HomeMy WebLinkAbout19960205_jointMINUTES OF THE JOINT MEETING
OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
AND EDINA CITY COUNCIL HELD AT CITY HALL
FEBRUARY 5,1996
ROLLCALL Answering rollcall were Members Maetzold, Paulus, Smith and Mayor Richards. Member Kelly
entered the meeting at 7:04 P.M.
CONSENT AGENDA ITEMS APPROVED Motion made by Member Maetzold and seconded by Member
Smith adopting the Council Consent Agenda as presented.
Rollcall:
Ayes: Maetzold, Paulus, Smith, Richards
Motion carried.
POLICE DEPARTMENT RECOGNIZES HEROISM Chief Bemhjelm introduced Sean Harris of
Minneapolis, who helped the Edina Police Department in locating and arresting a suspect in a serious
assault case at the Edina Target store. Mr. Harris’ actions went beyond our expectation of a normal “good
citizen.” In recognition of his heroic efforts Mayor Richards thanked Mr. Harris speaking for all Edina
citizens and presented a plaque commending him.
*MINUTES OF REGULAR MEETING OF JANUARY 16,1996. APPROVED Motion made by Member
Maetzold and seconded by Member Smith approving the Minutes of the Regular Meeting of January
16, 1996.
Motion carried on rollcall vote - four ayes.
JOINT HRAlCOUNClL REDEVELOPMENT AGREEMENT ORDERED, PUBLIC HEARINGS HELD:
PRELIMINARY REZONING PLANNED INDUSTRIAL DISTRICT PID TO PLANNED OFFICE DISTRICT,
GRANTED, KUNZ PART PLUS WAREHOUSE, 5200 EDEN CIRCLE Affidavits of Notice were presented,
approved and ordered placed on file, a public hearing was conducted.
POD-I FIRST READING GRANTED FOR 5229 EDEN AVENUE, FINAL DEVELOPMENT PLAN
Presentation by Staff/Consultant
Planner Larsen reviewed the two reauested actions: the Preliminary Rezoning to POD1 for the property -. -
at 5229 Eden Avenue and Final Deielopment Plan of Kunz Oil at 5200 EdenCircle.
LaurenVPark Development requested rezoning the northerly five plus acre parcel called the “Lewis”
property from Planned Industrial District (PID) to Planned Office District (POD-1). This rezoning would
allow redevelopment of the property with a 94,500 sq. ft. office development. Staff recommended approval
of the rezoning with four conditions: 1) Final Rezoning, 2) Final Plat approval of Kunz Lewis Addition, 3)
Roadway/access easement, and 4) Watershed District permits.
Kunz Parts Plus Warehouse requested approval of Final Development Plan allowing expansion of their
existing warehouse to approximately 37,800 sq. ft. The building and loading docks have been redesigned
to accommodate truck traffic entering and exiting the site from Eden Avenue via an easement through the
office development. Eden Circle has been redesigned on the easterly end to discourage cut-through traffic
while maintaining a second means of egress for the Richmond Hills neighborhood and providing full
access for public safety vehicles. The storm water retention pond in the southeasterly portion of the site
provides most of the required storage for the Kunz site, the office development, and for the existing
warehouse south of the Kunz property. The pond is a requirement of the National Urban Run-Off Program
(NURP). In addition, twenty parking stalls have been eliminated from the south parking lot to increase
the amount of green area on the site. The Kunz’s proposed plan requires three variances: one for parking
quantity, a drive aisle setback variance along the railroad property, and a building setback variance at the
northerly property line.
Planner Larsen concluded that Staff recommended approval of Final Development Plan subject to: 1) Final
Plat approval of Kunz Lewis Addition, 2) Roadway/access easement, 3) Proof of Parking Agreement, 4)
Watershed District permits, and 5) Redevelopment Agreement. Planner Larsen introduced Fred
MinutesEdina City CouncillFebruarv 5,1996
Hoisington of Hoisington Koegler Inc., the City's Planning Consultant for the Grandview Redevelopment
Area. Mr. Hoisington reviewed the original proposal received for the Kunz and Lewis properties, then
showed its evolution to the plan presently before the HRA/Council. Problems existing in the area included
the Eden Avenue access was essentially a driveway through a parking lot and not a public right of way, and parking distribution. Mr. Hoisington stressed that all interested parties cooperated to achieve the plan
as proposed this evening.
I
Member Maetzold expressed concem with trucks still using Eden Circle and asked if the City could sign
the area restricting truck traffic. Planner Larsen replied that he believed the City could sign the area to
prevent trucks from using Eden Circle. Engineer Hoffman added that Eden Circle is a local street and the
City may be as restrictive as they choose.
Proponent Comment
Walter Kunz, Kunz Parts Plus Warehouse, 5200 Eden Circle, stated he agreed that trucks use the new
access. Mr. Kunz said that once truckers become familiar with the Kunz warehouse location, keeping
trucks off Eden Circle should be no problem. However, Mr. Kunz voiced concern regarding signs limiting
access from Eden Circle since Kunz Parts Warehouse's address is Eden Circle. He observed the
potential for problems if forty foot semis enter the Richmond Hills neighborhood and have to back out
because of limited access onto Eden Circle.
Public Comment
John Menke, 5301 Pinewood Trail, representing the Richmond Hills neighborhood, stated the proposed
plans seem reasonable. He expressed the neighborhood's concern with the height of one building and
their desire for a sit down restaurant vs. a fast food restaurant.
Mayor Richards requested the LaurentlPark Developers elaborate about the restaurant proposed for the site. Chris Moran, of LaurentlPark Development, explained that the developers envisioned a restaurant
on the site serving the business park. This would lessen the traffic load on local streets from employees
leaving the area for lunch. Mr. Moran reported the developer has not spoken to any particular restaurant.
He stated the assumption is that the restaurant will be small and not a "major" restaurant.
Planner Larsen noted that Edina Code permits restaurants in the Planned Office District. He stated the
ordinance is structured so that the restaurant would serve the development, but not the general public.
Planner Larsen reported that LaurentlPark would like to serve the public plus the business park in this
case. When the Developer makes the request for Final Rezoning, HWCouncil may see a variance
request concerning direct access to the exterior and signage. These items are the two things a restaurant
serving the general public would need. Planner Larsen pointed out the developer needs to refine this
request before Final Rezoning.
Mayor Richards asked whether the HWCouncil would have further opportunity to review the proposed
development? At the time of a future review could the HWCounciI stipulate the type of restaurant allowed
in the development? Planner Larsen responded that Council could condition approval upon the type of
restaurant allowed.
Ed Noonan, representing the building at 5244 Eden Circle requested that consideration be given to their
situation. He stated the existing 11,214 sq. ft. building has only eleven parking stalls. The building has
been grandfathered to allow on street parking. Mr. Noonan also expressed concern as a parent of a child
using the TAGS building with safety of the parking lot.
Assistant Manager Hughes informed the 'HWCouncil that changes from the original redevelopment plan
added expense to Kunz Oil. These added costs relate to the reorientation of the site plan to improve
parking distribution and access, and the location of the NURP pond on the Kunz site. The accommodation
of public access and stormwater ponding on the Kunz property significantly enhances the overall redevelopment plan. The preliminary estimate for these added costs is $150,000.00. Staff considers it
Page2 '
I
It
I
MinuteslEdina Citv CouncillFebruarv 5, 1996
appropriate for the HRA to enter into agreements with Kunz Oil reducing these additional costs. The
structure of the agreement would provide for "pay as you go" tax increment financing assistance for this
development. Under this method, the HRA rebates- tax-increments received from the development
annually each year until the HWs obligation has been repaid. If the HWCouncil agrees with this
approach a redevelopment agreement and note would be provided for review at a later date. Assistant
Manager Hughes noted that Kunz Oil agreed to a redevelopment plan adding considerable expense to
their redevelopment. He concluded that Kunz Oil would choose not to participate in the redevelopment
as proposed without assistance.
Mayor Richards clarified that the Tax Increment Assistance would be funding the storm water holding pond
and additional public access, but not the actual Kunz Warehouse reconstruction. Assistant Manager
Hughes replied affirmatively, but reminded that changes to the proposed building addition also increased
the Kunz Oil redevelopment costs.
Member Smith introduced the following resolution and moved its adoption:
RESOLUTION APPROVING FINAL DEVELOPMENT PLAN
BE IT RESOLVED by the City Council of the City of Edina, Minnesota, that the Final Development
plan dated January 26, 1996 for Kunz Oil at 5200 Eden Circle presented at the regular meeting of
the City Council on February 5,1996, be and is hereby approved subject to:
FOR THE KUNZ OIL REDEVELOPMENT PLAN .
I. Final Plat approval of Kunz Lewis Addition,
2. Roadwaylaccess easement,
3. Proof of Parking Agreement,
4. Watershed District Permits,
5. Redevelopment Agreement.
Member Kelly seconded the motion.
Rollcall:
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Resolution adopted.
Member Smith introduced the First Reading of Ordinance No. 850-A6 as follows subject to: I) Final
Rezoning, 2) Final Plat approval of Kunz Lewis Addition, 3) Roadwaylaccess easement, 4)
Watershed District Permits, and 5) Acceptable Redevelopment Agreement:
ORDINANCE NO. 85066
BY REZONING PROPERTY TO PLANNED OFFICE DISTRICT, POD-I
AN ORDINANCE AMENDING THE ZONING ORDINANCE (NO. 850)
FROM PLANNED INDUSTRIAL DISTRICT
THE CITY COUNCIL OF THE CITY OF EDINA, MINNESOTA, ORDAINS:
following thereto:
property:
Section I. Subsection 850.06 of Section 850 of the Edina City Code is amended by adding the
"The extent of the Planned Office District (POD-1), is enlarged by the addition of the following
That portion of Lot One, Block One, WANNER ADDITION, also known as 5229 Eden Circle.
