Loading...
091205 EDA - Official File Copy --- CITY OF NEW HOPE EDA MEETING City Hall, 4401 Xylon Avenue North September 12,2005 EDA Meeting will commence upon adjournment of the City Council Meeting President Martin Opem Sr. Commissioner Mary Gwin-Lenth Commissioner Andy Hoffe Commissioner Karen Nolte Commissioner Steve Sommer 1. Call to order 2. Roll call 3. Approval of regular meeting minutes of August 22, 2005 4. Public hearing regarding a resolution authorizing and providing for the issuance of a revenue not pursuant to Minnesota Statutes, Sections 469.152 to 169.1651, as amended, at the request of Emergency Foodshelf Network, Inc. and approving forms of documents in connection therewith 5. Resolution relating to the decertification of a parcel from tax increment financing district no. 03-1 (special law) (improvement project no. 751) 6. Adjournment crTY OF NEW HOPE 4401 XYLON A VENUE NORTH NEW HOPE, MINNESOTA 55428 EDA Minutes August 22, 2005 Regular Meeting City Hall CALL TO ORDER President Opem called the meeting of the Economic Development Authority to order at 8:45 p.m. ROLL CALL Present: Martin Opem Sr., President Mary Gwin-Lenth, Commissioner Andy Hoffe, Commissioner Karen Nolte, Commissioner Steve Sommer, Commissioner Staff Present: Dan Donahue, City Manager Charles Carlson, Community Development Intern Valerie Leone, City Clerk Kirk McDonald, Director of Community Development Shawn Siders, Community Development Specialist Steve Sondrall, City Attorney Vince VanderTop, Assistant City Engineer APPROVE MINUTES Motion was nlade by Commissioner Nolte, seconded by Commissioner Hoffe, to approve the Regular Meeting Minutes of June 27, 2005. All present voted in favor. Motion carried. EMERGENCY President Opeffi introduced for discussion Item 4, Resolution calling for a FOODSHELF public hearing by the Economic Development Authority of the city of New NETWORK Hope on behalf of Emergency Foodshelf Network. Item 4 Mr. Kirk McDonald, director of community development, reported that in August of 2005, Emergency Foodshelf Network (EFN) submitted a request to the EDA to issue up to a $2 million tax exempt revenue note. The funds will be used to refinance existing debt and make improvements to the interior of the property at 8501 54th Avenue North. He stated neitller the city nor the EDA will assume any liability with respect to the note. The note 1lv-ill be issued by one or more lending institutions and will be secured by a first mortgage on the local facilities. Mr. McDonald stated adoption of the resolution will authorize scheduling a public hearing on September 12, 2005. Staff recommends approval of the resolution. EFN has submitted a $500 non- refundable fee and a $5,000 deposit to cover consultant expenses. If the city approves the bond, 1h of 1 % of the bond amount (or $8,500) will be paid to the city at tlle closing as the city is the issuer of the bonds. Mr. Dan Donahue, city manager, stated the $2 million would count against the EDA's annual $10 million bank qualification limit. He recommended EDA Meeting August 22, 2005 Page 1 approval as there is no other anticipated debt that staff \vill be asking the EDA to consider for the remainder of 2005, and the requestor will be required to pay the city 1;2 of 10;6 of the principal amount of the note in accordance with city policy. President Gpern pointed out that the action before the EDA at this time is to schedule the public hearing. He noted the requestor ,vill be required to stipulate their intentions for the funds at the p~blic hearing. EDA RESOLUTION Commissioner Sommer introduced the following resolution and moved its 05-06 adoption: "RESOLUTION CALLING FOR A PUBLIC HEARING BY THE Item 4 ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF NEW HOPE ON BEHALF OF EMERGENCY FOODSHELF NETWORK." The motion for the adoption of the foregoing resolution was seconded by Commissioner Hoffe, and upon vote being taken thereon, the following voted in favor thereof: Opem, Gwin-Lenth, Hoffe, Nolte, Sommer; and the following voted against the same: None; Abstained: None; Absent: None; whereupon the resolution was declared duly passed and adopted, signed by the president which was attested to by the executive director. IMP. PROJECT 778 President Opem introduced for discussion Item 5, Resolution approving Item 5 waiver of service availability charges (SAC) for 4301-17 Nevada Avenue North h-vinhome redevelopment (improvement project "no. 778). Mr. Shawn Siders, conununity development specialist, stated at the City Council Meeting of July 25 the Council approved a motion recommending that the EDA approve a resolution waiving the SAC fees for the Nevada A venue Twinhome project. EDA RESOLUTION Commissioner Nolte introduced the following resolution and moved its 05-07 adoption: "RESOLUTION APPROVING WAIVER OF SERVICE Item 5 A V AILABILITY CHARGES (SAC) FOR 4301-17 NEV ADA A VENUE NORTH TWINHOME REDEVELOPMENT (IMPROVEMENT PROJECT NO. 778)." The motion for the adoption of the foregoing resolution was seconded by Commissioner Gwin...Lenth, and upon vote being taken tl1ereon, the following voted in favor thereof: Opern, Gwin-Lenth, Hoffe, Nolte, Sommer; and the following voted against the same: None; Abstained: None; Absent: None; whereupon the resolution was declared duly passed and adopted, signed by the president which was attested to by the executive director. ADJOURNMENT Motion was made by Commissioner Nolte, seconded by Commissioner Sommer, to adjourn the meeting. All present voted in favor. Motion carried. The New Hope EDA adjourned at 8:51 p.m. Respectfully submitted, ~~ Valerie Leone City Clerk EDA Meeting August 22, 2005 Page 2 E1Ji\ REQUEST FOR ACTION Originating Department Approved for Agenda Agenda Section Community Development 9-12-05 EDA Item No. By: Kirk McDonald/ Director of CD 4 Shawn Siders, CD S ecialist Public Hearing regarding a resolution authorizing and providing for the issuance of a revenue note pursuant to Minnesota Statutes/ Sections 469.152 to 169.1651/ as amended, at the request of Emergency Foodshelf Network, Inc. and approving forms of documents in connection therevvith Requested Action This is a public hearing to consider the enclosed resolution approv:ing the issuance of a bond not to exceed $2 million ror Emergency Foodshelf Netvvork at 8501 54th A.venue North. Policy/Past Practice In the past, the EDA has approved the issuance of revenue bonds for other tax exempt agencies for improvements to be made at facilities in New Hope. Background On August 22/ 2005, the EDA approved a resolution scheduling a public hearing on September 12/ 2005 regardi11g the potential issuance of a bond for Emergency Foodshelf Neh,vork (EFN) in an amoUl1t not to exceed $2 million by the New Hope Economic Development Authority. At that meeting, staff indicated that some of the proceeds vV"ould be used to make improvements to the EFN facility in Nevv Hope located at 8501 54th A venue North as \vell as refinance existing debt used to originally purchase the property. Staff indicated that EFN had made the necessary application with accompanying fee in the amount of $500 and a $5/000 deposit to cover any city consultant expenses. City staff explained that the city's typical fee for the issuance of a bond is V2 of 1 % of the bond amount. EFN \^Jill be required to pay the city $8/500 to $10/000 if the issuance of the bond is appro\7ed by the EDA. The final amount of bond fees ,,\Till be determined once EFN has determined the final bond amount; howe.ver, it will not exceed $2 million. Originally/ the propert}T vvas oY\rned by Red Wing Foods and in 2003, a petition "vas made to subdivide the outlot on that property so that it could be sold to Master Transfer for the de\Telopment of the site into a support facility, for their operations. That petition was approved and the Master Transfer facility is currentl}T 1\10TION BY SECOND BY TO: I: \ RF A \ PLANl\J1N"G \ Q- EDi\ Public Hearin?; EFN Bond.doc uest fe)t' l\ctioT1 Septernber 12, 2005 F'age 2 under construction. In Marcl1 2004, EFN acquired the property from Red \tYing Foods 3l1d petitioned the COUl1ty for tax exempt status 011 the not for profit uses withill the property. A small portion of tile property is leased to a non-exempt user and that portion is required to pay property taxes. The followlllg is a srunmary of the property value and taxes paid. Pay 2002 taxes on single site [included Red Wing Foods & outlot (now Master Transfer)] $2,100,000 total value - -$88,142 total taxes .....