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Councilmember Peterson introduced the following resolution and moved for its adoption:
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<br />RESOLUTION g90-05-156
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<br />RESOLUTION GIVING APPROVAL TO INDUSTRIAL DEVELOPMENT
<br />BOND PROJECT ON BEHALF OF RAMSEY INVESTMENTS, CALLING
<br />FOR PUBLIC HEARING ON ISSUANCE OF REVENUE BONDS AND
<br />AUTHORIZING SUBMISSION OF APPLICATION FOR BOND
<br />ALLOCATION
<br />
<br /> WHEREAS, a proposal has been made to this Council by R. amsey Investments,
<br />a Minnesota general partnership (the "Borrower), to undertake a project in the City of
<br />Ramsey (the City") consisting of the acquisition, construction and equipping of an
<br />approximate 63,000 square foot manufacturing facility therein (together with related site
<br />improvements, the "Project") , to be located at 14150 Sunfish Lake Boulevard N.W.,
<br />Ramsey, Minnesota (Lot 2, Block 1, Gateway North Industrial Park, Plat 4, Anoka
<br />County, Minnesota), and owned by the Borrower for lease by the Borrower to ParaBody,
<br />Inc., a Minnesota Corporation (the "Lessee"), and to be used by the lessee in its
<br />manufacturing business, all pursuant to the Minnesota Municipal Industrial Development
<br />Act, Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Act"); and
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<br /> WHEREAS, financing for the Project is to consist of the issuance by the City of
<br />its Industrial Development Revenue Bonds (ParaBody, Inc. Project), Series 1990, in an
<br />estimated aggregate principal amount of up to $1,400,000 (the "Bonds"), the proceeds of
<br />which are to be loaned by the City to the Borrower pursuant to a Loan Agreement under
<br />which the Borrower will agree to make loan repayments at times and in amounts sufficient
<br />to pay, when due, all principal of, premium, if any, and interest on the Bonds; and
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<br /> VgHEREAS, the Bonds shall be additionally secured by such additional security,
<br />including, but not limited to, a mortgage on the Project, as is agreed to by the Borrower,
<br />the City and lviiller, Johnson & Kuehn Incorporated, as underwriter, and
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<br /> WHEREAS, this Council has been requested to conduct a public hearing on said
<br />proposal and to publish notice of said public hearing not less than 14 days prior to the date
<br />fixed for the hearing;, and
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<br /> WHEREAS, the proposal to issue the Bonds requires an allocation of issuance
<br />authority in an amount not to exceed $1,400,000.
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<br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
<br />CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as
<br />follows:
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<br />1)
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<br />That subject to the public hearing to be held thereon, as required by law, and
<br />such further conditions, in any, as may be set forth in the City's preliminary
<br />resolution to be adopted following such public hearing, approval is hereby
<br />granted to the Project and the issuance of the Bonds.
<br />
<br />2)
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<br />That a public hearing shall be conducted by this Council on the proposal to
<br />undertake the Project and issue the Bonds on Tuesday, June 12, 1990, at 7:30
<br />o'clock p.m. at the Ramsey City Hall, 15153 Nowthen Boulevard N.W.,
<br />Ramsey, Minnesota, at which hearing ali panics who appear shall be ~ven an
<br />opportunity to express their views with respect to said proposal, and publication
<br />of notice of the hearing, as required by law by City Staff is hereby approved.
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