The extent of the Planned Industrial District (PID) is reduced by removing the property described
Section 2. This ordinance shall be in full force and effect upon its passage and publication.
Rollcall:
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
First Reading granted.
above from the PID District."
Motion seconded by Member Maetzold.
PUBLIC HEARINGS HELD: ORDINANCE NO. 1995-9 AMENDING CODE SECTION 850.1 I SUBD. 3(A1
ALLOWING DAY CARE AS A CONDITIONAL USE IN R-1 SINGLE DWELLING DISTRICTS; FIRST
Page 3
MinuteslEdina City CouncillFebruary 5,1996
READING GRANTED. CONDITIONAL USE PERMIT REQUEST STEVEN & PRISCILLA WILLIAMS,
I ESPECIALLY FOR CHILDREN, 5015 WEST 70TH STREET CONTINUED TO 2/20/96 Affidavits of Notice
were presented, approved and ordered placed on file, a public hearing was conducted.
Presentation by Planner
Planner Larsen stated that Council first considered the amendment adding day cares, preschools and
nursery schools as conditional uses in R-I Districts at the November 20, 1995 meeting. On January 16,
1996, Council heard testimony and reviewed the required findings necessary when granting conditional use permits but continued the hearing until tonight to allow a full Council to be present.
Planner Larsen reviewed the proposed amendment that would require a minimum of two acres of land.
The required setbacks would be thirty feet from the front street and thirty-five feet from all other property lines. Planner Larsen pointed out that zoning ordinance amendments require a favorable four fifths vote of the Council for passage. He mentioned that the next agenda item, Steve and Priscilla Williams request
for conditional use assumes adoption of the amendment, therefore Council may want to consider waiving
Second Reading of the amendment.
Member Maetzold asked if the Council approved the proposed amendment, would precedent be set
allowing an accessory use to become a conditional use. Planner Larsen responded that he thinks
approving the amendment would not set precedent.
Public Comment
Bruce Markovich, 51 17 Tifton Drive, expressed concern with proposed development of the streets. Mr. Markovich asked who would pay for the street improvement, and would this development affect their
neighborhood’s home values.
I Mayor Richards observed this would be a good time to review the proposed renovation for W. 70th Street
and asked Staff to respond to Mr. Markovich’s questions. Mayor Richards noted that the W. 70th Street renovation is on the agenda for action later in the meeting.
Planner Larsen replied that any street improvements proposed to accommodate the day care will be the responsibility of the developer. He briefly reviewed the proposed redesign of the W. 70th Street and Metro
Boulevard semaphore to provide a protected left turn’ access into the Especially For Children site. The
existing church site’s full access driveway at W. 70th Street and Rabun Drive would be eliminated and
access would be imited to a right turn in, right turn out, only from the site.
Engineer Hoffman explained that the W. 70th Street renovation has been broken into the following three
segments:
Section A. The area of W. 70th Street from the railroad track tunnel area to Metro Boulevard. This
area will be remilled and overlaid with a new asphalt surface in the summer of 1996. The estimated
cost is approximately $35,000.00.
Section B. The Metro Boulevard and W. 70th Street intersection area including the approach lanes
from the Highway 100 direction. Renovation would include updating the existing W. 70th StreeVMetro
Boulevard traffic signal and intersection adding a fourth leg to the intersection. The fourth leg would
be the driveway from Especially for Children. Also, this section would include an additional right turn
lane for westbound W. 70th Street and an additional left turn lane for access to the Especially for
Children site. The City of Edina would allocate part of the cost to the Especially for Children site. Staff
recommended $25,000.00 as a special assessment spread over ten years. These additions would
also require right-of-way dedication by the developer.
Section C. Would change the eastbound approach to the West Frontage Road and W. 70th Street
intersection. The change would improve capacity and shorten the queue lengths backing up behind
the signal. In addition, a traffic signal loop detector would be placed on Rabun Drive and tied to the
Page 4
‘t * .-
MinuteslEdina Citv CouncillFebruarv 5,1996
signal controller so that traffic on Rabun Drive could call up a signal change allowing them entrance
onto W. 70th Street. Minnesota Department of Transportation approval is necessary for this control
scenario. Engineer Hoffman indicated that staff and the City’s traffic consultant are working on this
issue with Mn/DOT. This segment of work would be estimated to cost approximately $50,000 if a new
controller is not required at the Frontage Road signal.
Engineer Hoffman stated that W. 70th Street was last constructed in 1974 and therefore, is eligible for
Minnesota State Aid funds for construction because twenty years have passed. Twenty years is the
criteria for making the street eligible for reconstruction funds. Engineer Hoffman recommend the
reconstruction be authorized with the portions not paid for by the developer to be funded through
Minnesota State Aid (MSA) funds for streets.
Member Paulus asked if the City Engineering Department would have developed the redesign if the
conditional use permit had not been requested. Engineer Hoffman stated the remilling and the overlay
would have taken place. However, the rest of the redesign resulted from traffic counts and comments
garnered from Council meetings where citizens voiced traffic concerns.
Member Paulus asked how long before the City receives Mn/DOT approval. Engineer Hoffman replied
that additional traffic counts are required for Mn/DOT, but Staff should have an answer in approximately
two or three weeks regarding the signal controller.
Sara Norsted, 5124 Abercrombie Drive, requested clarification of the Williams request. Ms. Norsted asked
if the zoning of the site would change if the City grants the conditional use permit and if there are other
approved conditional uses for this property.
Mayor Richards explained that if the Williams’ request for a conditional use permit is granted the property
remains zoned R-I. Mayor Richards asked Planner Larsen to explain the other potential uses in an R-I
District. Planner Larsen responded that besides single family homes and parks permitted in R-I Districts
there are a number of conditional uses that may be granted. Those conditional uses are: schools,
churches or private golf course clubhouses. The key is when the City approves conditional use only the
specific use requested is approved. Any change to the development would require a new request. In
addition, a private golf course would not be realistic at this location.
Alan Hohenstein, 5104 W. 70th Street voiced concern with routing traffic on W. 70th Street as proposed.
Left turns going onto W. 70th Street were prohibited by a 1974 law and with the proposed changes U turns
would no longer be allowed at Rabun. Mr. Hohenstein stated he believes he would be required to drive
a long distance because of the prohibited turning movements if he were traveling east on W. 70th and
wanted to reach his home.
Roy Earl, 5161 Abercrombie Drive, requested the median not be installed at Rabun Drive because he
thinks it would cause problems for the residential neighborhood. Mr. Earl also agreed with Mr.
Hoehenstein’s comments.
Member Kelly moved granting First Reading to Ordinance No. 1995-9 amending Code Section 850.11
to permit day care facilities, pre-schools and nurseries as a conditional use in the R-I Districts.
Member Smith asked Staff to respond to the Alan Hohenstein letter regarding his concern that Edina will
have numerous single family homes purchased and demolished so day care facilities can be built. In
addition, Member Smith asked if hours of operation and signage on the site had been addressed.
Planner Larsen replied Staff believes the amendment, the limited availability of appropriate parcels, and
the findings required when granting a conditional use permit offer adequate safeguards. The economics
of purchasing several single family lots, demolishing the homes and putting up a day care facility seems
marginal, given the high value of Edina’s single family homes. The request before Council at this time is
for an operation that is open during day time hours. The site would be allowed the same signage as a
Page 5
.*1 ._ ,. J ' 4 11,
MinuteslEdina City Councillfebruary 5.1996
church with a maximum of twenty-four square feet.
Mayor Richards commented that he thought the amendment was appropriate because day care facilities,
pre-schools and nurseries seem reasonable uses in an R-1 District. Mayor Richards supports the
availability of day care near the child's home. He expressed his confidence in whoever sits on future
Councils making valid determinations concerning conditional use requests.
I
Member Smith expressed his agreement with Mayor Richards regarding the review process necessary
when granting conditional uses. It is the responsibility of the Council to make the necessary review in
conditional uses.
Member Smith seconded the motion.
Rollcall:
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
First Reading Granted.
Motion by Member Kelly to waive Second Reading of Ordinance No. 1995-9 amending the Zoning
Ordinance allowing day care, pre-schools and nurseries as Conditional Uses in the R-1 District.
Mayor Richards stated he did not support waiving Second Reading of the amendment. He recommended
Council review the amendment and take action at their next meeting, February 20, 1996.
Member Maetzold seconded the motion.
Ayes: Kelly, Maetzold
Nays: Paulus, Smith, Richards
Motion defeated.
I Member Smith moved continued consideration of the Conditional Use Permit request from Steve
and Priscilla Williams, Especially For Children, 5015 W. 70th Street to February 20,1996. Member
Kelly seconded the motion.
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion carried.
*PUBLIC HEARING DATE SET OF FEBRUARY 20,1996 FOR CONDITIONAL USE PERMIT FOR CITY
OF EDlNA PARAMEDICFIRE STATION (YORKTOWN PARK) Motion made by Member Maetzold and
seconded by Member Smith setting February 20,1996, as the date for the public hearing for the
Conditional Use Permit Request of the City allowing construction of the Edina ParamedicjFire
Station at Yorktown Park.
Motion camed on rollcall vote - four ayes.
FINAL PLAT APPROVED FOR THE COVENTRY AT CENTENNIAL LAKES 4TH ADDITION
lCENTENNlAL LAND LIMITED PARTNERSHIP) Member Maetzold stated he would abstain from the
discussion and voting on this item because of a potential conflict of interest.
Presentation by Planner
Planner Larsen briefly reviewed the proposed Final Plat of the Coventry at Centennial Lakes 4th Addition.
This nine-unit building will be the fifth building in the Coventry townhouse project. With this plat the City
will have approved for construction 37 out of the 90 total units. Planner Larsen informed Council that in
this addition, the Developer is introducing some units sixteen feet wide. The proposed plat is consistent
with the approved development plan.
I Member Kelly asked the proponent Lany Laukka to explain why some units appear to have been sold as
three separate pieces. Mr. Laukka explained that occasionally the separate pieces consist of the living
unit, garage and part of the "common" area owned by each unit, but are deeded separately when sold.