$21,834 New Hope portion Pay 2003 taxes on single site [included Red \t\Ting Foods & outlot (now Master Transfer)] $2,050,000 total value - .....$81,018 total taxes .....$20,466 New Hope portion Pay 2004 taxes on sirtgle site [included Red Wing Foods & outlot (now Master Transfer)] $2,050,000 total value - -$80,649 total taxes .....$19,695 Nevv Hope portion Estimated Pay 2005 taxes on EFN excluding Master Transfer property $245,000 total value - -$8,407 total taxes -$2,041 Nevv Hope portion Estimated Pay 2005 taxes on Master Transfer property excluding EFN property $500,000 total 'value - -$18,661 total taxes -$4,550 New Hope portion The propert~y 'value at Master Transfer V\Till significantly increase as the pa)' 2005 tax rate is only based on the land value as the construction of the new facility had not been initiated when the assessment of the property vvas completed. Using an estimated value of $1.75 million after the completion the ne,,\! facility, the Master Transfer facility ,viTI generate approximately $69,000 in annual taxes and New Hope vvill collect approximately $17,000 of that total tax levy. Per the direction of the EDA, city staff contacted EFN to determine ho,,,T the proceeds of the bond issuance V\Tould be used. The city's bond counsel indicated that it is anticipated that $1.2 million \vill be used for refinancing of existing debt and $600,000 will be used for building improvements. As a foIloV\T up to the EDA meeting, city staff conducted a meeting "vith representatives with EFN to discuss the potential payment of a Payment in lieu of Taxes (PILOT) if this bond issuance is approved by the EDA. The representatives \vith EFN indicated that the payment of such a PILOT V\Tould limit their abilif:]r to continue to serve the number of area residents that experience hunger. EFN provides food and other services to NEAR a local organization serving New Hope residents. City staff suggested that the representatives with EFN discuss this matter with the EDA at the public hearing. Recommendation City staff recommends that the EDA close the public hearing once all interested parties have had the opportunity to discuss this matter "vith the EDA. Upon closing the public l1earing, city staff recommends that the EDA approve the enclosed resolution authorizing the bond issuance in an amoU11t not to exceed $2 million. If the EDA/City Council want to revieV\T and discuss the current policies regarding bond sales, city staff recommends that the EDA approve the bond issuance in the amount of $2 million under the procedures and policies that have been used in the past which require EFN to pay the typical application fee in the amount of T<.ect LteS t for l\ ctlOfl. SepteTTiber 200.5 F'J ~e .3 lj $500, deposit $5,000 \V"ith t11e city to cover c011sultant expe11ses and pay 1/2 of 1010 of tl1e fU1al b011d issuance in tb.e amount of $8,500 to $10,000. City staff would recommend that the EDA and City Council direct staff to review the bond issuance fees in other communities and report that inlormation to the City Council and/or EDA at a later date. City staff could also ,,\rork with the city attorney to de\Telop a PILOT policy for tax exempt properties that request a bond issuance on their behalf by the City Council and/or EDA. Attachments . Resolution . Applicant Correspondence . Bond Counsel Correspondence . DEED Application for Approval of Industrial Development Bond . Comprehensive Statement . Letter from Timothy C. Joyce - Wells Fargo Brokerage Services, LLC . Location Map(s) Resolution No. A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A REVENUE NOTE PURSUANT TO MINNESOTA STATUTES, SECTIONS 469.152 TO 469.1651, AS AMENDED, AT THE REQUEST OF EMERGENCY FOODSHELF NETWORK, INC., AND APPROVING FORMS OF DOCUMENTS IN CONNECTION THEREWITH BE IT RESOL VED by the Board of Commissioners of the Economic Development Authority in and for the City of New Hope, Minnesota (the "Issuer"), as follows: 1. Authority. Pursuant to Minnesota Statutes, Sections 469.152 to 469.1651, as amended (the "Act"), the Issuer is authorized to issue revenue bonds or notes and sell such bonds or notes at public or private sale as may be determined by this body to be most advantageous; and to loan the proceeds of its revenue bonds or notes for the purpose of financing or refmancing permitted costs of authorized projects, all as further provided in the Act, or to refund bonds or notes issued under the Act. Such revenue bonds or notes may be secured by a pledge of the revenues to be derived by the Issuer from a loan agreement with the borrower, and by such other security devices as may be deemed advantageous. Under the provisions of the Act, any bonds or notes so issued by the Issuer shall be special, limited obligations of the Issuer, and shall not constitute an mdebtedness of the Issuer, within the meaning of any state constitutional provision or statutory limitation, nor give rise to a pecuniary liability of the Issuer or a charge against its general credit or taxing powers. 2. The Note and the Proiect. Emergency FoodShelfNetwork, Inc., a Minnesota nonprofit corporation (the "Borrower") has proposed to the Issuer a project consisting of the acquisition and construction of improvements to, including the acquisition and installation of equipment, and the refinancing of outstanding indebtedness previously incurred by the Borrower in the acquisition of, the existing building of the Borrower located at 8501 Fifty Fourth Avenue North in the City of New Hope (the "Project"), and has further proposed that the Issuer issue and sell its Revenue Note (Emergency FoodShelfNetwork, Inc. Project), in an original principal amount not to exceed $2,000,000, substantially the form set forth in Exhibit A to the Loan Agreement referred to below (the "Note"), pursuant to the Act, and loan the proceeds thereof to the Borrower to provide financing for the Project. 