79-25
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CITY OF CHANHASSEN
CARVER & HE~mEPIN COUNTIES, MINNESOTA
RESOLUTION
Date
April 16 I 1979
Resolution No.
79-25
Motion by Councilman Neveaux
Seconded by Councilman Pearson
RESOLUTION fu~ENDING RESOLUTION NO. 78-60,
PERTAINING TO PRELHlINARY APPROVAL OF A
PROJECT UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPr>lENT ACT
BE IT RESOLVED by the City Council of the City of
Chanhassen, Minnesota, as follows:
1. By Resolution No. 78-60, adopted by this Council on
October 2, 1978, the Council has given preliminary approval to a
project under the ~1unicipal Industrial Development Act, Minnesota
Statutes, Chapter 474, as amended, on behalf of Lyman Lumber Com-
pany (hereinafter, the Company). The Project, as contemplated by
the Company at the time of the adoption of Resolution No. 78-60,
consisted of the construction and equipment of a storage and dis-
tribution facility and a component plant for lumber products and
other building materials, at a cost then estimated to be approxi-
e mately $1,550,000.
2. The Company has now advised the City that the Company
deems it more appropriate to defer the construction of the component
plant portion of the Project, and instead to construct and equip a
millwork plant, in addition to the storage and distribution facility.
The Company advises that the cost of constructing and equipping the
storage and distribution facility and a millwork plant is presently
estimated to be approximately $2,500,000, of which the Company pro-
poses to finance approximately $500,000 from its own sources, and
requests that the City approve the issuance of revenue bonds in the
amount of $2,000,000 for the purpose of financing the storage and
distribution facility and millwork plant for the Company.
3. This Council has considered the Company's request
for amendment of Resolution No. 78-60 to reflect the changes set
forth in paragraph 2 hereof, and finds it to be in the best inter-
ests of the City to amend Resolution No. 78-60 as follows:
a. In paragraph 1.2 of Resolution No. 78-60,
strike the \~'ords "component plant" from the sixth
line thereof, and insert in place thereof the words
"millwork plant."
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b. Paragraph 2 of Resolution No. 78-60 is
hereby amended to read as follows:
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2. On the bnsis of information given to the City to date,
it appenrs that it would be in the best interest of the City to
issue its revenue bonds, in an amount not to exceed $2,000,000,
under the provisions of Chapter 474 to finance the Project of the
Company, the total cost of which is presently estimated to be
approximately $2,500,000.
4. Resolution No. 78-60, as so amended, is hereby rati-
fied and confirmed.
Passed and adopted by
this 16th day of April
ATTEST:
YES
Mayor Hobbs
Councilman Pearson
Councilman Neveaux
Councilman l1atthews
Councilman Geving - absent
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the Council of the City of Chanhassen
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Hayor. ~
NO