I
11 Page 6
1
MinuteslEdina City Council/Februarv 5,1996
Member Smith introduced the following resolution and moved its adoption:
RESOLUTION APPROVING FINAL PLAT
FOR THE COVENTRY AT CENTENNIAL LAKES 4TH ADDITION
BE IT RESOLVED by the City Council of the City of Edina, Minnesota, that that certain plat entitled,
"THE COVENTRY AT CENTENNIAL LAKES 4th ADDITION", platted by Centennial Land Limited
Partnership, a Minnesota limited partnership, an undivided 91.43% interest, and John W. Hedberg,
an undivided 8.57% interest, and the Housing and Redevelopment Authority of Edina, Minnesota,
a public body corporate and politic under the laws of the State of Minnesota, and presented at the
regular meeting of the City Council on February 5, 1996, be and is hereby granted final plat
approval. Member Smith seconded the motion.
I
Ayes: Kelly, Paulus, Smith, Richards
Abstaining: Maetzold
Resolution adopted.
*BID AWARDED FOR 1996 HALF-TON 4 x 4 DODGE PICK-UP TRUCK Motion made by Member
Maetzold and seconded by Member Smith awarding the bid for a 1996 half-ton 4 x 4 Dodge pick-up
truck for the park department to McKay's Fleet Sales through Hennepin County bid #3579A5#C at
$18,783.88.
Motion carried on rollcall vote - four ayes.
"BID AWARDED FOR 1996 GASOLINE AND DIESEL FUEL FOR BRAEMAR GOLF COURSE Motion
made by Member Maetzold and seconded by Member Smith awarding the bid for 1996 gasoline and
diesel fuel for Braemar Golf Course to Rollins Oil Company at $1 1,000.00 through Hennepin County
Bid #2559B5-131,221,201.
"BID AWARDED FOR THREE REVERSIBLE SNOW PLOWS Motion made by Member Maetzold and
seconded by Member Smith awarding the bid for three reversible snow plows to recommended low
bidder, MacQueen Equipment at $14,035.63.
hotion carried on rollcall vote - four ayes.
"BID AWARDED FOR PURCHASE OF VARIOUS TRAFFIC SIGNS Motion made by Member Maetzold
and seconded by Member Smith awarding the bid for various traffic signs held in inventory to Lyle
Signs, Inc., at $5,809.93 through Hennepin County Contract #2793A5-232.
Motion carried on rollcall vote - four ayes.
Motion carried on rollcall vote - four ayes.
"BID AWARDED FOR FERTILIZER PURCHASE FOR BRAEMAR AND NORMANDALE GOLF COURSES
Motion made by Member Maetzold and seconded by Member Smith awarding the bid for fertilizer
purchase for Braemar and Normandale Golf Courses to Turf Supply Company at $21,138.12 through
Hennepin County bid.
Motion carried on rollcall vote - four ayes.
*BID AWARDED FOR PURCHASE OF POLICE UNIFORMS AND EQUIPMENT Motion made by Member
Maetzold and seconded by Member Smith awarding the bid for purchase of police uniforms and
equipment to sole bidder, Uniforms Unlimited with the amount not to exceed $25,000.00.
Motion carried on rollcall vote - four ayes.
*BID AWARDED FOR DRIVING RANGE GOLF BALLS Motion made by Member Maetzold and
seconded by Member Smith awarding the bid for purchase of driving range golf balls for Braemar
Golf Course to recommended low bidder Spalding at $14,550.00.
Motion carried on rollcall vote - four ayes.
RENOVATION OF 70TH STREET FROM SO0 RAILROAD TO HIGHWAY 100 PROPOSAL
I
Page 7
MinuteslEdina City CouncillFebruarv 5,1996
AUTHORIZED Mayor Richards reminded that this item had
Conditional Use Request of Especially For Children.
Motion by Member Smith approving
Hoffman for Segments A, B, and
consideration of the conditional use
,een rebadwed earlier in the mee,,,ig with the
I the proposed renovation of 70th Street as outlined by Engineer
C. The approval of Segment B conditioned upon favorable
permit and developer participation. Member Kelly seconded the
motion.
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion carried. I
I
PUBLIC HEARING HELD, REQUEST TO KEEP FOUR PETS, VIVIAN YARWOOD, 41 11 WEST 62ND
STREET FINDINGS ADOPTED, PERMIT GRANTED Sanitarian Velde informed Council that Vivian
Yarwood, 4111 West 62nd Street, submitted an application to keep four dogs at her residence. On
January 26, 1996, the City sent notice to all properties within 200 feet of the subject property advising them
that the Council would consider the request at a public hearing this date.
It was noted that a written objection was received from Arnold Twedt, 4246 Valley View Road, and letters
in support were received from Laura and Earl Rickheim, 41 12 West 62nd Street, and Robert, Becky, Joe
and Jay Kidd, of 4125 West 62nd Street.
Sanitarian Velde presented the Council findings of fact that the proposed permit would:
Conclusion:
I.
2.
1.
2.
3.
Not be a nuisance, and
Not be detrimental to the public health and safety of the applicant or other persons in the vicinity.
The procedural requirements of the Ordinance have been met,
The permit may be granted as requested,
Conditions or restrictions applicable to this permit:
All dogs must be licensed pursuant to Edina City Code Section 300. The barking of the dogs must
be controlled to prevent a neighborhood nuisance. The applicant shall not replace any pets and
eventually attain the limit of no more than three dogs and/or cats through attrition.
This permit shall be effective February 5,1996, however, this permit shall lapse and be of no effect
unless all conditions and restrictions are observed, the applicant observes all City Ordinances
applicable to the keeping of dogs and cats, and the keeping of the dogs and cats is not in violation
of the Edina Zoning Ordinance which prohibits a kennel as a business in the Residential Zone.
Diane Yarwood, 41 11 West 62nd Street, representing her mother Vivian Yarwood the applicant, stated
the dogs are well cared for. The dogs are trained, walked, and brought inside when they bark. Ms.
Yarwood told Council the pets are good therapy for her mother.
Mayor Richards asked for public comment on the finding to grant the permit. No comments or objections
were heard.
4.
I
Member Paulus made a motion adopting the findings as presented and granting a permit to Vivian
Yarwood to keep four dogs at 4111 West 62nd Street with conditions as stated in the findings.
Member Kelly seconded the motion.
Rollcall: Ayes: Kelly, Maetzold, Paulus, Smith, Richards Motion carried.
UNIVERSITY OF MINNESOTA GRANT PROPOSAL UPDATE GIVEN Park Director Keprios informed the
Council that the 18 member Turf/Plant Management Committee, chaired by Matt Peterson asked the
University of Minnesota requesting assistance achieving their mission by means of a grant. The University
responded that the opportunity exists to obtain a grant in collaboration with the Community Health Services
Advisory Committee, Park Board, League of Women Voters, Board of Education, and the University of
Page 8
I
It I
I I
MinuteslEdina Citv CouncillFebruarv 5, 1996
Minnesota Colleges of Education, Agriculture, Natural Resources and Landscape Arboretum, and the
University of Minnesota Extension Service for Hennepin County.
The “Collegiate Collaborative Grants Proposal” entitled, “Sustainable Urban Landscape Education
Program” is designed to “provide education and explain plant health care practices, improving and
enhancing the overall community‘s environmental quality, and landscape sustainability.” Director Keprios
noted the proposal would help accomplish the Park Department‘s Turf Management Plan goal of promoting
and educating the public of responsible effective private lawn care practices. Also, the program
encourages public use of integrated pest management practices on private properties.
I
The grant would come as a 318 time graduate student intern paid by the University for one year to develop
and produce educational materials and coordinate public landscape practice demonstration sites for a
public education program with other University of Minnesota Colleges. In addition the City would receive
in-kind support of approximately $1 5,000.00 from professional staff from the various University Colleges.
The total grant proposal including the City of Edina’s in-kind support is approximately $43,500.00.
The City of Edina commitments to this Collaborative Proposal includes the following:
I)
2)
3)
4)
Provide printing and distribution of educational materials. (Already budgeted for 1996 as part of
Turf Management Plan)
Provide demonstration sites within public areas and labor to help carry-out implementation of
demonstration sites. (Several appropriate sites exist in Edina with no additional staff required to
set up the sites)
Provide office space and support staff for the 3/8 time IntemlProgram Assistant. (Existing space
available within Park Department and no additional staff required)
Provide facilities for public educational meetings regarding effort. (Adequate space at no cost
exists for public educational meetings)
Staff recommends Council accept the grant proposal from the University of Minnesota as presented.
Member Smith made a motion to accept the University of Minnesota Collegiate Collaborative Grants
Proposal, valued at $13,500 plus an additional $15,000 through in-kind support from other University
of Minnesota Colleges for further enhancing goals and objectives of Edina’s Turf Management Plan
entitled “Sustainable Urban Landscape Education Program.” Member Kelly seconded the motion.
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion carried.
UPDATE GIVEN ON PARK REFERENDA Director Keprios presented an update on the Park Bond
Referenda and Senior Citizen Activities Center as directed by the Council. Director Keprios informed
Council that three scenarios were developed and used to gather citizen input through several community
meetings. Staff asked Council direction setting the amount of the Park Improvement Bond Issue and
recommended Council approval of the $2,500,000 amount for the third sheet of ice at Braemar. In
addition, Director Keprios asked direction on the proposal received from the Senior Citizen Advisory
Committee requesting an Activities Center.