3. Public Hearing. On the date hereof, following not less than 14 nor more than 30 days' published notice in the official newspaper and a newspaper of general circulation in the City of New Hope, the Issuer conducted a public hearing with respect to the Project and the issuance of the Note. All persons present had an opportunity to express their views with respect to the Project and the issuance of the Note. Based on the information presented, the Issuer hereby finds and determines that the undertaking of the Project and the issuance of the Note are in the public interest and will promote the purposes of the Act. 4. Application to Department of Emp 10 vrnent and Economic Development: Approval of Project. The Project is hereby approved by the Issuer, subject only to the approval thereofby the Commissioner of Employment and Economic Development of the State of Minnesota, as required by the Act. The President, the Executive Director and other officers of the Issuer are authorized to take such action as may be required to obtain the approval of the Commissioner of the Department of Employment and Economic Development, as required by the Act, of the Project and the issuance of the Note. All costs of the Issuer relating to the issuance of the Note, whether or not it is in fact successfully issued, shall be paid or reimbursed by the Borrower. 5. Documents Presented. Forms of the following documents relating to the Note and , the Project have been submitted to the Issuer and are now on file in the offices of the Issuer: (a) Loan and Purchase Agreement (the "Loan Agreement") by and between the Issuer, the Borrower and Wells Fargo Bank, National Association (the "Purchaser"), whereby, among other things, the Issuer agrees to sell and the Purchaser agrees to purchase the Note, the Issuer agrees to make a loan to the Borrower of the gross proceeds of the sale of the Note, and the Borrower agrees to complete the Project and to pay amounts sufficient to provide for the prompt payment of the principal of, pr~mium, if any, and interest on the Note; (b) Loan Agreement Assignment (the "Loan Agreement Assignment") from the Issuer to the Purchaser, whereby the Issuer assigns to the Purchaser all of its interest in the Loan Agreement and Loan Repayments of the Borrower payable thereunder (except for its rights to indemnity and payment of fees, expenses and advances); and (c) Escrow Agreement (the "Escrow Agreement") by and between the Issuer, the Borrower and the Purchaser, as escrow agent (referred to in such capacity as the "Escrow Agent"), providing for the deposit, investment and disbursement of the proceeds of the Note, as further provided therein. 6. Findings. It is hereby found, determined and declared that: (a) There is no litigation pending or, to the lmawledge of the Issuer, threatened against the Issuer relating to the Project or to the Note, or to the Loan Agreement, the Loan Agreement Assignment or the Escrow Agreement (collectively referred to as the ''Note Documents") or questioning the organization, powers or authority of the Issuer to issue the Note or execute such agreements. (b) The execution and delivery of and the performance of the Issuer's obligations under the Note and the Note Documents do not and will not violate any order of any court or any agency of government of which the Issuer is aware or in any proceeding to which the Issuer is a party, or any indenture, agreement or other instrument to which the Issuer is a party or by which it or any of its property is bound, or be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument. (c) The Loan Agreement provides for payments by the Borro\ver to the Purchaser, as registered owner of the Note, for the account of the Issuer, of such amounts as will be sufficient to pay the principal of, premium, if any, and interest on the Note when due. 2 (d) A portion of the Project consists of the refinancing of outstanding indebtedness of the Borrower previously incurred in the acquisition or betterment of the Borrower's existing facilities in the City of New Hope. The Issuer also finds and determines, within the meaning of Section 469.155, Subd. 4, of the Act, that the payment and discharge of such outstanding indebtedness with proceeds of the Nate, including all accrued interest on such outstanding indebtedness, all prepayment premiums or penalties thereon and any other carrying charges with respect thereto, is necessary. The Issuer also finds and determines that the Borrower is a "qualifying organization," within the meaning of Section 469.155, Subd. 4, of the Act, because the Borrower is primarily engaged in providing social services, such as providing assistance to the poor, distressed, or underprivileged. (e) The Proj ect will further the purposes and policies of the Act and will assist in promoting, attracting, encouraging and developing economically sound industry and commerce through governmental action for the purpose of preventing the emergence of blighted and marginal lands and areas of chronic unemployment. (f) Under the provisions of the Act and as provided in the Loan Agreement, the Note is not and shall not be payable from or charged upon any funds other than amounts payable pursuant to the Loan Agreement, which are pledged to the payment thereof pursuant to the Loan Agreement Assignment; the Issuer is not subject to any liability thereon; no O'Wller .ofthe Note shall ever have the right to compel the exercise of the taxing power of the Issuer to pay the Note ar the interest thereon, nor to enforce payment thereof against any property of the Issuer; neither the Note nor any document executed or approved in connection with the issuance thereof shall constitute a pecuniary liability, general or moral obligation, charge, lien or encumbrance, legal or equitable, upon any property of the Issuer; and the Note shall not constitute or give rise to a charge against the general credit or taxing powers of the Issuer. 7. Approval and Execution afDocuments. The forms of the Note Documents, as referred to in paragraph 5, are approved. The Note Documents shall be executed in the name and on behalf of the Issuer by the officers identified in paragraph 17, in substantially the forms on file, but with all such changes therein as may be approved by the officers executing the same, which approval shall be conclusively evidenced by the execution thereof. 8. Approvat Execution and Delivery of the Note. The Issuer is hereby authorized and directed to issue the Note, subject only to the approval of the Project by the Commissioner of Employment and Economic Development, as provided in Section 4 above, and the Note shall be issued substantially in the form, mature, bear interest, and be payable in the installments and shall otherwise contain the terms and provisions set forth in the form of Nate attached as Exhibit A to the Loan Agreement, which terms are for this purpose incorporated in this resolution and made a part hereof; provided, however, that the maturity date of and the principal payments with respect to the Note, the interest rate thereon, the amount and dates of the installment payments required to be made thereunder, and the rights of optional and mandatory redemption with respect thereto shall all be set forth in the Note as executed and shall all be subject to the final approval of the officers executing the same, such approval to be conclusively evidenced by the execution thereof; provided further, however, that, in no event shall the principal amount of the 3 Note exceed $2,000,000, shall the final maturity of the Note be in excess of 15 years from the date of issuance thereof, or shall the rate of interest thereon exceed % per annum. As provided in the Act, and in order to assure the full benefits thereof, the Note shall recite that it is issued pursuant to the Act. The Note shall be issued and delivered to the Purchaser. The proposal of the Purchaser to purchase the Note as provided in the Loan Agreement at a purchase price equal to 100% of the par value thereof is hereby found and determined to be reasonable and is hereby accepted. As provided in the Loan Agreement, the deposit by the Purchaser into the Project Fund of the sale price of the Note shall constitute the loan of the proceeds of the Note from the Issuer to the Borrower, as further provided in the Loan Agreement. 