HomeMy WebLinkAbout85 of 1977 - A resolution authorizing the issuance of Industrial Revenue Bonds to American Strevell. Resolution No.B5
By Jennings Phillips. Jr.
COMMISSIONER
Authorizing the issuance of industrial
Revenue Bonds to American-Strevell
Presented n the Board ofce ss ,
AND PASSED
AUG18 1977
?Agr7eXGrre*v
CITY REOORP
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RESOLUTION
WHEREAS, SALT LAKE CITY CORPORATION (the CITY) , a municipal
corporation of the State of Utah, is authorized and empowered under
the provisions of Title 11, Chapter 17, Utah Code Annotated 1953,
as amended (the Act) , for the purposes stated therein, to issue
Revenue Bonds for Industrial Development purposes; and
WHEREAS, AMERICAN-STREVELL (the COMPANY) , a Utah corporation
authorized to and doing business in Salt Lake County, State of Utah,
has requested that the CITY issue Industrial Revenue Bonds to finance
the cost of a manufacturing and warehouse facility for the COMPANY
consisting of land, building, improvements, machinery and equipment
(the Project) at a cost of approximately Four Million Five Hundred
Thousand Dollars ($4,500,000.00); and
WHEREAS, the CITY desires pursuant to the COMPANY's repre-
sentations and request to issue such Bonds to finance the cost of
purchasing the land and purchasing and constructing the buildings,
improvements, machinery, and equipment for the Project by the issuance
of Revenue Bonds under the Act in the amount of approximately
$4,500,000.00; and
WHEREAS, such Bonds would be payable solely from the rentals,
revenues and receipts delivered to the CITY from the lease of the
Project to the COMPANY and would not constitute nor give rise to
any general obligation or liability of the CITY againsts its general
credit or taxing powers and from which, among other things, the
COMPANY agrees to hold the CITY harmless; and
WHEREAS, the payment of the principal of, and interest on,
said Bonds would be guaranteed by the COMPANY; and
WHEREAS, the COMPANY has agreed to negotiate the sale of
the Bonds and appoint a Utah Trustee, all with the approval of the
CITY and in accordance with the laws of the State of Utah; and
WHEREAS, the COMPANY desires that the purchase of the land
and the purchase and construction of the building, improvements,
machinery and equipment commence immediately.
-2-
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners
of Salt Lake City, as follows:
1. That the Board of Commissioners of Salt Lake City
hereby finds and determines that the issuance of its Revenue Bonds
to finance the cost of the Project will be in furtherance of the
public purposes set forth in the said State Act, and that the
Project will promote the welfare of the CITY.
2. That the Board of Commissioners of Salt Lake City
hereby tentatively approves the Project to be financed out of the
proceeds of approximately $4,500,000.00 principal amount of the
Industrial Revenue Bonds. Series 1977, of the Salt Lake City
Corporation to be issued pursuant to the provisions of the Act.
3. That CITY officials are hereby authorized and directed
to proceed with the necessary negotiations relating to the Project
and the preparation of the legal documents relating thereto for
final action by the governing body of the CITY, provided the COMPANY
meets all CITY, state and federal statutory requirements for the
Project and issuance of the Bonds.
Passed by the Board of Commissioners of Salt Lake City, Utah,
this 18th day of August , 1977.
(ABSENT)
MAYOR
?� ,i►�
CO 'SS TONER,"
p a,
l,(-(e G ,l��i A
COMM'S ONER
411
AaillitAAA ♦. , 1r IA
CO CI •I,. ER
ROLL CALL
' VOTING Aye Nay JESS A. AGRAZ (ABSENT)
Mr.Chairman COMMISSIONER
Agraz
Greener
Hogensen
Phillips
Result �F/,
LEGAL DESCRIPTION
American Strevell Distribution Center Site
Beginning at a point which lies South 89° 56'52" West 633.06'
and North 00°03'08" West 300.00' from a Salt Lake City Monu-
ment at the intersection of 1700 South Street and Swaner Road
and running thence South 89°56'52" West 694.82' thence North
00°03'08" West 746.90' to the South line of a 100' wide
drainage canal right-a-way, thence South 89°45'52" West 465.00',
thence North 00°03'08" West 606.73' , thence North 89°56'52"
East 1159.82' , thence South 00°03'08" East 1353.63' along the
centerline of a proposed railroad spur to the point of begining.
Said property being in Section 16, T. 1 S., R. 1 W., S.L.B.&M.
Contains 28.07 Acres.
Subject to Easement, restrictions, reservations and right-of-
way appearing on record according to Security Title Policy
Number 94215-1.
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AMERICAN-STREVELL . ......
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' July 7, 1977
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Development Bonds
Industrial"'' :
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Gentlemen:-. .,...;;:.1.'•._-,...'y',;;3,4T. t.:47,-;;5..,',4it.,,;:::;;:i..;.;;;;;!..,i,.....,,,...2,.,.:-million.,, ,.:-...-,,,:,,--,,-...:-.a.;4•-:,--,y,,-,.„ .-;•!,-,...r.,,_,,,•:-_,...,.-r.„-:',,,„!...-....;.,;._,:s,,k,........,,,,,,..7.
American-Strevell.?: - : is a'Lftah corporation With its principalp .
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:;;.,.....i...;v.:',. .-,•:-..is'i.."Tr."'(of:business in Salt Lake City, Utah. .The Company desires to con- :1 :=
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t ctan office and warehouse facility on property now owned by 7.
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-"..•:!;:, . 171.' locatedIt in Salt Lake City.;-;In order to finance the project, , ,... ,,,...,
• -."''':•:,::',_,.;-the Company desires to request'that Salt Lake City issue its . : , 2.
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'industrial development bonds in an amount not to exceed $4,,..5..„,.. ;
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7 '4'....,,.;0.. '.1.;,"'Exhibit...A.-, The Company's most recent financial statement is *,:.-_,...,, .: , ..,.: ,,' .:!;71..1.--';'"i.-;:t
ed preliminary resolution for -,..,,:..- -2,..,.. •,,,,...5:;;5:,
'''..1:,,,^.•:, ,'attached-as Exhibit B. •;A propos . . ;..., ...;,..:.;.....;,,..:„..,..4...,„.„ z7....,,,,.,,_,,,::•„„;...,
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L L''.•- ''';' '::::-- of'Utah and requirements of theBo'aiii of Commissioners. •Your
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INIMMIN....Mr
SALT LAKE WAREHOUSE STATISTICS
SALT LAKE WAREHOUSE STATISTICS
SITE: 21 ACRES
LOCATION: 1700 SOUTH AND PIONEER ROAD
SQUARE FOOTAGE BY DEPARTMENT
DRY GROCERY 205,000
PRODUCE +50' 36,100
DAIRY +38" 10,640
MEAT & DELI +32° 17,480
FROZEN —20` 30,780
INSTITUTIONAL 30,000
TOTAL WHSE SPACE 330,000
OFFICE SPACE 11,200 (Above)
LUNCH ROOMS, WAITING ROOMS,
REST ROOMS 2,760
343,960
NO. OF EMPLOYEES 226
NO. OF TRACTORS 28
NO. OF TRAILERS 49
NO. OF DELIVERY TRUCKS 18