AMOUNT OF PARK IMPROVEMENT BOND ISSUE:
On January 2, 1996, Council discussed two park-related bond referenda. The Park Board polled the
community and results incorporated within the three scenarios as follows:
SCENARIO I SCENARIO 2 SCENARIO 3
TOTAL $4,900,000 TOTAL $5,670,000 TOTAL 6,036,000
(Scenario 1 was the initial amount proposed by the Council)
Park improvements and park amenities included in Scenarios 1 , 2 and 3 included: multi-purpose shelter
buildings, miscellaneous park amenities, restroondpicnic shelter buildings, formal gardens/amenities, park
Page 9
I i , 1
MinuteslEdina Citv Council/February 5,1996
identification signs, picnic shelters, pathways, landscaping (trees-shrubs, etc.), ballfield safety fencing,
parking lots/curbing and security systems. In addition to the above, Scenario 2 would include a regrading
of ballfields and open areas, outdoor basketball courts, regulation size outdoor basketball courts,
regulation size outdoor hockey rink and fire protection systems. Scenario 3 would include everything listed
above plus adult exercise stations, batting cages, miniature outdoor hockey rinks for toddlers,
skateboarding facility, tennis bangboards, wading pool in local park, and a winter tube sliding hill.
Director Keprios explained that with the improvements park maintenance operating costs per year would
increase for Scenario 1 , $30,000 or 2.2%; Scenario 2, $52,500 or 3.8%; or Scenario 3, $79,500 or 5.7%.
He indicated that no additional full-time staff would be required.
Comments from the Council discussion were: the wish list continues to grow with good ideas, but the budget must be kept in line with regards to annual maintenance; perceptions are reality; initially the reason
for the bond issue was to bring parks into code compliance; favorable financing exists now that may not
be available for twenty years; the City does not spend for the sake of spending; residents have not
intimated these are wild and crazy schemes - this is an investment in our community to keep pace with
the times; the public input has been taken, how can we not take their suggestions; recollection of a fighting airplane "making" a park; selling the proposal on programming could kill it; and, historically, people vote
their pocketbook.
Member Kelly made a motion setting the final bond principal at $5,500,000 for the Park Improvement
Bond Referenda. Member Smith seconded the motion.
Mayor Richards amended the motion setting the final bond principal at $5,670,000 for the Park
Improvement Bond Referenda as suggested by Scenario 2. Member Maetzold seconded the motion.
Ayes: Maetzold, Richards
Nays: Kelly, Paulus, Smith
Motion defeated. I
Member Maetzold reminded Council the $4,900,000 was a starting point. After canvassing constituents,
additional improvements suggested brought the figure to $5,670,000 (Scenario 2).
Member Kelly amended the first motion setting the Park Improvement Bond Referenda at $5,500,000
with language added of not to exceed $5,500,000. Member Smith seconded the amended motion.
Ayes: Kelly, Paulus, Smith, Richards
Nays: Maetzold
Motion carried.
INDOOR ICE SHEET .. BRAEMAR ARENA:
Staff recommended the proposed indo'or ice sheet for Braemar Arena at $2,500,000, be a separate issue
on the ballot May 7, 1996.
Member Smith made a motion setting the limit on the ballot not to exceed $2,500,000 for the third
indoor ice sheet at Braemar Arena on the May 7,1996, Park Board Referenda. Motion seconded by
Member Kelly.
I
!I
Ayes: Kelly, Maetzold, Paulus, Smith, Richards Motion carried. 'I I
SENIOR CITIZEN ACTIVITY CENTER: x
Citv staff and Southdale YMCA staff met recentlv to consider the feasibility of a joint venture adding a - I Senior Activity Center to the proposed SouthdalgYMCA's expansion.
Manager Rosland said the proposal has real merit. Transportation remains an issue in Edina but it is
possible an option exists within the Regional Transit Board to opt out, thereby freeing up funds for interior
Page 10
MinuteslEdina Citv CouncillFebruarv 5, 1996
transportation. Manager Rosland explained Staff would research opting out.
Lila Larson, Senior Advisory Council, said a joint venture with the “Yt, could have many uses with Edina’s
aging population. She voiced concern about the loss of control if private money were to be used for the
Center.
Member Smith commented the proposed joint venture between the Y“ and City for the Senior Activity
Center has merit and Ms. Larson’s comments should be considered.
Member Maetzold believes this proposal is on the right track but critical issues remain with both staying
an independent entity, and transportation to the site.
Member Paulus reiterated that the Senior Advisory Council should be kept apprised of the date(s) the
issue would be back before the Council.
Member Smith made a motion directing Staff to continue talks with the Southdale YMCA
investigating the feasibility of a Senior Activities Center being incorporated into the YMCA’s
proposed building expansion. Motion seconded by Member Kelly.
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion carried.
1996 BOARDSlCOMMlSSlONSlCOMMlTTEES ROSTER DISCUSSED Mayor Richards noted that many
boards/commissions and committee members with expiring terms have agreed to be reappointed.
However, some vacancies exist on the boards/ commissions/committees. Mayor Richards encouraged
the Council to submit names to him of persons interested in serving. No formal action was required.
*SPECIAL COUNCIL MEETING DATE SET - MAY 8, 1996, 5:OO P.M. TO CANVASS ELECTION
RETURNS FROM PARK REFERENDA SPECIAL ELECTION MAY 7,1996 Motion made by Member
Maetzold and was seconded by Member Smith setting May 8,1996,5:00 P.M. for Special Council
Meeting to canvass election returns of Park Referenda Special Election of May 7, 1996.
Motion carried on rollcall vote - four ayes.
I
*HEARING DATE SET OF FEBRUARY 20, 1996, FOR VACATION OF UTlLlN AND DRAINAGE
EASEMENT FOR THE COVENTRY AT CENTENNIAL LAKES Motion made by Member Maetzold and
seconded by Member Smith setting February 20, 1996, as hearing date for vacation of utility and
drainage easement for the Coventry at Centennial Lakes Second Addition.
Motion carried on rollcall vote - four ayes.
*ASSISTANT WEED INSPECTOR APPOINTED Motion made by Member Maetzold and seconded by
Member Smith appointing Lowell McCarthy as Assistant Weed Inspector for the City of Edina for
1996.
Motion carried on rollcall vote - four ayes.
INTERGOVERNMENTAL ACTIVITIES Manager Rosland informed Council he received information from
the Minnesota Coalition for a Smoke Free Society 2000 regarding a youth access tobacco bill authored
by Representative Loren Jennings. Representative Jennings’ bill limits the ability of cities to pass
ordinances more restrictive than statutes. Any comments on the bill must be to legislators by February
6, 1996. After a brief discussion, Council consensus was that legislators be encouraged to support a
tobacco licensing bill yet still preserve the strong tradition of local control.
Member Paulus made a motion supporting the “No Preemption” bill that preserves local power and
to notify legislators of this support. Motion seconded by Member Kelly.
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion carried.
Page 11
Minutes/Edina City Council/February~S, 1996
SALE OF G.O. TAXABLE TIF REFUNDING BONDS, SERIES 1996A APPROVED Manager Rosland
informed Council the City received nine bids on the $11,175,000 Taxable General Obligation Bonds today.
Bids were stronger than previously estimated. The bid of Cronin and Company and Smith Barney was the
most favorable at 6.22% for bonds maturing from 1997 through 2009. The low bidders' proposals will allow
the City to realize savings of $1,778,377 in debt service. Springsted, the City's Public Financial Advisor,
recommended the City award the bonds to the banking syndicate of Cronin and Company and Smith
Barney. -
II
I
Moody's Investors Services and Standard and Poors Inc., awarded bond ratings of AA-I and AA
respectively. Moody's considered upgrading the bonds to AAA, their highest rating, but the committee
decided to withhold any upgrade at this time, subject to further development within the Centennial Lakes
Tax Increment District and the stabilization of commercial property values. Springsted further
recommended the City consider the following:
I
1)
2)
Both Moody's and Standard and Poors be scheduled for an on-site visit in the spring, and
Periodic or quarterly communications should be made with both agencies to increase the flow
of information related to city operations and new development.
Member Paulus introduced the following resolution and moved its adoption: t
RESOLUTION RELATING TO $1 1,250,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS, SERIES 19964 AUTHORIZING THE ISSUANCE, AWARDING THE SALE,
FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY
THEREOF AND THE SECURITY THEREFOR
BE IT RESOLVED by the City Council (the Council) of the City of Edina, Minnesota (the City), as
follows:
Section 1. Authorization and Sale.
1-01. Authorization. The City has presently outstanding its General Obligation Taxable Tax
Increment Bonds, Series 1988, initially dated as of October 1,1988 (the 1988 Bonds), and its General
Obligation Taxable Tax Increment Bonds, Series 1989, initially dated as of April 1,1989 (the 4989
Bonds). This Council hereby authorizes the sale of $11,250,000 Taxable General Obligation Tax
Increment Refunding Bonds, Series 1996A (the Bonds), of the City, the proceeds of which would be
used, togetherwith any additional funds of the City which might be required, to refund in advance
of maturity the 4988 Bonds maturing in the years 1997 through 2009, which aggregate $4,925,000
in principal amount (the 1988 Refunded Bonds), and to refund in advance of maturity the 1989
Bonds maturing in the years 1997 through 2009, which aggregate $5,125,000 in principal amount
(the 1989 Refunded Bonds) (the 1988 Refunded Bonds and the 1989 Refunded Bonds are herein
collectively referred to as the Refunded Bonds).
1.02. Sale of Bonds. The interest on the Bonds will not be excluded from gross income for
federal income tax purposes. Pursuant to Minnesota Statutes, Section 475.60, subdivision 2,
paragraph (6), the requirements as to public sale do not apply to the issuance of the Bonds.
Proposals have been received for the sale of the Bonds, and the Council has publicly considered
all proposals presented in conformity with the terms and conditions distributed by the City to
potential purchasers of the Bonds. The most favorable of such proposals is ascertained to be that
of Cronin & Company, and associates, of Minneapolis, Minnesota, (the Purchaser), to purchase the
Bonds at a price of $11,137,500 plus accrued interest on all Bonds to the day of delivery and
payment, on the further terms and conditions hereinafter set forth.
