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62 of 1980 - A resolution adopting a preliminary bond resolution expressing the intent of Salt Lake City to issue / Salt Lake City, Utah September 23, 1980 / The Municipal Council of Salt Lake City, Salt Lake County, State of Utah, met in regular public session on the 23rd day of September, 1980, at the hour of 5:00 o'clock p.m., at the regular meeting place of the Municipal Council in Room 301, in the City and County Building, Salt Lake City, Utah. The meeting was duly called to order by the Chairman of the Municipal Council with the following members of the Municipal Council present, constituting a quorum of the Municipal Council: Ronald J. Whitehead , Chairman Grant Mabev , Council Member Sydney Reed Fonnesbeck Council Member Palmer DePaulis , Council Member Alice Shearer , Council Member Ione M. Davis , Council Member Edward W. Parker , Council Member There were also present: Ted L. Wilson, Mayor Mildred V. Higham, City Recorder Roger Cutler, City Attorney Absent: After the minutes of the preceding meeting had been duly read and approved, the City Recorder presented to the Municipal Council an affidavit evidencing the giving of not less than twenty-four (24) hours public notice of the agenda, date, time and place of the September 23rd, 1980 meeting of the Municipal Council in compliance with the requirements of Section 52-4-6(2) , Utah Code Annotated, 1953, as amended, by (1) posting written notice of the meeting at the principal office of the Municipal Council and (2) providing notice to at least one newspaper of general circulation within the geographic jurisdiction of Salt Lake City, or to a local media correspondent. The affidavit was ordered recorded in the minutes of the meeting and is as follows: -2- STATE OF UTAH ss. COUNTY OF SALT LAKE) I, the undersigned, the duly qualified and acting City Recorder of Salt Lake City, Salt Lake County, Utah, do hereby certify, according to the records of said City in my official possession and upon my own knowledge and belief, that in accordance with the requirements of Section 52-4-6(2) , Utah Code Annotated, 1953, as amended, I gave not less than twenty- four (24) hours public notice of the agenda, date, time and place of the September 23rd, 1980 public meeting held by the Municipal Council of Salt Lake City, Salt Lake County, Utah, by: (a) causing a Notice of Public Meeting to be posted at the principal office of the Municipal Council at the City Recorders Office, Room 200, City and County Building, Salt Lake City, Utah, on September 19, 1980, at least twenty-four (24) hours before the convening of the meeting, in the form attached hereto as Exhibit A; said Notice of Public Meeting having continuously remained so posted and available for public inspection during the regular office hours until the convening of the meeting; and (b) causing a copy of the Notice of Public Meeting in the form attached hereto as Exhibit A to be provided on September 19, 1980, at least twenty-four (24) hours before the convening of the meeting, to the Salt Lake Tribune and the Deseret News, a newspaper of general circulation within the geographic jurisdiction of said City, and to each local media correspondent, newspaper, radio -3- station or television station which has requested notification of meetings of the Municipal Council. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and impressed hereon the official seal of Salt Lake City, Salt Lake County, Utah, this , " C day of September, 1980. City Recorder, Salt e City Salt Lake Count Utah (SEAL) -4- EXHIBIT A NOTICE OF PUBLIC MEETING A public meeting of the Municipal Council of Salt Lake City, Salt Lake County, State of Utah, will be held on September 23, 1980, at 5:00 o'clock p.m., at the regular meeting place of the Municipal Council in the City and County Building, Salt Lake City, Utah. The following matters will be considered by said Board: The adoption of a preliminary bond resolution expressing the intent of Salt Lake City to issue its Industrial Development Revenue Bonds to finance the acquisition and construction of a supermarket facility to be located within said City for Smith's Management Corporation, and authorizing the execution of a Memoran- dum of Agreement between the City and Smith's Management Corporation in connection therewith. -5- NOTICE OF MEETING OF THE CITY COUNCIL OF SALT LAKE CITY. UTAH PUBLIC NOTICE Is hereby given that the City Council of Salt Lake City. Utah.will hold a meeting in Room 301 City and County Building, Salt Lake City, • Utah. commencing at 5:00 p.m..on Tuesday.September 23 . 