HomeMy WebLinkAbout87 of 1981 - A RESOLUTION OF INTENTION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS OF SALT LAKE CITY, SALT LAKE Resolution No.
By
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Approving IRB application
submitted by Airco, Inc.
(68 of Finance and Admin. Services)
• F
By
Salt Lake City, Utah
October 6, 1981
The Municipal Council of Salt Lake City, Salt Lake
County, Utah, met in regular public session on the 6th day
of October, 1981 , 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 being present , constituting a quorum
of the Municipal Council:
Palmer DePaulis , Chairman
Ione M. Davis , Councilmember
Sydney R. Fonnesbeck, Councilmember
Grant Mabey, Councilmember
Edward W. Parker , Councilmember
Alice Shearer, Councilmember
Absent :
Ronald J. Whitehead , Councilmember
1,Ut L �
There were also present :
Tcd- . Wilacem, i'Ieye-r
Kathryn Marshall , City Recorder
Roger Cutler , City Attorney
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 October 6, 1981 , 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
general geographic jurisdiction of said city, or to a local
media correspondent . The affidavit was ordered recorded in
the minutes of the meeting and is as follows :
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•
.
STATE OF UTAH )
)
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 October 6, 1981 , 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 room number
311, City and County Building , Salt Lake City , Utah, on
October 2, 1981 , 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
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
October 2, 1981 , at least twenty-four ( 24) hours before the
convening of the meeting , to The Salt Lake Tribune , a newspaper
of general circulation within the geographic jurisdiction of
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J J
• t t
said city, and to each local media correspondent, newspaper,
radio 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 6th day of
October, 1981 .
0j°1
157P(444:(
City Rec•�ier,
Salt Lak- City,
Salt Lake County, Utah
[SEAL]
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SALT LAKE CITY COUNCIL
CITY COUNICL CHAMBERS
ROOM 301 CITY AND COUNTY BUILDING
OCTOBER 6, 1981
5:00 P.M.
A. CONSENT AND POLICY ITEMS - 5:00 to 6:00 p.m.
1. Craig Peterson to discuss items relating to Central Business District, Transit
Grant, American Cities, Devereaux, and Block 53.
B. OPENING CEREMONIES
1. Invocation
2. Pledge of Allegiance
3. Approval of Minutes
C. PUBLIC HEARINGS
1. The public hearing to consider adopting the proposed Redevelopment Plan, en-
titled, 'Central City Neighborhood Development Plan' dated September 2, 1981,
which was originally scheduled for October 6, 1981 at 6:00 p.m. will be re-
scheduled to October 20, 1981, at 6:30 p.m.
D. ADMINISTRATION RECOMMENDATION
1. Industrial Revenue Bond application submitted by AIRCO, Approve
Inc. in the amount of $3,500,000 for the purpose of
constructing approximately 24,600 square feet of space
for manufacturing purposes.
2. Proposed ordinance amending Chapter 2 of Title 2 of the Consider
revised ordinances of Salt Lake City, Utah, by adding
new Sections 2-2-29 through 2-2-37, relating to solici-
tations at airports.
3. Petition 119 of 1981 submitted by Schettler-Williams, Inc. Approve
requesting to vacate a portion of Richards Street and
adjacent alley between Main Street and Richards Street.
E. PLANNING AND ZONING COMMISSION
1. Adopt the resolution accepting the Pappel Annexation petitions Adopt res-
for the purpose of review and set a public hearing date for olution and
November 17, 1981, at 5:30 p.m. to consider said annexation. set hearing
F. CITY COUNCIL RECOMMENDATION
1. Committee reports and recommendations.
a. From Land Use Committee Approve
The appointment of Goldie Dennison and Erlinda Davis to the (3-0)
Housing Advisory and Appeals Board.
b. Consideration of additional Community Development Consider
Target areas proposed by the Community Development
Advisory Committee (continuation of the target
area discussion of September 15.)
c. From Land Use Committee Adopt and
Adoption of Central City Neighborhood Plan, Peoples set hearing
Freeway Neighborhood Plan, Westside Neighborhood Plan,
Capitol Hill Neighborhood Plan and set a date for a
hearing to discuss the Capitol Hill Master Plan.
(Tentative date for hearing is Tuesday, November 17,
6:00 p.m.)
d. From Budget and Finance Committee
Adoption of an ordinance relating to the disposition of Adopt
City property.
e. From Public Utilities Committee
Proposed ordinance designating City Creek Canyon as a City Consider
park.
f. Consideration and adoption of the ordinance relating to Consider
extending the corporate limits of Salt Lake City to in- and adopt
clude the Cassity Plaza Annexation.
