HomeMy WebLinkAboutResolution No. 2008-028 Approving the Issuance of a Revenue Note Under the Minnesota Municipal Industrial Development Act By the Edina Housing and Redevelopment Authority CERTIFICATION OF MIN�UTESLAATING TO
• REVENUE NOTE (CALVIN CHRISTIAN SCHOOL OF MINNEAPOLIS PROJECT)
Issuer: City of Edina, Minnesota C-6
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on March 3, 2008 at
7:00 o'clock p.m., at the City Hall, Edina, Minnesota.
Members present:
Members absent:
Documents Attached:
Minutes of said meeting (including): Pages 1 through 2
RESOLUTION NO. 2008-28
RESOLUTION APPROVING THE ISSUANCE OF A
REVENUE NOTE UNDER THE MINNESOTA MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT BY THE EDINA
HOUSING AND REDEVELOPMENT AUTHORITY
• I, the undersigned, being the duly qualified and acting recording officer of the public
corporation issuing the bonds referred to in the title of this certificate, certify that the documents
attached hereto, as described above, have been carefully compared with the original records of
said corporation in my legal custody, from which they have been transcribed; that said
documents are a correct and complete transcript of the minutes of a meeting of the governing
body of said corporation, and correct and complete copies of all resolutions and other actions
taken and of all documents approved by the governing body at said meeting, so far as they relate
to said bonds; and that said meeting was duly held by the governing body at the time and place
and was attended throughout by the members indicated above, pursuant to call and notice of such
meeting given as required by law.
WITNESS my hand officially as such recording officer on March 3, 2008.
Debra Mangen, City Clerk
•
• Councilmember then introduced the following written resolution and
moved the adoption thereof.
RESOLUTION NO. 2008-28
RESOLUTION APPROVING THE ISSUANCE OF A
REVENUE NOTE UNDER THE MINNESOTA MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT BY THE EDINA
HOUSING AND REDEVELOPMENT AUTHORITY
BE IT RESOLVED by the City Council of the City of Edina, Minnesota(the "City"), as
follows:
Section 1. Recitals. Calvin Christian School of Minneapolis (the "Corporation"), a
Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended (the "Code"), has advised the Board of
Commissioners of the Edina Housing and Redevelopment Authority (the "Issuer") of its desire to
finance through the issuance of a revenue note of the Issuer, in an original principal amount not
to exceed $1,500,000 (referred to herein as the "Note"), under Minnesota Statutes,
Sections 469.152 to 469.1651 (the "Act"), all or a portion of the costs of the expansion and
renovation of the Corporation's existing campus located at 4015 Inglewood Avenue South in the
City of Edina including the construction of an approximately 8,600 square foot addition to the
• existing main school building and a 1,075 square foot addition to another building, together with
the acquisition and installation of equipment and furnishings, if any (the "Project"). The main
building addition will provide a new lobby, a new media center which includes a library,
computer lab, office and conference room, and an office suite, including a reception area, two
administrative offices, a small conference room, a nursing office, a workroom and restrooms,
and the addition to the other building involves a new entryway, a hallway and restrooms. The
Project will be owned and operated by the Corporation.
Section 2. Authorization and Approval. For all purposes of Section 147(f) of the
Internal Revenue Code of 1986, as amended(the "Code"), the City Council, as the applicable
elected representative of the Issuer, within the meaning of Section 147(f) of the Code, hereby
approves the issuance of the Note by the Issuer to finance the Project. Notwithstanding the
foregoing, however, the adoption of this resolution shall not be deemed to establish any
obligation on the part of the City or this Council to cause the issuance of the Note, and the
issuance of the Note is contingent upon satisfaction of a number of requirements, including
approval of the Project by the Minnesota Department of Employment and Economic
Development. The Note, if issued, shall not constitute a charge, lien or encumbrance, legal or
equitable, upon any property of the City.
i
• Adopted this 4th day of December, 2007.
Mayor
Attest:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember and upon vote being taken thereon, the following
voted in favor thereof:
and the following voted against the same:
• whereupon said resolution was declared duly passed and adopted.
•
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