00-113
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CITY OF SHOREWOOD
RESOLUTION NO. 00-113
A RESOLUTION AUTHORIZING A TRANSFER OF FUNDS
FROM THE SEWER FUND TO THE STORMW A TER MANAGEMENT FUND;
SETTING THE SPECIFICATIONS
AND PROVIDING FOR THE REPAYMENT THEREOF
WHEREAS, the City Council is interested in preserving the undeveloped area of land
known as Gideon Glen and an offer by the city to purchase this land has been made and accepted;
and, the City also has been awarded a $200,000 matching grant contribution from the Minnehaha
Creek Watershed District (MCWD) for this purchase; and,
WHEREAS, the purchase will be financed by a transfer of funds from the Sewer Fund to
the Stormwater Management Fund; and
WHEREAS, the city wishes to repay the inter-fund loan and transfer of funds from the
Sewer Fund at a fair market rate of return through the use of Stormwater Utility Fees and
Cellular Antenna Revenue; and,
WHEREAS, the Council has considered such provisions and specifications for the loan
and repayment and found them to be fair and reasonable;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Shorewood as follows:
1. A transfer of $400,000 from the Sewer Fund to the Stormwater Management Fund is
hereby authorized by the Shorewood City Council.
2. The Finance Director is hereby authorized to prepare payment for the Gideon Glen
land purchase as required by the sale closing documents after review and approval by
the City Attorney and City Council.
3. The inter-fund loan will be repaid at an interest rate of 5% per year and will be
payable in semi-annual payments as shown on the attached Exhibit A. The interest
on the bonds will be payable on August 1 and February 1 of each year, commencing
on August 1, 2001.
4. The $200,000 matching grant contribution proceeds from the Minnehaha Creek
Watershed District (MCWD) will be transferred to the Sewer Fund for repayment of
the debt when said grant proceeds are received.
5. The City may elect to prepay the debt in whole or in part at any time. Redemption
will be at the option of the City and in such manner as the City will determine.
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ADOPTED by the City Council of the City of Shorewood, Minnesota, this 27th day of
November 2000.
(lr;:J~
WOODY LOVE, MAYOR
ATTEST:
FROM :F~TCO/MPLS
612 359 8896
2000.11-27
15=57 n149 P.02/02
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First American Title Insurance Company
801 Nicollet Mall, 1900 Midwest Plaza West, Minneapolis, MN 55402
(612) 305-2000 (612) 305-2001 fax
CLOSING STATEMENT FINAL
Purchase Price: $802,000.00
Date:
November 28. 2000
Buyer: City of Shorewood
File No.
59-7143C
Seller:
Thomas G. Sims and Patricia A. Sims
Address/Legal: 5620 County Road 19. Shorewood. Minnesota
SUMMARY OF BUYER'S TRAN N SUMMARY OF SELLER'S TRANSACTION
GROSS AMOUNT DUE FROM BUYER GROSS AMOUNT DUE TO SELLER
Purchase Prioe , $ 802.000.00 Purchase Price $ 802.000.00
Closina Fee (1/2) $ 300.00
Recordina Fees $ 50.00
Title Insurance Premium $ 1,609.23
UCC Search $ 75.00
.00 RE Tax Proration (34 x $8.4047) $ 285.77 2000 RE Tax Proration (34 x $8:4047) $ 285.77
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GROSS AMOUNT DUE FROM BUYER $ 804.320.00 GROSS AMOUNT DUE TO SELLER $ 802,285.77
AMOUNTS PAID BY OR ON BEHALF OF BUYER REDUCTIONS IN AMOUNT DUE SELLER
Earnest Monev Deposit :5 10,000.00
Interest Earned on Earnest Mor.tey' POC Closina Fee (112) , $ 300.00
Search and Exam $ 450.00
Recording Fees $ 50.00
Docurnent Preparation Fee $ 100.00
State Deed Tax $ 2,726.80
Gift from Seller '$ '402,000.00 Gift to City of Shorewood $ 402,000.00
e.AL PAID BY/FOR BUYER M'" . $ 412,000.00 TOTAL REDUCTION AMOUNT DUE SELLER $ 405.626.80
CASH FROM BUYER
$ 392,320.00 CASH TO,SELLER
$ 396t658.97
We authorize and ratifv the disburgemAntA hArA!n
Buyer
City of Shorewood
. Seller
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Thomas G. Sims
Its
Patricia A. Sims
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