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HomeMy WebLinkAboutCity Council Resolution 2022-081 E XTRACT OF M INUTES OF A M EETING OF THE C ITY C OUNCIL OF THE C ITY OF P LYMOUTH, M INNESOTA Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Plymouth, Minnesota, was duly called and held at City Hall in said City on Monday, the 8th day of March, 2022, at 7:00 o’clock P.M. The following members were present: Wosje, McGregor, Roehl, Davis, Prom, Willis, Carroll and the following were absent: None. Member Roehl introduced the following resolution and moved its adoption: RESOLUTION NO. 2022-081 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF EDUCATIONAL FACILITIES REVENUE NOTES AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (SOUTHWEST CHRISTIAN HIGH SCHOOL PROJECT) The motion for the adoption of the foregoing resolution was duly seconded by member McGregor and after full discussion thereof and upon vote being taken thereon, the following voted in favor thereof: Wosje, McGregor, Roehl, Prom, Carroll and the following voted against the same: Davis, Willis whereupon said resolution was declared duly passed and adopted. 72838544v1 RESOLUTION NO. 2022-081 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF EDUCATIONAL FACILITIES REVENUE NOTES AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (SOUTHWEST CHRISTIAN HIGH SCHOOL PROJECT) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165, relating to municipal industrial development (the “Act”), gives municipalities the power to issue revenue obligations for the purpose of promoting the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and WHEREAS, the City of Plymouth, Minnesota (the “City”) has received from Southwest Christian High School, a Minnesota nonprofit corporation and 501(c)(3) organization (the “Borrower”), a proposal that it undertake a program to finance the Project hereinafter described, which is located in the City of Chaska, Minnesota, through the issuance of revenue notes, in one or more series, or obligations (the “Notes”) pursuant to the Act; and WHEREAS, before proceeding with consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the proposal pursuant to Section 147(f) of the Internal Revenue Code and Section 469.154, Subdivision 4, of the Act. NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA that: 1. A public hearing on the proposal of the Borrower will be held at the time and place as determined by the City Clerk. The general nature of the Project and an estimate of the aggregate principal amount of revenue notes or other obligations to be issued to finance the proposal are described in the Notice of Public Hearing attached hereto as Exhibit A. 2. The City Clerk is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and also in a newspaper of general circulation available in the City, not less than 14 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. APPROVED by the City Council on this 8th day of March, 2022. 2 72838544v1 STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF PLYMOUTH I, the undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of the City of Plymouth, Minnesota, duly called and held on the date therein indicated, insofar as such minutes relate to a resolution calling a public hearing on the issuance of educational facilities revenue notes. WITNESS my hand this ____ day of ____________, 2022. ________________________________ Jodi M. Gallup, City Clerk 3 72838544v1 EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF EDUCATIONAL FACILITIES REVENUE NOTES FOR THE SOUTHWEST CHRISTIAN HIGH SCHOOL PROJECT Notice is hereby given that the City Council of the City of Plymouth, Minnesota (the “City”) will meet at the Council Chambers of the City Hall, 3400 Plymouth Boulevard in the City, at 7:00 P.M. on Tuesday, April 12, 2022, to consider the proposal of Southwest Christian High School, a Minnesota nonprofit corporation and having federal income tax-exempt 501(c)(3) status (the “Borrower”), that the City assist in financing and refinancing a project hereinafter described pursuant to Minnesota Statutes, Sections 469.152 to 469.165, by the issuance of revenue notes, in one or more series (the “Notes”) by the City and one or more other governmental issuers (with the City, the “Issuers”). The “Project” consists of (i) refinancing the City of Chaska, Minnesota Educational Facilities Revenue Note (Southwest Christian High School Project), Series 2012, dated November 19, 2012, the proceeds of which were used to finance, in part, the acquisition, construction and equipping of a high school facility (the “School Facility”), including classrooms, administrative offices, a media/student center, music and practice rooms, art and science rooms, and a two-stage gymnasium; (ii) refinancing a taxable loan evidenced by a promissory note, dated October 19, 2018, the proceeds of which financed the acquisition, construction, and equipping of additional classrooms, offices, and other spaces at the School Facility; and (iii) financing the acquisition, construction, and equipping, of an athletic field house and related facilities at the School Facility. The School Facility is and will be owned and operated by the Borrower and located at 1981 Bavaria Road in the City of Chaska, Minnesota. The maximum estimated principal amount of the Notes to be issued to finance the Project is $15,000,000, with the aggregate estimated principal amount to be issued by the City not to exceed $10,000,000. The Notes, if and when issued, will not constitute a charge, lien, or encumbrance upon any property of the City and such obligations will not be a charge against the general credit or taxing powers of the City but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement. A draft copy of the proposed application to the Minnesota Department of Employment and Economic Development for approval of the Project, together with all attachments and exhibits thereto, is available for public inspection, during normal business hours, Monday through Friday, in the office of the City Clerk, in the City Hall. At the time and place fixed for the Public Hearing, the City Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing. BY ORDER OF THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA By Jodi M. Gallup Its City Clerk A-1 72838544v1