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HomeMy WebLinkAbout10.b. Accept Bids and Award Sale - G.O. Water and Storm Water Revenue Bonds, Series 2002BCITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: June 18, 2002 AGENDA ITEM: Accept Bids and Award Sale - G.O. Water AGENDA SECTION: and Storm Water Revenue Bonds, Series 2002B Old Business PREPARED BY: Jeff May, Finance Director AGENDI (E j3 v U ATTACHMENTS: Resolution (Official Statement with 2002A APPROVED BY: Agenda Item) At 12:00 P.M. Tuesday, June 18, 2002, sealed bids for G.O. Water and Storm Water Revenue Bonds, Series 2002B, will be opened and the results tabulated at the offices of Springsteds. A representative from Springsteds will be at the Council meeting that evening to give their recommendation for the issuance of these bonds and to answer any questions that you may have. Because the bid opening is not until earlier in the day Tuesday, you will receive information regarding the bids at the meeting that evening. RECOMMENDED ACTION: Motion to adopt a RESOLUTION ACCEPTING OFFER ON SALE OF $1,195,000 GENERAL OBLIGATION WATER AND STORM WATER REVENUE BONDS, SERIES 2002B AND PROVIDING FOR THEIR ISSUANCE. COUNCIL ACTION: CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2002- RESOLUTION ACCEPTING OFFER ON SALE OF $1,195,000 GENERAL OBLIGATION WATER AND STORM WATER REVENUE BONDS, SERIES 2002B AND PROVIDING FOR THEIR ISSUANCE WHEREAS, the City Council of the City of Rosemount, Minnesota (the "City ") has heretofore determined that it is necessary and expedient to issue $1,195,000 General Obligation Water and storm Water Revenue Bonds, Series 2002B of the City, pursuant to Minnesota Statutes, Chapters 444 and 475 to finance improvements to the Water and Storm water utility system in the City (the "Project "); WHEREAS, offers to purchase the Bonds were solicited on behalf of the City by Springsted Incorporated; and WHEREAS, it is in the best interests of the City that the Bonds be issued in book -entry form as hereinafter provided; and WHEREAS, the following offers were received, opened and recorded at the offices of Springsted Incorporated at 12:00 noon., this same day: Bidder Interest Rate Net Interest Cost NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Rosemount, Minnesota, as follows: 1. Acceptance of Offer The offer of (the "Purchaser ") to purchase $1,195,000 General Obligation Water and Storm Water Revenue Bonds, Series 2002B of the City (hereinafter referred tows the 'Bonds" or individually as a 'Bond "), in accordance with the Terns of Proposal at the rates of interest hereinafter set forth, and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby found, detennined and declared to be the most favorable offer received and is hereby accepted and the Bonds are hereby awarded to said Purchaser. The Finance Director is directed to retain the deposit of said purchaser and to forthwith return to the other making offers their good faith checks or drafts. 2. Terms of Bonds (a) Title; Original Issue Date; Denominations, Maturities; Term Bond Option The Bonds shall be titled "General Obligation Water and Storm Water Revenue Bonds, Series 2002B ", shall be dated July 1, 2002, as the date of original issue and shall be issued forthwith on or after such 1417287v1 date as fully registered bonds. The Bonds shall be numbered from R -1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity. The Bonds shall mature on February 1 in the years and amounts as follows: Year Amount Year Amount 2004 $40,000 2012 $80,000 2005 $50,000 2013 $90,000 2006 $70,000 2014 $90,000 2007 $70,000 2015 $95,000 2008 $70,000 2016 $100,000 2009 $70,000 2017 $100,000 2010 $80,000 2018 $110,000 2011 $80,000 As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). (b) Book Entry Only System The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or successors to its functions hereunder (the "Depository ") will act as securities depository for the Bonds, and to this end: (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the 'Book Entry Only Period "), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under paragraphs 5 (with respect to redemption) and 10 (with respect to registration, transfer and exchange) Authorized Denominations for any Bond shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that Bond. (ii) Upon initial issuance, ownership of the Bonds shall be registered in a bond register maintained by U.S. Bank National Association in St. Paul, Minnesota (the 'Bond Registrar ") in the name of CEDE & CO., as the nominee (it or any nominee of the existing or a successor Depository, the "Nominee"). (iii) With respect to the Bonds neither the City nor the Bond Registrar shall have any responsibility or obligation to any broker, dealer, bank, or any other financial institution for which the Depository holds Bonds as securities depository (the "Participant ") or the person for which a Participant holds an interest,in the Bonds shown on the books and records of the Participant (the 'Beneficial Owner "). Without limiting the immediately preceding sentence, neither the City, nor the Bond Registrar, shall have any such responsibility or obligation with respect to (A) the accuracy of the records of the Depository, the Nominee or any Participant with respect to any ownership interest in the Bonds, or (B) the delivery to any Participant, any Owner or any other person, other than the Depository, of any notice with respect to the Bonds, including any notice of redemption, or (C) the payment to any Participant, any Beneficial Owner or any 1417287v1 2 other person, other than the Depository, of any amount with respect to the principal of or premium, if any, or interest on the Bonds, or (D) the consent given or other action taken by the Depository as the Register Holder of any Bonds (the "Holder "). For purposes of securing the vote or consent of any Holder under this Resolution, the City may, however, rely upon an omnibus proxy under which the Depository assigns its consenting or voting rights to certain Participants to whose accounts the Bonds are credited on the record date identified in a listing attached to the omnibus proxy. (iv) The City and the Bond Registrar may treat as and deem the Depository to be the absolute owner of the Bonds for the purpose of payment of the principal of and premium, if any, and interest on the Bonds, for the purpose of giving notices of redemption and other matters with respect to the Bonds, for the purpose of obtaining any consent or other action to be taken by Holders for the purpose of registering transfers with respect to such Bonds, and for all purpose whatsoever. The Bond Registrar, as paying agent hereunder, shall pay all principal of and premium, if any, and interest on the Bonds only to or upon the Holder of the Holders of the Bonds as shown on the register, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal of and premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. (v) Upon delivery by the Depository to the Bond Registrar of written notice to the effect that the Depository has determined to substitute a new Nominee in place of the existing Nominee, and subject to the transfer provisions in paragraph 10 hereof (with respect to registration, transfer and exchange), references to the Nominee hereunder shall refer to such new Nominee. (vi) So long as any Bond is registered in the name of a Nominee, all payments with respect to the principal of and premium, if any, and interest on such Bond and all notices with respect to such Bond shall be made and given, respectively, by the Bond Registrar or City, as the case may be, to the Depository as provided in the Letter of Representations, to the Depository required by the Depository as a condition to its acting as book -entry Depository for the Bonds (said Letter of Representations, together with any replacement thereof or amendment or substitute thereto, including any standard procedures or policies referenced therein or applicable thereto respecting the procedures and other matters relating to the Depository's role as book -entry Depository for the Bonds, collectively hereinafter referred to as the "Letter of Representations "). (vii) All transfers of beneficial ownership interests in each Bond issued in book -entry form shall be limited in principal amount to Authorized Denominations and shall be effected by procedures by the Depository with the Participants for recording and transferring the ownership of beneficial interests in such Bonds. (viii) In connection with any notice or other communication to be provided to the Holders pursuant to this Resolution by the City or Bond Registrar with respect to any consent or other action to be taken by Holders, the Depository shall consider the date of receipt of notice requesting such consent or other action as the record date for such consent or other action; provided, that the City or the Bond Registrar may establish a special record date for such consent or other action. The City or the Bond Registrar shall, to the extent possible, give the Depository notice of such special record date not less than 15 calendar days in advance of such special record date to the extent possible. 