9. Registration Records. The Secretary of the Issuer, as Note Registrar, shall keep registration records which shall set forth the name and registered address of the registered O\Vl1er of the Note from time to time. Transfer of ownership of the Note shall be reflected in such registration records, as provided in Section 11 below. 10. Mutilated~ Lost~ Stolen or Destroyed Note. lfthe Note is mutilated, lost, stolen or destroyed, the Issuer may execute and deliver to the Registered Owner a new Note of like amount, date, number and tenor as that mutilated, lost, stolen or destroyed; provided that, in the case of mutilation, the mutilated Note shall first be surrendered to the Issuer, and in the case of a lost, stolen or destroyed Note, there shall be first furnished to the Issuer and the Borrower evidence of such loss, theft or destruction satisfactory to the Issuer and the Borrower, together with indemnity satisfactory to them. The Issuer and the Borrower may charge the Registered Owner with their reasonable fees and expenses in replacing any mutilated, lost, stolen or destroyed Note. 11. Transfer ofNote~ Person Treated as Registered Owner. The Note shall be transferable by the Registered Owner only on the registration records of the Issuer, upon presentation of the Note for notation of such transfer thereon at the office of the Secretary of the Issuer, as Note registrar, accompanied by a written instrument of transfer in form satisfactory to the Secretary duly executed by the Registered Owner or its attorney duly authorized in writing. The Note shall continue to be subject to successive transfers in such manner at the option of the Registered Owner of the Note. No service charge shall be made to the Registered Owner for any such transfer, but the Secretary may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, which the Borrower shall pay under the Loan Agreement. The person in whose name the Note shall be issued or, if transferred, shall be registered from time to time shall be deemed and regarded as the absolute Registered Owner thereof for all purposes, and payment of or on account of the principal of and interest on the Note shall be made only to or upon the order of the Registered Owner thereof, or its attorney duly authorized in writing, and neither the Issuer, the Secretary, the Borrower, nor the Purchaser shall be affected by any notice to the contrary. All such payments shall be valid and effectual to satisfy and discharge the liability upon the Note to the extent of the sum or sums so paid. The Note shall be initially registered in the name of the Purchaser. 12. Amendments~ Changes and Modifications to Documents and Note Resolution. Except as provided in the Loan Agreement, the Issuer shall not enter into or make any change, 4 modification, alteration or termination of the Loan Agreement, the Loan Agreement Assignment or this Note Resolution. 13. Pledge to Registered Owner. Pursuant to the Loan Agreement Assignment, the Issuer shall pledge and assign to the Purchaser and its successor Registered Owners of the Note all interest of the Issuer in the Loan Agreement (except for the interests of the Issuer under Sections 5.2(b), 7.1,7.7, 8.4 and 8.5). All collections of moneys by the Issuerin any proceeding for enforcement of the obligations of the Borrower pursuant to the Loan Agreement, except for the rights of the Issuer thereunder reserved under the Loan Agreement Assignment, shall be received, held and applied for the benefit of the Registered Owner of the Note. 14. Covenants with Registered Owners~ Enforceability. All provisions of the Note and of this Resolution and all representations and undertakings by the Issuer in the Loan Agreement and the Loan Agreement Assignment are hereby declared to be covenants between the Issuer and the Purchaser and its successor Registered Owners of the Note and shall be enforceable by the Purchaser or any successor Registered Owner in a proceeding brought for that purpose. 15. Certificates~ etc. The officers of the Issuer are authorized to prepare and furnish to Dorsey & Whitney LLP, Minneapolis, Minnesota, as Bond Counsel to the Purchaser, and to the Borrower and to the Purchaser, certified copies of all proceedings and records of the Issuer relating to the Note, and such other affidavits and certificates as may be required to show the facts appearing from the books and records in the officers' custody and control or as otherwise mown to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the Issuer as to the truth of all statements of fact contained therein. 16. Nature of Issuer's Obligations. All covenants, stipulations, obligations, representations, and agreements of the Issuer contained in this Resolution or contained in the aforementioned documents shall be deemed to be the covenants, stipulations, obligations, representations, and agreements of the Issuer to the full extent authorized or permitted by law, and all such covenants, stipulations, obligations, representations, and agreements shall be binding upon the Issuer. Except as otherwise provided in this Resolution, all rights, powers, and privileges conferred, and duties and liabilities imposed upon the Issuer by the provisions of this Resolution or of the aforementioned documents shall be exercised or performed by such officers or agents as may be required or authorized by law to exercise such powers and to perform such duties. No covenant, stipulation, obligation, representation, or agreement herein contained or contained in the documents referred to above shall be deemed to be a covenant, stipulation, obligation, representation, or agreement of any Commissioner, officer, agent, or employee of the Issuer in that person's individual capacity, and neither any member of the Board of Commissioners nor any officer or employee executing the Note or such documents shall be liable personally on the Note or be subject to any representation, personal liability or accountability by reason of the issuance thereof. No provision, representation, covenant or agreement contained in the Note, this Resolution or in any other document related to the Note, and no obligation therein or herein imposed upon the Issuer or the breach thereof, shall constitute or give rise to a general or moral obligation, or indebtedness or pecuniary liability of the Issuer or any charge upon its general credit or taxing powers. In making the agreements, provisions, covenants and 5 representations set forth in the Note or in any other document related to the Note, the Issuer has not obligated to payor remit any funds or revenues, except for revenues derived from the Loan Agreement that are pledged to the payment of the Note. 17. Authorized Officers. The Note and the documents referred to herein are authorized to be executed on behalf of the Issuer by its President and Executive Director; provided, however, that in the event that either of those officers shall be unavailable or for any reason be unable to execute the Note or any other document to be entered into by the Issuer in connection therewith, any other officer of the Issuer, acting alone or with one or more other officers, is hereby directed and authorized to do so on behalf of the Issuer. 