Minutes - Council - 04/10/2001 - Laserfiche WebLink

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Mayor Gamec noted that the two names that were discussed at the previous Council meeting wag Alpine Drive and Itasca Trail. Councilmember Hendriksen stated that with the City park being named Alpine Park it would make sense to name it Alpine Drive. Director of Public Works Kapler noted that naming a street a parkway could mean limited access to heavier vehicles in some cities. Motion by Councilmember Hendriksen, seconded by Councilmember Zimmerman, to introduce an ordinance changing the name of 153rd Avenue NW between Roanoke Street NW and a point one quarter mile east of Ramsey Boulevard NW and between Armstrong Boulevard NW and U.S. Highway #10; and also 155th Avenue NW between a point one quarter mile east of Ramsey Boulevard NW and Variolite Street NW to Alpine Drive. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Hendriksen, Zimmerman, Anderson, and Kurak. Voting No: None. Case #5: Consider Entering Into an Intercreditor Agreement Regarding Systematic Refrigeration, Inc. City Attorney Goodrich stated that in July 2000, the City entered into an agreement for a loan from Minnesota Investment Fund (the "Loan Agreement") with Systematic Refrigeration, Inc./Mateski Properties, LLC ("the Developer"). The Loan Agreement provided that the City was to lend $300,000 to the Developer. The funds were granted to the City from the Minnesota Department of Trade and Economic Development as a Minnesota Investment Fund Grant (the "MIF Grant"). The Loan Agreement provided that the loan was to be secured by the equipment purchased with the loan proceeds. The City required the Developer to execute a Security Agreement and Financing Statements in order to perfect the lien on the equipment. The Financing Statements provide that the City is to have a lien on all equipment owned by the Developer. The Developer is now negotiating to secure additional financing and the new lender is requesting that the City execute an Intercreditor Agreement which will limit the City's lien to only that equipment purchased with the original loan proceeds. The first loan payment was due November 1, 2000, which was paid together with all subsequent monthly payments to date. The current balance due on the Note is $289,210.39. The value of the purchased equipment is $332,000. Councilmember Hendriksen inquired if the City had a list of all of the equipment and their serial numbers. City Attorney Goodrich replied that the City does have a list of all the equipment, but a significant amount of the equipment does not have serial numbers, but they do have the purchase orders for everything. City Council/April 10, 2001 Page 10 of 18