1998-05-01-R - Laserfiche WebLink

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WITNESSETH: WHEREAS, the City is authorized by the Act to own, acquire, construct, reconstruct, extend, improve, equip, operate, maintain, sell, lease, or contract concerning, or otherwise deal in or dispose of any land, buildings or facilities for securing and developing industry within or near the City and to assist in the financing thereof by the issuance of bonds payable from the revenues derived in connection with such land, buildings or facilities; and WHEREAS, the City has determined that such purposes may be served by cooperation with the Company in the acquisition, construction and equipping of an industrial facility and related improvements to be located on Highway 167 approximately three miles north of the corporate limits of the City, consisting of the acquisition of approximately 62 acres of real property, the construction of a building of approximately 150,000 square feet, and the acquisition of certain manufacturing equipment, all to be used as a manufacturing facility for the production of dental products and for other lawful purposes of the Company as may be profitable to it (the "Project"); and WHEREAS, the City and the Company desire to cooperate in the acquisition, construction and equipping of the Project and to have the costs of the Project financed from the proceeds of revenue bonds of the City (the "Bonds") to be issued pursuant to the Act in an aggregate principal amount now estimated not to exceed $7,000,000 (excluding any bonds issued to refund the Bonds); and WHEREAS, the City and the Company contemplate that the Project will be owned by the City and leased to the Company, with an option to purchase, with lease payments in connection therewith, together with other available moneys, sufficient in amount to pay debt service on the Bonds and all related costs; NOW, THEREFORE, in consideration of the premises and other good and valuable consideration under the mutual benefits, covenants and agreements herein expressed, the City and the Company agree as follows: 1. Proceedings. All proceedings in connection with the issuance of the Bonds shall be consistent with the requirements of the Act, including notice to all state agencies and the publication of notice. All references contained herein to the issuance of the Bonds shall be subject to compliance with the formalities of the Act when the facts required to do so are determined. 2. Project. The City and the Company will cooperate in causing to be commenced and continued the required acquisition, construction and equipping of the Project, and the Company may provide, or cause to be provided, the necessary interim financing to permit such work on the Project to commence and continue expeditiously pending the issuance of the Bonds. Not later than the date of issuance of the Bonds, the Company will convey and transfer, or cause to be conveyed and transferred, to the City, for an amount approximately equal to that amount PDIndResol.001 052698 —2