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I 'I .f: .', ,.:t l -~ " .~. " .. ... :~ -! RESOLUTION NO. 86-137 Resolution Extending the Conversion Dates for Commercial Development Revenue Bond Financings of Rush Lake Business Center, Phases II and III BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota, as follows: 1. Recitals. (a) The City and the Skillman Corporation entered into a certain Contract for Private Development, dated as of August 27, 1985, which agreement was subsequently assigned by said corporation to Edwin J. Taylor and Diana S. Taylor by a certain Amendment to Contract for Private Redevelopment, dated December 23, 1985 (collecti vely, the "Development Agreement"), pursuant to which the "Company" (as def ined in the Development Agreement) agreed to construct the Rush Lake Business Center, phases I, II and III. (b) To assist the Company to construct the above- mentioned phases of the Rush Lake Business Center, the City issued and sold in December of 1985 its $1,700,000 Commercial Development Revenue Note of 1985 (Rush Lake Road Project), its $2,500,000 Commercial Development Revenue Note of 1985 (Rush Lake Road Project, phase II), and its $1,600,000 Commercial Development Revenue Note of 1985 (Rush Lake Road Project, Phase III), respectively. (c) The for Phase I of St. Paul, City that it the Project. above-mentioned $1,700,000 lOB financing was purchased by American National Bank and the Company has represented to the has substantially completed Phase I of (d) Under the applicable loan documents, the proceeds of the $2,500,000 and $1,600,000 IDB financings for phases II and III, respectively, were placed in escrow pending the remarketing of those issues on the Conversion Date, as defined in the respective Loan Agreements for the Notes, whereupon such proceeds would be available for payment of the respective project costs. (e) Pursuant to Sections3.3(a) of the Loan Agree- ments, both dated December 1, 1985, respecting the above-mentioned IDB financings for Phases II and Ill, the Conversion Date for both issues is currently December 15, 1986.