1417287v1 (ix) Any successor Bond Registrar in its written acceptance of its duties under this Resolution and any paying agency registrar agreement, shall agree to take any actions necessary from time to time to comply with the requirements of the Letter of Representations. (x) In the case of a partial prepayment of a Bond, the Holder may, in lieu of surrendering the Bonds for a Bond of a lesser denomination as provided in paragraph 5 hereof (with respect to redemption), make a notation of the reduction in principal amount on the panel provided on the Bond stating the amount so redeemed. (c) Termination of Book -Entry OnlyS sue Discontinuance of a particular Depository's services and termination of the book -entry only system may be effected as follows: (i) The Depository may determine to discontinue providing its services with respect to the Bonds at any time by giving written notice to the City and discharging its responsibilities with respect thereto under applicable law. The City may terminate the services of the Depository with respect to the Bond if it determines that the Depository is no longer able to carry out its functions as securities depository or the continuation of the system of book -entry transfers through the Depository is not in the best interests of the City or the Beneficial Owners. (ii) Upon termination of the services of the Depository as provided in the preceding paragraph, and if no substitute securities depository is willing to undertake the functions of the Depository hereunder can be found which, in the opinion of the City, is willing and able to assume such functions upon reasonable or customary terms, or if the City determines that it is in the best interests of the City or the Beneficial Owners of the Bond that the Beneficial Owners be able to obtain certificates for the Bonds, the Bonds shall no longer be registered as being registered in the bond register in the name of the Nominee, but may be registered in whatever name or names the Holder of the Bonds shall designate at that time, in accordance with paragraph 10 hereof (with respect to registration, transfer and exchange). To the extent that the Beneficial Owners are designated as the transferee by the Holders, in accordance with paragraph 10 hereof (with respect to registration, transfer and exchange), the Bonds will be delivered to the Beneficial Owners. (iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of paragraph 10 hereof (with respect to registration, transfer and exchange). (d) Letter of Representations The provisions in the Letter of Representations are incorporated herein by referenced and made a part of the resolution, and if and to the extent any such provisions are inconsistent with the other provisions of this resolution, the provisions in the Letter of Representations shall control. 3. Purpose The Bonds shall provide funds to finance improvements to the water utility and Water and Storm water utility systems in the City (the "Project "). The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the Project shall proceed with due diligence to completion. 1417287vl 4 4. Interest The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year commencing February 1, 2003, calculated on the basis of a 360 -day year of twelve 30 -day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturity Year 2004 2005 2006 2007 2008 2009 2010 2011 Interest R ate Maturity Year 2012 2013 2014 2015 2016 2017 2018 Interest Rate 5. Redemption All Bonds maturing in the years 2012 through 2018, both inclusive, shall be subject to redemption and prepayment at the option of the City on February 1, 2011, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the City shall determine the maturities and principal amounts within each maturity to be prepaid; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected registered holder of the Bonds. To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar prior to giving notice of redemption shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers so assigned to such Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of each such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the City or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the City and Bond Registrar duly executed by the holder thereof or his, her or its attorney duly authorized in writing) and the City shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of such Bond, without service charge, a new Bond or Bonds of the same series having the same stated maturity and interest rate and of any authorized denomination or denominations, as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered 1417287v1 5 6. Bond Registrar U.S. Bank National Association in St. Paul, Minnesota, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond Registrar "), and shall do so unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is duly appointed. Principal and interest on the Bonds shall be paid to the registered holders (or record holder) of the Bonds in the manner set forth in the form of Bond and paragraph 12 of this resolution (with respect to interest payment and record date). 7. Form of Bond The Bonds to be issued hereunder, together with the Bond Registrar's Certificate of Authentication, the form of Assignment and the registration information thereon, shall be in substantially the following form: 1417287v] 6 UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF ROSEMOUNT R- $ GENERAL OBLIGATION WATER AND STORM WATER REVENUE BOND, SERIES 2002B INTEREST MATURITY DATE OF RATE DATE ORIGINAL ISSUE CUSIP July 1, 2002 REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: DOLLARS KNOW ALL PERSONS BY THESE PRESENTS that the City of Rosemount, Dakota County, Minnesota (the "Issuer "), certifies that it is indebted and for value received promises to pay to the registered owner specified above, or registered assigns, in the manner hereinafter set forth, the principal amount specified above, on the maturity date specified above unless called for earlier redemption, and to pay interest thereon semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date "), commencing February 1, 2003, at the rate per annum specified above (calculated on the basis of a 360 -day year of twelve 30 -day months) until the principal sum is paid or has been provided for. This Bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the date of original issue hereof. The principal of and premium, if any, on this Bond are payable upon presentation and surrender hereof at the principal office of the U.S. Bank National Association in St. Paul, Minnesota (the 'Bond Registrar "), acting as paying agent, or any successor paying agent duly appointed by the Issuer. Interest on this Bond will be paid on each Interest Payment Date by check or draft mailed to the person in whose name this Bond is registered (the "Holder" or 'Bondholder ") on the registration books of the Issuer maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date "). Any interest not so timely paid shall cease to be payable to the person who is the Holder hereof as of the Regular Record Date, and shall be payable to the person who is the Holder hereof at the close of business on a date (the "Special Record Date ") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given to Bondholders not less than ten days prior to the Special Record Date. The principal of and premium, if any, and interest on this Bond are payable in lawful money of the United States of America. So long as this Bond is registered in the name of the Depository or its Nominee as provided in the Resolution hereinafter described, and as those terms are defined therein, payment of principal of and interest on this Bond and notice with 1417287v1 7 respect thereto shall be made as provided in the Letter of Representations, as defined in the Resolution. Bonds may only registered in the name of the Depository or its Nominee. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed, precedent to and in the issuance of this Bond, have been done, have happened and have been performed, in regular and due form, time and manner as required by law; that the Issuer has covenanted and agreed with the Holders of the Bonds that it will impose and collect charges for the service, use and availability of its water and storm water utility systems at the times and in amounts necessary to produce net revenues adequate to pay all principal and interest when due on the Bonds; and that the Issuer will levy a direct, annual, irrepealable ad valorem tax upon all of the taxable property of the Issuer, without limitation as to rate or amount, for the years and in amounts sufficient to pay the principal and interest on the Bonds of this issue as they respectively become due, if the net revenues from the water and storm water utility systems and any other revenues irrevocably appropriated to the Debt Service Account are insufficient therefor; and that this Bond, together with all other debts of the Issuer outstanding on the date of original issue hereof and the date of its issuance and delivery to the original purchaser, does not exceed any constitutional or statutory limitation of indebtedness. 1417287v1 IN WITNESS WHEREOF, the City of Rosemount, Dakota County, Minnesota, by its City Council has caused this Bond to be executed on its behalf by the facsimile signatures of its Mayor and its Clerk, the corporate seal of the Issuer having been intentionally omitted as pennitted by law. Date of Registration: Registrable by: U.S. Bank National Association St. Paul, Minnesota Payable at: U.S. Bank National Association St. Paul, Minnesota BOND REGISTRAR'S CITY OF ROSEMOUNT, CERTIFICATE OF DAKOTA COUNTY, MINNESOTA AUTHENTICATION This Bonds is one of the Bonds /s/ Facsimile described in the Resolution Mayor mentioned within. /s/ Facsimile Clerk U.S. Bank National Association St. Paul, Minnesota Bond Registrar IN Authorized Signature 1417287v1 9 ON REVERSE OF BOND Redemption All Bonds of this issue (the 'Bonds ") maturing in the years 2012 through 2018, both inclusive, are subject to redemption and prepayment at the option of the Issuer on February 1, 2011, and on any date thereafter at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the City shall determine the maturities and principal amount within each maturity to be prepaid; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for redemption shall be due and payable on the redemption date, and interest thereon shall cease to accrue from and after the redemption date. Mailed notice of redemption shall be given to the paying agent and to each affected Holder of the Bonds. Selection of Bonds for Redemption, Partial Redemption To effect a partial redemption of Bonds having a common maturity date, the Bond Registrar shall assign to each Bond having a common maturity date a distinctive number for each $5,000 of the principal amount of such Bond. The Bond Registrar shall then select by lot, using such method of selection as it shall deem proper in its discretion, from the numbers assigned to the Bonds, as many numbers as, at $5,000 for each number, shall equal the principal amount of such Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned numbers so selected; provided, however, that only so much of the principal amount of such Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. If a Bond is to be redeemed only in part, it shall be surrendered to the Bond Registrar (with, if the Issuer or Bond Registrar so requires, a written instrument of transfer in form satisfactory to the Issuer and Bond Registrar duly executed by the Holder thereof or his, her or its attorney duly authorized in writing) and the Issuer shall execute (if necessary) and the Bond Registrar shall authenticate and deliver to the Holder of such Bond, without service charge, a new Bond or Bonds of the same series having the same stated maturity and interest rate and of any authorized denomination or denominations, as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. Issuance; Purpose; General Obligation This Bond is one of an issue in the total principal amount of $1,195,000, all of like date of original issue and tenor, except as to number, maturity, interest rate, denomination, and redemption privilege, which Bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and pursuant to a resolution adopted by the City Council on June 18, 2002 (the "Resolution "), for the purpose of providing money to finance improvements to the water and storm water utility systems in the City. This Bond is payable out of the General Obligation Water and Storm Water Revenue Bonds, Series 2002B Fund of the Issuer. This Bond constitutes a general obligation of the Issuer, and to provide moneys for the prompt and full payment of the principal, premium, if any, and interest when the same become due, the full faith and credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. Denominations; Exchange; Resolution The Bonds are issuable solely as fully registered bonds in the Authorized Denominations (as defined in the Resolution) and are exchangeable for fully 1417287v1 10 registered Bonds of other Authorized Denominations in equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. Transfer This Bond is transferable by the Holder in person or by his, her or its attorney duly authorized in writing at the principal office of the Bond Registrar upon presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the Resolution and to reasonable regulations of the Issuer contained in any agreement with the Bond Registrar. Thereupon the Issuer shall execute and the Bond Registrar shall authenticate and deliver, in exchange for this Bond, one or more new fully registered Bonds in the name of the transferee (but not registered in blank or to "bearer" or similar designation), of an Authorized Denomination or Denominations, in aggregate principal amount equal to the principal amount of this Bond, of the same maturity and bearing interest at the same rate. Fees upon Transfer or Loss The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of this Bond and any legal or unusual costs regarding transfers and lost Bonds. Treatment of Registered Owners The Issuer and Bond Registrar may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided (except as provided on the reverse side hereof with respect to the Record Date) and for all other purposes, whether or not this Bond shall be overdue, and neither the Issuer nor the Bond Registrar shall be affected by notice to the contrary. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security unless the Certificate of Authentication hereon shall have been executed by the Bond Registrar. Designated as Qualified Tax - Exempt Obligations _ The Bonds have been designated by the Issuer as "qualified tax - exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. 1417287v1 I I ABBREVIATIONS The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UTMA as custodian for (Cust) (Minor) under the Uniform (State) Transfers to Minors Act Additional abbreviations may also be used though not in the above list. 1417287v] 12 ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within Bond and does hereby irrevocably constitute and appoint attorney to transfer the Bond on the books kept for the registration thereof, with full power of substitution in the premises. Dated: Notice: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or any change whatever. Signature Guaranteed: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having a membership in one of the major stock exchanges or any other "Eligible Guarantor Institution" as defined in 17 CFR 240.17 Ad- 15(a)(2). The Bond Registrar will not effect transfer of this Bond unless the information concerning the transferee requested below is provided. Name and Address: (Include information for all joint owners if the Bond is held by joint account.) 