2005-96
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DATE:
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
November 28'1 2005
RESOLUTION NO:
2005-96
MOTION BY:
Lundauist
SECONDED BY:
Tiornhom
RESOLUTION APPROVING THE ISSUANCE OF A REVENUE NOTE
BY THE ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF CHANHASSEN
BE IT RESOLVED, by the City Council (the "Council") of the City of
Chanhassen, Minnesota (the "City"), as follows:
1. Recitals. The Council makes the following recitals of fact:
A. The Council created the Economic Development Authority of the City of
Chanhassen (the "EDA") pursuant to Resolution 97-29 (the "Enabling
Resolution").
B.
Section 3.01(a) of the Enabling Resolution provides that the sale of all bonds or
obligations issued by the EDA shall be first approved by the City Council.
C.
The EDA has advised the City that:
(i) Chapel Hill Academy, a Minnesota nonprofit corporation and organization
described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended (the "Borrower") desires to undertake the following project:
refinancing the outstanding principal amount of the Chapel Hill Academy,
City of Chanhassen, Minnesota, First Mortgage Bonds, 1999 Series, dated
June 1, 1999, issued by Chapel Hill Academy, a Minnesota nonprofit
corporation, in the original principal amount of $1,620,000 for the purpose
of acquiring a kindergarten through eighth grade school facility, induding
a cafeteria and gymnasium, located on approximately 4.8 acres of land at
306 West 78th Street in Chanhassen, Minnesota, and pay costs associated
with the financing (the "Project"); and
(ii) the Borrower has represented to the EDA that the economic feasibility of
the Project will be greatly enhanced through the issuance of revenue
obligations by the EDA under the provisions of Minnesota Statutes
Sections 469.152 through 469.165, as amended in a principal amount not
exceeding $1,500,000 and in one or more series (the "Obligations") to
finance the cost of the Project.
D.
The EDA has requested the Council to approve the issuance of the Obligations as
required by the Enabling Resolution.
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2.
Approval. Issuance of the Obligations by the ED A is approved as
required by the Enabling Resolution
Adopted: November 28, 2005
YES
Furlong
Lundquist
Peterson
Tjomhom
NO
None
ABSENT
Labatt
2