84-178 - Laserfiche WebLink

Home Browse Search

1. \ ~" due, and the revenue agreement shall also provide that the contracting party shall be required to pay all expenses of the operation and maintenance of the project including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and all taxes and special assessments levied upon or with respect to the project and payable during the term of the revenue agreement; and WHEREAS, the Act further authorizes the City to issue revenue bonds, in anticipation of the collection of revenues of a project, to finance, in whole or in part, the cost of acquisition, construction, reconstruction, improvement, betterment, or extension of such project; and WHEREAS, the City has received from Innsbruck Investment, Inc., a Minnesota corporation (the "Developer"), a proposal that the City finance a project for purposes consistent with the Act, said project to consist of the acquisition of land and the construction of a building for use as a retail grocery store facility (the "Project'~ in the City; and WHEREAS, by Resolution No. 84-157 adopted on October 31, 1984 (the "Preliminary Resolution"), the City determined that, on the basis of information provided to it by the Developer and others, the effect of the Project, if undertaken, would be to encourage the development of economically sound commerce in the City, increase the assessed value of property within the City, increase current employment opportunities for residents of the City and surrounding areas, and to facilitate the redevelopment of property within the City, all to the benefit of the residents and taxpayers of the City; and WHEREAS, by the Preliminary Resolution, the City approved the proposal of the Developer that the City undertake to provide financing for the Project and gave preliminary approval of the Project, including the issuance, sale and delivery of the $1,700,000 Commercial Development Revenue Note (Erickson's Super Valu Project) (the "Note"), subject to final approval by the City; and WHEREAS, the approval of this Project by the Commissioner of the Minnesota Department of Energy and Economic Development has been obtained and such approval is a requirement under the Act before the Note can be issued; and WHEREAS, the City proposes to finance the undertaking of said Project under the Act by the issuance of the Note of the City under this resolution as hereinafter defined; and WHEREAS, the Note issued under this resolution will be secured by a mortgage and lien on said Project and a pledge and assignment of the Loan Agreement, as hereinafter defined, and of the revenues derived by the City from the Loan Agreement and said Note and the interest on said Note shall be payable solely from the revenue pledged therefor and the Note shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation nor shall constitute nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers and shall not constitute a charge, lien, or 2