HomeMy WebLinkAbout830398.tiff RESOLUTION
RE: WAIVING OF CERTAIN REOUIREMENTS CONCERNING INDUSTRIAL REVENUE
BOND APPLICATION FROM DAYTON HUDSON CORPORATION
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, Dayton Hudson Corporation intends to locate a Tar-
get Store in the City of Greeley, County of Weld, and
WHEREAS, Dayton Hudson Corporation has submitted an applica-
tion for Industrial Revenue Bonds, and
WHEREAS, the Weld County Attorney and the Director of Finance
and Administrative Services reviewed said application and recommend,
after such review, that certain requirements should be waived, and
WHEREAS, said requirements to be waived are as listed herein:
Items 3 . 3 (c) - Letter from Principal Banker; 3 . 3 (d) - Major Cus-
tomer of Applicant; and 3 . 3 (f) - Five Year Pro Forma Projection,
and
WHEREAS, the Board deems it advisable to accept said recom-
mendation to waive said requirements.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Com-
missioners of Weld County, Colorado that the requirements, as
above listed, be, and hereby are, waived.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 2nd day of
March, A.D. , 1983 .
‘..,
�Cl.u. 6°¢/, �ireu urlve BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, COLORADO
Weld County Clerk and Recorder /)
B Ch/w.1.1 Carls n, Chairman
y CDetut�77/LCn tBoCl�rk cf...n- J ,` r�1 i/��l�fC�iu
y y Martin P o-Tem
APPROVE AS TO FORM: /G
Gene R. Bra . ner
County Attorney Norman Carls•n
J.cqu line io son
DAY FILE: March 2, 1983
830398
Day ton Hudson Corporation gl "'\
777 Nicollet Mall
Min
neapolis,s, Minnesota 55402
February 3, 1983
Board of County Commissioners
of Weld County, Colorado
P. 0. Box 758
Greeley, Colorado 80632
Gentlemen:
Dayton Hudson Corporation wishes to make application for $2,000,000 of
Industrial Development Revenue Bonds for the renovation and equipping of
the former Woolco store in the Hillside Mall Shopping Center to be used as
a new Target store. Target is a division of Dayton Hudson Corporation.
Industrial Development Revenue Bond financing is being requested in order
to significantly enhance the project's economic viability.
In response to the requirements of Ordinance No. 69-A, we submit the
following (referenced by section numbers in the Ordinance) :
Item 3.1 Legal Opinion from Bond Counsel .
see Exhibit I -
Letter from Ballard, Spahr, Andrews &
Ingersoll
Item 3.2 Evidence of Feasibility of Bond Sale.
see Exhibit II -
Letter from Dain Bosworth Incorporated
Item 3.3(a) History of Applicant
see Exhibit III -
Target Brochure
(b) Five Years Historical Financial Information.
see Exhibit IV -
Dayton Hudson Annual Report
(c) Letter from Principal Banker.
Please waive due to high credit rating
by Standard and Poor's Corporation (AA)
and Moody's Investors Service (Aa2)
Dun and Bradstreet Report
see Exhibit V -
Dayton Hudson Dun and Bradstreet report.
Board of County Commissioners
of Weld County, Colorado
February 3, 1983
Page 2
(d) Major Customers of Applicant
Not applicable - all are retail customers
that individually account for only a
miniscule portion of Dayton Hudson revenues.
(e) Resumes of Principals.
see Exhibit VI -
Dayton Hudson Corporation's Form 10-K
Report to the SEC and Proxy Report.
(f) Five Year Pro-Forma Projections.
Because of competitive reasons, Dayton Hudson
does not disclose its detailed financial
projections. However, its revenue projections
for the five year period are as follows:
Fiscal (in $000,000's)
Year 1982 1983 1984 1985 1986
(ended
1/29/83)
$5,500 $6,560 $7,780 $9,170 $10,750
(g) Recent Financial Statements
see Exhibit VII -
Dayton Hudson Corporation Third Quarter Report
(h) Annual Audited Financial Statements
see Exhibit IV -
Dayton Hudson Annual Report
( i) List of Assets to be Purchased.
see Exhibit VIII -
Project Costs
(j) Debt Service, Insurance and Real Estate Taxes.
