res_7659 - Laserfiche WebLink

Home

development a~d use of land within the City and to eve~tually increase the City's tax base. 4. The Project is hereby given preliminary approval by the City, subject to the app~oval of the P~oject by the Minnesota Energy a~d Econ~nic Development Authority (the "Authority") and allocatio~ as to federal limits on private purpose activity bonds and subject to final approval by this Council, the Borrower and the purchaser or purchasers of the bonds as to the ultimate details of the financing of the Project. 5. I~ accordance with Subdivision 7a of Section 474.0l, Minnesota Statutes, the City Manager of the City is hereby authorized and directed to submit the proposal for the above- desc~ibed Project to the Authority, requesting the Authority's approval, and other officers, employees and agents of the City are hereby authorized to provide the Authority with such preliminary informatio~ as the Authority may require. Representatives of the City and Lindquist & Vennum, as bond counsel, are hereby authorized, in cooperation with the Borrower and the Borrower's counsel, to take such action as is necessary to obtain or maintain an allocation of the federal limitations on private activity bonds pursuant to Minnesota Laws for 1984, Chapter 582 and to initiate the preparation of a proposed loan agreement, mortgage and such other docume~ts as may be necessary or appropriate to the Project so that, when and if the proposed project is approved by the Authority, receives an allocatio~ as to the federal limits on private activity bonds and this Council gives its final approval thereto, the Project may be carried forward expeditiously. . 6. The Borrower has agreed to pay directly or through the City any and all costs incurred by the City in co~nection with the financing of the Project, whether or not the Project is carr.ied to completion; whether or not approved by the Authority, whether or not an allocation as to the federal limits on private activity bonds is obtained and whether or not the bonds or operative instruments are executed. 7. The adoptio~ of this resolution does not constitute a guarantee or a firm commitment that the City will issue the bond as requested by the Borrower. The City retains the r.ight in its sole discretion to withdraw from participation and accordingly not issue the bonds should the City at any time prior to the issuance thereof determine that it is i~ the best inter.st of the City not to issue the bond or should the parties to the transaction be unable to reach agr.eeme~t as to the terms and conditions of a~y of the documents required for the tr.ansaction. 8. Nothing in this resolutio~ Ol~ in the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other. tha~ the r.evenues derived from tile Project or. otherwise granted to the City for. this ~urpose. The bonds shall not constitute a charge, lien or 3