2. New Council Business:
a. Resolution which provides for the adoption of Map 24871 as an official map
of Salt Lake City which designates boundaries of the election districts
for the Salt Lake City Council seats.
3. Questions for the Mayor
4. Citizen comments to the Mayor and Council
G. ADJOURNMENT
DATED October 2, 1981
BY
y Recorder
STATE OF UTAH
) es.
COUNTY OF SALT LAKE )
On the 2nd day of October, I personally delivered a copy of the foregoing notice
to the Mayor and City Council and posted copies of the same in conspicuous view, at the
following times and locations within the City and County Building, Salt Lake City, Utah:
1. At 4:55 p.m. in the City Recorder's Office, Room 311;
2. At 5:00 p.m. in the newsroom, Room 301.
ity Recorder
Subscribed and sworn to before me this 2nd day of October 1981.
. rl
Notary Public residing
My Commission Expires: Salt Lake City, Utah
July 9, 1985
EXHIBIT A
[Attach Form of Notice Here]
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Thereupon, after the conduct of other business
not pertinent to the following , the following resolution was
introduced in written form by Councilmember Davis, was read in
full and , pursuant to motion duly made by Councilmember Shearer
and seconded by Councilmember Fonnesbeck, was adopted by the
following vote :
Aye : Palmer DePaulis
Ione M. Davis
Sydney R. Fonnesbeck
Grant Mab e y
Edward W. Parker
Alice Shearer
Nay : None
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.
The resolution is as follows :
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A RESOLUTION OF INTENTION TO ISSUE INDUSTRIAL
DEVELOPMENT REVENUE BONDS OF SALT LAKE CITY,
SALT LAKE COUNTY, UTAH, IN AN AGGREGATE AMOUNT
OF $3,500,000 OR SUCH AMOUNT AS MAY BE
NECESSARY TO FINANCE THE ACQUISITION, CONSTRUCTION
AND EQUIPPING OF MANUFACTURING AND INDUSTRIAL
FACILITIES FOR AIRCO, INC . , AND TO AUTHORIZE THE
EXECUTION OF A MEMORANDUM OF AGREEMENT BETWEEN
SAID CITY AND AIRCO, INC.
WHEREAS, Airco , Inc . ( the "Company" ) , a Delaware
corporation, wishes to have Salt Lake City, Salt Lake County,
Utah (the "Issuer") issue its industrial development revenue
bonds to finance the cost of acquiring, constructing and equipping
a new manufacturing and industrial facility for the Company
to be located in Salt Lake City, Utah, on the real property
described in Schedule I to the Memorandum of Agreement attached
hereto , which new facility (the "Project" ) as proposed will
consist of land, buildings , improvements and equipment constituting
manufacturing and industrial facilities within the meaning of
the Utah Industrial Facilities Development Act, Title 11 ,
Chapter 17, Utah Code Annotated , 1953, as amended ( the "Act" ) ,
and it is now estimated will cost approximately $3,500,000;
and
WHEREAS, the Issuer is authorized and empowered by
the provisions of the Act to issue industrial development
revenue bonds to finance the acquisition, construction and
equipping of such facilities and the Issuer deems it necessary
and advisable to take such action as may be required under
applicable statutory provisions to authorize and issue such
industrial development revenue bonds; and
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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 to acquire such facilities;
and
WHEREAS, it is intended that the adoption of this
resolution shall constitute "some other similar official action"
toward the issuance of the Bonds within the meaning of
§1 .103-8(a) (5) of the Income Tax Regulations;
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL
COUNCIL OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH, as follows :
Section 1 . That in order to assure the location
of the Project in Salt Lake City, Salt Lake County, Utah, it
is deemed necessary and advisable that the Memorandum of
Agreement hereinafter referred to be approved and executed
for and on behalf of the Issuer with the Company.
Section 2. That the Mayor of the Issuer is hereby
authorized to execute, and the City Recorder of the Issuer is
hereby authorized to countersign, attest and affix the seal of
the Issuer to , a Memorandum of Agreement with the Company in
substantially the form of such agreement as was presented to
this meeting and is attached hereto as Exhibit A, or with such
changes therein as shall be approved by the officers executing
the same .