Dayton Hudson Corporation estimates annual real
estate taxes at $40,000 per year. Insurance
coverage is maintained for all Target property
under a blanket casualty policy with Arkwright-
Boston Manufacturers Mutual Insurance Company.
The cost of single store coverage the size of
the Greeley project is approximately $2,400 per
year. The estimated debt service is shown in
Exhibit IX.
Board of County Commissioners
of Weld County, Colorado
February 3, 1983
Page 3
Item 3.4 $500.00 Application Fee.
Check enclosed.
Item 3.5 Other Information
Enclosed as Exhibit X is a Benefit Statement that
highlights the benefits to the City of Greeley and
Weld County from the location of a Target store in
the community in conjunction with the requested
revenue bond financing.
Enclosed as Exhibit X-1 is the 1981 Dayton Hudson
report on Community Giving. The Corporation has
a well-known policy of contributing 5% of taxable
income to support cultural and charitable
activities in the communities where it does
business.
We greatly appreciate your consideration of our application and will be
happy to provide any further information you may need.
Sincerely._,
Arthur J. Smith
Assistant Treasurer
W. Patrick Kranz
Manager, Treasury Planning
and Financing
WPK/ds
enc.
Affidavit of Publication
STATE OF COLORADO
ss.
County of Weld,
Paula A. Barton of
said County of Weld, being duly sworn, say that I am
an advertising derk of
THE GREELEY DAILY TRIBUNE, and
THE GREELEY REPUBLICAN
that the same is a daily newspaper of general
circulation and printed and published in the City of
Greeley, in said county and state; that the notice or
advertisement,of which the annexed is a true copy, has
been published in said daily newspaper for consecutive
(days) (wanks); that the notice was published in the
regular and entire issue of every number of said
xwwre newspaper during the period and time of publication of
PflD. said notice, and in the newspaper proper and not in a
wows is v^aivt¢r w supplement thereof; that the first publication of said
vwy notice was contained in the issue of said newspaper
on:fM,aMaa° bearing date
•a b M wanarM4w4tMw
rlrtglt'tirsma etSL MVO tar.
YMOCagpy litKi
*Pine're, Ninth
ow arsaansin "kte, day of February A.D. 1983
arwr.tto tree* r and the last
wa inYIxNa�eaaM K publication thereof; in the issue of said
Mans.WO ^any,I'w"wla newspaper bearing date the
M MOWN' irk OOP A rcion
=Lit rhN cgnty M W'
iaxaana WMrt a a�`cwMr Yrw Ninth
Murat Dt RwWKw
Ss' p�u M In, day of February
✓f+.Mw. v A.D. 1983
os�rq,�r. r. that said The Greeley Daily Tribune and The Greeley
ei i su it Mmeo i/s77a. Republican, has been
x ee Cwlrllr P published continuously and
°R " �IW, arr uninterruptedly during the period of at least six
naor, 11 40$, SOS*
kill
Center,olo e,,IS Mw kM USW months next prior to the first issue thereof contained
tyiurrs. said notice or advertisement above referred to;that said
Fw `'o�eaMrvw�` newspaper
c�a..rwK.w»rK has been admitted to the United States
MnaoiwYt Ot mil , " Knot
" mails as second-class matter under the provisions of the
' ` "- ‘..,U;;(1* Ike Act of March 3, 1879, or any amendments thereof; and
that said newspaper is a daily newspaper duly qualified
art_ w aaxso a y tr for publishing legal notices and advertisements within
I t_uua.M;vMm County, the meaning of the laws of the State of Colorado.
a�fiey{ IMrrwrvifYw
tr is 8G0 SRS
Wiinfin • 1N February 9; 1983
WELD CO YCt, K
n giCMDek Total charge: $17.98
R•ov
r•'r
Advertising Clerk
Subscribed and sworn to before me this
9th ay f February A.D. 19 83
My ommis ' n expilitt9 t on Exofres February 28, 1986
U ( f/ t
\--` Notary Public
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