1980. The Agenda for the meeting consists of the following: L INVOCATION • IL PLEDGE OF ALLEGIANCE III. APPROVAL OF MINUTES III-A. BEDS 1. Bid opening for Sale of Sonde for Special Improvement Districts Nos. 517,545 and 596. IV. UNFINISHED COUNCIL BUSINESS 2. Submitting Inducement Resolution for issuance of Industrial Revenue Bonds for Smith's Management Corporation. V. PUBLIC HEARINGS VI. NEW COUNCIL BUSINESS VOL NEW COUNCIL BUSINESS TO BE REFERRED TO COMMITTEE VEIL MAYOR BUSINESS TO BE REFERRED TO COMMITTEE 3. DEVELOPMENT SERVICES-Petition No.89 of 1980 by William D. Loveless,et al-Recommending recoiling of property in South Central from Residential"R-6"to Residential"11-5"clae.Uicstion without holding an additional public hearing. 4. DEVELOPMENT SERVICES-Petition No. 154 of 1980 by Doreen Plott, -- et al-Requesting vacation of an alley located between 900 South and Hayes Avenue sod 10th West and Glendale Street. Recommending Public Hearing be held October 21. 1980,at 6:00 p.m. 5. DEVELOPMENT SERVICES-Petition No. 484 of 1980 by O. C.Tanner Jewelry Company-Requesting vacation of an alley located at approx- imately 25 East Hollywood Avenue. Recommending adoption of ordinance therefore. 6. DEVELOPMENT SERVICES-Petition No. 561 of 1980 by Alton Dean Jensen-Requesting that certain areas of the Avenues be excluded from Historical Landmark District and recommending that Public Hearing • be held October 21, 1980,at 5:30 p.m. 7. DEVELOPMENT SERVICES-Recommending that Bradley P. Rich be appointed as a member of the Landmarks Committee to replace Almon Covey and to represent the Exchange Place Historic District. 8. PUBLIC WORKS(City Engi ing)-Submitting Resolution and Cooper. ative Agreement with Utah Department of Transportation for sidewalk improvements on Redwood Road from 700 North to 1000 North Street. Yin. MAYOR BUSINESS TO BE REFERRED TO COMMITTEE(Continued) 9, PUBLIC WORKS(City Engineering)-Submitting Resolution and Amended Cooperative Agreement with Utah Department of Transportation for curb and gutter and sidewalk improvements on Redwood Road from 700 North to 1000 North S 10. PUBLIC WORKS(City Engineering)-Submitting Resolution and Amended Agreement with Utah Department of Transportation for sidewalk improvement•on Foothill Boulevard from 1700 South to 2100 South. 11. PUBLIC WORKS(City Engineering)-Submitting Resolution and Contrac- tual Agreement with Utah Department of Transportation for testing access road grading,paving and drainage at the Salt Lake City International Airport 12. PUBLIC WORKS(City Engineering)-Submitting Petition No. 685 of 1980 by Thomas K.Sieg requesting that original name of Market Street be restored in place of Post Office Place. IX. CITIZEN COMMENTS TO THE COUNCIL AND MAYOR X. COUNCIL QUESTIONS FOR THE MAYOR • DATED, Septemberr 19, 1980 BY /L7t./ A,1 City Recorder STATE OF UTAH aa. COUNTY OF SALT LAKE On the 19th day of September, 1980,I personally delivered a copy of the foregoing notice to the Mayor and City Council and posted copies of the same ie conspicuous view,at the following times and locations within the City and County Building.Salt Lake City,Utabt 1. At 4:50 p.m. in the City Recorder'.Office,Room 200;and 2. At 4:55 p.m. In the newsroom,Room 301. • L2ii .[.1d414 '9 .,44 City Recorder Subscribed and sworn to before me this 19th day of Septembers, 1980 XflhArer,tl( 13//.4444i..