4-03 Award of Bonds. The sale of the Bonds is hereby awarded to the Purchaser and the Mayor
and Ci Manager are hereby authorized and directed on behalf of the City to execute a contract for
the sale of the Bonds in accordance with the terms of the bid. The good faith deposit of the
Purchaser shall be retained and deposited by the City until the Bonds have been delivered and shall
be deducted from the purchase price paid at settlement. The good faith checks of other persons
who submitted proposals to purchase the Bonds shall be returned to them forthwith.
1.04. Savinqs. It is hereby determined that by issuance of the Bonds the City will realize a
i
I
I
i Page12
I
I
MinuteslEdina Citv CouncillFebruarv 5, 1996
substantial interest rate reduction, a gross savings of approximately $1,778,377 and a present value
savings (using the yield on the Bonds, computed in accordance with Section 148 of the Internal
Revenue Code of 1986, as amended, as the discount factor) of approximately $1,515,918.
1.05. Issuance of Bonds. All acts, conditions and things which are required by the Constitution
and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent
to and in the valid issuance of the Bonds having been done, existing, having happened and having
been performed, it is now necessary for the Council to establish the form and terms of the Bonds,
to provide security therefor and to issue the Bonds forthwith.
Section 2. Form of Bonds. The Bonds shall be prepared in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF EDINA
TAXABLE GENERAL OBLIGATION TAX
INCREMENT REFUNDING BOND, SERIES 1996A
.
Date of
March I, 1996
CUSIP - Rate Maturity Orininal Issue -
REGISTERED
OWNER
PRI NCl PAL
AMOUNT: DOLLARS
THE CITY OF EDINA, Hennepin County, Minnesota (the “City”), acknowledges itself to be
indebted and, for value received, hereby promises to pay to the registered owner above named, the
principal amount indicated above, on the maturity date specified above, with interest thereon from
the date hereof at the annual rate specified above computed on the basis of the number of days
elapsed in a 360-day year consisting of twelve 30-day months, payable on February I and August
1 in each year, commencing August 1, 1996, to the person in whose name this Bond is registered
at the close of business on the 15th day (whether or not a business day) of the immediately
preceding month, all subject to the provisions referred to herein with respect to the redemption of
the principal of this Bond before maturity. The interest hereon and, upon presentation and
surrender hereof at the office of the Finance Director in Edina, Minnesota, as Registrar, Transfer
Agent and Paying Agent (the “Bond Registrar”), or its successor designated under the Resolution
described herein, the principal hereof, are payable in lawful money of the United States of America
by check or draft of the City or the Bond Registrar if a successor to the City Finance Director as
Bond Registrar has been designated under the Resolution described herein.
This Bond is one of an issue in the aggregate principal amount of $11,250,000 (the “Bonds”), all
of like date and tenor except as to serial number, interest rate, redemption privilege and maturity
date, issued pursuant to a resolution adopted by the City Council on February 5, 1996 (the
“Resolution”) to refund certain of the City’s outstanding tax increment bonds, and is issued
pursuant to and in full conformity with the provisions of the Constitution and laws of the State of
Minnesota thereunto enabling, including Minnesota Statutes, Section 469.1 78 and Chapter 475. The
Bonds are payable primarily from tax increments to be derived from a tax increment financing
district established by the City and from tax increment financing districts established by the
Housing and Redevelopment Authority in and for the City of Edina (the rrDistricts”) which have been
pledged to the payment of the Bonds by the Resolution. In addition, for the full and prompt payment
of the principal and interest on the Bonds as the same become due, the full faith, credit and taxing
power of the City have not been and are irrevocably pledged. The Bonds are issuable only as fully
registered bonds, in denominations of $5,000 or any integral multiple thereof, of single maturities.
Bonds maturing in the years 1999 through 2005 are payable on their respective stated maturity
dates without option of prior payment, but Bonds having stated maturity dates in the years 2006
through 2009 are each subject to redemption and prepayment, at the option of the City and in whole
Page 13
I
1 ‘f
MinutesiEdina Citv CouncillFebruarv 5,1996
or in part and if in part, in the maturities selected by the City and by lot, assigned in proportion to
their principal amount, within any maturity, on February I, 2005 and on any date thereafter, at a
price equal to the principal amount thereof to be redeemed plus interest accrued to the date of
redemption. At least thirty days prior to the date set for redemption of any Bond, notice of the call
for redemption will be mailed to the Bond Registrar and to the registered owner of each Bond to be
redeemed at his address appearing in the Bond Register, but no defect in or failure to give such
mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond,
not affected by such defect or failure. Official notice of redemption having been given as aforesaid,
the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and
payable at the redemption price herein specified and from and after such date (unless the City shall
default in the payment of the redemption price) such Bond or portions of Bonds shall cease to bear
interest. Upon the partial redemption of any Bond, a new Bond or Bonds will be delivered to the
registered owner without charge, representing the remaining principal amount outstanding.
As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
transferable upon the books of the City at the principal office of the Bond Registrar, by the
registered owner hereof in person or by his attorney duly authorized in writing upon surrender
hereof together with a written instrument of transfer satisfactory to the Bond Registrar, duly
executed by the registered owner or his attorney; and may also be surrendered in exchange for
Bonds of other authorized denominations. Upon such transfer or exchange, the City will cause a
new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same
aggregate principal amount, bearing interest at the same rate and maturing on the same date,
subject to reimbursement for any tax, fee or governmental charge required to be paid with respect
to such transfer or exchange.
The City and the Bond Registrar may deem and treat the person in whose name this Bond is
registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be
affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and
things required by the Constitution and laws of the State of Minnesota to be done, to exist, to
happen and to be performed precedent to and in the issuance of this Bond in order to make it a valid
and binding general obligation of the City according to its terms have been done, do exist, have
happened and have been performed as so required; that prior to the issuance hereof the City has
pledged and appropriated to a sinking fund established for the payment of the Bonds tax increments
to be derived by the City from the Districts; that, if necessary for the payment of principal and
interest on the Bonds, ad valorem itaxes are required to be levied upon all taxable property in the
City, which levy is not limited as \o rate or amount; and that the issuance of this Bond does not
cause the indebtedness of the City to exceed any constitutional or statutory limitation.
This Bond shall not be valid or bdcome obligatory for any purpose or be entitled to any security
or benefit under the Resolution until the Certificate of Authentication hereon shall have been
executed by the Bond Registrar by manual signature of the Bond Registrar, or in the event the City
Finance Director is no longer acting as Bond Registrar, by one of the authorized representatives
of the Bond Registrar.
IN WITNESS WHEREOF, the City of Edina, Hennepin County, State of Minnesota, by its City
Council, has caused this Bond to be executed by the signatures of the Mayor and the City Manager
and has caused this Bond to be dated as of the date set forth below.
Date of Authentication:
I
I
CITY OF EDINA
City Manager Mayor
This is one of the Bonds delivered pursuant to the Resolution mentioned within. I CERTIFICATE OF AUTHENTICATION
I BY City Finance Director,
i as Bond Registrar
(I Page14 1
MinuteslEdina City CouncillFebruarv 5,1996
The following abbreviations, when used in the inscription on the face of this Bond, shall
be construed as though they were written out in full according to the applicable laws or regulations:
TEN COM - as tenants
TEN ENT - as tenants
’ UNlF TRANS MIN ACT .......... Custodian ..........
in common (Cust) (Minor)
by the entireties
, under Uniform Transfers to
JT TEN - as joint tenants
with right of
survivorship and Act.. .................................................
not as tenants in (State)
common
Minors
Additional abbreviations may also be used.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto , the within Bond and all rights thereunder, and hereby
attorney to transfer the within Bond on irrevocably constitutes and appoints
the books kept for registration thereof, with full power of substitution in the premises.
Dated:
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE:
NOTICE: The signature to this
assignment must correspond with the name as it
appears upon the faceof the within Bond in every
particular, without alteration or any change
whatsoever. U
Signature(s) must be guaranteed by an
“eligible guarantor institution”
meeting the requirements of the
Bond Registrar, which requirements
include membership or participation
in the Securities Transfer Association
Medallion Program (STAMP) or such
other “Signature guaranty program”
as may be determined by the Bond
Registrar in addition to or in
substitution for STAMP, all in
accordance with the Securities
Exchange Act of 1934, as amended.
’
Section 3. Bond Terms, Execution and Delivery.
3.01. Maturities, Interest Rates, Denominations, Payment. The City shall forthwith issue and
deliver the Bonds, which shall be denominated “Taxable General Obligation Tax Increment
Refunding Bonds, Series 1996A”. The Bonds shall be in the aggregate principal amount of
$11,250,000 and shall be issuable in the denomination of $5,000 each or any integral multiple
thereof, shall mature on February 1 in the years and amounts set forth below, and Bonds maturing
in such years and amounts shall bear interest computed on the basis of the number of days elapsed
in a 36Oday year consisting of twelve 30-days months from date of original issue until paid or duly
called for redemption at the rates per annum shown opposite such years and amounts as follows:
Page 15
;- *, L- %
I
MinuteslEdina City CouncillFebruarv 5.1996
Year
1999 $500,000 5.85% 2005
2000 625,000 5.85 2006
2001 650,000 5.85 2007
2002 700,000 5.85 2008
2003 800,000 5.85 2009
2004 900,000 6.00
- Rate - Year Amount -
:- ( 4, I
I
Rate
6.10%
1,000,000 6.10
1,475,O 0 0 6.15
1,800,000 6.20
1,900,000 6.25
Amount -
$ 900,000
The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender
of each Bond, the principal amount thereof, shall be payable by check or draft issued by the
Registrar described herein.
3.02. Dates; Interest Payment Dates. Each Bond shall bear a date of original issue of March 1,
1996, and shall be dated as of the date of authentication. Interest on the Bonds shall be payable on
February 1 and August 1 in each year, commencing August 1,1996, to the owner of record thereof
as of the close of business on the fneenth day of the immediately preceding month, whether or not
such day is a business day.