1417287vi 13 [Use only for Bonds when they are Registered in Book Entry Only System] PREPAYMENT SCHEDULE This Bond has been prepaid in part on the date(s) and in the amount(s) as follows: Date Amount Authorized Signature of Holder 1417287v] 14 8. Execution; Temporary Bonds The Bonds shall be printed (or, at the request of the Purchaser, typewritten) shall be executed on behalf of the City by the signatures of its Mayor and Clerk and be sealed with the seal of the City; provided, however, that the seal of the City may be a printed (or, at the request of the Purchaser, photocopied) facsimile; and provided further that both of such signatures may be printed (or, at the request of the Purchaser, photocopied) facsimiles and the corporate seal may be omitted on the Bonds as permitted by law. In the event of disability or resignation or other absence of either such officer, the Bonds may be signed by the manual or facsimile signature of that officer who may act on behalf of such absent or disabled officer. In case either such officer whose signature or facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of the Bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he or she had remained in office until delivery. The City may elect to deliver, in lieu of printed definitive bonds, one or more typewritten temporary bonds in substantially the form set forth above, with such changes as may be necessary to reflect more than one maturity in a single temporary bond. The temporary bonds may be executed with photocopied facsimile signatures of the Mayor and Clerk. Such temporary bonds shall, upon the printing of the definitive bonds and the execution thereof, be exchanged therefor and canceled. 9. Authentication No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this resolution unless a Certificate of Authentication on such Bond, substantially in the form hereinabove set forth, shall have been duly executed by an authorized representative of the Bond Registrar. Certificates of Authentication on different Bonds need not be signed by the same person. The Bond Registrar shall authenticate the signatures of officers of the City on each Bond by execution of the Certificate of Authentication on the Bond and by inserting the date of authentication in the space provided, except that for purposes of the Bonds delivered to the Purchaser, the Bond Registrar shall insert as a date of authentication the date of original issue, which date is July 1, 2002. The executed Certificate of Authentication on each Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. 10. Registration; Transfer; Exchange The City will cause to be kept at the principal office of the Bond Registrar a bond register in which, subject to such reasonable regulations as the Bond Registrar may prescribe, the Bond Registrar shall provide for the registration of Bonds and the registration of transfers of Bonds entitled to be registered or transferred as herein provided. Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, the City shall execute (if necessary), and the Bond Registrar shall authenticate, insert the date of registration (as provided in paragraph 9 with respect to authentication) and deliver, in the name of the designated transferee or transferees, one or more new Bonds of any Authorized Denomination or Denominations of a like aggregate principal amount, having the same stated maturity and interest rate, as requested by the transferor; provided, however, that no bond may be registered in blank or in the name of "bearer" or similar designation. At the option of the holder, Bonds may be exchanged for Bonds of any Authorized Denomination or Denominations of a like aggregate principal amount and stated maturity, upon surrender of the Bonds to be exchanged at the principal office of the Bond Registrar. Whenever any Bonds are so surrendered for exchange, the City shall execute (if necessary), and the Bond 1417287v1 15 Registrar shall authenticate, insert the date of authentication of, and deliver the Bonds which the holder malting the exchange is entitled to receive. All Bonds surrendered upon any exchange or transfer provided for in this resolution shall be promptly canceled by the Bond Registrar and thereafter disposed of as directed by the City. All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general obligations of the City evidencing the same debt, and entitled to the same benefits under this resolution, as the Bonds surrendered for such exchange or transfer. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly executed by the holder thereof or his attorney duly authorized in writing. The Bond Registrar may require payment of a sum sufficient to cover any tax or other govenunental charge payable in connection with the transfer or exchange of any Bond and any legal or unusual costs regarding transfers and lost Bonds. Transfers shall also be subject to reasonable regulations of the Issuer contained in any agreement with the Bond Registrar, including regulations which permit the Bond Registrar to close its transfer books between record dates and payment dates. 11. Rights Upon Transfer or Exchange Each Bond delivered upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond. 12. Interest Payment; Record Date Interest on any Bond shall be paid on each interest payment date by check or draft mailed to the person in whose name the Bond is registered (the "Holder ") on the registration books of the City maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment date (the "Regular Record Date "). Any such interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at the close of business on a date (the "Special Record Date ") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given by the Bond Registrar to the Holders not less than ten (10) days prior to the Special Record Date. 13. Treatment of Registered Owner The City and Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and interest (subject to the payment provisions in paragraph 12 above with respect to interest payment and record date) on, such Bond and for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 14. Delivery; y Application of Proceeds The Bonds when so prepared and executed shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 14172870 16 15. Fund and Accounts There is hereby established a special fund to be designated "General Obligation Water and Storm Water Revenue Bonds, Series 2002B Fund" (the "Fund ") to be held and administered by the City Finance Director separate and apart from all other funds of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. There shall be maintained in the Fund two separate accounts to be designated the "Construction Account" and the "Debt Service Account," respectively. (i) Construction Account To the Construction Account there shall be credited the proceeds of the sale of the Bonds, less accrued interest received thereon, and less any amount paid for the Bonds in excess of $1,181,258. From the Construction Account shall be paid all costs and expenses of the Project, including the cost of construction contracts heretofore let or to be let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65. Any balance remaining in the fund after completion of the costs shall be transferred to the Debt Service Account. (ii) Debt Service Account There is hereby pledged and there shall be credited to the Debt Service Account: (a) the net revenues of the water and storm water utility systems not otherwise pledged and applied to the payment of other obligations of the City, in an amount, together with other funds which may herein or hereafter from time to time be irrevocably appropriated to the account sufficient to meet the requirements of Minnesota Statutes, Section 475.61 for the payment of the principal and interest of this issue; (b) all accrued interest received upon delivery of the Bonds; (c) all funds paid for the Bonds in excess of $1,181,258; (d) all collections of taxes which may hereafter be levied in the event that net revenues and other funds herein pledged to the payment of the principal and interest of the Bonds of this issue are insufficient therefore; (e) all funds remaining in the Construction Account after completion of the Project and payment of the costs thereof, (f) all investment earnings on funds held in the Debt Service Account; and (g) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account. The Debt Service Account shall be used solely to pay the principal and interest and any premiums for redemption of the Bonds and any other general obligation bonds of the City hereafter issued by the City and made payable from said account as provided by law. No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (1) for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds were issued, and (2) in addition to the above in an amount not greater than the lesser of five percent (5 %) of the proceeds of the Bonds or $100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the Construction Account or Debt Service Account (or any other City account which will be used to pay principal or interest to become due on the bonds payable therefrom) in excess of amounts which under the applicable federal arbitrage regulations may be invested without regard to yield shall not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" or "minor portion" made available under the federal arbitrage regulations. Money in the Fund shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment 1417287v1 17 would cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the federal Internal Revenue Code of 1986, as amended (the "Code. "). 