RES 1984-122 - 00005568251
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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.
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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.
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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