18. Bank-Qualified Obligation. The Note is hereby designated as a "qualified tax- exempt obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. The Note is to be issued on behalf of an organization described in Section 501(c)(3) of the Code and is to be issued as a "qualified 501(c)(3) bond" under Section 145 of the Code. The Issuer, together with all subordinate entities thereof, does not reasonably expect to issue tax-exempt obligations, including the Note (other than private activity bonds not constituting "qualified 501(c)(3) bonds"), which, when added together with all such obligations heretofore issued by the Issuer, or such subordinate entities, in calendar year 2005, will be in an aggregate amount exceeding $10,000,000 in calendar year 2005. 19. Definitions and Interpretation. Terms not otherwise defined in this Resolution but defined in the Loan Agreement shall have the same meanings in this Resolution and shall be interpreted herein as provided therein. Notices may be given as provided in the Loan Agreement. In case any provision of this Resolution is for any reason illegal or invalid or inoperable, such illegality or invalidity or inoperability shall not affect the remaining provisions of this Resolution, which shall be construed or enforced as if such illegal or invalid or inoperable provision were not contained herein. Adopted: September 12, 2005. ECONONUCDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF NEW HOPE By President Attest: By Executive Director 6 . - . August 8, 2005 Kirk McDonald Director of Community Development City of New Hope 4401 Xylon Avenue North New Hope, lYfN" 55428 Dear Mr~ McDonald: Enclosed please find an application for the Emergency FoodshelfNetwork (EFN) to submit for Revenue Bond Tax Exempt Financing. I look forward to completing this process as quickly as possible so that we can make the necessary capital improvements needed to assure that we can continue to meetthe growing need for hunger relief in our community. Your support will help us continue to provide much needed assistance and guidance to food shelves such as the NEAR Food Shelf located in OUI New Hope. Please let me lmow if you need additional information from me concerning this application by contacting me at 763-450-3862. Sincerely, ---c Tim Barnes Executive Director Cc: Mr. Tim Joyce X50 I North Fi ny Fourth A vC'nul' Nt.~\\' I-lope, rvl N 5542~ PhUllC: 763.4S0.Jk(JO F'~l.\: 7(i:'.45(J..1;~l)t) - h ttD: i;\J,/\v\v. ern ergen c vf 0 ocish e! f. on! . . The Emergency FoodsheIfNetwork (EFN) is a nonprofit organization that collects, warehouses and distributes high quality food and essential support services to Minnesota hunger relief organizations. Our family of programs include food banking, food rescue, supplemental nutrition for families and seniors, and customized support services such as infrastructure, equipment, and technology for hunger relief organizations. Our network of 180 member agencies provide more than 7 million pounds of nonperishable, perishable and prepared food to over 1 million hungry individuals annually. In 2004, 92 cents of every $1.00 raised was spent directly on our programs and only 3% of our revenue was spent on funclraising. Through donations from the community, we provided over 9 million dollars in benefits and savings to our members last year. Below is a list of services we provide through ourfamily ofprograms: Food Support Proflram - EFN distributed over 633,000 pounds offood to its member agencies at no charge in 2004. This saved our network of hunger relief organizations $1,300,000 last year. Bulk Food Purchasinfl Proflram - For those hunger relief organizations looking to supplement the free food they receive, EFN purchases quality food items in bulk at the lowest possible prices and make it available at or below retail prices. Last year, organizations purchased over $1,000,000 offood, which allowed them to save $406,000. Fare For All Proflram -Offers food packages to families looking to stretch their food-purchasing power. Each month, participants pay $17.00 and receive $40.00 worth of quality fruits, vegetables and meats. In 2004, this program distributed 662,000 pounds offood to 116,000 people, saving them nearly $750,000. All Seasons Food Rescue Proflram - Collects and distributes perishable food (that would otherwise go to waste). In 2004, this program rescued and distributed over 90,000 pounds of free food to local hunger relief organizations, saving individuals and families $280,000. High Rise Proflram - Distributes supplemental food to subsidized housing complexes _ the majority of the residents are senior citizens. In 2004, EFN delivered 313,000 pounds of food through this program. Support Services - In 'our continuing effort to support hunger relief organizations, EFN provides additional free and subsidized services such as: systems support for the Toys for Tots program, volunteer services, grants, equipment repair, and delivery services. These services saved agencies nearly $5,000,000 in 2004. To learn more about the EFN organization, including financial/governance information, and upcoming community events, please call us at 763.4503860 or visit lIS on the web at: V'!1;Y1V ~ emergen cyf 00 ash elf. org ~ H 0 W o. b.O C'l ~ ~ ~ H cd ~ ~.. 0 ~ ,..q 0 ~ '"d ,-4 O~" ~ .8 ~ ~I.JJJ ~ ~ Q.) U}~ U} 0 .~ '"d ~H U} H <r:: S .~ ~ S ~ > ~ w b.O H H ~ ~ ,..., '\ ~ cd ~ ;j \eJ",I ~ ~ U} r-C1 I "") H ~ ~ ~ ...,.... 0 ...0 . ~ 0 oj 2.~ cd 8 I "") ~ ~ U} .~ ...,.... U} ~ ~ ~ . W ~o C) cd H to) · ~ r-cj;j ;.e ~ W 0 cd ~ ~f$ ~ ~ O ~."' ~ ~ ~ ~ r-cj~ 0 ~ · r-I ~'S ~ ~ H 00 cd;j ~ H t.8 r" r-cj S 0 ~ ~ \J,j. 0 S b.O ~ ~ ---J (' q ~.....! cd · ~ ~ 0 .~ ~v C) ~ ~C) H ~ 0 ~ W cd :> .. ~~ ~ ~ r-cj cd~ U} .~ cd ;j~ ~ ~ r-cj ~ .~. ~ ;j ~ ,..q U} ~ ~ cd b.O S C) .~ N W ~ ,..q cd .~ ~ ~ wSD S 0 C) r-cj 0 .~ S ;j .~ ~ @ 0 r-cj 6~ ~ ~ ~ ~~ ~ A ~.~ A A or---f ~ ~ .. Emergency Foodshelf Nettvork 2005-2006 Board of Directors Barb Kjos 9/2007 Julie Honebrink 9/2006 President Community Affairs 609 Park Valley Drive West MN Fox 9 Hopkins, MN 55343 11358 Viking Drive H: 952..935..9047 Eden Prairie, MN 55344 BarbaraI{jos@msll.com W: 952..946-5685 ihone brink@lunfox. com Bruce Shnider Vice President 9/2006 Dianne Blaydes 9/2006 Dorsey & VVhitney, Hennepin Count~y Human Services & Suite 1500 Public Health 50 S.6th Street 525 Portland Ave. S. Nfinneapolis,~ 55402 MCL983 W -612-340-2862 Minneapolis, MN 55415 shnider. bruc eUi1dorsev. com W-612-348-7550 Dianne. Bla vde s@co. hennepin. mn. us Jon Habben 1/2006 Secretarvfrreasurer Tom Grossman 9/2008 Gold'n Plump Poultry Metro Management, Inc. P.O. Box 1106 7625 Metro Blvd., Suite 300 St. Cloud,.MN 56302 Edina, MN 55439 W ..1-320- 240-6262 W.. 952..893..1277 jhabben@goldnpluIDP.com te:-metcor@vahoo.com Jennifer Pope R.D. H. 2/2007 Ji-young Choi 9/2008 Dr. Gerst Dentist Office Catholic Charities 2701 Nicollet Ave. Family Service Center NUnneapolis, ~ 55408 2001 Van Dyke 612-874-7674 Maplewood, MN 55109 jenn'laoope@vahoo.com W.. 651..779..5077 J choi@ccp m. org Annette Marie Poeschel 9/2007 reA Food Shelf Francisco Segovia 9/2008 3909 Williston Road Waite House Minnetonka, MN 55345 Pillsbury United