3.03. Renistration. The City shall appoint, and shall maintain, a bond registrar, transfer agent
and paying agent (the Registrar). The effect of registration and the rights and duties of the City and
the Registrar with respect thereto shall be as follows:
(a) Rewister. The Registrar shall keep at its principal corporate trust office a bond register in
which the Registrar shall provide for the registration of ownership of Bonds and the registration of
transfers and exchanges of Bonds entitled to be registered, transferred or exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by the registered
owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the
Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the
registered owner in writing, the Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Bonds of a like aggregate principal amount
and maturity, as requested by the transferor. The Registrar may, however, close the books for
registration of any transfer after the fifteenth day of the month preceding each interest payment
date and until such interest payment date.
(c) Exchange of Bonds. Whenever any Bond is surrendered by the registered owner for
exchange, the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate
principal amount and maturity, as requested by the registered owner or the owner's attorney duly
(d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be promptly
canceled by the Registrar and thereafter disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar for
transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on
such Bond or separate instrument of transfer is legally authorized. The Registrar shall incur no
liability for its refusal, in good faith, to make transfers which it, in its judgment, deems improper or
unauthorized. (9 Persons Deemed Owners. The City and the Registrar may treat the person in whose name
any Bond is at any time registered in the bond register as the absolute owner of such Bond, whether
such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the
principal of and interest on such Bond and for all other purposes, and all such payments so made
to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and
discharge the liability of the City upon such Bond to the extent of the sum or sums so paid.
(9) Taxes, Fees and Charqes. For every transfer or exchange of Bonds (except for an exchange
upon a partial redemption of a Bond), the Registrar may impose a charge upon the owner thereof
sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be
paid with respect to such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become mutilated or be
Post, stolen or destroyed, the Registrar shall deliver a new Bond of like amount, number, maturity
authorized in writing. I
1 ,
' page 16 ' 4
,~
MinuteslEdina Citv CouncillFebruarv 5. 1996
date and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond
or in lieu of and in substitution for any such Bond lost, stolen or destroyed, upon the payment of
the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of
a Bond lost, stolen or destroyed, upon filing with the Registrar of evidence satisfactory to it that
such Bond was lost, stolen or destroyed, and of the ownership thereof, and upon furnishing to the
Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in
which both the City and the Registrar shall be named as obligees. All Bonds so surrendered to the
Registrar shall be canceled by it and evidence of such cancellation shall be given to the City. If the
mutilated, lost, stolen or destroyed Bond has already matured or been called for redemption in
accordance with its terms, it shall not be necessary to issue a new Bond prior to payment.
3.04. Appointment of Initial Reaistrar. The City hereby appoints the City Finance Director, as
the initial Registrar. In the event that the City determines to discontinue the book entry-only system
for the Bonds as described in paragraph (c) of Section 3.07, or DTC, as defined in Section 3.07,
determines to discontinue providing its services with respect to the Bonds and a new securities
depository is not appointed for the Bonds, the City will designate a suitable bank or trust company
to act as successor Registrar if the City Finance Director is then acting as Registrar. The City
reserves the right to remove any Registrar upon thirty (30) days’ notice and upon the appointment
of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds
in its possession to the successor Registrar and shall deliver the bond register to the successor
Registrar.
3.05. Redemption. Bonds maturing in the years 1999 through 2005 shall not be subject to
redemption prior to maturity, but Bonds maturing in the years 2006 through 2009 shall each be
subject to redemption and prepayment, at the option of the City, in whole or in part, and if in part,
in the maturities selected by the City and, within any maturity, in $5,000 principal amounts selected
by the Registrar by lot, on February 1, 2005 and on any date thereafter at a price equal to the
principal amount thereof to be redeemed plus interest accrued to the date of redemption. At least
thirty days prior to the date set for redemption of any Bond, the City Clerk shall cause notice of the
call for redemption to be mailed to the Registrar and to the registered owner of each Bond to be
redeemed, but no defect in or failure to give such mailed notice of redemption shall affect the
validity of proceedings for the redemption of any Bond not affected by such defect or failure. The
notice of redemption shall specify the redemption date, redemption price, the numbers, interest
rates and CUSlP numbers of the Bonds to be redeemed and the place at which the Bonds are to be
surrendered for payment, which is the principal office of the Registrar. Official notice of redemption
having been given as aforesaid, the Bonds or portions thereof so to be redeemed shall, on the
redemption date, become due and payable at the redemption price therein specified and from and
after such date (unless the City shall default in the payment of the redemption price) such Bonds
or portions thereof shall cease to bear interest.
In addition to the notice prescribed by the preceding paragraph, the City shall also give, or cause
to be given, notice of the redemption of any Bond or Bonds or portions thereof at least 35 days
before the redemption date by certified mail or telecopy to the Purchaser and all registered
securities depositories then in the business of holding substantial amounts of obligations of the
character of the Bonds (such depositories now being The Depository Trust Company, of Garden
City, New York; and Philadelphia Depository Trust Company, of Philadelphia, Pennsylvania) and one
or more national information services that disseminate information regarding municipal bond
redemptions; provided that any defect in or any failure to give any notice of redemption prescribed
by this paragraph shall not affect the validity of the proceedings for the redemption of any Bond or
portion thereof.
Bonds in a denomination larger than $5,000 may be redeemed in part in any integral multiple of
$5,000. The owner of any Bond redeemed in part shall receive, upon surrender of such Bond to the
Registrar, one or more new Bonds of such same series in authorized denominations equal in
principal amount to the unredeemed portion of the Bond so surrendered.
3.06. Preparation and Deliverv. The Bonds shall be prepared under the direction of the City
Page 17
MinuteslEdina City CouncillFebruaky 5.1996
Finance Director and shall be execded on behalf of the City by the signatures of the Mayor and the
City Manager. In case any officer whose signature shall appear on the Bonds shall cease to be such
officer before the delivery of any Bond, such signature shall nevertheless be valid and sufficient for
all purposes, the same as if such officer had remained in ofice until delivery. Notwithstanding such
execution, no Bond shall be valid or obligatory for any purpose or entitled to any security or benefit
under this resolution unless and until a certificate of authentication on such Bond has been duly
executed by the manual signature of the Registrar, or in the event the City Finance Director is no
longer acting as Registrar, an authorized representative of the Registrar. Certificates of
authentication on different Bonds need not be signed by the same representative. The executed
certificate of authentication on each Bond shall be conclusive evidence that it has been
authenticated and delivered under this resolution. When the Bonds have been so executed and
authenticated, they shall be delivered by the City Finance Director to the Purchaser upon payment
of the purchase price in accordance with the contract of sale heretofore made and executed, and
the Purchaser shall not be obligated to see to the application of the purchase price.
3.07. Securities Depository. (a) For purposes of this Section the following terms shall have the
following meanings:
“Beneficial Owner” shall mean, whenever used with respect to a Bond, the person in whose
name such Bond is recorded as the beneficial owner of such Bond by a Participant on the records
of such Participant, or such person’s subrogee.
“Cede & Co.” shall mean Cede & Co., the nominee of DTC, and any successor nominee of DTC
with respect to the Bonds.
“DTC” shall mean The Depository Trust Company of New York, New York.
“Participant” shall mean any broker-dealer, bank or other financial institution for which DTC
holds Bonds as securities depository.
“Representation Letter” shall mean the Representation Letter from the City and the Registrar
to DTC with respect to the Bonds, substantially in the form presented to the Council with the
Resolution.
(b) The Bonds shall be initially issued as separately authenticated fully registered bonds, and
one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon initial
issuance, the ownership of such Bonds shall be registered in the bond register in the name of Cede
& Co., as nominee of DTC. The Registrar and the City may treat DTC (or its nominee) as the sole
and exclusive owner of the Bonds registered in its name for the purposes of payment of the
principal of or interest on the Bonds, selecting the Bonds or portions thereof to be redeemed, if any,
giving any notice permitted or required to be given to registered owners of Bonds under this
resolution, registering the transfer of Bonds, and for all other purposes whatsoever; and neither the
Registrar nor the City shall be affected by any notice to the contrary. Neither the Registrar nor the
City shall have any responsibility or obligation to any Participant, any person claiming a beneficial
ownership interest in the Bonds under or through DTC or any Participant, or any other person which
is not shown on the bond register as being a registered owner of any Bonds, with respect to the
accuracy of any records maintained by DTC or any Participant, with respect to the payment by DTC
or any Participant of any amount with respect to the principal of or interest on the Bonds, with
respect to any notice which is permitted or required to be given to owners of Bonds under this
resolution, with respect to the selection by DTC or any Participant of any person to receive payment
in the event of a partial redemption of the Bonds, or with respect to any consent given or other
action taken by DTC as registered owner of the Bonds. So long as any Bond is registered in the
name of Cede & Co., as nominee of DTC, the Registrar shall pay all principal of and interest on such
Bond, and shall give all notices with respect to such Bond, only to Cede & Co. in accordance with
the Representation Letter, and all such payments shall be valid and effective to fully satisfy and
discharge the City’s obligations with respect to the principal of and interest on the Bonds to the
extent of the sum or sums so paid. No person other than DTC shall receive an authenticated Bond
for each separate stated maturity evidencing the obligation of the City to make payments of
principal and interest. Upon delivery by DTC to the Registrar of written notice to the effect that DTC
I
I
.
I
Page 18
, , . .., ..
MinuteslEdina Citv CounciUFebruarv 5. 1996
has determined to substitute a new nominee in place of Cede & Co., the Bonds will be transferable
to such new nominee in accordance with paragraph (e) hereof.
(c) In the event the City determines that it is in the best interest of the Beneficial Owners that
they be able to obtain Bonds in the form of bond certificates, the City may notify DTC and the
Registrar, whereupon DTC shall notify the Participants of the availability through DTC of Bonds in
the form of certificates. In such event, the Bonds will be transferable in accordance with paragraph
(e) hereof. DTC may determine to discontinue providing its services with respect to the Bonds at
any time by giving notice to the City and the Registrar and discharging its responsibilities with
respect thereto under applicable law. In such event the Bonds will be transferable in accordance
with paragraph (e) hereof.
