (the "Assignment of_ Rents"), by the Company in favor of the Mortgagee whereby �he Company assigns its interest in tre rents and leases of the Project to the Mortgagee as additional security for the Note.(this document will not he executed by the�City). 3. Findings. I� is hereby faund, determined arid declared (a) The City is a duly arganized and �xisting municipal cor�orai�ion under the constitution and the laws of the State of Minnesata with �he pcwers and authority, among others, to issue the Note under the Aet. (b) The Project, com��rised of the uuildings, improvements and equipment: describ�d in th� Loan Agree- ment and the Mortgage, constitutes a"pr_oject" author- ized by and described in Section 474.02, Subd. 1 of the ACt. (c) Th�� purpose of the Projc�c� i.s anci tize effect thereoi will bc� to promotr_ thc� public wel: are by: the encouragement and promoL-i�n aC r_mployment opportunities within the City and its surro��nding ar�as; the develop- ment of sound industry and cammc�rce to use the availahl� resources of the City, in order to rE�tain t:he benefit of the City's existing inve.stment i.n educ��tianal and �ublic sc�rvice facilities; hal ting the movement of - 3- 5A 5B talented, educated personrlc�l to other area� 7nd thus preserving the economic and human resources needed as a base for providing gove.rnmenta� services �nd faca.lities; and increasing the tax base of: the City, county and school district in which the Project i.s locai�ed. (d) The Project has been approv.ecl by the Commis- sioner ot Securities, Minnesota Department of Commerce, as tending to further the purposes and policies of the Act. (e) The issuance and sale of the Note, the execu- tion and delivery of the Loati Agreemen� and the Loan Assignment and the performance of all covenants and agreer�entis of the City contained in the Note., Loan Agre�ment and Loan Assignment and of all other acts of the City to make the Loan Agreement, Loan Assignment and Note valid and binding obiigations of the City in accordance with their term�, are authorized by the 11ct. (f) To the best knowledge of the members of this Council, �there is no litigation, action, su�it, proceed- ing or investigation a� law ar in eguity before or by any court, public board ar �ody �enc3ing or threatened against, or affeci�ing the City wherein an unfavorable decision, ruling or_ finding would adversely affect the transactions contemplated by or �:he validity or enforce- ability of this No�.e Resolution, the Note, Loan Aozeement or Loan Assignment in accordance wi�li their respective terms. (g) There are no agreements ta which the City is a party,�ordinances or resolutions of the Ci�y or court oraers directed to the City affectinq the validzty or enforceability of_ this Note P.esolution, Lhe NotE, Loan Agreement or Loan Aasignment pravided, howevcr, that this finding is made solely for the purpose of �stopping the Ci�y from detiying the validity of the Note, Loan Agreement or Loan Assignment by reason ot the existence of any facts contrary to this �inding. (h) It is desirable tlzat the City oL Fridley, Minnesota Industrial Develapment Revenue Note (Win Stephens Datsun North, Inc. Project) in the amount of $600,000.00 be issued by the City upon i�he terms set forth h�r.ein, and that certain o£ the City's interest in the I�oan AgreemeTlt b�� assigned to the hior�gagee as seet�rity Lor the paymc�nt of pri.neipa.l. of c"iIl(� interest on the Note. �� 5C �: � t a: � � � (i) The Loan Agreemeni: provides for payments by the Company to the MortgagE�� for the account of the City of such amounts as will be suf�icien� to pay the principal of and interest on the Note PI�lEGII due. No reserve funds are decmed necessary f:or this purpose. �The Loan Agreement obZigates the Com�any to provide for the operation and maintenancc of tlle Project, including adequate insurance, taxes and special assessments. (j) Under the provisions of Sect�on 474.10 of the Act, and as provided in the Loan Agreemen�, the Note is not to be payable from nor charged upon any funds other than amounts payable by the Company pursuant to the Loan Agreement which are pledged to the payment thereof; the City is not subject to any liability the��on; no holder of the Note shall Pver have. tile right to compel the exercise of the taxing power of the City to pay the Note or the interest thereon, nor_ to enforce payment thereof against any property of the Ci.ty; the Noi�e shall not constitute a charge, li�n or encumbrance, legal or equitable, upon any property of the City, other than zts rights under the Loan Agreer�.ent; �he Note shall recit� that the Note, including interest thereon, shall not consf:itute nor give rise to a pecuniary liability of the City or a charge against its general cr�dit or taxing powers and i�hzt the Note does not constitui:e an indebtedness of the City within the meanimg of any cons �itut ional or sLai�u,tory 1 imi.tation . (k) The C�mpany has all necessary licenses and permits required by th� City for the construction of the Praject. � 4. A�proval and Execution of Documents. The forms of Disbursing Agreemcn�, Loan Aqreement, Loan Assignment, Mortqage, Lease and Assignment af Rents ref.erred to in Paragraph 2 hereof are approved. The Loan Agreement slzall be executed in thc� name and on behalf of the City by the Mayor and the City Clerk, upon execution th�reof by the Company, in substantially the form on file, but with aII such changes therein, not inconsistent with the Act or other law, as may be approved by the of.