RES 1980-113 - 00006601RESOLUTION NO. 113 - 1980
RESOLUTION EXTENDING MEMORANDUM OF AGREEMENT BETWEEN THE CITY
OF FRIDLEY AND WIN STEPHENS DATSUN NORTH, INC. RELATING TO A
PROJECT UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT
BE IT RESOLVED by the City Council (this "Council ") of the City of Fridley,
Minnesota (the "City "), as follows:
1. By Resolution No. 73 - 1979 dated May 21, 1979 (the "Resolution "), this
Council gave preliminary approval to the Project (as defined in the
Resolution) under the Minnesota Municipal Industrial Development Act to
be constructed on behalf of Win Stephens Datsun North, Inc., a Minnesota
corporation (the "Company "); referred the proposal to the Minnesota
Commissioner of Securities for approval; and authorized the execution of
a Memorandum of Agreement between City and Company (the "Agreement ").
2. In accordance with Paragraph 4(a) of the Agreement, all commitments of
the City expressed therein were subject to the condition that the City
and the Company shall have agreed by November 21, 1980 to mutually
acceptable terms and conditions of a Revenue Agreement (as defined in the
Agreement), a Bond (as defined in the Agreement), and of all other
instruments and proceedings relating to the Bond including the issuance
and sale thereof.
3. The Agreement expires by its terms on November 21, 1979. The Company has
advised the City that even with the aid of a municipal borrower, and its
resulting lower borrowing costs, interest rates over the past
twelve -month period have remained high and funds generally not available;
however, the Company has also advised the City that it intends to
continue going forward with the Project and now estimates the completion
date to be on or about December 1, 1981.
' 4. It is hereby found and determined that it is desirable that the
commitments of the City, as set forth in Paragraph 4(a) of the Agreement,
be extended for an additional period up to and including December 31,
1981 in order to enable the Company to complete the Project and
consummate the financing thereof.
5. The Mayor and City Manager are authorized and directed to execute the
Amendment to Memorandum of Agreement in substantially the form attached
hereto as Exhibit I.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 27TH DAY
OF OCTOBER, 1980.
ATTEST:
A TING CITY CLERK - NASIM M. QURLM1
0072A/0821A
MAYOR - WILLIAM J.
181
IS2
CITY OF FRIDLEY
AMENDMENT TO MEMORANDUM OF AGREEMENT
"EXHIBIT I"
This Amendment to Memorandum of Agreement (this "Amendment ") dated October
27, 1980, amending the Memorandum of Agreement dated May 21, 1979 (the
"Agreement ") by and between the City of Fridley, Minnesota and Win Stephens
Datsun North, Inc., a Minnesota corporation, provides as follows:
1. Pursuant to the provisions of Paragraph 4(a) of the Agreement, the
Agreement is extended until December 31, 1981.
2. All other provisions of the Agreement are not affected by this Amendment.
IN WITNESS WHEREOF, the parties hereto have entered into this Amendment by
their officers therewith duly authorized as of the date first above written.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 27TH DAY
OF OCTOBER, 1980.
(SEAL)
(SEAL)
0014A/0821A
By
Its Mayor
Attest
Its City Manager
WIN STEPHENS DATSUN NORTH, INC.
By
Its President
Attest
Its Secretary
.s
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