Communities W-S52-938-0729 Mtka. Site 2529 13th Ave. South W-952-470-0692 Excelsior Site Minneapolis, MN 55404 ica@emergencvfoodshelf. org W..612-721-1681 Be e-oviaF@p liC- mn. arg Barbara Petersen 9/2006 University Bank Tim Barnes 200 University Ave. EFN Executive Director St. Paul, MN 55419 W-763-450..3862 W--651-265..5600 Cell- 763-238..1402 Barb ara@uni veri stvb ank. com t barn e s@em erg-e ncvfoodshelf. ore- . ~ . ( Cd>> DORSEY OaR S E Y & Vv HIT r\l E Y L L P JEROME P. GILUGAN (612) 340-2963 FAX (612) 340-2643 giJligan.jerome@dorsey.com August 12, 2005 Mr. Kirk McDonald Community Development Director City of New Hope 4401 Xylon Avenue North New Hope1 MN 55428 Re: Proposed Revenue Note for Emergency FoodShelf Network, Inc. Dear Kirk: The City has received a request from Emergency FoodShelf Network, Inc. (the . uCorporation.") that the Economic Development Authority in and for the City of New Hope (the "EDA") issue tax-exempt revenue bonds under Minnesota Statutes, Sections 469.1.52 to 469.165) to finance and refinance improvements, including acquisition and installation of equipment to its facilities in the City. The Corporation has requested that the EDA Board of Commissioners at its meeting on August 22, 2005 call for a public hearing to be held on September 12, 2005 on the issuance of the Note by the EDA. The Note is proposed t<? be issued in the aggregate principal amount of up to $1,734,000. The debt service on the Note will be payable solely from payments to be made by the Corporation and will be secured by a first mortgage on its facilities in New Hope. Neither the City nor the EDA will not have any liability .with respect to the Note. The Corporation is requesting that the EDA, rather than the City) issue the Note in order that the Note can be designated bank-qualified under Section 265(b) of the Internal Revenue Code (the UCode"). The Corporation is hoping that the .Note can be designated as bank- qualified since it is anticipated that the purchaser of the Note will be one or more banks. The EDA has a separate annual $10.000,000 bank qualification limitation, and under Section 265(b) of the Code obligations lssued by the City do not count against the EDAJs bank qualification limitation. HoweverJ the obligations of the EDA, as a subordinate entity of the City, will count against the City's annual $10JOOO,OOO bank qualification limit. While I understand the City does not have any plans to issue additional bonds for City purposes this year, I have been contacted by an investment banker about the possibility of the City issuing refunding bonds som.etime this year to refund the Masonic Home North Ridge Care Center Bonds issued by the City in 1999. The issuance of such refunding bonds will cause the City to exceed the $10,000,000 bank qualification limit for 2005~ Because of the possibility of that refunding taking place, the City could not designate the Note as a bank-qualified obligation because, in order to do so, it must reasonably determine that it does not expect to exceed the $1 OJOOO,OOO limitation in 2005. DORSEY & WHITNEY LLP. WWW.DORSEY,COM · T 612.340.2600. F 612.340.2868 SUITE 1500. 50 SOUTH SIXTH STREET · MINNEAPOLIS, MINNESOTA 55402-1498 USA CANADA EUROPE ASIA . . c ~ DORSEY Mr. Kirk McDonald August 12,2005 Page 2 However, since the EDA has its own separate $10,000,000 bank qualification limitation and the City bonds do not count against the EDA's bank qualification limitation, the EDA is able to designate the Note as' a bank-qualified obligation. The Corporation will pay all EDA and City expenses with respect to the Note, and upon issuance of the Note will pay the City a fee equal to ~ of 1 % of the principal amount of the Note in accordance with the City's requirements for issuance of revenue bonds. Representatives from the Corporation will attend the August 22nd Board of Commissioners meeting to respond to any questions concerning this proposal. If you have any questions, please call me~ cc: Steve SondralI Dick Heide 4824-6428-1344\1 8/9/20052:38 PM DORSEY & WHITNEY LLP Revised Aug 2003 STATE OF MINNESOTA4 MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT BUSINESS AND COMMUNITY DEVELOPMENT DIVISION APPLICA TION FOR APPROV AL OF INDUSTRIAL DEVELOPMENT BOND PROJECT PURSUANT TO Mfr.,TNESOTA STATUTES, SECTION 469.152 THROUGH 469.165 (please submit this form in duplicate - all supporting data in single copy only) Date: September _ 2005 The governing body Economic Development Authority in and for the City of New Hope.. Minnesota, hereby applies to the Minnesota Department of Employment and Economic Development (Department) for approval of a proposed Industrial Development Bond issue as required by Minn. Stat. 9 469.152 - 469.165. Address of issuer: City HalL 4401 Xylon Avenue North_ New Hope_:MN Attn: Kirk McDonald Telephone: (763) 531-5100 Fax: (763) 531-5136 We have entered into preliminary discussions with: Bond Counsel: 1vfr. Richard A. HeIde Finn: Emergencv FoodShelfNetwork.. Inc. Attorney: Dorsev & \Vhitnev LLP. Address: 8501 Fiftv-FourthAvenue North Address: 50 South Sixth Street Suite 1500 City : Ne\\' Hope State :MN Zip 55428 City: Minneapolis State :MN Zip 55402 Name of Project: Emer2:encv FoodShelfNetwork. Inc. Proiect This firm is engaged primarily in (nature of business): Provide high quality food and essential support services to hunger relief programs in the community The proceeds from the sale of the Industrial Development Bonds will be used to (describe the project): Acquisition and construction of improvements to_ including the acquisition and installation of equipment and the refinancing of outstanding indebtedness previously incurred in the acquisition bv the Corporation of- the Corporation's existing building in the City of Ne\v Hope Address of Project: 8501 Fifty Fourth Avenue North.. Ne\v Hope.. :MN Acquisition of land: $ New construction: (Building Improvements) 465..000 Demolition and site preparation: Acquisition and Installation of Equipment: 100_000 Fees: Architectural, engineering, inspection, fiscal, legal, administration, or printing: 35_000 Construction Interest: Initial Bond Reserve: Contingencies: Other: Refunding of Indebtedness 1_200.000 Total: $ 1_800_000 It is presently estimated that construction \vill begin on or about N/A _ and will be - complete on or about N/A . \\Then completed, there will be approximately .-JL new jobs created by the project at an annual payroll of approximately $ N/A , based upon currently prevailing wages. (If applicable) There are 18 existing jobs provided by business. (If applicable) There will be .-JL jobs created by construction of the proj ect. Number of hours .-JL. Average wage level $ N/A . Repayment of the proposed issue \^t,ill be amortized over a period of 25 years. The following exhibits are furnished with this application and are incorporated herein by reference: 1. An opinion of bond counsel that the proposal constitutes a project under Minn. Stat. S 469.153, subd.2. 2. A copy of the resolution by the governing body of the issuer giving preliminary approval for the issuance of its revenue bonds and stating that the project, except for a project under Minn. Stat. S 469.153, subd. 2(g) or (j) would not be undertaken but for the availability of Industrial Development Bond fmancing. 3. A comprehensive statement by the municipality indicating how the project satisfies the public or purpose and policies of Minn. Stat.g 469.152 - 469.165. 