17 of 1975 - A resolution authorizing the execution of a Memorandum of Agreement between Salt Lake City and Westw fr""
Resolution No. 17
By Jennings Phillips, Jr.
COMYIls,oulq
Authorizing the execution of a Mem-
orandum of Agreement between Salt
Lake City and Westward Corporation,
doing business as Dixon Paper Colnpany,
preliminary to the issuance of certain •
Industrial Development Revenue Bonds
by the City.
PresontedNNo ef Casalsilmers
AND MASSED
MAR 11 1975
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April 6, 1276
Clanaaap. Tsar„ Downing and lteea
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louver* Coloreds 20202
Attentions matey L. Cl am: gar
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Qt 1daVII 114, 127b. oder Ps.latierer no. 17 of 10T6, the Salt Leto City
taeaissi.* authorized tilt sxacutise of a meuersodum of Aoressmat Meow
Salt Late City Corporation axis westward Corporation, delay besioess as
Meow e Piper Camper, prsl iaisory is the imams of certain lederstriel
Delt wave pia Or the City.
in masordoess with the rscomme+dstfee of the City Att.r r, the Board
if City Comaissiamers at its asetiui tear, assrs rsd a ifteriteom of
Aforeemeat, prepared Div f ,► Wood*Paper eyo odiaq the time within
1cS tht Salo and delis of the isdutrial iftwo is Roods weep be
completed free Much 1, 1,76 to so or before Pares 1, 1,77.
This aft was duly Owed ty the Otsper wed City homerder in behalf
of Salt Lsh City.
The requested copies are **closed herewith,
Yours truly,
'244:41a .0(
so City Rewarder
Chalrswres
Dixee taper Cfelsa4Y
Attsrey
Auditor
Trsueerer
Fist
Riles
k s►lvtlwe 17/76
Finance Resort 94/7t
-.1111
s t- ROLL CALL
VOTING Aye Nay
Mr.Chairman
Greener '
Hogensen
HAMM
Harrison Salt Lake City, Utah
Phillips March 11 , 1975
Result ,%
The Board of Commissioners of Salt Lake City, Salt
Lake County, Utah, met in regular public session at its
regular meeting place in the City Hall in Salt Lake City at 10:00
o'clock A.M., on March 11 , 1975, with the following members
present:
Conrad B. Harrison, Mayor
Glen N. Greener , Commissioner
Stephen M. Harmsen , Commissioner
Herman J. Hogensen , Commissioner
Jennings Phillips. Jr0 Commissioner
There was absent: (NONE)
There were also present -Mildred V. Higharn- , City
Recorder and Roger F. Cutler , City Attorney.
After the meeting had been duly called to order and
the roll called with the above results, and after the conduct
of other business, the Mayor announced that one of the items of
business to come before the meeting was to be the consideration
and adoption of a resolution authorizing the execution of a
Memorandum of Agreement between Salt Lake City and Westward
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Corporation, doing business as Dixon Paper Company, preliminary to the
issuance of certain Industrial Development Revenue Bonds by the City.
Thereupon, the following resolution was introduced in
written form by Jennings Phillips, Jr. , was read in full and,
after full discussion of the question and of the proposed Nemorandum
of Agreement attached as an exhibit to said resolution, pursuant
to motion made by Jennings Phillips, Jr. and seconded by
Glen N. Greener , said resolution was adopted by the
following vote:
Aye: Mayor Conrad B. Harrison
Commissioner Glen N. Greener
Commissioner Stephen M. Harmsen
Commissioner Herman J. Hogensen
Commissioner Jennings Phillips, Jr.
Nay: None.
The resolution was then signed by the Idayor in open
meeting and recorded by the City Recorder. The resolution is
as follows:
A RESOLUTION authorizing the execution of a
Memorandum of Agreement by and between
Westward Corporation, doing business as Dixon
Paper Company, and Salt Lake City. Utah.