--Al NOTARY PUBLIC residing to Salt Lake City,Utah My Commission Expires: /1-63 Thereupon, a proposed resolution relating to the issuance of an aggregate principal amount of $3,000,000 or such lesser amount as may be necessary of the Industrial Development Revenue Bonds of Salt Lake City to finance commercial facilities for use as a supermarket for Smith's Management Corporation was introduced in written form by Alice Shearer , was read in full and Council ember pursuant to motion duly made by xS = mbC Alice Shearer and Council Member seconded by OICUMOCILluomic Grant Mabey , was adopted by the following vote: Aye Alice Shearer Grant Mabey Sydney Reed Fbnnesbeck Edward W. Parker Palmer DePaulis Ione M. Davis Ronald J. Whitehead Abstained from voting Nay The resolution was thereupon presented to and approved and signed by the Mayor in open meeting, was signed by the Chairman of the Municipal Council and was attested and recorded by the City Recorder in the official records of said City. A true and correct copy of the resolution is attached hereto. (Other business not pertinent to the above appears in the minutes.) -6- Pursuant to motion duly made and carried, the meeting was adjourned. /,/JJZ Ma r, alt Lake City, Salt Lake County, Utah ATTEST: Ci y Recorder, Salt L e City Salt Lake County, Ut (SEAL) -7- ' STATE OF UTAH ss. COUNTY OF SALT LAKE) I, Mildred V. Higham, the duly qualified and acting City Recorder of the Municipal Council of Salt Lake City, Salt Lake County, Utah, do hereby certify, according to the records of said Municipal Council in my official possession, that the above and foregoing is a true and correct copy of the minutes of a public meeting of the Municipal Council of Salt Lake City, Salt Lake County, Utah, held on September 23, 1980, insofar as said minutes pertain to the matters therein set out, and attached hereto is a true and correct copy of a resolution adopted at said meeting. IN WITNESS WHEREOF, I have hereunto subscribed my official signature and impressed hereon the seal of Salt Lake City, Salt Lake County, Utah, this 23rd day of September, 1980. City Recorder, Salt IQe City Salt Lake County, Uta (SEAL) RESOLUTION NUMBER 62 PRELIMINARY BOND RESOLUTION WHEREAS, SMITH'S MANAGEMENT CORPORATION, a Utah corporation (the "Company"), through its wholly owned real estate subsidiary, Smith's Food King Properties, Inc., wishes to finance the acquisi- tion, construction and installation of a commercial facility for use as a supermarket located within Salt Lake City, Utah (the "Project"), and wishes to have Salt Lake City, Utah (the "Issuer") issue its revenue bonds to provide such facilities; and WHEREAS, the Issuer is authorized pursuant to the Utah Industrial Facilities Development Act, Sections 11-17-1 through 11-17-17, inclusive, Utah Code Annotated, as supplemented and amended, to issue its revenue bonds to finance commercial facilities; and WHEREAS, a Memorandum of Agreement has been presented to the Issuer under the terms of which the Issuer agrees, subject to the provisions of such agreement, to issue its industrial development revenue bonds (referred to herein as "revenue bonds") to provide such facilities; NOW, THEREFORE, Be It and It Is Hereby Resolved by the Municipal Council of Salt Lake City, Utah, as follows: 1. That the Mayor of the Issuer is hereby authorized to execute and the City Recorder is hereby authorized to attest, a Memorandum of Agreement with the Company in substantially the form of such agreement as was pre- sented to this meeting and is attached hereto or with such changes therein as shall be approved by the officers executing the same. 2. That the officers and employees of the Issuer are hereby authorized to take such further action as may be necessary to carry out the intent and purpose of the Memorandum of Agreement as executed and to cause an aggregate principal amount of $3,000,000 or such lesser amount as may be necessary of its revenue bonds to be issued upon the terms and conditions stated in such Memorandum of Agreement, which Memorandum of Agreement is hereby made a part of this Resolution. Approved and adopted this 23rd day of September, 1980. ayor (SEAL) ATTEST:_ J City Recorder / • MEMORANDUM OF AGREEMENT ' This Memorandum of Agreement dated September 23, 1980 is between SALT LAKE CITY, UTAH, a body corporate and politic of the State of Utah (the "Issuer"), and SMITH'S MANAGEMENT CORPORATION, a Utah corporation (the "Company") . 