�icer.s GXC?CUtlI'1C� the same, which approval shall be conclusively evi�enced 1�y tlZe cx�cui�ion thereof. The Laan Assignmeni, shall also be executed in�the name and on behalf of the City by the Mayor and the City C_lerk in substantially the form on file, but with all suc}� chanc��s t}�el-eii�, not inconsistent with the Act or other laws, as may be approved b�� the officers executing the same, which approval shall Le conclusively evidenced by tlZe execution tlzezeof. Copies of all documents shall be de- live.red and filed as provided thezc�in. The D.isbursing Agreement, Mortc�age, Lease arid Ass�ignment: of Rcnts may coi�taa_n sucl� revisions _ 5_ 5D as may be approved by the Mortgage� and the parties executing the same. � 5. Appraval, Execution and DE�livery of Note. The City shall proceed forthwith to issue its Industrial Development Revenue Note (Win Stephens Datsun North, Inc. Project), to be dated th� date of delivery, in the principal amount of $6Q0,000.00 in the form and c�nt��ining the terms set forth in the form of Note attached hereto as Exhibit A, which terms are for this Purpase incorporated in this Note Resalution and made a part her�of. T�e proposal ot the Mortgagee to purchase the Note at a price of $600,000.00 (100� of its par value) by making advances in accordance with the Disbursing Agreement is hereby found and deiermined to be reasanable and is hereby accepted. The Mayor and the City Clerk are authorized and directed to prepare the Note in typewrittc�n f-orm "substantially in the form set forth in Exhibit A attached hereto. Th� Note shall be executed by the manual signatures of the Aiayor and the City Clerk and the official seal af the Ci�y shall b� affixed thereto. When so prepared and executed the N�te shall be c�elivered to the Mortgagee. The Note proceeds will be paid to the parties entitled thereto in accordance with the Disbursing Agreement and the Loan Agreement. The Note shall contain a recital that it is issued pursuant to the Act, and such recital shall be conclusive evidence of the validity and regularity of the issuance ther_eof. 6. Registration Records. The City Clerk, as bond regis- trar (the "Bond Registrar"), shall kec�p a boiid register (the "Bond Reqister") in which the City shall provide for the registration of the Note dI1C� for trans£ers of the Note . The �rincipal of and interest on the Note slzall be payable to the Mortgagee or reqis- tered assigns in lawful money of the Uni�ted States of �lmerica at the address of the A9ortgagee or registered assigns as shown on the Bond Register. _ 7. r9utilated, Lost, Stolen or Destro�ed Note. If the Note is mutilated, lost, stolen or destroyed, the City may execute and deliver to th� registered owner a new Note of like date, number, maturity and tenor as that mutil.ated, lost, stolen or destroyed; provided that, in the case of_ mutilation, the mutilated Note shall first be surrendered to thc City, and in the case of a lost, stolen or deatroyed Nate, there shall be �irst Furnished to the City and the Company evidence of such loss, theft or destruction satisfactory to the City and the Company toget,her with indemnity satisfactory to them. The City may chare7e the holder of the Note with its r�asonable fces and exprnses in tliis connection. 8. TraT�sfer of Note; Person Tr.eated as Oumer. Th� No�e shall be transferable by the regist�rc�d owner on the Bond Register of the City, upon presentation of thc Not�� ior noi:ation of_ such transfer thereon at the office o£ L-he City Clerk, as Bond Registrar, accompanied Uy a written i.nsrrument oE trai�sfer in form satisfactory � to the Bond Registrar duly execute<� by thc registered own�r or its attorney duly authorized in writinc�. The registc�r.ed owner seeking to transfer owner_ship of the Note shall also give written notice� thereof to the Company. The Note sha11 continue to be subject to successive transfers at the option of_ the, registered owner of the Note. No service charge shall be made for any such transfer, but the i3ond Regist.rar may require payment of a stam sufficient to cover any tax or other governmental charge payable in connection there- with. The Bond Registrar shall give written notice to the iompany of any transfer of ownership recorded on tlze Bond.Register immediately upon effectuating same. The person in whose nam� the ATote shall be registered from time to time shall be deemed and regarded as the absolute owner thereof�for all purposes, and. payment of or on account of the principal of and interest on the Note shall be made only to or upon the or.