(d) The execution and delivery of the Representation Letter to DTC by the Mayor, is hereby
authorized, and execution of the Representation Letter by the Mayor shall be conclusive evidence
of approval by the Mayor of the form and terms thereof. The Representation Letter shall set forth
certain matters with respect to, among other things, notices, consents and approvals by registered
owners of the Bonds and Beneficial Owners and payments on the Bonds. The Registrar shall have
the same rights with respect to its actions thereunder as it has with respect to its actions under this
resolution.
(e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or (c)
hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds
to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee
in accordance with the provisions of this resolution. In the event Bonds in the form of certificates
are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the
Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution
shall also apply to all matters relating thereto, including, without limitation, the printing of such
Bonds in the form of bond certificates and the method of payment of principal of and interest on
such Bonds in the form of bond certificates.
Section 4. Use of Proceeds and Securitv Provisions.
4.01. Use of Proceeds and Escrow Account. The proceeds of the Bonds in the amount of
$1 1,035,889.09, are irrevocably appropriated for the payment of the principal and interest due on
the Refunded Bonds to and including February I, 1998 and to pay and redeem on February I, 1998
the Refunded Bonds maturing on and after February 1, 1999. The City Finance Director is hereby
authorized and directed, simultaneously with the delivery of the Bonds, to deposit the proceeds
thereof, to the extent described above, in escrow with First Trust National Association, in St. Paul,
Minnesota (the Escrow Agent), a banking institution whose deposits are insured by the Federal
Deposit Insurance Corporation and whose combined capital and surplus is not less than $500,000,
and shall invest the funds so deposited in securities authorized for such purpose by Minnesota
Statutes, Section 475.67, subdivision 8, maturing on such dates and bearing interest at such rates
as are required to provide funds sufficient, with cash retained in the escrow account, to make the
above-described payments. The Mayor and City Manager are hereby authorized to enter into an
Escrow Agreement with the Escrow Agent establishing the terms and conditions for the escrow
account in accordance with Minnesota Statutes, Section 475.67. Of the remaining proceeds of the
Bonds, $63,132.06 shall be applied to pay issuance expenses, and $38,478.85, together with any
accrued interest on the Bonds shall be deposited in the Sinking Fund created pursuant to Section
4.02 hereof.
4.02. Taxable General Oblination Tax Increment Refunding Bond Sinkine Fund. The Bonds shall
be payable from a separate Series 1996A Taxable General Obligation Tax Increment Refunding Bond
Sinking Fund (the Sinking Fund) which shall be created and maintained on the books of the City as
a separate debt redemption fund until the Bonds, and all interest thereon, are fully paid. There shall
be credited to the Sinking Fund the following:
(a) Any amount initially deposited therein pursuant to Section 4.01 hereof.
(b) All taxes levied and all other money which may at any time be received for or appropriated
to the payment of the principal of or interest on the Bonds, including the tax increments herein
Page 19
MinuteslEdina City CouncillFebruary 5,1996
pledged and appropriated to the Sinking Fund and all collections of any ad valorem taxes levied for
the payment of the Bonds. I
(c) Any other funds appropriated by the Council for the payment of the Bonds.
4.03. Tax Increment Financina District. The Ci hereby irrevocably pledges to the Sinking Fund
tax increments derived from tye tax increment financing districts of the Housing and
Redevelopment Authority of Edina (the HRA), designated by Hennepin County as Nos. 1203
(Centennial Lakes and Southeast Edina-Edinborough Tax Increment Financing Districts) and 1200
(50th and France Redevelopment) and tax increments derived from the tax increment financing
district of the Cii designated by Hennepin County as No. 1204 (Southdale Tax Increment Financing
District), which are either paid to the City (in the case of the tax increment financing district
established by the Ci) or received by the Issuer from the HRA to pay the Bonds (in the case of the
tax increment financing districts established by the HRA). Such tax increments shall be deposited
in the Sinking Fund in an amount sufficient to pay all principal and interest when due on the Bonds.
Nothing herein shall preclude the City or the HRA from hereafter making further pledges and
appropriations of the tax increments herein pledged for the payment of the Bonds for the payment
of other obligations of the City or HRA or to pay costs eligible to be paid from the tax increments
herein pledged.
4.04. Full Faith and Credit Pledned. The full faith and credit and taxing power of the City shall
be and are hereby irrevocably pledged for the prompt and full payment of the principal of and
interest on the Bonds. It is estimated that the tax increment from the Districts and other funds
herein pledged for the payment of the Bonds will be collected in amounts not less than five percent
in excess of the amounts needed to meet when due the principal of and interest on the Bonds and
all other obligations of the City payable from tax increments from the Districts as required by
Minnesota Statutes, Section 475.61. Consequently, no ad valorem taxes are now levied to pay the
Bonds or the interest to come due thereon, pursuant to Minnesota Statutes, Section 469.178,
subdivision 2.
4.05. Additional Bonds. The Cii resewes the right to issue additional bonds payable from the
Section 5. Defeasance. When all of the Bonds have been discharged as provided in this
section, all pledges, covenants and other rights granted by this resolution to the holders of the
Bonds shall cease. The Cii may discharge its obligations with respect to any Bonds which are due
on any date by depositing with the paying agent on or before that date a sum sufficient for the
payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless be
discharged by depositing with the paying agent a sum sufficient for the payment thereof in full with
interest accrued to the date of such deposit. The City may also discharge its obligations with
respect to any prepayable Bond called for redemption on any date when it is prepayable according
to their terms, by depositing with the Registrar on or before that date a sum sufficient for the
payment thereof in full; provided that notice of the redemption thereof has been duly given as
provided in Section 3.05. The City may also at any time discharge its obligations with respect to
any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action,
by depositing irrevocably in escrow, with a bank qualified by law as an escrow agent for this
purpose, cash or securities which are general obligations of the United States or securities of
United States agencies which are authorized by law to be so deposited, bearing interest payable at
such time and at such rates and maturing on such dates as shall be required, without reinvestment,
to pay all principal and interest to become due thereon to maturity or, if notice of redemption as
herein required has been duly provided for, to such earlier redemption date.
Sinking Fund. i
Section 6. Renistration, Certification of Proceedinns and Official Statement.
6.01. Renistration. The City Clerk is hereby authorized and directed to file a certified copy of
this resolution with the County Auditor of Hennepin County, together with such other information
as he shall require, and to obtain from the County Auditor a certificate that the Bonds have been
entered on upon the Auditor's register as required by law.
6.02. Certification of Proceedinns. The officers of the City and the County Auditor of Hennepin
i
Page 20 1
, .- .. . . .T ..
Minutes/Edina City CouncillFebruary 5, 1996
County are hereby authorized and directed to prepare and furnish to the Purchaser, and to Dorsey
& Whitney P.L.L.P., Bond Counsel, certified copies of all proceedings and records of the City, and
such other affidavits, certificates and information as may be required to show the facts relating to
the legality and marketability of the Bonds as the same appear from the books and records under
their custody and control or as otherwise known to them, and all such certified copies, certificates
and affidavits, including any heretofore furnished, shall be deemed representations of the City as
to the facts recited therein.
6.03. official Statement. The Official Statement relating to the Bonds, dated January 22, 1996
(the Mficial Statement), prepared and distributed on behalf of the City by Springsted Incorporated,
is hereby approved. Springsted Incorporated, is hereby authorized of behalf of the City to prepare
and distribute to the Purchaser a supplement to the Official Statement listing the offering price, the
interest rates, other information relating to the Bonds required to be included in the Official
Statement by Rule 15~2-I2 adopted by the Securities and Exchange Commission under the
Securities Exchange Act of 1934. Within seven business days from the date hereof, the City shall
deliver to the Purchaser a reasonable number of copies of the Official Statement and such
supplement. The officers of the City are hereby authorized and directed to execute such certificates
as may be appropriate concerning the accuracy, completeness and sufficiency of the Official
Statement.
Section 7. Redemption of Refunded Bonds. The City calls for redemption on February I, 1998
all of the Refunded Bonds which mature on or after February I, 1999. The City Finance Director is
hereby authorized to take all steps necessary to redeem the Refunded Bonds on such dates.
Section 8. Continuing Disclosure.
(a) Purpose and Beneficiaries. To provide for the public availability of certain information
relating to the Bonds and the security therefor and to permit the original purchaser and other
participating underwriters in the primary offering of the Bonds to comply with amendments to Rule
15~2-12 promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities
Exchange Act of 1934 (17 C.F.R 5 240.15c2-12), relating to continuing disclosure (as in effect and
interpreted from time to time, the “Rule”), which will enhance the marketability of the Bonds, the
City hereby makes the following covenants and agreements for the benefit of the Owners (as
hereinafter defined) from time to time of the Outstanding Bonds (as hereinafter defined). The City
is the only “obligated person’, in respect of the Bonds within the meaning of the Rule for purposes
of identifying the entities in respect of which continuing disclosure must be made.
If the City fails to comply with any provisions of this Section 8, any person aggrieved thereby,
including the Owners of any Outstanding Bonds, may take whatever action at law or in equity may
appear necessary or appropriate to enforce performance and observance of any agreement or
covenant contained in this Section 8, including an action for a writ of mandamus or specific
performance. Direct, indirect, consequential and punitive damages shall not be recoverable for any
default hereunder to the extent permitted by law. Notwithstanding anything to the contrary
contained herein, in no event shall a default under this Section 8 constitute a default under the
Bonds or under any other provision of this resolution.