1. Preliminary Statement. Among the matters of mutual induce- ment which have resulted in this Agreement are the following: (a) The Issuer is a city of the State of Utah and a body corporate and politic and is authorized pursuant to Sections 11-17-1 through 11-17-17, inclusive, Utah Code Annotated, as supplemented and amended (the "Act") , to issue its industrial development revenue bonds (referred to herein as "revenue bonds") to finance certain commercial facilities. (b) The Company or its Subsidiary intends to acquire, construct and install a commercial facility for use as a supermarket located near the intersection of 800 South Street and 900 West Street in Salt Lake City, Utah (the "Project") . The Company has requested that the Issuer assist the Company in financing all or a portion of the cost of the Project by issuing its revenue bonds. (c) The revenue bonds of the Issuer shall be limited obligations of the Issuer payable solely out of the amounts derived by the Issuer from the Company, and the Project shall be financed from the proceeds of the sale of the revenue bonds in exchange for an agreement by the Company to pay amounts sufficient to pay the principal of, premium, if any, and interest on such revenue bonds. Such bonds shall not con- stitute nor give rise to a general obligation or liability of the Issuer or a charge against its general credit or taxing powers. (d) The Issuer finds that the financing as herein de- scribed will be for a public purpose as set forth in the Act. Subject to due compliance with all requirements of law, by virtue of such authority as may now or hereafter be conferred, and subject to receipt of adequate assurance from the Company that there are one or more purchasers for the revenue bonds, the Issuer will issue and sell an aggre- gate principal amount of $3,000,000, or such lesser amount as may be necessary, of its revenue bonds to pay all or a portion of the costs of the Project. 2. Undertakings on the Part of the Issuer. Subject to the conditions above stated, the Issuer agrees as follows: (a) That it will authorize the issuance and sale of the revenue bonds pursuant to its lawful and con- stitutional authority; and (b) That it will enter into an installment sale agreement, lease agreement or loan agreement on terms hereinafter to be negotiated, with the Company or a subsidiary of the Company whereby the Company or its subsidiary will specifically agree to pay to, or on behalf of the Issuer, such sums as shall be sufficient in the aggregate, to pay the principal of and interest and redemption premium, if any, on the bonds as and when the same shall become due and payable; provided, however, that under all circumstances the Company shall be fully responsible for the debt. 3. Undertakings on the Part of the Company. Subject to the conditions above stated, the Company agrees as follows: (a) That it will use all reasonable efforts to find one or more purchasers for the bonds; and (b) That contemporaneously with the delivery of the bonds it, or its subsidiary, will enter into an installment sale agreement, lease agreement or loan agreement with the Issuer, under the terms of which the Company or its subsidiary will obligate itself to pay to or on behalf of the Issuer sums sufficient in the aggregate to pay the principal of and interest and redemption premium, if any, on the revenue bonds as and when the same shall become due and payable; provided, however, that under all circumstances the Company shall be fully responsible for the debt. 4. General Provisions. (a) All commitments of the Issuer under paragraph 2 hereof and of the Company under paragraph 3 hereof are subject to the conditions that on or before three years from the date hereof (or such other date as shall be mutually satisfactory to the Issuer and the Company) , the Issuer and the Company shall have agreed to mutually acceptable terms and conditions of the instrument referred to in paragraph 3 and of the revenue bonds and other instruments or proceedings relating to the revenue bonds. (b) As an administrative fee, the Company agrees to pay the Issuer the sum of $1500, of which $500 shall be due upon the execution and delivery of this Agreement and $1000 shall be due upon the issuance of the revenue bonds. -2- IN WITNESS WHEREOF, the parties hereto have entered into this Agreement by their officers thereunto duly authorized on the date first above written. SALT LAKE CITY, UTAH BY � •r/�N��� 4ayor (SEAL) ATTEST: City Recorder SMITH'S MANAGEMENT CORPORATION By i t UJVX� Its Vice President (SEAL) ATTE. Its Asst. Secretary • 1 Resolution No. '} By City Council Adopting a Resolution of Inducement and Memorandum of Agreement for the issuance of$3,000,000 Industrial Revenue Bonds for Smith's Management Corporation. .•/