Section 3 . That the officers and employees of the
Issuer are hereby authorized to take such further action as is
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necessary to carry out the intent and purposes of the Memorandum
of Agreement as executed and to issue industrial development
revenue bonds of the Issuer in an aggregate principal amount
sufficient to finance the cost of acquiring, constructing and
equipping the Project , the cost of the issuance of such bonds ,
and related costs and expenses , presently estimated to be
approximately $ 3,500, 000, upon the terms and conditions and for
the purposes stated in said Memorandum of Agreement which is
hereby made a part of this resolution.
Section 4 . That all resolutions and parts thereof
in conflict herewith are hereby repealed to the extent of such
conflict .
Section 5 . That this resolution shall take effect
immediately.
PASSED AND APPROVED by the Municipal Council and the
Mayor of Salt Lake City, Salt Lake County, Utah, this 6th
day of October, 1981 .
72.1-,M4-1-4- 42! a-(—a—;
Chairman of the Municipal Council ,
Salt Lake City, Salt Lake County,
Utah
Attes - d :
Z -C/
ty hecor r, Salt Lake City,
Salt Lake C unty, Utah
Apprc e + }
e
ak a y
Maytr, Salt Ldke City,
Salt Lake County, Utah
[SEAL]
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EXHIBIT A
MEMORANDUM OF AGREEMENT
THIS MEMORANDUM OF AGREEMENT is between Salt Lake
City, Salt Lake County, Utah (the "Issuer" ) and Airco, Inc . ,
a Delaware corporation (the "Company" ) .
1 . Preliminary Statement. Among the matters of
mutual inducement which have resulted in this Memorandum of
Agreement are the following:
(a) The Issuer is authorized and empowered by the
provisions of the Utah Industrial Facilities Development Act,
Title 11, Chapter 17 , Utah Code Annotated, 1953, as amended
(the "Act" ) , to issue its industrial development revenue bonds
for the purpose of financing, in whole or in part , the cost of
any Project (as said term is defined in the Act) .
(b) The Company wishes to obtain satisfactory
assurance from the Issuer and to confirm certain prior under-
standings with the Issuer that the proceeds of the sale of
industrial development revenue bonds of the Issuer may be made
available to finance the cost of acquiring, constructing and
equipping a new manufacturing and industrial facility for the
Company to be located in Salt Lake City, Utah, which new
facility (the "Project" ) will consist of land , buildings,
improvements and equipment constituting manufacturing and
industrial facilities within the meaning of the Act .
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( c) Subject to due compliance with all requirements
of law, the Issuer, by virtue of such statutory authority as
may now or hereafter be conferred by the Act , will issue and
sell its industrial development revenue bonds ( the "Bonds") in
an aggregate principal amount not exceeding $3 ,500 ,000 to
finance the cost of acquiring and constructing the Project,
when and if it is requested to do so by the Company. The
Issuer does not represent or warrant that the Bond proceeds
will be sufficient to pay all costs of the Project .
(d) The Issuer considers that the acquisition and
construction of the Project and the financing of the same by
the Issuer will promote and further the purposes of the Act.
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 Bonds pursuant to the terms of the Act as then in force,
when and if it is requested to do so by the Company.
(b) That if the Bonds are to be issued and sold by
the Issuer, and if the Company endeavors to find a purchaser
or purchasers for the Bonds , and if purchase arrangements
satisfactory to the Company can be made, the Issuer will adopt,
or cause to be adopted, such proceedings and authorize the
execution of such documents and do such things as may be neces-
sary or advisable for due authorization, issuance and sale of
the Bonds and the acquisition, construction and equipping of
the Project, all as shall be authorized by law and mutually
satisfactory to the Issuer and the Company.
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3 . Undertakings on the Part of the Company. Subject
to the conditions above stated, the Company agrees as follows :
( a) That if the Company requests the Issuer to
issue the Bonds, the Company will use all reasonable efforts
to find one or more purchasers for the Bonds .
(b) That if the Company requests the Issuer to issue
the Bonds, the Company will , contemporaneously with the delivery of
the Bonds, enter into a lease agreement, purchase agreement,
loan agreement, or financing agreement with the Issuer under
the terms of which the Company will be obligated to pay sums
sufficient in the aggregate to pay the principal of and interest
and redemption premiums , if any, on the Bonds as and when the
same shall become due and payable .