As used in this Section 8, “Ownef’ or “Bondownef’ means, in respect of a Bond, the registered
owner or owners thereof appearing in the bond register maintained by the Registrar or any
“Beneficial Owner” (as hereinafter defined) thereof, if such Beneficial Owner provides to the
Registrar evidence of such beneficial ownership in form and substance reasonably satisfactory to
the Registrar. As used herein, “Beneficial Owner” means, in respect of a Bond, any person or entity
which (I) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of
ownership of, such Bond (including persons or entities holding Bonds through nominees,
depositories or other intermediaries), or (b) is treated as the owner of the Bond for federal income
tax purposes. As used herein, “Outstanding means when used with reference to Bonds means
all Bonds which have been issued and authenticated by the Registrar except (I) Bonds which have
been paid in full (ii) Bonds which have been canceled by the Registrar or surrendered to the
Registrar for cancellation and (iii) Bonds which have been discharged as provided in Section 5
Page 21
MinuteslEdina City CouncillFebruary 5,1996
I I
1 hereof. I
I (b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection
(c) hereof, either directly or indirectly through an agent designated by the City, the following
information at the following times:
(I) on or before 365 days after the end of each fiscal year of the City, commencing with
the fiscal year ending December 31,1996 the following financial information and operating data
in respect of the City (the “Disclosure Information”):
(A) the audited financial statements of the City for such fiscal year, prepared in accordance
with generally accepted accounting principles promulgated by the Financial Accounting
Standards Board as modified in accordance with the governmental accounting standards
promulgated by the Governmental Accounting Standards Board or as otherwise provided under
Minnesota law, as in effect from time to time, or, if and to the extent such financial statements
have not been prepared in accordance with such generally accepted accounting principles for
reasons beyond the reasonable control of the City, noting the discrepancies therefrom and the
effect thereof, and certified as to accuracy and completeness in all material respects by the
fiscal officer of the City; and
(B) To the extent not included in the financial statements referred to in paragraph (A) hereof,
the information for such fiscal year or for the period most recently available of the type set forth
below, which information may be unaudited, but is to be certified as to accuracy and
completeness in all material dspects by the fiscal officer of the City, to the best of his or her
knowledge, which certification may be based on the reliability of information obtained from
governmental or other third party sources:
Most recent population estimate; City Property Values; City Indebtedness; City Tax
Rates; Levies and Collections; Funds on Hand; Major Employers in the City; City Issued
Building Permits; Labor Force Data; and Current General Fund Budget.
Notwithstanding the foregoing paragraph, if the audited financial statements are not available
by the date specified, the City shall provide on or before such date unaudited financial statements
in the format required for the audited financial statements as part of the Disclosure Information and,
within 10 days after the receipt thereof, the City shall provide the audited financial statements.
Any or all of the Disclosure Information may be incorporated by reference, if it is updated as
required hereby, from other documents, including official statements, which have been submitted
to each of the repositories hereinafter referred to under subsection (b) or the SEC. If the document
incorporated by reference is a final official statement, it must be available from the Municipal
Securities Rulemaking Board. The City shall clearly identify in the Disclosure Information each
document so incorporated by refehnce.
If any part of the Disclosure Information can no longer be generated because the operations of
the City have materially changed or been discontinued, such Disclosure Information need no longer
be provided if the Ci includes in the Disclosure Information a statement to such effect; provided,
however, if such operations have been replaced by other City operations in respect of which data
is not included in the Disclosure Information’and the City determines that certain specified data
regarding such replacement operations would be a Material Fact (as defined in paragraph (2) of this
subsection (b)), then, from and after such determination, the Disclosure Information shall include
such additional specified data regarding the replacement operations.
If the Disclosure Information is changed or this Section 8 is amended as permitted by this
paragraph (1) or subsection (d), then the City shall include in the next Disclosure Information to be
delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment and
the effect of any change in the type of financial information or operating data provided.
In a timely manner, notice of the occurrence of any of the following events which is a
Material Fact (as hereinafter defined):
I
(2)
(A) Principal and interest payment delinquencies; (B) Non-payment related defaults;
(C) Unscheduled draws on debt service reserves reflecting financial difficulties;
I
\ Page 22
4
.. ..
MinutedEdina Citv Council/Februarv 5. 1996
(D) Unscheduled draws on credit enhancements reflecting financial difficulties;
(E) Substitution of credit or liquidity providers, or their failure to perform;
(F) Adverse tax opinions or events affecting the tax-exempt status of the security;
(G) Modifications to rights of security holders;
(H) Bond calls;
(I) Defeasances;
(J)
(K) Rating changes.
Release, substitution, or sale of property securing repayment of the securities; and
I
As used herein, a “Material Fact” is a fact as to which a substantial likelihood exists that a
reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a Bond
or, if not disclosed, would significantly alter the total information otherwise available to an investor
from the Official Statement, information disclosed hereunder or information generally available to
the public. Notwithstanding the foregoing sentence, a “Material Fact” is also an event that would
be deemed “material” for purposes of the purchase, holding or sale of a Bond within the meaning
of applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the
event.
(3) In a timely manner, notice of the occurrence of any of the following events or conditions:
(A) the failure of the City to provide the Disclosure Information required under paragraph (1)
of this subsection (b) at the time specified thereunder;
(B) the amendment or supplementing of this Section 8 pursuant to subsection (d), together
with a copy of such amendment or supplement and any explanation provided by the City under
paragraph (2) of subsection (d);
(C) the termination of the obligations of the City under this Section 8 pursuant to subsection
(d);
(D) any change in the accounting principles pursuant to which the financial statements
constituting a portion of the Disclosure Information are prepared; and
(E) any change in the fiscal year of the City.
(c) Manner of Disclosure. The City agrees to make available the information described in
subsection (b) to the following entities by telecopy, overnight delivery, mail or other means, as
appropriate:
(I) the information described in paragraph (1) of subsection (b), to each then nationally
recognized municipal securities information repository under the Rule and to any state information
depository then designated or operated by the State of Minnesota as contemplated by the Rule (the
“State Depository”), if any;
(2) the information described in paragraphs (2) and (3) of subsection (b), to the Municipal
Securities Rulemaking Board and to the State Depository, if any; and
(3) the information described in subsection (b), to any rating agency then maintaining a rating
of the Bonds and, at the expense of such Bondowner, to any Bondowner who requests in writing
such information, at the time of transmission under paragraphs (I) or (2) of this subsection (c), as
the case may be, or, if such information is transmitted with a subsequent time of release, at the time
such information is to be released.
(d) Term: Amendments: Interpretation.
(1) The covenants of the City in this Section 8 shall remain in effect so long as any Bonds are
Outstanding. Notwithstanding the preceding sentence, however, the obligations of the City under
this Section 8 shall terminate and be without further effect as of any date on which the City delivers
to the Registrar an opinion of Bond Counsel to the effect that, because of legislative action or final
judicial or administrative actions or proceedings, the failure of the City to comply with the
requirements of this Section 8 will not cause participating underwriters in the primary offering of
the Bonds to be in violation of the Rule or other applicable requirements of the Securities Exchange
Act of 1934, as amended, or any statutes or laws successory thereto or amendatory thereof.
(2) This Section 8 (and the form and requirements of the Disclosure Information) may be
amended or supplemented by the City from time to time, without notice to (except as provided in
Page 23
MinuteslEdina City CouncillFebruaw 5.1996
paragraph (3) of subsection (b)) or the consent of the Owners of any Bonds, by a resolution of this
Council filed in the office of the recording officer of the City accompanied by an opinion of Bond
Counsel, who may rely on certificates of the City and others and the opinion may be subject to
customary qualifications, to the effect that: (I) such amendment or supplement (a) is made in
connection with a change in circumstances that arises from a change in law or regulation or a
change in the identity, nature or status of the City or the type of operations conducted by the City,
or (b) is required by, or better complies with, the provisions of paragraph (b)(5) of the Rule; (ii) this
Section 8 as so amended or supplemented would have complied with the requirements of paragraph
(b)(5) of the Rule at the time of the primary offering of the Bonds, giving effect to any change in
circumstances applicable under clause ([)(a) and assuming that the Rule as in effect and interpreted
at the time of the amendment or sqpplement was in effect at the time of the primary offering; and
(iii) such amendment or supplement does not materially impair the interests of the Bondowners
under the Rule.
If the Disclosure Information is so amended, the City agrees to provide, contemporaneously with
the effectiveness of such amendment, an explanation of the reasons for the amendment and the
effect, if any, of the change in theltype of financial information or operating data being provided
hereunder.
(3) This Section 8 is entered into to comply with the continuing disclosure provisions of the Rule
and should be construed so as to satisfy the requirements of paragraph (b)(5) of the Rule.
Section 9. Severabilitv. If any section, paragraph or provision of this resolution shall be held
to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section,
paragraph or provision shall not affect any of the remaining provisions of this resolution.
Section IO. Headinns. Headings in this resolution are included for convenience of reference
only and are not a part hereof, and shall not limit or define the meaning of any provi
I
1 I %>
'Mayor
Attest:
Member Kelly second the motion. . I
Rollcall: I
Ayes: Kelly, Maetzold, Paulus, Smith, Richards ~
Resolution adopted. '.
CLAIMS PAID Member Smith made a motion to approve payment of the following claims as shown
in detail on the Check Register dated January 31,1996 and consisting of 42 pages: General Fund
$487,299.69; C.D.B.G. $9,119.50; Communications $36,290.40; Working Capital $12,461.29; Art
Center $9,085.39; Golf Course Fund $45,048.38; Ice Arena Fund $12,229.76; Gun Range Fund
$484.71; EdinboroughlCentennial Lakes $24,474.27; Utility Fund $347,975.42; Storm Sewer Utility
Fund $355.91; Recycling Program $1 4.66; Liquor Dispensary Fund $97,439.60; Construction Fund
$614.94; IMP Bond Redemption #2 $24,736.67; TOTAL $1,107,627.59. Motion seconded by Member
Kelly.
Rollcall:
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion camed.
There being no further business on the Council Agenda, Mayor Richards adjourned the meeting at 955
P.M.
I City Clerk
I
Page 24