HomeMy Public PortalAbout2009-070 Resolution Providing Local Approval for Project Financed by City of MSP Joint Powers Agreement with Henn CoMember Johnson introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2009-70
RESOLUTION PROVIDING LOCAL APPROVAL FOR A PROJECT TO BE
FINANCED BY THE CITY OF MINNEAPOLIS THROUGH A JOINT POWERS
AGREEMENT WITH HENNEPIN COUNTY AND THE HENNEPIN COUNTY
HOUSING AND REDEVELOPMENT AUTHORITY
WHEREAS, the Hennepin County Housing and Redevelopment Authority (the
"Authority") is a housing and redevelopment authority created pursuant to Minnesota Statutes
Section 383B.77 (the "Act"), having all of the powers and duties of a housing and redevelopment
authority under Minnesota law; and
WHEREAS, pursuant to the Municipal Industrial Development Act, Minnesota Statutes
Sections 469.152 through 469.1651, as amended (the "IDB Act"), the City of Minneapolis (the
"Issuer") and, subject to the limitations of the Act, the Authority are each authorized to issue
revenue bonds to finance any "Project" as defined in the IDB Act; and
WHEREAS, pursuant to Minnesota Statutes Section 383B.79, as amended (the
"Multijurisdictional Act"), Hennepin County (the "County") is authorized to be a part of a
multijurisdictional program which includes development and redevelopment of existing
commercial projects and job creation; and
WHEREAS, the Issuer, the Authority and the County have entered into a Joint Powers
Agreement dated as of April 1, 2004 (the "Joint Powers Agreement"), relating to the financing of
projects under the IDB Act and pursuant to the Issuer's "common bond fund" program, which
projects may be located throughout the County; and
WHEREAS, Open Systems International, Inc. (the "Company") has proposed to acquire
land, build and equip a building to be located at the Northwest corner of the intersection of
Highway 55 and Arrowhead Road, in the City of Medina, MN, to be used in the operation of its
business providing software solutions for utilities in the electric, oil and gas, transport and water
industries (the "Project"); and
WHEREAS, the Issuer is considering the issuance of revenue bonds to finance the
Project pursuant to the IDB Act, the Joint Powers Agreement and the Issuer's "common bond
fund" program; and
WHEREAS, the Act requires local approval of the Project to enable the Authority's
participation therein;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MEDINA, MINNESOTA:
Resolution No. 2009-70
November 17, 2009
Section 1. The City of Medina (the "City") hereby approves the Project and the issuance
of revenue bonds by the Issuer therefor, for the purpose of enabling the Authority's participation
therein as required under the Act. This approval is contingent upon the payment by the Company
of all costs paid or incurred by the City in connection with this approval of the bonds to finance
the Project.
Section 2. The approval of the Project in Section 1 above does not constitute an approval
of the Project pursuant to the City's zoning and other regulatory requirements. The Company is
aware that such approvals must be obtained separately from the City.
Section 3. The City shall have no liability whatsoever with respect to any revenue bonds
issued by the Issuer with respect to the Project. The bonds will be limited obligations of the
Issuer payable solely from the revenues pledged to the payment thereof, and will not constitute
indebtedness of the City, will not be a general or moral obligation of the City, and will not be
secured by the taxing power or any property or assets of the City.
Dated: November 17, 2009.
T.M. Crosby, Jr., Mayor
ATTEST:
474X,fri,,/—
Chad M. Adams, City Administrator -Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member Smith and
upon vote being taken thereon, the following voted in favor thereof:
Johnson, Smith, Crosby, Siitari
And the following voted against same: (Absent: Weir)
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2009-70 2
November 17, 2009