16. Sufficiency of Net Revenues It is hereby found, determined and declared that the net revenues of the water and storm water utility systems are sufficient in amount to pay when due the principal of and interest on the Bonds herein authorized, and the net revenues of the water and store water utility systems are hereby pledged for the payment of the Bonds and shall be applied for that purpose, but solely to the extent required to meet the principal and interest requirements of this issue as the same become due. Excess net revenues may be used for any proper purpose. Nothing contained herein shall be deemed to preclude the City from making further pledges and appropriations of the net revenues of the water and store water utility systems for the payment of other or additional obligations of the City, provided that it has first been determined by the City Council that the estimated net revenues of the water and storm water utility systems will be sufficient in addition to all other sources, for the payment of the Bonds herein authorized, and such additional obligations and any such pledge and appropriation of the net revenues may be made superior or subordinate to, or on a parity with the pledge and appropriation herein. 17. Covenant to Maintain Rates and Charges In accordance with Minnesota Statutes, Section 444.075, the City hereby covenants and agrees with the holders of the Bonds that it will impose and collect charges for the service, use, availability and connection to the water and stone water utility systems at the times and in the amounts required to produce net revenues adequate to pay all principal and interest when due on the Bonds. - 18. General Obligation Pledge For the prompt and full payment of the principal and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are irrevocably pledged. If the net revenues of the water and storm water utility system appropriated and pledged to the payment of principal and interest on the Bonds, together with other funds irrevocably appropriated to the Debt Service Account herein established, shall at any time be insufficient to pay such principal and interest when due, the City covenants and agrees to levy, without- limitation as to rate or amount an ad valorem tax upon all taxable property in the City sufficient to pay such principal and interest as it becomes due. If the balance . in the Debt Service Account is ever insufficient to pay all principal and interest then due on the Bonds payable therefrom, the deficiency shall be promptly paid out of any other accounts of the City which are available for such purpose, and such other funds may be reimbursed without interest from the Debt Service Account when a sufficient balance is available therein. 19. Coverage Test The net revenues are such that if collected in full they, together with all other funds herein pledged for the payment of the Bonds, will produce at least five percent (5 %) in excess of the amount needed to meet when due the principal and interest payments on the Bonds. 20. Certificate of Registration The Clerk is hereby directed to file a certified copy of this resolution with the County Public Service and Revenues Division Director of Dakota County, Minnesota, together with such other information as he or she shall require, and to obtain the County Public Service and Revenue Division Director's certificate that the Bonds have been entered in the County Public Service and Revenues Division Director's Bond Register. 1417287vl 18 21. Records and Certificates The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 22. Tax - Exempt Status of the Bonds; Rebate The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Bonds, including without limitation (1) requirements relating to temporary periods for investments, (2) limitations on amounts invested at a yield greater than the yield on the Bonds, and (3) the rebate of excess investment earnings to the United States. The Issuer expects to satisfy the 18 -month expenditure exemption for gross proceeds of the Bonds as provided in Section 1.148- 7(d)(1) of the Regulations. 23. Compliance with Reimbursement Bond Regulations The provisions of this paragraph are intended to establish and provide for the City's compliance with United States Treasury Regulations Section 1.150 -2 (the "Reimbursement Regulations ") applicable to the "reimbursement proceeds" of the Bonds, being those portions thereof which will be used by the City to reimburse itself for any expenditure which the City paid or will have paid prior to the Closing Date (a "Reimbursement Expenditure "). The City hereby certifies and /or covenants as follows: (a) Not later than 60 days after the date of payment of a Reimbursement Expenditure, the City (or person designated to do so on behalf of the City) has made or will have made a written declaration of the City's official intent (a "Declaration ") which effectively (i) states the City's reasonable expectation to reimburse itself for the payment of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional description of the property, project or program to which the Declaration relates and for which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the City and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Project "); and (iii) states the maximum principal amount of debt expected to be issued by the City for the purpose of financing the Project; provided, however, that no such Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" for the Project, defined in the Reimbursement Regulations to include engineering or architectural, surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not exceed 20% of the "issue price" of the Bonds, and (ii) a de minimis amount of Reimbursement Expenditures not in excess of the lesser of $100,000 or 5% of the proceeds of the Bonds. (b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of the Bonds or any of the other types of expenditures described in Section 1.150- 2(d)(3) of the Reimbursement Regulations. 1417287vl 19 (c) The "reimbursement allocation" described in the Reimbursement Regulations for each Reimbursement Expenditure shall and will be made forthwith following (but not prior to) the issuance of the Bonds and in all events within the period ending on the date which is the later of three years after payment of the Reimbursement Expenditure or one year after the date on which the Project to which the Reimbursement Expenditure relates is first placed in service. (d) Each such reimbursement allocation will be made in a writing that evidences the City's use of Bond proceeds to reimburse the Reimbursement Expenditure and, if made within 30 days after the Bonds are issued, shall be treated as made on the day the Bonds are issued. Provided, however, that the City may take action contrary to any of the foregoing covenants in this paragraph 23 upon receipt of an opinion of its Bond Counsel for the Bonds stating in effect that such action will not impair the tax - exempt status of the Bonds. 24. Designation as Qualified Tax - Exempt Obligations In order to qualify the Bonds as "qualified tax - exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the Bonds are issued after August 7, 1986; (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the Bonds as "qualified tax - exempt obligations" for purposes of Section 265(b)(3) of the Code; (d) the reasonably anticipated amount of tax - exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2002 will not exceed $10,000,000; and (e) not more than $10,000,000 of obligations issued by the City during this calendar year 2002 have been designated for purposes of Section 265(b)(3) of the Code. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. 