( c ) That the Company will pay and reimburse the Issuer
from proceeds from the sale of the Bonds for costs advanced and,
if agreed upon in advance, for the services of certain staff
personnel such as the City Attorney and the Director of Finance
and Administrative services and the City Recorder. In the
absence of extraordinary and presently unforeseen expenses it
is agreed that the sum of $5 ,000 (including $2 ,500 to be paid
to the Issuer in connection with the submission of an application
by the Company to reimburse the Issuer for costs incurred in
connection with the review of the Company' s application) will
be sufficient to satisfy said expenses of the Issuer. If
the Issuer incurs extraordinary and unforeseen expenses , it
will submit an itemized statement of the same to the Company at
the time of delivery of the Bonds and the Company will allocate
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payment for such expenses from Bond proceeds . The $5,000 shall
be paid as follows : $2,500 in connection with the application
and $2 ,500 at the time of execution of the Bond Resolution.
4 . General Provisions.
( a) All agreements of the Issuer under paragraph 2
hereof and of the Company under paragraph 3 hereof are subject
to the conditions that on or before two years from the date
hereof (or such other later 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 lease agreement, purchase agreement, loan
agreement, or financing agreement referred to in paragraph
3 above and of the Bonds and other instruments or proceedings
relating to the Bonds, including reimbursement of the Issuer
for all reasonable and necessary direct out-of-pocket expenses
incurred by the Issuer.
( b) If the events set forth in ( a) of this paragraph
do not take place within the time set forth or any extension
thereof, and the Bonds in approximately the amount stated
above are not sold within such time, the Company agrees to
reimburse the Issuer for all reasonable and necessary direct
out-of-pocket expenses which the Issuer may incur arising from
the execution of this Agreement and the performance by the
Issuer of its obligations hereunder, and this Agreement shall
thereupon terminate.
(c ) By entering into this agreement, or any
subsequent lease agreement, purchase agreement, loan agreement,
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or financing agreement or other agreement in connection with
the issuance of the Bonds as contemplated hereby, the Issuer
shall incur no general obligation or liability or a charge upon
its general credit or against its taxing powers.
( d) The Company shall hold harmless and indemnify
the Issuer from any and all claims by third parties against the
Issuer that arise as a result of the Issuer ' s entering into
this agreement or any subsequent agreements as are necessary
and proper to effectuate the issuance of its Bonds as contemplated
hereby, other than claims arising from the Issuer' s own
negligence, gross negligence, or willful misconduct .
(e) If the Bonds are issued as contemplated by this
Memorandum of Agreement, the Company will not expect the Issuer
to assume any substantial obligation with regard to administering
the proceeds of the Bonds or the Acquisition of the Project, and
will arrange for a local trustee, escrow agent or bond servicing
agent to handle all such financial administration, and will handle
construction supervision either in its own name or through an
affiliated Company.
IN WITNESS WHEREOF, the parties hereto have entered
into this Agreement by their officers thereunto duly authorized
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as of the 6th day of October, 1981.
SALT LAKE CITY, SALT LAKE COUNTY, UTAH
B aiez/.i/i
yjC
Mayor
[SEAL]
Attested and Countersigned :
t ecorder
AIRCO, INC.
By /?-i ' )' /`. z. / A
Its - —(�clissr�
[SEAL]
Attest : it� ‘L
Its c .PE ray
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SCHEDULE I
All those certain plots, pieces or parcels of land
situate, lying in the City of Salt Lake City, County of
Salt Lake and State of Utah, known and described as follows,
to wit:
Plat 11, Lots 2 and 3, in the Salt Lake
International Center which is further described as
follows :
Beginning at a point which lies 982. 53 feet
south and 409. 37 feet west of the northeast corner of
Section 35, T1N, R2W, SLB & M; thence South 0°12' 50"East,
385. 53 feet; thence South 89°47 '10"West, 593. 00 feet;
thence North 0°12 ' 50" West, 408. 00 feet; thence South
85°18 ' 44" East, 263. 03 feet ; thence North 89°47' 10" East,
330. 93 feet to the point of beginning, containing 5. 316
acres.
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STATE OF UTAH )
COUNTY OF SALT LAKE )
I , Kathryn Marshall, 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, that the above and foregoing constitutes
a true and correct copy of excerpts from the minutes of a
regular public meeting of the Municipal Council of Salt Lake
City, Salt Lake County, Utah, held on October 6, 1981,
including a resolution adopted at said meeting, as said
minutes and resolution are officially of record in my
possession. Said resolution has not been amended as of the
date hereof.
IN WITNESS WHEREOF, I have hereunto subscribed
my official signature and impressed hereon the corporate
seal of Salt Lake City, Salt Lake County, Utah, this 0 day
of ( (. Lj , 1981.
?)7C4110C•f-L
i y Recorder
[SEAL]
PCM: vs
10-1-81
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