87-011 - Laserfiche WebLink

Home Browse Search

..\!!' RESOLUTION NO. 87-11 Resolution Extending the Conversion Date for Commercial Development Revenue Bond Financing of Cohasset Investments Project BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota, as follows: 1. Recitals. (a) To assist Cohasset Investments, a Minnesota partnership (the "Company"), to construct an approxi- mately 54,000 square foot office building (the "Project") adjacent to the Rush Lake Business Center, the City issued and sold in December of 1985 its , $5,200,000 Commercial Development Revenue Note of 1985 (Cohasset Investments Project) (the "Note"). (b) The Note was purchased by The First National Bank of Saint Paul, and the Company has represented to the City that it intends to go forward with the Project. (c) Under the proceeds of the Note remarketing of that defined in the Loan such proceeds would Project costs. applicable loan documents, the were placed in escrow pending the issue on the Conversion Date, as Agreement for the Note, whereupon be available for payment of the (d) Pursuant to Section 3.3(a) of the Loan Agreement, dated December l, 1985, respecting the Note, the Conversion Date for the issue is currently February 1, 1987. (e) Edwin J. Taylor, a general partner of the Company, has advised the City that the Company is and will be proceeding with the Project and that he believes that an extension of the Conversion Date is desirable and appropriate to allow the completion of the Project. 2. Approval of Amendment to Loan Agreement. The City Council hereby approves the amendment to Section 3.3 (a) of the above-mentioned Loan Agreement substantially in the form attached to and made a part of this resolution as Exhibit A, with such modifications or amendments thereof as the officers of the City - 1 - ,... '"