4. A letter of intent to purchase the bond issue or a letter confirming the feasibility of the project from a financial standpoint. 5. A statement signed by the principal representative of the issuing authority to the effect that upon entering into the revenue agreement, the information required by Minn. Stat. S 469.154, subd. 5 will be submitted to the Department (not applicable to projects under Minn. Stat. S 469.153, subd. 2(g) or G). 6. A statement signed by the principal representative of the issuing authority that the project does not include any property to be sold or affixed to or consumed in the production of propert;Y for sale, and does not include any housing facility to be rented or used as a permanent residence. 7. A statement signed by a representative of the issuing authority that a public hearing was conducted pursuant to Minn. Stat S 469.154, subd. 4. The statement shall include the date, time and place of the meeting and certify that a draft copy of this application \'lith all attachments \vas available for public inspection and that al interested parties \vere afforded an opportunity to express their vie\\'s. 8. Copies ofnotice(s) as published \vhich indicate the date(s) of publication and the newspaper(s) in which the notice(s) \vere published. 9. Provide a plan for compliance of employment preference of economically disadvantaged or unemployed individuals. (See Minn. Stat. S 469.154, subd. 7.) -2- We, the undersigned, are duly elected representatives of Economic Development Authoritv in and for the City of New Hope~ Minnesota and solicit your approval of this project at your earliest convenience so that we may carry it to a final conclusion. Signed by: (principal Officers or Representatives of Issuing Authority; type or print official's name on the line to the left of the si2J1ature line. Thank you.) President Signature Title: Executive Director Signature This approval shall not deemed to be an approval by the Department of the State of the feasibility of the project or the terms of the revenue agreement to be executed or the bonds to be issued therefor. Authorized Signature, Minnesota Department of Date of Approval Employment and Economic Development Please return to: Minnesota Department of Employment and Economic Development Paul A. Mae, Director Office of Business Finance 500 Metro Square Building 121 Seventh Place East 81. Paul, Minnesota 55101-2146 Phone: 651-297-1391 Fax: 651-296-5287 BondapplicationOi 1 003 .'-vpd 3 4828-4327-5776\1 COl\1PREHENSIVE STATEMENT The undersigned, being the duly qualified and acting President of the Economic Development Authority in and for the City of New Hope (the "Issuer"), certifies that the Issuer has been provided by representatives of Emergency FoodShelfNetwork, Inca, a Minnesota nonprofit corporation (the "Borrower"), with certain information concerning a proposed project under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 through 469.1651 (the "Act"). On the basis of such information the Board of Commissioners, by resolution adopted September 12,2005, has given approval to the proposed project and the financing thereof by the issuance of a revenue bond or note of the Issuer. The following are factors considered by the Board of Commissioners in determining to give approval to the proposed project: 1. The proposed project consists generally of the acquisition and construction of improvements to, including the acquisition and installation of equipment, and the refinancing of outstanding indebtedness previously incurred in the acquisition by the Borrower of, the Borro\ver's existing building in the City of New Hope (the "Project"). The existing building is located at 8501 Fifty Fourth Avenue North in the City of New Hope, and is used by the Borrower to provide hig11 quality food and essential support services to hunger relief programs in the community. 2. The Project constitutes a "project" within the meaning of Minnesota Statutes, Section 469.153, subdivision 2(b), and Section 469a155, subdivision 4. 3. The Project \\lill promote the public purposes and legislati\Te objectives of the Act by, among other things, promoting, attracting, encouraging and developing economically sound industry through governmental action to prevent, so far as possible, the emergence of blighted lands and areas of chronic unemployment. 4. Representatives of the Borrower estimate that approximately -0- new jobs \viII be created as a result of the Project, and that significant existing employment opportunities also will be maintained as a result of the Project. 5. The City will provide the Minnesota Department of Employment and Economic Development (the "Department") with the information required by Minnesota Statutes, Section 469.154, Subdivision 5, upon entering into a revenue agreement (as defined in the Act) \""lith the Borrower, and the information required by Minnesota Statutes, Section 469.154, Subdivision 7, as required. 6. The Project does not include any property to be sold or affixed to or consumed in the production of property for sale, and does not include any housing facility to be rented or used as a permanent residence. 7. A public hearing on the proposal to undertaken and finance the Project \vas conducted pursuant to Minnesota Statutes, Section 469.154, Subdivision 4, on September 12, 2005, at p.m., at the New Hope City Hall, 4401 Xylon Avenue North, New Hope, Minnesota, at which public hearing all interested parties \vere afforded an opportunity to express their views. A draft copy of the application to the Department. '^lith all attachments was available for public inspection prior to the publication of notice of the public hearing. Dated: September 12, 2005 President -2- 4832-2915-1744\1 Ptlt)lic Fi narlCe Wells Fargo Brokerage Services, LLC Timothy C. Joyce Vice President MAC: N9303-105 608 Second Avenue South; 10th Floor Minneapolis, Minnesota 55479 800-835-2265 ext. 76785 OJ reet: 612-667-6785 Fax: 612-667 -9906 September 2, 2005 Kirk McDonald Director of Community Development City of New Hope 4401 Xylon Avenue North New Hope, 1v1N 55428-4989 RE: Proposed Economic Development Authority in and for the City of New Hope Revenue Note (Emergency FoodshelfNetwork, Inc. Project) Series 2005 Dear Mr. McDonald: At the request of Emergency FoodshelfNetwork, Inc., \ve have conducted a study of the preliminary economic feasibility of the proposal that a revenue note be issued under the provisions of Minnesota Statutes, Section 469.152 through 469.1651, to provide funds for the Project. It is our opinion that on the basis of current financial conditions, the Project is economically feasible and a revenue note can be successfully issued and sold. We understand a copy of this letter will be forwarded by the Issuer to the Minnesota Department of Employment and Economic Development to serve as the feasibility letter required by the Department. Very truly yours, WELLS FARGO BROKER.\GE SER\'ICES, LLC Timothy C. Joyce Wells Fargo Public Finance (WFPF) bankers are registered representatives of Wells Fargo Brokerage Servicesl LLC1 or Wells Fargo Institutional Securities, LLC1 brokerage affiliates of Wells Fargo & Company and members of the NASD and SIPC. Investments: . NOT FDIC insured. May lose value . No bank guarantee ~ h~// 880. 5555 <<00 '---J \ 5530 HOST.ERt~1?N ~~VA,f;~.j// ---, i 5555 ! JR HiGH SCHOOL Ir~J_ "'-'-;.