*** **** ***
WHEREAS Salt Lake City, in the County of Salt Lake, State
of Utah ("City"), is an incorporated municipality authorized and
c, x,
empowered by the provisions of Chapter 17 of Title 11, Utah Code
Annotated, 1953, as amended ("Act"), to issue industrial development
revenue bonds for the purpose of defraying the cost of acquiring
and improving land, buildings, machinery and equipment suitable for
manufacturing, warehousing, commercial and industrial purposes
and to lease the same to others for such rentals and upon such terms
and conditions as the City may deem advisable; and
WHEREAS adequate opportunities for industrial employment
are not available in the City and in order to provide for industrial
development and employment opportunities for the inhabitants of
the City, and to add to the welfare and prosperity of the City and
of its inhabitants, the City proposes to acquire a plant site
located within the City ("Plant Site") and to construct on the
Plant Site certain warehousing and commercial facilities and
appurtenances and to acquire the necessary machinery and equipment
therefor ("Plant"), (said Plant Site and Plant being herein
referred to as the "Project") and to lease the Project to Westward
Corporation ("Company"), a Colorado corporation, but authorized to
do business in the State of Utah, doing business as "Dixon Paper
Company"; and
WHEREAS in view of rising construction costs and the
competitive market for the products of the Company, it is deemed
essential that construction of the Plant commence at the earliest
practicable date but, in view of the possibility of financing
facilities similar to the Project in other states under conditions
beneficial to the Company, the Company is unwilling to award the
necessary construction contracts and take other steps toward the
realization of the Project without satisfactory assurances from the
City that the proceeds of the sale of industrial development
revenue bonds of the City in the amount of $2,000,000 will be
made available to finance the construction and acquisition and
equipment by the City of said Project; and
WHEREAS it is deemed necessary and advisable for the
industrial development, welfare and prosperity of the City and
its inhabitants that the Project be constructed in the City, and
that the City take such action as may be required under the Act
and other applicable statutory provisions to authorize and issue
industrial development revenue bonds to finance the cost thereof,
to the amount of $2,000,000; and
WHEREAS a form of agreement, designated as a "Memorandum
of Agreement", has been prepared under which the Company has
stated its willingness to arrange for the procurement of the
Plant Site, let construction contracts and commence construction,
and, at the time of the delivery of the bonds, convey the Plant
Site and assign the construction contracts to the City and enter
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into a lease of the Project from the City under which the Company
will be obligated to pay rentals sufficient to pay the principal
of, interest on and redemption premium, if any, on the bonds as
and when the same shall become due and payable; and
WHEREAS it is considered necessary and desirable and
for the best interest of said City that said Memorandum of
Agreement be executed for and on behalf of said City;
NOW, THEREFORE, Be It and It Is Hereby Resolved by the
Board of Commissioners of Salt Lake City, Salt Lake County, Utah,
as follows:
Section 1. That in order to assure the location of
warehousing and commercial facilities in Salt Lake City, Utah,
with the resulting public benefits which will flow from the
operation thereof, it is deemed necessary and advisable that the
Memorandum of Agreement hereinafter referred to be approved and
executed for and on behalf of said City with the Company.
Section 2. That the Memorandum of Agreement by and
between Company and City, in the form and with the contents set
forth in Exhibit A attached hereto, be and the same is hereby
approved and the execution thereof is hereby authorized.
Section 3. That the Mayor is hereby authorized and
directed to execute said Memorandum of Agreement and the City
Recorder is hereby authorized to attest the same and to affix
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the seal of the City thereto, said Memorandum of Agreement which
constitutes and is hereby made a part of this resolution to be in
substantially the form, text and containing the provisions set
forth in Exhibit A attached hereto.
Section 4. That all resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
PASSED AND APPROVED by the Board of Commissioners, of
Salt Lake City, Salt Lake County, Utah, this 11TH day of March
1975• ' _
441,141.
Mayor
Attest:
City Recorder
Approved:
y Attorney
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