25. Continuing Disclosure (a) The City is the sole obligated person with respect to the Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2 -12 (the "Rule "), promulgated by the Securities and Exchange Commission (the "Commission ") pursuant to the Securities Exchange Act of 1934, as amended, and a Continuing Disclosure Undertaking (the "Undertaking ") hereinafter described to: (1) provide or cause to be provided to each nationally recognized municipal securities information repository ( "NRMSIR ") and to the appropriate state information depository ( "SID "), if any, for the State of Mimiesota, in each case as designated by the Commission in accordance 1417287v1 20 with the Rule, certain annual financial information and operating data in accordance with the Undertaking. The City reserves the right to modify from time to time the terms of the Undertaking as provided therein. (2) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the Municipal Securities Rulemaking Board ( "MSRB ") and (ii) the SID, notice of the occurrence of certain material events with respect to the Bonds in accordance with the Undertaking. (3) Provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the MSRB and (ii) the SID, notice of a failure by the Issuer to provide the annual financial information with respect to the Issuer described in the Undertaking. (4) The City agrees that its covenants pursuant to the Rule set forth in this paragraph and in the Undertaking is intended to be for the benefit of the holders of the Bonds and shall be enforceable on behalf of such holders; provided that the right to enforce the provisions of these covenants shall be limited to a right to obtain specific enforcement of the City's obligations under the covenants. (b) The Mayor and Clerk of the City, or any other officer of the City authorized to act in their place, (the "Officers ") are hereby authorized and directed to execute on behalf of the City the Undertaking in substantially the fonn presented to the City Council, subject to such modifications thereof or additions thereto as are (i) consistent with the requirements under the Rule, (ii) required by the purchaser of the Bonds and (iii) acceptable to the Officers. 26. Defeasance When all Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the registered holders of the Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a suitable banking institution qualified by law as an escrow agent for this purpose, cash or securities described in Minnesota Statutes, Section 475.67, Subdivision 8, bearing interest payable at such times and at such rates and maturing on such dates as shall be required, subject to sale and /or reinvestment, to pay all amounts to become due thereon to maturity or, if notice of redemption as herein required has been duly provided for, to such earlier redemption date. 27. Severability If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 28. Headings Headings in this resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. 1417287v1 21 ADOPTED this 18th day of June, 2002. Cathy Busho, Mayor ATTEST: Linda J. Jentink, City Clerk CERTIFICATION I hereby certify that the foregoing is a true and correct copy of a resolution presented to and adopted by the City Council of Rosemount at a duly authorized meeting thereof, held on the 18th day of June, 2002, as disclosed by the records of said City in my possession. (SEAL) Linda J. Jentink, Rosemount City Clerk Motion by: Seconded by: Voted in favor: Voted Against: Members Absent: 1417287v1 22 CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION City Council Meeting Date: June 18, 2002 AGENDA ITEM: Rosewood Village Preliminary Plat; Progress AGENDA SECTION: Land Company New Business PREPARED BY: Rick Pearson, City Planner AGEND ATTACHMENTS: Draft Resolution, Location map, Plan Reductions, APPROVED BY: Draft PC minutes (5- 28 -02); Staff memo, concept resolution. 4 v Applicant & Property Owner: Warren Isrealson of Progress Land Company Location: 107.87 acres of land west of Biscayne Ave., between CSAH 42 and 145 Street West. Comp Plan Designation: Urban Residential and 7 acres of Commercial @ southwest corner. Current Zoning: R -1 Low Density Residential and C -4, General Commercial (consistent with Comp Plan). Nature of request: 52.01 acre Residential Preliminary Plat for: 100 Single Family lots 53 Townhouse Units Future Development Phases Outlot A- 31.43 acres Commercial 9.4 acres (Lots 1 -6, Block 5) Church site — 15 acres Planning Commission Action: Recommendation of approval with added conditions (4 -0) SUMMARY Progress Land Company has prepared a preliminary plat for the former "Eastbridge development site known as "Rosewood Village ". Last fall, concept approval was granted for mixed residential uses including single family and townhouse development. Fifteen acres at the southeast corner of the site at Biscayne Avenue and CSAH 42 are set aside for the proposed church site which will require a conditional use permit. 9.4 acres is available for commercial sites with frontage along CSAH 42. The remainder of the site is reserved for future development. Approval of this preliminary plat will commit the city to approving final plats (consistent with the preliminary plat as approved) for each phase of the development resulting in the sale of individual lots /units. The attached memo provides details of the preliminary plat PLANNING COMMISSION PUBLIC HEARING On May 28, 2002, the Planning Commission conducted the public hearing which was attended by the Developer. No one appeared for comment. The Commissioners added three conditions to the recommendation of approval: 1) A fence agreement with the railroad; 2) adjusting the north edge of the commercial lots to align with the cul -de -sac; and 3) increasing the landscape screening between the housing types, and along the edge with Greif Bros. The Developer has revised the plans in response to the Planning Commission direction. After further review, Staff is also providing additional recommendations: 1. Elimination of Lot 22, Block 4. thus solving lot depth variances for lots 18, 19, 20, 21, 23, & 42, Block 4. 2. Alignment of the northern edge of Lot 6, Block 5 with the center -line of the cul -de -sac. 3. Provision of an eight -foot wide bituminous bike trail along the northern edge of County Road 42. 4. Extension of the security fence through Outlot A to the UP & CP railroad right -of -way. RECOMMENDED ACTION: Motion to adopt a resolution approving the preliminary plat for "Rosewood Village" CITY COUNCIL ACTION: CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2002- A RESOLUTION APPROVING THE PRELIMINARY PLAT FOR ROSEWOOD VILLAGE WHEREAS, the Community Development Department of the City of Rosemount received an application from Progress Land Company for approval of the Preliminary Plat for Rosewood Village; and WHEREAS, on May 28 2002, the Planning Commission of the City of Rosemount reviewed the Preliminary Plat for Rosewood Village and recommended approval, subject to conditions; and WHEREAS, on June 18 2002, the City Council of the City of Rosemount reviewed the Preliminary Plat for Rosewood Village; NOW, THEREFORE, BE IT RESOLVED, the City Council of the City of Rosemount hereby approves the Preliminary Plat for Rosewood Village, subject to: 1. Additional landscaping as required by Section 8.3 of the Zoning Ordinance and as needed to mitigate the effects of the rail spur and adjacent Greif Brothers industrial use, for separation of the dissimilar housing types and screening along 145 Street West and Biscayne Ave. 2. Elimination of lot area/dimension variances for lot 5, Block 3 and lot 23, Block 4. 3. Re- alignment or consolidation of lots 31 and 32, Block 4 to front on the cul -de -sac. 4. Incorporation of recommendations of the City Engineer relative to drainage, easements, grading, streets, and utilities. 5. Park dedication in the form of cash based upon the rate specified in the fee resolution at the time of the final plat. 6. Sidewalks installed at the south side of 145 Street West, both sides of the "through" street and across from Bloomfield Path, and along one side of the (townhouse) private drive and along the cul -de -sac to connect to the through street. 7. Conformance with Section 4.18 of the zoning ordinance concerning attached housing standards. 8. Conformance with requirements for final plat. 9. Approval of the Dakota County Plat Commission as required by the Contiguous Plat Ordinance. 10. Obtain a fence agreement between the developer and the railroad acknowledging the placement of the fenced enclosure, its location relative to the tracks and maintenance for operational and safety considerations. 11. Address the method of access for the commercial lots in this preliminary plat with alignment of the cul -de -sac or the 250' off set from it. Note additional land rezoning required. 12. Increase effective screening separation between buildings and the lots that back up to the adjacent Greif Brothers industrial use. 13. Elimination of Lot 22, Block 4, thus solving lot depth variances for lots 18, 19, 20, 21, 23, & 24, Block 4. 14. Alignment of the northern edge of Lot 6, Block 5 with the center -line of the cul -de -sac. 15. Provision of an eighty -foot wide bituminous bike trail along the northern edge of County Road 42. 