�er of the r�gistered okmer. thereof, or its attorney duly authorized in writing, and neith�r the City, the Bond Registrar nor the Company shall be affected by any notice to the contrary. All such payments sh�ll be valid and effectual to satisfy and discharge the liability upon i.he Note to the extent of the sum or sums so paid. � 9. Amendments, Changes and Modifications. The City shall not, without the written consent of the i+iortgagee,; enter into any agreement, change, modification, alterai:ion or termination of the Loan Agreemen�, the Loan Assignm�nt o.r �his Note Resolution. 10. Proceedinc�s and Records Relating to Note. The r4ayor, City Manager and City Clerk and other ofL-icers of the City are authorized and directed to prepare and fu.rnish to the purcha5er of the Note, certified copies of. all proceedings and records of the City relating to thc Note, and such other affidavits and certifi- cates as may be required to show the facts appearing from the books and records in the officers' custody and control or as otherwise known to them; and all such certified copies, c�rtificat�s and affidavits, including any heretoEore �urnished, shall constitute representations of the City as to the truth of all statements contained therein. Attest: City Clerlc -?- Approved: �9ayor 5E � STAT� OF M7NNESOTA ) ) ss. • COUNTY OF ANOKA ) ' I, the undersigned, beinc� the duly qualified and acting City Clerk of the City of Fridley, Minnesota, do hereby certify that I have compared the attached extract of. minutes of a regular meeting of the City Council of the City held on Monday, the 12th day of January, 1981, with the original thereof on file in�my office, and that the attached extract is a full, true�and correct transcript of the original insofar as such miiiutes relate to the $600,000.00 Industrial Development Revenue Note (Win Stephens Datsun North, Inc. Project) of the City. � WITNESS My hand and seal as said City Clerk this day of Jan�aary, 1981. _ (Seal) -�- City Clerk 5F No . R-1 C � r UNIT .F,D STAZ`ES OF AMF.RICA STATr OF MINNESO`I'A COUNTY OL' ANOKA CITY OF FRIDLrY Industrial Development Revenue Note (Win Stephens Datsun North, Inc. Project) $600,000.00 The City of Fridley, Minnesota, a municipal corporation in the County of Anoka and State of Minnesota (the "City"), for value received, hereby promise�s�to pay to the order of Midwest Federal Savings and Loan Assaciation of Minneapolis, its successors or registered assigns (the "Mortgagee"), at th� principal office of the Mortgagee or at such other place as the r3ortgac�ee may designate in writing, solely from the revenues derived by the City from the Loan Agreement hereinafter described, the principal sum of. SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000.00), or such portion thereof as may be advanced under the Disbursing Agreement herein- after deseribed, and to pay interest on the principal amount hereof unpaid from time to time (thc "Principal Balanc�°) from the date hereof until this Note is fully paid at- the r.ate at ten percent (10�) per annum (computed on the basis of_ a 360-day year, 30-d�y month). The Principal Balance and interest thezeon sha11 be payable as hereinafter set fortl�. From and after the date hereof until the Amortization Commencement nate hereinafter defined, inter�st only on the Principal Balance each month shall be due and payable on the first day of the month following the month during which the ini�ial advance under the Disbursing Agreemen� is made and on the first day of each succeeding month thereafter, Commencing on the first day of the second month following the date of the �inal advance under the Disbursing Agreement, but in no event later than December 1, 1981 (the "Amori:ization Comrnencem�nt Date"), the P.rincipal Balance and interest thereon shall be paid together in installments of Five Thousand.Four FIundred Fifty-two and 20/i00 Dollars ($5,452.20) per month and the same amount on �he same d��y of the next two hundred thirty-eigh� (238) mont}ZS tl�ei-eaft:.er cont_:_nuing ui;�il the first day • of the two hundred forti�i�h (?