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HomeMy WebLinkAbout52 of 1975 - A resolution authorizing the execution of a Memorandum of Agreement by and between Beehive Medical E Resolution No. 52 By Mayor Conrad B, Harrison COM MI..IOM.R Authorizing the execution of a Mem- orandum of Agreement by and between Beehive Medical Electronics, Inc. anr, Salt Lake City Corporation. roamepoomeripatteifthers AND PAS • PUG 71915 Agittri i !'i i 111111116... It AFPRCYED AS TO FORM Salt l.:i� ;,y Atiarnoy's OfRaa Data 1.Z.s'-._.......... Salt Lake City, Utah August 7 , 1975 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 August 7 , 1975, with the fol- lowing members present: Conrad B. Harrison, Mayor Glen N. Greener Commissioner Stephen M. Harmsen Commissioner Herman J. Hogensen Commissioner Jennings Phillips, Jr. , Commissioner There was absent: (NONE) There were also present Mildred V. Higham , City Recorder and Ray L. Montgomery, Assistant , 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 Beehive Medical Electronics, Inc., preliminary to the issuance of certain Indus- trial Development Revenue Bonds by the City. • Thereupon, the following resolution was introduced in written form by Mayor Conrad B. Harrison , was read in full and, after full discussion of the question and of the proposed Memo- randum of Agreement attached as an exhibit to said resolution, pursuant to motion made by Mayor Conrad B. Harrison and seconded by Commissioner Herman J. Hogensen , 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 Mayor 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 Beehive Medical Electronics, Inc., 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 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 equip- ment suitable for manufacturing, warehousing, commercial and in- dustrial 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 indus- trial 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 equip- ment therefor ("Plant"), (said Plant Site and Plant being herein referred to as the "Project") and to lease the Project to Beehive Medical Electronics, Inc., ("Company"), a Utah corporation; 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 cities 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 aggregate amount of not more than $2,300,000 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 aggregate amount of not more than $2,300,000; and WHEREAS a form of agreement, designated as a "Memoran- dum 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 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 Agree- ment 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 opera- tion thereof, it is deemed necessary and advisable that the Memo- randum 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 be- tween 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 di- rected to execute said Memorandum of Agreement and the City Recorder is hereby authorized to attest the same and to affix 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 7th day of August, 1975. (/_/:- 4^"vlit am(. Mayor Attest: City Recorder ROLL CALL VOTING Aye Nay ' Approved: Mr.Chairman... Greener L' (-2! /q iyt, a Fr/0 5--- Harmsen City A torn y Phillips Result 1