16. Extension of the security fence through Outlot A to the UP & CP railroad right -of -way. ADOPTED this 18 day of June, 2002, by the City Council of the City of Rosemount. ATTEST: Linda Jentink, City Clerk Cathy Busho, Mayor Motion by: Seconded by: Voted in favor: Voted against: Member absent: 'out •sajD!nossv puo� Japyaa � � _ zr��. -��,�- � = - — __- ��\ �'�� \ `��;•` _. f AE a r 11 -..J L_.- l - - ���.� �i ^, � '�'�_� •wj- ovoa`, - -•- `_- o3sodoa� •"„ �.I,� 1 .�. :' j';�' I all Nd n _ q ovoa ; o350d0r7d \ °:'' F f r`• -� r it - 1 r,'--1i' a� r ��'r 1i r 1. r `, �, 'i `, 1', '�` \'._= ;•� /'• �^ >� �� � a / 6 JNAVO51B°.+X , a .: a - - - - -- .� • °,- --:.._.__ OIAMS r 6 � C• ![ ]3s D. 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M r.N PRELIMINARY Issued _ LANDSCAPE PLAN —SOUTH ROSEWOOD VILLAGE CITY OF ROSEMOUNi SHEET L2 01141 Q90YJ I I I It �/tk _ � J I Al � g� V, �Y re i t ! /, East 920 lest al Ilre ,,; Seul�eoal1e /Sk. 29. twP. IIS Rqe, 19 f (o . z � ��. GN + `\ \ \ E¢tattng Bu ➢dMg It \ S \ � ` I £' � r+ Y�I -! � #q° j2N � °• -9 L'O _� =T��'� � y i N 4- It1 I _ 4q L rt G 12.I' C r ___ T t1 e _— � � �l�J ✓ � I � cn I � � � e I a 2 2 Z O r � i °?� n Y'6Y3a',M•�":, I f 'Nf I /A / /I - R CI TV z �nn .r ff R �R� �E S a l l n �ro �� -. � ➢ v n -\ 1 i c , 1 f 1 I a r O 9 fi N t'. 4� Pi • 9a G U 1 4 F4 A_ I f= r tY a9 w s r t p OF V a F o {y Fa Pa S � ; N o m s Fa Pa F v rn f f Pa t0 x V '';!S "[ Wesl Nns oI the Eael 9M feet el rf z s ,% .° 9 r• s, f:9e. r9- Exflfing BMWdit 4 1.. 0, tam I V !f m �a "•€ - es ab � a s _ V A N I" N U ro - Ir r 4 w { 1 xl n ti 1 v x r g w tr N 0 b o° a 3 it T _ aj ,F ;s � {'fit, A • inja-.•e. E x V '';!S "[ Wesl Nns oI the Eael 9M feet el rf z s ,% .° 9 r• s, f:9e. r9- Exflfing BMWdit 4 1.. 0, tam I V !f m �a "•€ - es ab � a s _ V A N I" N U ro - Ir r 4 w { 1 ti 1 ap r a w tr i 8� 3 it T _ ,F � {'fit, A • inja-.•e. E U a _ _ N V __�_ n� Ili I a t- t• 4• �q - 1 1 1 � wN n � I . f 1 p A Oi � � � � � - — !r � , __ � -• � � � — '_ __ —__ —___ ____— _ —___ _____ o o °� I o 1 J m Z9 s. Try 9pa {9' ei EIVC�AVE i °� I in utvrWRSI Y n 1 I UNIVERSITY I ERSI TY ° ADDITION f ADD177ON r j N ri F `D» O VA , � R x R1 R I I I ai F i t N a i i t Fw Y as is _-- ------------------- NO25 as F --------------- T H E E N C .L A V E 1 � $ , TI- 6 � N s Z ROSEMOU NT Coming Up Rosemount!! CITY HALL 2875 — 145th Street West Rosemount, MN 55068 -4997 Phone: 651 - 423 -4411 Hearing Impaired 651 - 423 -6219 Fax: 651- 423 -5203 Purs ant to due call and notice thereof, the Regular Meetingnf the Planning Commission was held on uesday, May 28, 2002. Chairperson Jeff Weisensel called the meeting to order at 6:30 p.m. with mbers David Anderson, MyronN &r, and Jason Messner present. Commissioner Jana Carr was sent. City Planne=ge son also attended. The meeting was op d with the, llegiance. Agen da: There were no addi ' ns or corrections to the agenda. Audience Input: oI� ne. MOTIO y Anderson to approve the May 1'42002 Regular Planning Commission Meeting Minu s. Seconded by Napper. Ayes:. Napper, W`eisensel, Messner and Anderson. Nays: 0. carried. Public Hearing: Rosewood Preliminary Plat for Progress Land Co. Chairperson Weisensel confirmed that the recording secretary has placed on file with the City the Affidavit of Mailing and Posting of a Public Hearing Notice and Affidavit of Publication concerning the public hearing. City Planner Pearson reviewed the application by Warren Isrealson of Progress Land Company for the 107.87 acre parcel located west of Biscayne Avenue between CSAH 42 and 145th Street West. This proposal has 100 single family lots and 53 townhouse units. The unique issue with this residential development is that there is a railroad spur bisecting the site. Several conditions have been provided for screening and safety around the railroad spur. Pearson noted several lots that need changes to avoid variances. There is also a proposed church site along CSAH 42 and six commercial lots, which will need an access onto Biscayne Avenue since one is not allowed on CSAH 42. There are nine recommended conditions proposed on the draft resolution to City Council The fencing to be used along Greif Brothers and the railroad spur is six foot high black chain link fence. There are some existing trees, mostly elms and boxelders, along the Grief Brothers boundary. Pearson recommends additional landscaping for screening. The railroad does not own any right -of -way because of the liquidation of the Milwaukee Road and subsequent purchase by Progress Land Company. The railroad though, due to Eminent Domain, has the right to access and maintenance. Commissioner Napper questioned if the railroad may still want additional footage for maintenance. The proposed plan allows 25 feet between the railroad and fence. Planning Commission Regular Meeting Minutes May 28, 2002 Planning Commission Regular Meeting Minutes May 28, 2002 Page 2 Warren Israelson, President of Progress Land Company, requested that the fence be connected at the end of the railroad spur rather than at the street. This would make the fence about 200 feet shorter. Because the natural tree line is about 25 feet from the railroad Israelson would expect the right -of -way to stay there. Israelson said he would consider the access point across from the cul- de -sac using a corner of the residential lot just north of the most easterly commercial lot. Chairperson Weisensel opened the public hearing. There were no comments. MOTION by Messner to close the public hearing. Seconded by Anderson. Ayes: Weisensel, Messner, Anderson, and Napper. Nays: 0. Motion carried. Discussion ensued by the Commissioners on the landscaping and berming /grading plan. MOTION by Weisensel to recommend that the City Council approve the preliminary plat for "Rosewood" subject to the recommended nine conditions plus three additional ones: 1. Additional landscaping as required by Section 8.3 of the zoning ordinance and as needed to mitigate the effects of the rail spur and adjacent Greif Brothers industrial use, for separation of the dissimilar housing types and screening along 145th Street West and Biscayne Ave. 2. Elimination of lot area/dimension variances for lot 5, Block 3 and lot 23, Block 4. 3. Re- alignment of consolidation of lots 31 and 32, Block 4 to front on the cul -de -sac. 4. Incorporation of recommendations of the City Engineer relative to drainage, easements, grading, streets and utilities. 5. Park Dedication in the form of cash based upon the rate specified in the fee resolution at the time of final plat. 6. Sidewalks installed at the south side of 145th Street West, both sides of the "through" street and across from Bloomfield Path, and along one side of the (townhouse) private drive and along the cul -de -sac to connect to the through street. 7. Conformance with Section 4.18 of the zoning ordinance concerning attached housing standards. 8. Conformance with requirements for final plat. 9. Approval of the Dakota County Plat Commission as required by the Contiguous Plat Ordinance. AND: 10. Obtain a fence agreement with the developer and the railroad acknowledging the maintenance and setbacks for operation and safety and the placement of the enclosure. 11. Address the method of access for the commercial lots in this preliminary plat with alignment of the cul -de -sac or the 250' off -set from it. Note additional land rezoning required. 