Laserfiche WebLink
Member Cox introduced the fol- <br />lowing resolutioh and mog~d its' ~doption: <br /> <br /> RESOLUTION NO. 47a <br />RESOLUTION RELATING TO $450,000 COMMER- <br />CIAL DEVELOPMENT REVENUE NOTE; AUTHOR- <br />IZING THE ISSUANCE THEREOF PURSUANT TO <br />MINNESOTA STATUTES, CHAPTER 474 <br /> <br /> BE IT RESOLVED by the City Council of the City of <br />Ramsey, Minnesota as follows: o. <br /> <br />Section 1. Definitions. In this Resolution the following <br />terms, when used with initial capital letters, have the <br />following respective meanings unless the context hereof or <br />use herein clearly requires otherwise: <br /> <br /> Act: the Minnesota Municipal Industrial Develop- <br />ment Act, Minnesota Statutes, Chapter 474, as amended; <br /> <br /> Borrower: Greenberg's Inc., a Minnesota corpora- <br />tion, its successors and assigns; <br /> <br /> City: the City of Ramsey, Minnesota, its succes- <br />sors and assigns; <br /> <br /> Improvements: the existing automobile sales and <br />service facility to be remodeled and the addition thereto <br />of approximately 11,300 square feet to be constructed by <br />the Borrower in accordance with the Plans and Specifica- <br />tions, together with all related facilities; <br /> <br /> Land: <br />the Mortgage; <br /> <br />the real estate described in Exhibit A to <br /> <br /> Lender: First National Bank in Anoka, a national <br />banking association of Anoka, Minnesota, its successors <br />and assigns; <br /> <br /> Loan Agreement: the Loan Agreement to be execu- <br />ted by the City and the Borrower; <br /> <br /> Mortgage: the Combination Mortgage, Security <br />Agreement and Fixture Financing Statement to be entered <br />into between the Borrower, as mortgagor and debtor, and <br />the Lender, as mortgagee and secured party; <br /> <br /> Note: the Commercial Development Revenue Note <br />(Greenberg's, Inc. Project) in the maximum principal <br />amount of $450,000, or so much as is advanced thereunder <br /> <br /> <br />