001 of 1982 - Memorandum of Agreement with MH Properties gti �—a
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RESOLUTION #1, 1982
Salt Lake City, Utah
January 5, 1982
The City Council of Salt Lake City, Salt Lake County, Utah
met in regular session at its regular meeting place in Salt
Lake City, Utah, at 6:00 p.m. on January 5, 1982 with the
following City officials present:
Sydney Reed Fonnesbeck Chairperson
Grant Mabey Councilmember
Palmer DePaulis Councilmember
Ronald J. Whitehead Councilmember
Alice Shearer Councilmember
Ione Davis Councilmember
Edward W. Parker Councilmember
Also present:
Ted L. Wilson Mayor
Absent: None
After the meeting had been duly called to order the
minutes of the preceding meeting read and approved, the
following resolution was introduced in writing, read in full,
and pursuant to motion duly made by Shearer and
seconded by parker adopted by tha following
vote:
YEA: Sydney Fonnesbeck
Grant Mabey
Palmer DePaulis
Ronald J. Whitehead
Alice Shearer
Ione Davis
Edward W. Parker
NAY:
The resolution was then signed by the Chairperson in open
meeting and recorded by the City Recorder in the official
records of Salt Lake City, Utah. The resolution is as follows:
RESOLUTION AUTHORIZING AND INDUCING THE EXECUTION OF
A MEMORANDUM OF AGREEMENT WITH M H PROPERTIES, A UTAH
CORPORATION, OR AN AFFILIATED COMPANY THROUGH COMMON
CONTROL OR ANY PARTNERSHIP SERVED BY M H PROPERTIES,
AS ITS GENERAL PARTNER, REGARDING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR A
COMMERCIAL PROJECT.
WHEREAS, Salt Lake City, Utah (the "Issuer"), is an
incorporated City authorized and empowered by the provisions
of the Utah Industrial Facilities Development Act, Title II,
Chapter 17, Utah Code Annotated, 1953 as amended (the "Act") to
issue industrial development revenue bonds or other forms of
industrial revenue financing (the "Bonds") for the purpose of
acquiring or financing manufacturing, industrial, or
commercial projects; and
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WHEREAS, in order to promote industry and commerce and
develop trade by inducing manufacturing, industrial and
commercial enterprises to locate or remain in the State of Utah
and Salt Lake City, the Issuer proposes to finance the
acquisition and construction of a building and the furnishing
of a facility to be used as a commercial office building and
related activities in support of these commercial functions
(the "Project") to be owned and operated by M H Properties, a
Utah general partnership (the "Company"); and
WHEREAS, the Company is reluctant to take steps toward the
acquisition of the Project without satisfactory assurance from
the Issuer that the proceeds of the sale of the Bonds of the
Issuer will be made available to finance the acquisition of
said Project; and
WHEREAS, it is deemed necessary and advisable for the
development, welfare and prosperity of the Issuer and its
inhabitants that the Project be acquired, and that the Issuer
take such action as may be required under applicable statutory
provisions to authorize and issue its Bonds to finance the cost
thereof, to an amount not exceeding $6,500,000; and
WHEREAS, the Bonds are limited obligations of the Issuer
and at no time will they subject the Issuer to bear any
liability or become a call on the general taxing powers or
credit of the City; and
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f
WHEREAS, a form of agreement, designated as a "Memorandum
of Agreement," has been prepared under which the Company has
stated its willingness to acquire the Project; and
WHEREAS, it is considered necessary and desirable and for
the best interest of said Issuer that execution of said
Memorandum of Agreement be authorized for and on behalf of the
Issuer:
NOW, THEREFORE, Be It Resolved by the City Council of Salt
Lake City, Salt Lake County, Utah, as follows:
Section 1. In order to assure that the Company remain
within the boundaries of the Issuer with the resulting public
benefits which will flow therefrom, it is deemed necessary and
advisable that the Memorandum of Agreement hereinafter
referred to, be approved and executed for and on behalf of the
said Issuer.
Section 2. The Memorandum of Agreement by and between the
Company and the Issuer in the form and with the contents set
forth in Exhibit "A" attached hereto, is hereby approved and
the execution thereof is hereby authorized.
Section 3. All resolutions and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
Section 4. The City Council considers that this
resolution is necessary and in the best interest of the Issuer,
and therefore, it shall become effective immediately upon its
passage, approval and adoption.
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Passed and approved this 5th day of January, 1982, by the
City Council of Salt Lake City, Utah.
Chairperson
ATTEST:
Ci Recorder
{ S E A L )
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After conduct of other business not pertinent to the
above, the meeting was, on motion duly made and seconded,
adjourned.
Chairperson
ATTEST:
Cia Recorder
( S E A L )
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STATE OF UTAH )
ss.
COUNTY OF SALT LAKE )
I, Kathryn Marshall, the duly qualified 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 is a true and correct
copy of the minutes of a meeting of the City Council of said
City, including a resolution adopted at said meeting, insofar
as said minutes pertain to the matters therein set out.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and impressed herein the seal of Salt Lake
City, Salt Lake County, Utah this 5th day of January, 1982.
City Mbbrder
S E A L )
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STATE OF UTAH ) CERTIFICATE OF COMPLIANCE
ss . WITH OPEN MEETING LAW
COUNTY OF SALT LAKE )
I, Kathryn Marshall, the duly qualified City Recorder of
Salt Lake City, Salt Lake County, Utah, do hereby certify that
10 ' ,pf CA'*,e-
on the 31 day of de , 1981 , pursuant to Utah Code
Annotated Section 52-4-6 (1953) , as amended, there was posted
(at least 24 hours prior to the meeting time) at the regular
meeting place of the City Council written notice of the regular
meeting of the City Council held on January 5 , 1982 at said
regular meeting place. I further certify that there was
delivered to the local news media, at least 24 hours prior to
said meeting, a copy of said Notice of Regular Meeting.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of said Municipality this 5th day of
January, 1982.
,'f y Recorder
( S E A L
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