_40th) month next succeeding the Amortization Commencement Datc�, when t}ae r.f�maining Principal Balance togethc�r with the acr.rucd interest t�liereon shall be paid . All sucl� paymetlts are t� be applied fir�t to interest due on the Princi�al Balance and the remainder in reduction of the Principal Balance. ZIl the event c�f a Det�rminati��n ot Taxability, as defined in the Loan Agreemer�t, the rate of intcr_est hereon shall be EXFIIBIT A increased to fifteen percent (15�) per annum ef:�ective as ot' the . Date of Taxability, as defined in i�he Loan Agr.eement. In the event of a Determination of Taxability, monthly payments of principal and interest from and after the Da�e of Taxability-shall he r�computed at the applicable rate set forth above using the amortization period used in the oric�inal cornputation of. the payments due hereunder and the City shall (a) gromptly pay to the registered oFmer and to any prior registered owner the ac�greyate difference between (i) the amounts actually paid hereunder between the Date of Taxability and the effective date of such rat� increase ancl (ii.) the amounts which would have been paid to such registered owner durinq such period if the increased rate had been in effect and (b) pay to the registered owner hereof after the effective date of such rate increase monthly payments of principal and interesi� as so recomputed. The toregoing obligation for an increased rat�c of interest hereon in the event of a Determination of Taxability shall survive payment of this Note. This Note is issued under the Minnesota Municipal Indus- tria]. Development Act, Chapter 474, Minnesota Statutes, as amended (the "Act"), and in conformity with the provisions, restrictions and limitations thereof. This Note doe� not represent a debt or pledge the faith or credit of the City or grant to the registered owner of this Note any right to have the City 1�vy any taxes or appropriate any funds for the payment of_ the principal hereof or interest hereon, nor is this Note a c�eneral oblig�tion of the City or the individual officers or agents thereof. This Note and inter- est hereon are payable solely and only otzt o� the moneys received under the Loan Agreement or realized f_rom the enforcement of the security hereinafter described. This Note is issued and sold pursuant to a resolution of the City adopted by its City Council on January 12, 1981 (the "Note Resolution") in order �o provide funds to be Ioaned: to Barbee Company, a t�9innesata partners}ii�("the Company") pursuant to a Loan Agreement dated as of Jazzuary 1, 1981{the "Zoan Agreement") between the City and the Company for the purpose of financ�.ng the acquisi- tion, construci�ion and equipping of an expans.ion t0 c3I1 existing automobile dealership building and related facilities, toc}ether with appurtenant site improvemcrlts (the "Pr.oject"). Under the Loan Agreement, the Company has aqreed to cons�ruct and equip �the Project and has a��r�ed to make certain Loan Repayments, as defined in the Loan Agreement, in amounts and at times sufFicient to pay the principal of, prernium, if any, and int�l-est on this Note when. due. Pursuant to an Assignmeni: of Loan 11grc�cineilt� dat.ed as of January 1, 198I executed by the City in favor oL- i�h� Mortgagcr_ (the "Loan Assic�nment"), the City has,Pledged and ass.igned its interest in the Loan Agrc�ement ( except its rights UI1C��.0 Sections 4, 02 (b) , 6. Ol, 7.04 and 7.05 tliereof relating to exper�sc�s, zndcmnity ancl c3C�Vc3TlCE5 of the City1 to i.he regis�ered owncr hereof. Thi.s Note is further secured by ( i) a P•7ortgagc� a1�d Security Agreeme�lt dated as of Janua.ry 1, 1981 (the "Mortgage" ) by which t}zc C;om�?any has grantec� _�_ � 5 1� to the Mortga�ec a first mortgage lien on and security interest in the Project and {zi) an Assignment of Rents and Leas�s dated as of January 1, 1981 (the "1lssignment of Rents") by whic;i the Company has�assigned to the Mortgagee its i.nterests in all rents and leases of the Mortgaged Property, as defin�d in the M�rtgage. Advances of funds for the Project will be made pursuant to a Disbursing Aqreement dated as of January 1, 1981 (t}ie "Disbursing Agreement") between the Mortgagee and the Company. Ref.erence is hereby made to the Note Resolution, Loan Agreement, Loan Assignment, Disbursing Agreement, Mortgage and Assignment of Rents for a complete d�scrip�ion of the covenants and agreemen�s therein contained, the nature and extent of the security thereby created and th� rights, duties and immunities of the City thereunder. - This Note may not be prepaid on or before the Amortization Commencement Date, but thereafter, at the direction of the Company and upon thirty (30) days prior written notice to the registered owner hereof, this Note may be pre�aid at any time, either in whole or in part, but in case of prepayment of any amount or amounts in any Loan Year, as hereinafter defined, there shall also be paid, over and above the interest accrued under the t�rms of_ this Nate, an amount. egual to ten percent (lOg) o.f the sum{S) prepaid during the first Loan Year following the