- , 0 I n G r I j n I '.,U C I i I 5500 PUbLiC U' WORKS APART- GARAG E 5501 M ENTS ~ 9101 55TH AVE N 5436 5437 5436 5437' .'. ... -...... . - .. 5436 5?37 1 . 5430 54-3D 5?'31 5430 5431 5430 5431 _ NORTH 5426 5427 5426 54-27 5+261 -427 -0 542:> Z _ _ BEGI N " ~ ^ RIDGE w :>420 :>421 Z 5420 5421 Z 4653 5420 5421 . ~ 5420 CARE ~ 5416 15417 5! 5416 - 17 5! PARK Z 5416 54-17 Z , <t, <{ W ll.. "9000 54 17 CENT ~ 5410 5411 Z 5410 5411 Z =< 5410 5411 ~ \ ~ 5406 540':. ~ ~~7 g ~ 54()6 5407 Q; \ 5401 ~ 5400 5401 52 5400 '- 401 S< 54()0 5401 .:;: \ \ 5410 54TH AVE N 9101 5300 8501 8201 8821 8601 C. P. RAIL SYSTEM o 5101 S100- 0197 5147 / 51ST AVE N 5016 5017 CHURCH CHRIST 5001 r--. Z g W ~ ~ ~ 4921-4937 W ~ Z ~ NEW HOPE g ~ A TH LETI C CD :g FIELD )0 f'o. C) 8810 8800 6700-674-5 ~ ~ to 49TH AVE N :g 8406 )4554 I 48-- ,.:> S901 CJ _ fTl 4540 4881 f 4855 I 4565 c;; (") 4850 4849 Z 4548 4849 I co 484 i P: 4832 .. _ I - '-l 4-573 4872 W 4o~ 48::.7 __ C 4841 > 4840 4-84-1 I I 4-S';).:l ::::0 4824- ;"::1' / \2 4865 485~ t~ "~-2 j ....,.....":'0 ~.84 9 4540 I. _ _ \ __ . ~ 633 :) -:-::l.:l 4833 I !- " -.J Q "..,.;:>2:> ( )>:1 4815 480/ I::::: I" 4,832 I 4841 \~ \~S32!.----{ ?i\........-.;:\ 05i5 16 I c, )10\ 40241 4-8251 Z! ~~-l\ \4817 \ _\ 4_00 I~ 12 <t: · .-~,."! ""2" i ~3':') ~"" "~2":\ ""<;-~7f \ / ~8T~ AVE '_~: :-',~ I :::;~ ~I j ~~ ~l'; :) ::. ~ - < C -V> .-..... I :~ i i . () I - f-- : I C:J i- C) ! I < C i. Ld I (\ ,., L..l_ I ~2 _1.- -> :::> EMENT: LIJI L.._' ent I ~ t 0 f of H?pe / Aly. Llj j . , r>t;d. LJ_ ! () ~ -~ - tion. _1-. '-(.. esoto. -> ; [Ij' : Master Transfer - 8401 54th I ~:: ! Avenue North OC I 1 LIJ! I t- - I ; (!) I I <( 5 \ -.;- I ...::: \ ;; I I ~ I II I I I III I I I I I I I 1 \ ~ ~ \ I ~~_~l~f~ 11 \ \ \ \ \ \ \ \ \ III \ IDJ;~L - ',,-___ N 89-22' 20" E I Emergency Foodshelf Network- 850154th Avenue North c I ~ l ~ . . . . . . r . .. ' 4 r ~. Memo To: Kirk McDonald From: Tim Barnes cc: Tim Joyce Date: 9/8/2005 Re: Withdravval of Application Kirk-thank you for the opportunity to discuss our proposal with the city staff yesterday. After further review I have decided to withdrawal my application for tax-exempt financing with the City of New Hope. The process and the cost have far exceeded the benefit to access this opportunity for my organization. I plan to continue to explore any number of conventional banking options from community banks value us as customer and who don't need to be convinced of the intrinsic value and benefit we bring to the state and the community. Please send an itemized list of expenses thus far and a refund of the money vve have owing to us. Please remo\re our application from the City Council meeting scheduled for September 12, 2005. I \t\rill ask Tim Joyce from Wells Fargo to pass this information on to all concerned parties. Any questions concerning this matter can be directed to me at 763-450-3862. Thank you Emergency FoodShelf N etvvork \vvvw. em erg en cy-fo 0 dshelf. 0 rg 8501 54th Ave. N. N e\v Hope, MN 55428 1 1=' ii b.. REQUEST FOR ACTION Originating Departm.ent Approved for Agenda Agenda Section Community Development 9-12-05 EDA ByT: Kirk McDonald, Director of CD Item No. Shawn Siders, CD S ecialist 5 Resolution relating to the decertification 0 a parcel from tax increment financing district No. 03-1(Special Law) (Improvement Project No. 751) Requested Action Staff is seeking approval of the attached resolution which ,,\Till decertify Outlot A from the Winnetka Green tax increment financing district. The Economic Development Authority will consider appro"ving a resolution making a favorable recommendation to the City Council to decertify Outlot A of the Winnetka Green rede"velopment area from the tax increment financing district. Policy/Past "Practice City goal #2 is to emphasize the maintenance and rede\Teloprnent of commercial and residential properties ,\ri thin the city. Background On August 8, 2005, Outlot A of the \tVinnetka Green project area vvas transferred to Paul Edison in accordance vvith the terms that vv-ere approved by the City Council. Because Outlot A is no longer a component of the Winnetka Green rede\Telopment, it is appropriate to decertify it from the tax increment finance district. The city's financial consultant has prepared the attached resolution \!vhich if appro'ved, ,,,rill recommend to the City Council that it consider decertifying Outlot A from the Winnetka Green tax increment financing district. Recommenda tion Staff recommends that the EDA make a favorable recommendation to the City Council to decertily Outlot A of the Winnetka Green project area from the tax increment financing district No. 03-1. If approved, city staff will coordinate the decertification of Outlot A from the '^1innetka Green Tax Increment finance district. Attachments . Resolution . Location Ma MOTION BY xltJ7Jv-n " /L./ SECOND BY ./ TO: o~-of I: \RFi\ \ PLANl\t"1NG \ Housing \ East \lVinnetka Redevelo ment\ Outlot l\ TIF Decerti . EDA.doc NEW HOPE ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF HENNEPIN STATE OF MINNESOTA RESOLUTION NO. A RESOLUTION RELATING TO THE DECERTIFICATION OF A PARCEL FROM TAX INCREMENT FINANCING DISTRICT NO. 03-1{SPECIAL LAW) WHEREAS, the Board of Commissioners (the uCommissionersU) of the New Hope Economic Development Authority (the lfAuth0 rityJJ) established Tax Increment Financing District No. 03-1 (Special Law) (the uTax Increment Districf') and adopted a Tax Increment Financing Plan relating thereto an December 8, 2003 pursuant to Minnesota Statutes, Sections 469.174 to 469.1799) 469.090 to 469.108) and Laws of Minnesota 2003, Chapter 21., Article 10, Section 10, inclusive, as amended and supplemented from time to time. The Tax Increment District was subsequently modified on May 10J 2004 and June 14, 20041 on both occasions, to reflect increased project costs) increased bonding authority and increased geographic area. WHEREAS, the Tax Increment District is located within Redevelopment Project No.1. WHEREAS, it has been proposed that PIN 05-118-21-33-0226 be decertified from the Tax Increment District. NOW) THEREFOREJ BE IT RESOLVED, that the Commissioners have determined that it is in the best interests of the Authority and the City of New Hope (the 'lCity") to decertify PIN 05-118-21-33-0226 at this time. NOWJ THEREFORE, BE IT FURTHER RESOLVED that the Authority shall forward its recommendation for decertification of PI N 05-118-21-33-0226 to the City Council of the City for review.and approval. NOW, THEREFORE, BE IT FURTHER RESOLVED that upon the approval and adoption of this Resolution the Authority shall cause said Resolution to be filed with Hennepin County, the Department of Revenue and the Office of the State Auditor. Adopted by the Commissioners of the Authority this _ day of . , 2005e YES: NO: ABSENT: President ATTEST: Executive Director CERTIFICATION I, , Executive Director of the New Hope Economic Development Authority, County of Hennepin, State of Minnesota, do hereby - certify that .the foregoing is a true and correct copy of Resolution No. adopted by the Authority on the day of J 2005. Executive Director G;\\VPDATA\N'u"\lE',V HOPE\18\TIF\EDA DECE...'D..TIFICATION RESOLlrnON.DOC . .' : . . . . '. ! If',. ! .' I .' - . '.::' . :. . . . . '.:. ~/7'~ . - . . ,. '. L " :...... . " ; / I '. ...... ..~:..'... ........ -,1 . 1 ~ r .. ~. J.,.I', . . ", I ~. ----. ~ - ~-- . . . . . . . . . . . ...... - . '. : , . ~.. -,.. .. . ! 1 . ~ J . f---= .. - .-' --~_ .