HomeMy WebLinkAboutCity Council Resolution 1981-775The ol'fowing
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e', present: Mayor Daveni
en
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Council
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Councilmember Threinen introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 81 - 775
CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A COMMERCIAL FACILITIES DEVELOPMENT
PROJECT
WHEREAS, Chapter 474, Minnesota Statues, known as the Minnesota Municipal
Industrial Development Act (the "Act") gives municipalities the power to issue
revenue bonds for the purpose of the encouragement and development of economi-
cally sound industry and commerce to prevent so far as possible the emergence
of blighted and marginal Inds and areas of chronic unemployment
WHEREAS, the City Council of the City of Plymouth (the "City) has received from
Prestige Electronics, Inc. and Tipton Company of Minneapolis, Inc, who intend
to form a Minnesota partnership (the "Company") a proposal that the City assist
in financing a project hereinafter described, through the issuance of its
industrial revenue bonds (which may be in the form of a single debt instrument)
(the "Note") prusuant to the Act;
' WHEREAS, before proceeding with consideration of the request of the Company it
is necessary for the City to hold a public hearing on the proposal pursuant to
Section 474.01, Subdivision 7b, Minnesota Statutes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, as follows:
1. A Public Hearing on said proposal of the Company will be held at the
time and place set forth in the Notice of Hearing hereto attached.
2. The general nature of the proposal and an estimate of the principal
amount of bonds to be issued to finance the proposal are described in the form
of Notice of Hearing hereto attached.
3. The Notice of said Public Hearing shall be in substantially the form
contained in the Notice hereto attached.
4. A draft copy of the proposed application to the Commissioner of
Securties, State of Minnesota, for approval of the project, together with pro-
posed forms of all attachments and exhibits thereto, is on file in the office
of the City Clerk.
5. The City Clerk is hereby authorized and directed to cause notice of
said hearing.to be given one publication in the official newspaper and a news-
paper of general circulation available in the City, not less than 15 days nor
more than 30 days prior to the date fixed for said hearing,,as shown in the
notice of hearing hereto attached.
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR A COMMERCIAL
FACILITIES DEVELOPMENT PROJECT
To whom it may concerns
Notice is hereby given that the City Council of the
City of Plymouth, Minnesota will meet at the City Hall in the
City of Plymouth,Minnesota at 7:30o' clock p.m. on ,December 7 ,
1981 to consider the proposal of Prestige Electronics, Inc. and
Tipton Company of Minneapolis, Inc., that the City assist in
financing a project hereinafter described by the issuance of
industrial development revenue bonds or a single obligation.
Description of Project
Acquisition of land located on Ranchview Lane in Metro
Industrial Park in Plymouth and the construction and
equipping, .thereon. of an approximately 25,000 sq.. ft.
office/warehouse/manufacturing facility.
The estimated principal amount of bonds or other
obligation to be issued to finance this project is $2,000,000.
Said bonds or other obligation if and when issued
will not constitute a charge, lien or encumbrance upon any
property of the City except the project and such bonds or
obligations will not be a charge against the City's general
credit or taxing powers but are payable from sums to be paid
pursuant to a revenue agreement.
A draft copy of -the proposed application to the
Commissioner of Securities, State of Minnesota, for approval of
the project, together with all attachments and exhibits
thereto# is available for public inspection beginning
,November, 3_, 1981, frau A;n o'clock a.m. to aow o'clock p.w.,
Monday 'through Friday, at the City Center.
At the time and place fixed for said public Hearing,
the City Council of the City of Plymouth will give all persons
who appear at the hearing an opportunity to express their views
with respect to the proposal.
Dated this day of November. 1981.
(8Y ORDER OF THE CITY COUNCIL)
By /s/
City Clerk