HomeMy Public PortalAbout2000-013 Approving an Amendment to the $2,700,000 Commercial Development Revenue Note of 1984 (A&P Partnership Project)29
Member John Hamilton introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.00-13
APPROVING AN AMENDMENT TO THE
$2,700,000 COMMERCIAL DEVELOPMENT REVENUE NOTE OF 1984
(A & P PARTNERSHIP PROJECT)
WHEREAS, on December 19, 1984, the City of Medina (the "City") issued its $2,700,000
Commercial Development Revenue Note (A & P Partnership Project) (the "Note") which was
purchased by First National Bank of Hopkins, now known as U.S. Bank National Association (the
"Lender") and loaned the proceeds thereof to A & P Partnership, a Minnesota general partnership,
consisting of Richard G. Anderson and Jacquelin Powell (the "Original Borrower"), pursuant to a
Loan Agreement dated December 19, 1984 between the Original Borrower and the City (the "Loan
Agreement"), and
WHEREAS, pursuant to an Assignment and Assumption Agreement and a Transfer and
Assumption Agreement, each dated October 15, 1999, among the Lender, the Original Borrower and
RGA Properties, LLC, a Minnesota limited liability company, whose sole member is Richard G.
Anderson (the "Borrower"), the Lender, among other things, consented to the sale and transfer of the
Project financed from the proceeds of the Note to the Borrower and the assumption by the Borrower
of the covenants, agreements and obligations under the documents relating to the Note, and
WHEREAS, the Borrower and the Lender desire to change certain repayment terms
included in the Note pursuant to the Amendment Agreement (the "Amendment Agreement"), a copy
of which has been made available to the City, and have requested that the City consent to the terms
thereof, and
WHEREAS, Briggs and Morgan, Professional Association, acting as Bond Counsel, has
advised the City that the execution, delivery and performance of the Amendment Agreement by the
City will not affect the tax-exempt status of the Note.
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Medina as
follows:
1. The City hereby consents to the execution and delivery of the Amendment Agreement
substantially in the form on file with such necessary changes as may be approved by the City
Attorney. The Mayor and City Clerk or, in their absence, any acting Mayor or City Clerk, is hereby
authorized to execute the Amendment Agreement and deliver it to the Lender.
2. It is understood that any expenses in connection with the Amendment Agreement shall be
the responsibility of the Borrower.
Dated: May 2, 2000.
B. Ferris, Mayor
Paul Robinson, Administrator -Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by Phil Zietlow and
upon vote being taken thereon, the following voted in favor thereof:
Ferris, Hamilton, Johnson, Smith, and Zietlow
and the following voted against same: None
Whereupon said resolution was declared duly passed and adopted.
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00-13
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