12. Increase effective screening separation between buildings and the lots that back up to Greif Brothers. Second by Napper. Ayes: Messner, Anderson, Napper, and Weisensel. Nays: 0. Motion carried. Pearson noted this should be on the City Council Agenda on June 18, 2002. TO: Planning Commission FROM: Rick Pearson, City Planner DATE: May 22, 2002 RE: Rosewood Village Preliminary Plat PROCESS & BACKGROUND This preliminary plat is the design phase of the Rosewood Village residential development. The goal of preliminary plat approval is to create the overall design of the lots or dwelling units, streets, landscaping, grading and utilities. This proposal has concept approval, which ensured that the development's land use would be consistent with the Rosemount 2020 Comprehensive Plan. The preliminary plat applies the zoning and development standards to the development. With approval of the preliminary plat, the city and the developer commit to the lot design and street lay -out. In other words, the city will be bound to approve final plats of phases of the development if they are consistent with the preliminary plat. Final plat is when the construction plans are prepared for the development and enables the developer to sell individual lots or dwelling units. ROSEWOOD CONCEPT The primary issue resulting from concept approval was buffering the anticipated residential uses from the site bisecting rail spur and the Greif Bros. industrial use. The preliminary plat is required to present a design solution to these challenges in order to be approved. PRELIMINARY PLAT DESIGN Approximately half of the site will be developed for residential use. The balance is set aside for an anticipated church, commercial uses, storm water ponding and future development. The focus of this review is the residential development. ACCESS AND CIRCULATION Three public streets provide access into the development from 145 Street, Biscayne Avenue and County Road 42. A fourth access will be available to the fifteen acre anticipated church site. Five cul -de -sacs provide frontage for most of the 100 single- family lots. Most of the remaining lots back up to Biscayne Ave. and the future church site. The 53 townhouse units front on a private street which loops through the north edges of the site backing up to 145 Street, Greif Bros. and a portion of the rail spur. Six lots intended for commercial use are shown in the southwest corner aligning with the C -4, General Commercial zoning. These lots all have frontage along CSAH 42, but will not be Rosewood Village Preliminary Plat Page 2. allowed direct driveway access to the highway. Instead, a private street would be anticipated across the northern edge of Block 5 with appropriate cross - access easements. One consideration to keep in mind is to ensure that this street either aligns with the Block 4 cul -de -sac, or is off -set by a minimum of 250 feet. HOUSING AND LOT CONSIDERATIONS All of the single family lots and townhouse units are expected to be consistent with city standards specified in the zoning ordinance including dimensional standards. Only three lot dimensional variances were found in the staff review. Lot /Block Dimension Standard Variance Lot 5, Block 3 11,875 sq. ft. lot area 12,000 sq. ft. 125 sq. ft. Lot 23, Block 4 94 feet lot width 95 feet 1 foot 11,764 sq. ft. lot area 12,000 sq. ft. 136 sq. ft. Corner lots require additional space because of the two street edges which results in a requirement for setbacks reflecting two "front yards ". There are three additional lots which could be problematic. Lot 17, Block 3 is a triple fronted lot with a truncated shape. Similar lots have resulted in variance requests, particularly for rear -yard fences and accessory structures. Lots 31 and 32, Block 4front on the local street which also will be providing primary access to future development and the commercial uses. Staff would recommend that both lots (or a consolidated lot) shift to front on the cul -de -sac to reduce the impact of driveways in a future primary access area. The Developer has responded to staff direction to increase the spacing and lot depth along the rail spur to be consistent with other developments in the City with adjacent railroad tracks. The 53 townhouse units will be required to be consistent with all applicable ordinance standards. LANDSCAPING, PARK DEDICATION AND SIDEWALKS The grading plan indicates most of the existing trees near the rail spur will be preserved and incorporated into.the screening. Two four to six foot high earth berms with 6 ft. spruce trees provide screening for the townhouses backing up to the rail spur. A six -foot safety fence (presumably chain -link) is proposed along the perimeter of the rail spur on both sides. This fence terminates with the lots and has a gap on the eastern end. Staff believes that the fence should be continuous, with gates if the railroad needs access. Lastly, a six foot high opaque fence is provided for screening the edge along the Greif Bros. industrial site. Additional landscaping is required for boulevard trees, planting strips along Biscayne Avenue & 145 Street; augmenting the rail spur screening and to further buffer dissimilar housing types and housing from Greif Bros. Rosewood Village Preliminary Plat Page 3. There will be no park land dedicated with this development. The Parks and Recreation Committee has recommended that Biscayne Park serve this neighborhood with access facilitated by sidewalks. Therefore, sidewalks will be recommended for the south side of 145 Street West; both sides of the "north -south through road" and the entrance across from Bloomfield Path. A sidewalk is also recommended on one side of the private loop street serving the townhouses and along the long cul -de -sac linking to the through street. CONCLUSION AND RECOMMENDATION Rosewood Village will be consistent with all applicable standards as recommended for approval. Additional information is needed concerning landscaping and screening to ensure that the preliminary plat is consistent with the concept as approved. Therefore, Staff recommends that the Planning Commission adopt a motion recommend approval of the Rosewood preliminary plat to the City Council subject to: 1. Additional landscaping as required by Section 8.3 of the zoning ordinance and as needed to mitigate the. effects of the rail spur and adjacent Greif Bros. industrial use, for separation of the dissimilar housing types and screening along 145 Street West and Biscayne Avenue. 2. Elimination of the lot area / dimension variances for lot 5, Block 3 and lot 23, Block 4. 3. Re- alignment or consolidation of lots 31 and 32, Block 4 to front on the cul -de -sac. 4. Incorporation of recommendations of the City Engineer relative to drainage, easements, grading, streets and utilities. 5. Park dedication in the form of cash based upon the rate specified in the current fee schedule at the time of final plat. 6. Sidewalks installed at the south side of 145 Street West, both sides of the "through" street and across from Bloomfield Path, and along one side of the (townhouse) private drive and the long cul -de -sac to connect to the through street. 7. Conformance with Section 4.18 of the Zoning Ordinance concerning standards for attached housing. 8. Conformance with requirements for final plat. 9. Approval of the Dakota County Plat Commission as required by the Contiguous Plat Ordinance. CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2001- A RESOLUTION APPROVING THE CONCEPT PLANNED UNIT DEVELOPMENT FOR PROGRESS LAND COMPANY, INC. WHEREAS, the Community Development Department of the City of Rosemount received an application from Progress Land Company, Inc. for approval of a concept planned unit development for a single and multiple family residential use development proposed for property located west of Biscayne Avenue and south of 145` St. W. in Rosemount, Minnesota; and WHEREAS, on September 25, 2001, the Planning Commission of the City of Rosemount reviewed the Concept Planned Unit Development for Progress Land Company, Inc. and adopted a motion to fecommend approval, subject to conditions, to the City Council; and WHEREAS, on October 16, 2001, the City Council of the City of Rosemount reviewed the Concept Planned Unit Development for Progress Land Company, Inc. NOW, THEREFORE, BE IT RESOLVED, the City Council of the City of Rosemount hereby approves the Concept Planned Unit Development for Progress Land Company, Inc., subject to: 1) Increasing the setback for housing adjacent to the Greif Bros. industrial use to a minimum of 30 feet and provide extensive landscape screening with earthen berms and plantings. 2) Mitigation of the effects of the rail spur with earthen berms, landscaping and fencing. 3) Plan revisions as necessary to enhance circulation in the private driveways of the bayhomes 4) Plans revisions as necessary to eliminate lot deficiencies for Lot 4, Block 1 and Lots 5, 6, 19 and 20, Block 2, as corner lots with increased depth along the private cul -de -sac. 5) Incorporation of recommendations of the Interim City Engineer relative to drainage, ponding and street design. 6) Incorporation of recommendations of the Fire Marshal concerning vehicular circulation. 7) Conformance with the requirements for preliminary plat for the residential uses and conditional uses for development of the church site. 8) All required setbacks shall be maintained throughout the development. The bayhomes and single family units shall maintain a minimum setback of forty feet from 145` Street and Biscayne Avenue. ADOPTED this 16` day of October, 2001, by the City Council of the City of Rosemount. Cathy Busho, Mayor ATTEST: Linda J. Jentink, City Clerk Motion by: Seconded by: Voted in favor: Voted against: Member absent: