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RES 1984-122 - 00005568251 ;MT; HM1f, RFSCLUtION APPROVING AND AUTHORIZING THE EXECUTION OF AN A MMENT TO AN ALLOCATION AGREEMENT WITH NORTH FREEWAY INVESTORS AND TO RIVER ROAD INVESTORS WHEREAS, North Freeway Investors, a Minnesota general partnership, and River ' Road Investors, a Minnesota general partnership, respectively, have applied to the City of Fridley, Minnesota, and have been given preliminary approval by the City Council for the issuance by the City of its commercial or industrial development revenue bonds for their proposed Projects; and WHEREAS, pursuant to Laws of Minnesota 1984, Chapter 582 (the "Allocation Act "), the City has received an allocation as an Entitlement Issuer thereunder and may, under certain circumstances, apply on a competitive basis for additional amounts of bonding authority; and WHEREAS, the City Council pursuan to approval at the August 6, 1984 meeting, has executed an agreement allocating its Entitlement Amounts to North Freeway Investors and River Road Investors; and WHEREAS, the Allocation Act requires that certain actions be taken in a timely fashion to retain the City's Entitlement Amounts and to compete for additional allocations thereunder. N31, THEREFORE, BE IT RESOLVED by the City Council of the City of Fridley, Minnesota as follows: 1. The City Council hereby determines that it is in the best interests of the City to amend the agreement with North Freeway Investors and River Road Investors, respectively. ' 2. The Amendment entitled "Amendment to Agreement Allocating the City of Fridley's 1984 Industrial Developnent Bonding Entitlement Amounts to North Freeway Investors and to River Road Investors," which is attached to and made a part of this Resolution, is hereby approved by the City Council, and the City Manager, the City Clerk- Treasurer, and the other officers and employees of the City are hereby authorized to execute said Agreement and to take such actions as may be necessary to abide by and fulfill the terms and intent thereof. Such officers are further authorized to enter into such agreement with any changes thereto as may be recommended by the City's bond counsel, O'Conner & Hannan, which changes shall be deened approved by the City Council upon the execution of said agreement by said officers. 1 7 1 I Page 2 — Resolution No. 122 - 1984 252 3. The officers and employees of the City are authorized to notify the Minnesota Energy and Econanic Development Authority ( "MEEDA ") by letter of return to MEEDA of a portion of the City's Entitlement Pmount, pursuant to the Amendment. PASSED AND ADOPTED BY THE CITY OXTNCIL OF THE CITY OF FRIDLEY THIS 159H DAY OF OCTOBER, 1984. WILLIAM J. NEE R ATTEST: SIDNEY C. - CITY CLERK Page 3 — Resolution No. 122 - 1984 ,125 3 AMENM T TO AGREEMENT ALLOCATING THE CITY OF FRIDLEY'S 1984 INDUSTRIAL DEVELOPMENT BONDING ENTITLEMENT AMOUNTS TO NORTH FREEWAY INVESTORS AND TO RIVER ROAD INVESTORS THIS AMENDMENT is dated August 15, 1984; is by and between the City of Fridley, Minnesota (the "City ") , North Freeway Investors, a Minnestoa general partnership, and River Road Investors, a Minnesota general partnership, as their respective interest and obligatons shall appear herein; and provides as follows: 1. Recitals. (a) The City, North Freeway Investors and River Road Investors executed an original agreement allocating the City's Entitlement Amounts (the "Original Agreement "). (b) The City has received a final entitlement amount from the Minnesota Energy and Economic Development Authority ( "MEEDA ") in the amount of $8,137,185. (c) The City has been requested to issue its Floating Rate Demand Commercial Development Revenue Bonds (North Freeway Investors Project) Series 1984 in the aggregate principal amount of $7,730,000. (d) The City has been informed by Bond Counsel that to issue its Commercial Development Revenue Bonds for River Road Investors, the City must return any unissued Entitlement Amount to MEEDA by October 20 and apply for an allocation from the "Competitive Pool" established by Laws of Minnesota 1984, Chapter 582. 2. Amendments. (a) Section 3 of the Original Agrement is hereby amended to provide that the City shall allocate to North Freeway Investors $7,730,000 of its 1984 ' Entitlement Allocation. The remaining terms of said Section shall continue in full force and effect. (b) Section 4 of the Original Agreement is hereby amended to provide that the City shall make no allocaion to River Road Investors. River Road Investors shall supply the one percent (1 %) deposit fee required by MEEDA for competitive application for bonding authority. The City agrees to cooperate with River Road Investors in the filing of the application to MEEDA. 3. Continuing Effect. Section 2, 5, 6 and 7 of the Original Agreement are unamended by this Amendment and shall continue in full force and effect. 1 Page 4 — Resolution No. 122 - 1984 2.54 IN WITNESS WHEREOF, the City, North Freeway Investors, and River Road Investors have caused this Agrement to be duly executed by their authorized representatives on the date hereof. CITY OF FRTLEY By Nasim Qureshi, City Manager By Sid Inman, City Clerk- Treasurer NORTH FREEWAY INVESTORS, a Minnesota General Partnership By General Partner RIVER ROAD INVESTORS, a Minnesota General Partnership By General Partner