RES 08-049~~~r~~ of~~a~~fe of ~ ~ee~~~ a~ the
Cif ~ E~~ haver, ~~~e~oa
P~ua~~ ~o die c aid ~.o~ice ~~rea; ~ ~e~ e~~~ a .~ ~~ ounc~I of .e
a~ ~~ ~.~e~; ~so~~ a d~~~ ~~d at ~ i ~ ~k ~~r, ~esa~ o~ ~ 7 ~ a
Thy fa~a~~~ Ca~c~~~ne~~er ~e~e pr~e~.~; ~Viayar ~i.~n~; au.~ai~~ar~rs ~~s,
up~re~rt ~'r~~~, a~~ .~o~i~
~ e a~~a~,ng were ~be~,~; N aye,
~Ju~~ aid. ee~~a~ a~.c~~~nebe~ ~er~v .~xada~~ ~e ~a~~o~ ~eso~~~~ar~ ~d
n~a~d ~~ a~ap~~a~.;
~~~~T~~ ~~, D~~9
~~~T~ ~~~P~~T ~~~T ~ TA~~
~'~~ ~T~ ~T~ ~~~T T~~T~
~T~ P~~~~R~ ~T~T T~ ~~T
T~ N~~ ~F T~ ~~~T ~~~~T T
T~ ~~~T ~~~~~'~ ~~UT~~L ~~'~L~N~T ACT
~e a~~a~. for ~ da~~~a~ a ~e ~are~ai~~ ~~sa~~,a~ d a~ac ~y
o~.c~~~,e~.~er ar~e~, d hex fu~~ ~~~c~~ia~a thereof a.~d upa~ vas ~~i e~ ~~erear~. ~~
fal~a~~r~ vo~ad ~ fava~ ~eraa: a~a~ ~.~~.~; Cauc~~,aa.h~r era, urn. ~xy, ~rhe~,
P
d a~i~
e fa~a~~,~ voted ~~ e same; nog
~vh~e~por~ sad resa~~~~~n was dec~~xod ~~y ~s~d ~,nd da~~ed.
~.l~r~~us~i~l ~i~in~lNieta~ Cr~~~IDBIF'~Da~~~?~~95'1i-v?,
~I~_~iv~r 1rie~~~,Cr~~t_~~s~~ution_ecitinfl ~r~pasal_~o~~~~usa~~~3~v~~o~r~~nc~PrQ~e~[ ~3}.HOC
~~.~,
~~ ~e purpase of ~ixanea~a ~at~te; ectians 49.1 ~? ~rau~h 4~9. ~ ~ won a.s
e ~nnesota un~ciai ~ndu~ ~eveioprnent ~4c~ ate "A.''} and end determined ~
the ieisiat~xe is to prarna~e e weire a e ~a~e by e active at~ractian and enCa'a~ernent
and. deveian~en~ a ecan~m.i~i1~ sand industry ~ can~naerce ~a prevent a far as ~oib~e ~e
en~er~ece of bii~hted ~~ mar~ai Iands and areas of chranic unern~ia~~nen~;
~~ ~acto~s necessitating the a~cti~e raatian and de~eiapn~ent a eeonancaiiy
sand i,.nd~atr~f and am.n~erce are die increa~n~ cancentratian a~ ~a~aon in e metrapaiin
areas and e rapidly rising .crease in ~, an~aunt a~.d cast a~ ~overnn~.entai seises r~uired to
meet the needs a~ ~e increased popuiatian and tie need far de~eiap~nent a~ land use which iii
pravide an adeq~,ate taws base to finance ~ese increased casts and access to e.pianent
ap~ornities far snh papulation;
~c~ ~,~ pity ocil of the pity a~ ~~ River, ~inneata ~e °'i"} has recet~ed a
~rapaai rangy fetal ra ~ach~ne ~n~ineerin~, inc., a ~innesata co~para~ian, ~a~vey
raperties ~ald,~s, L and 11~a~~~ ~raperties, ~L; ~inneata l~rnited liabiii ca~npani.es,
ane ar mare a~ these entities mill e ~e barroer in cannection with the issr~ance of Re~ex~ne
fonds, descried beta, ~c~llecti~el~ tie "ampan~„} that tie ~ assist , ~inancin~ a Praect
hereinafter described, thra~.~l~ e issuance a revenue ha~.ds in e appra~%~nate p~cia
amaunt of ~,aaa,a00 ~re~eed to in this resalutian as "~ven~.e Binds"~ truant to ~ pct;
~d~ the ~it~ deixes to facilitate ~ selective de~elapn~ent of the can~.uni. retain
and in~~rove the tai base and ~eip to pravide tl~e range of services and em.pla~m.ent appartunitie
requixed ~ ~ papulatian; and ~e ~ra~ ect ~~l assist the its in achieving vase ab~ ecti~re. ~`he
ra~ect will help to increase ~~ capacities of e iffy and urxaundin area and help maintain
pasitive relatxan~p beeen ta~~ capacities and deft and enhance e irria~e and reputation of .
r
Can1~~nl;
~~ ~`he Pray ect to be ~~nanced b~ the Revenue Bonds ~ the canstructian of an
appra~nateiy a,aaa square faat n~anu~actu~n faciiit~ ~'or n~edica.l de~rices, iciu.din~ related
eru~.pn~ent and ~shir~.~s, iacated at 7a business tenter Drive ~e iy loch are a~rned
and operated by the am.~an4 and ill result in ~ creation of en~piayrrient appartunities within
the facilities.
~ ~`he pity has been advised ~y representatives of she ~am.pan~ that can~entian~,
can~ereiai ~ll~~nCi~,v to pay the capital cast of the 'ra~ect is avaiia~le any an a limited basis
and at such h~~h costs of h~rro~~ that the ec~no~nic easi~~~~ty of a e~at~n~ the ~~o`ect ~vcu~d
~ r
s~~~.cant~y reduced;
~~~ o puh~c o~cia.~ o~ ~ City has ether a direct ar indirect ~~nanc~a~ interest ~ ~e
~ro~ ect nor ~ri~i ~ pnhiic oac~ai either di~ect~y or ~ndirectiy benef t ~`~~~. ~o ~
Project.
~,~R~~'~,Ex ~~ ~~` ~~~~~ by the City Council afthe City o~~ River
i~esota~ as oios: '
~. "i'he Council hereby indicates its preiir~inary intent to nnderta~e ~.~ ~~a'ect
.~
pursuant to the .ct and to issue the Revenue Bonds in ~, appxoin~ate p~cz , an~onnt of
~a,Daa aa0
p~rs~ar~t to the pct to fiance ~ Project.
?. ~n e basis off' info nation ava~iahle to the a~.ncii it appears, and the Council
hereby finds, that the P~o~ ect constitutes propeies, read and ersana~, used ar used zn
connection ~~, one or .ore revenue producing enterprises ~rith~ the .ear~n~ ai* Subdivision
?~a~ a~ Section ~~. ~ o~ ~e pct; that the Project hers ~e purposes stated ~innesata
Statutes, Section 4~~. ~; that ~e avaiiaiity o the i"~nar~c~.n~ under the .ct and iiin~ness off'
e City to ~uxnish such ~~na~ncin ~ be a substantial ~nducernent to the Cans an ~o undea~e
the P ~ ~ ~
ro~ect, and fat e effect ofthc ~'ro~ect, ~'u~ndert~.~en, .ii be to encorae the deveio n~ent
of econo~caiiy ~ou.nd industry and cornrn.erce, to assist in the prevention of ~, en~erQence o
bii~hted and n~a~~~ai land; to help prevent cyanic unen~pioy.ent, to hei ~e Ci retain ~.d
~rnprave ~e tai base and to provide the range of service and en~pioyn~.ent o~pa~tn,ities re aired
~~ the population, to help prevent die n~aven~ent o talented ar~d educated erson out of the
tats ~
and to areas ~rzt~n ~, State v~here their services may not be as e~'ectivei ~ used, to
pra~nate rare intensive deveiaprnent and use of land within the Cif and. eventr.~aily to increase
e tai base a` the con~n.unity.
~ . ~`he issuance of the Revenue Bards by the City is u.~ j ec~ ~a, ar~.an~ ae~ ~n~s,
~a~ ~e hc~id~~ a a p~biic heari.n~ an the proposal, ~b~ the app~ovai of ~e Pro'ect b the Ci ~ and
~ ~ `
the innesota epaent of ~rnpiayrnent and ~car~anc Deveiap,ent, ~c revie~t end a rovai
~ ~
of the proposed Pra~ect b Bond Counsel, ~d~ "~nai approve. by this Council. the Corn anv, and
~ ~.
the purchaser o~ the Revenue Bonds as to the uitirn.ate details o~ the nancin~ o the Pro'ect and
.~
~e~ receipt off` ederai boz~din~ aiiocation for the Revenue B~ndsr
~, the Cornpany has agreed and it is hereby deter~,ned that any and ail casts
~ncurxed by the Cite, ~nciudin~ ail fees required by e City's ad~nin~strative oi~cies, in
cannect~on v~i~ ~e f.ancin~ o~ the ~ro~ ect hexer or not the Prod ect is carved to cony ietian
and whethex ar not approved by the City ~.~~ be paid by Canapany.
~, Nothing . this resolution ar the dacun~ents prepared pursuant hereto sh.i
authorise the epeud~ture o any n~un~cipai funds on the Project other than e revenues dewed
one e Prod ect or othe~~iseranted to e Czty fog this purpose, the Re~~enue Bands shall not
co~astitute a charge. lien o~ encurn~b~ance, legal or e~r~itable, t~pan any pro e ar finds o the
p ~'
City except the revenue and proceeds p~ed~ed to e payment thereof`, nor shall ~e Ci be
. '
suh~ ect to any lxabzlity ~.ereon, ~'he holder of ~e Revenue Bands shah never have the ~ht to
capes e~erc~s of ~ t~r~~ payer of ~e ~t~ to pay e a~tst~nd,~ pru~c~p a ~e
.e~e~e Bonds ar ~ Merest ~hera~~ ar to enfa~ce pay.e~t thereaf a~~~st a~ P~op~~ of the
pity. The ~eve~t~e Bads sh recite ~~ s~bsta~ce ~.~ e e~e~ue or~ds, c~ud~ ~e~est
th~rea~, ire p.yabie o~eiy from ~~ reve~~es af~.e ~ro~ect ~.d proceeds ped~ed to e p~~e~~
thexea, The ~.eve,ue o~ds sham got ca~.t~tte ~ debt o ~.e qty ~ the mean of ~y
cast~tut~o ar stat~tor~ ~.ittia.
~. ~~ ~s the p~rpase of t~,s reo~ut~a~ to e~T~de~ce ~~ can~te~,t of ~e par~~es a~,d
heir ix~te~as with respect ~~ the proposed ~'ra~ect arde~ ~t the ampa~,~ proceed
.that dei~ ~ come~ceme~t a` the ac~~s~t~a~ of the ~ro~ec~ ~~. the as~r~ce that
~~~~ has hee~, sufficie.t ~~o~cia~ action" v~th.i~ the .ems of ~ ter~a~ e~er~ue bode of
~ 5, as me~de~., to aiio~v for the iss~ce of i~d~st~-i reve~,~e bads ~i~ciudi~~ if deemed
~.pprapri~.~e, .~ uteri gate or ~.ates to provide ~e,porary fia~c~~ thereof to ~ax~ce
er~te cost of e p~o~ect poi ~~reeet bei~~ reached ~ to the ~.~,te dets of ~ ~ra'ec
d its fi~a~c~.
7. ~ arxticipatro~ of the final appra~a ~~ the ~ of e issuance of the epee
Bonds to fi~aa.~ce a~~ ar ~ podia a f the bra ect, and arde~ that ca.pie~.an of ~e X03 ect ~~
not be u~,du de~a~ed ~her~ ~ppraved, the orp~y ~~ hereby a~~ho~ed to me such
e~pe~ditt~res aid ~d~a~ces taard pa.y.e~t of that partiou. of the costs of the project to be
~r~ar~ced dram e proceeds ~ ~ .evar~ue ~a~,ds ~ a~np~y co~s~ders ~ecesy, inci~d~,~
~ use of ,terms., shod-term finar~c; subject to rei,hursomet franc the proceeds of the
eve~.ue hands if and hey deii~ered but v~ithon I~~biiity an the part of~he ~.
P.~~ ~ ~D~~T~~ TAE ~T~ ~~~ ~~' TAE ~T~ ~" ~~ ~~,
N~~TA, T~~ ~~' ~. OF ~L~, ?aa~.
A~ ~•
* '
Stephanie A. ~.i~1.~. Saar
C~
Tina ~.~iard, pity ~ierk