Amortizai�ion Cammencement Date, the percentage declining by one percent (lo) each Loan Year thereafter until the percentage payable is one percent (1�}, which percentac�e shall be payable for the remaining term of this rdote. The term "Loan Year" as used herein sha11 meaii a tu�c�lve (12) month period commencing on the Amortization Commencemenl-. Date and on each anniversary thereof. At the direction of i�he Company, this Note may also be prepaid in whole or in part without premium in the event of a Determination of Taxability as ��rovid�d in the Loan Agreement. Notice of any such prepayment shall be de�med sufficient if mailed by the Company to the registered owner of this Note at least 30 days prior to �he prepayment date; provided, however, such prepay- ment shall occur within six (6) montlls Following a Determination of Taxability. This Note is also subject to prepayment without.premium in certain instances of damage to or deut�-uction or condemnation of the Project as provided ir� the T�oa�� Agreemcnt and the MortgagE. All �repayments, whether voluntary or otherwise, shall be applied in inverse order_ oL maturity and shall not reduce or postpone the payments otherwisG du� hereuncler. If any installment oz: �?ayment is paid mor.e than 10 days after the due date thereof, the City agrc�es to ��ay a rcasonable late payment cl-iarge in the amount of five �.,�r_ceiii� (5�) of the installment or payment to cover the expe.��es of collectioii. The registered owner het-�of may ma1�:e a reasonable charge to cover the expense of. changing its record ot ownership, or thc giving of information rel��tlIlc� to th� ur�p�id ba.lance of tliis indeb�edness, in connection �aith any conveyance of the ��ro��erty covcred by the Mortgage . - 3-- 5I The registered owner her.eof may extend the times of payments of interest and/or principal �f this Note wi�hout natice to or consent of any party liak�le hereon without releasing any su��h party. As provided in the Note Resolution, this Na�e is transfer- able only by the registered owner hereof in nerson or its duly appointed attorney by registration hereon and on the books of the City kept for that purpose at the office o� the City Clerk. . By acceptance of this Note, thc registered owner agrees to provide to thc City Clerk, at the City Clerk's request, a verified statement of the dai�es and amounts of all payments of principal, premium and interest received in respe�� to.this Note. It is agreed that time is of the essence in the perfor- mance of this Note. In the event of default in the payment of priricipal or interest hereof o.r if an Fvent of Default as defined in the Mortgage, Loan�Agreement or Disbursiilg Agreement occurs, the registered owner hereof shall have the right and opticn to declare, without notice, all the remaining zndebtedness of unpaid principal and accrued interes� evi�enced by this Note immediately due and payable. Failure to �xercise such option at any time shall not constitute a waiver of the right to exercise the same at any subsequent time, It is hereby certified and recited and the City Council has found: That the Projc�ct is an eli_c�ible "project" defined in Section 474.02, Subd. 1 of the Act; that the issuance oi tlzis Note and the acquisition, construction and equipping of the Project will promote the publi� welfare and carry out �he purposes of the Act; that the Project has been approved by tlzc Commissioner of Securities of the State of �9innesota as tending to further the purposes and policies of tlze Act; that a17. acts, conditions and things required to be done precedent to and in the issuance of this Note have been properly done, have happened anci have been p�rforrned in regular and due time, form and manner as required by law; and that this Note does not constitute a debt of the City �aithin the meaning of any constitutional or statutory limitation. IN WZTNGSS its City Council, has by the signatures of the corporate seal of (Seal) WHERt'OF, the CITY OF FRIDr�rY, MINNESOTA, by caused this Note �o be sign�d in its behalf the blayor and the City Clerk and sealed with the City, this day of January, 1981. _q_ CI`l'Y OF CRIDLEY, MINNESOTA I: Mayor And �y-- _. City Clerk 5J . Certi�icate of Registratian . It is hereby certif_ied that, at the request of the holder of the within Note, the City of Fridley, Minnesota has this day registered it as to principal and intere�t, in the name of such holder, as indicat�d in the regis�ration blank below, on the books kep�-by the undersigned for such purpose: Name oF Authorized Registered Date o� Signature Owner Re�istration of City Clerk Midwest Federal Savings � and Loan Association of Minneapolis January , 1981 -5- � 5 �' .. (�_'"/ 1�i �Y o r.afz coycur��rr�cE eY ��at c��Y cou��c�� - CLAIf�S J�r��R�.. � �a � - . �.�.., CLAIPI iJUP��PERS �63�Q2 - 005V�5