HomeMy WebLinkAboutCity Council Resolution 1983-671i
Member Schneider introduced the following resolution and
moved its adoption:
RESOLUTION NO. 83-671
RESOLUTION RELATING TO A PROJECT UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, CALLING FOR
A PUBLIC HEARING THEREON
BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota (the Municipality), as follows:
SECTION 1
Recitals
I.I. Lyndale Terminal Co., a Minnesota corporation (the
Borrower), has advised this Council of its desire to construct
and equip an approximately 125,000 square foot facility (the
Project) to be leased by the Borrower to Holiday Stationstores,
Inc., a Minnesota corporation, for use as a warehouse retail
store. The Project will be located at 4445 Nathan Lane in the
Municipality.
1.2. The Municipality is authorised by Minnesota statutes,
Chapter 474 (the Act), to issue its revenue bonds to finance
capital projects consisting of properties used and useful in
connection with a revenue-producing enterprise. The Borrower
has requested the Municipality issue its revenue bonds in an
aggregate total amount not to exceed $6,700,000 (the Bonds) to
finance a portion or all of the cost of the Project.
SECTION 2
Public Hearing
2.1. section 474.01, Subdivision 7b of the Act requires that
prior to submission of an Application to the Minnesota Energy
and Economic Development Authority requesting approval of the
Project as required by Section 474.01, Subdivision 7 of the
Act, this Council conduct a public hearing on the proposal to
undertake and finance the Project. Section 103(k) of the
Internal Revenue Code of 1954, as amended, and regulations
promulgated thereunder, requires that prior to this issuance of
the Bonds, this Council approve the Bonds and the Project,
after conducting a public hearing thereon. A public hearing on
the proposal to undertake and finance the Project through the
issuance of the Bonds is hereby called and shall be held on
December 28 , 1983, at 5:30o'clock P.M., at the City Hall.
2.2. The City Clerk shall cause notice of the public hearing
to be published in the New Hope Plymouth Post, the official
newspaper of the Municipality, and in the lsinneapolis star and
Tribune, a newspaper of general circulation in the
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Municpality at least once not less than fifteen (15) nor more
than thirty (30) days prior to the date fixed for the public
hearing. The notice to be published shall be in substantially
the following form:
-2-
k; NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND
THE ISSUANCE IDF INDUSTRIAL DEVELOPMENT REVENUE
BONDS UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT, MINNESOTA STATUTES,
CHAPTER 474, AS AMENDED
CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the
City of Plymouth, Minnesota (the City), will meet on December 28,
1483, at5_300'clock P.M., at the City Hall, 3400 Plymouth
Boulevard, in Plymouth, Minnesota, for the purpose of
conducting a public hearing on a proposal that the City issue
revenue bonds, in one or more series, under the Municipal
Industrial Development Act, Minnesota Statutes, Chapter 474, as
amended, in order to finance the cost of a project on behalf of
Lyndale Terminal Co., a Minnesota corporation (the Borrower).
The proposed project will consist of the construction and
equipment of an approximately 125,000 square foot facility to
be used as a warehouse retail store and leased by the Borrower
to Holiday Stationstores, Inc. The project will be located at
4445 Nathan Lane in the City. The maximum aggregate principal
amount of the proposed bond issue is $6,700,000. The bonds
shall be limited obligations of the City, and the bonds and
interest thereon shall be payable solely from the revenue
pledged to the payment thereof, except that such bonds may be
secured by a mortgage and other encumbrance on the project. Nc
holder of any such bonds shall ever have the right to compel
any exercise of the taxing power of the City to pay the bonds
or the interest thereon, nor to enforce payment against any
property of the City except the project.
A draft copy of the proposed Application to the
Minnesota Energy and Economic Development Authority for
approval of the Project, together with draft copies of all
attachments and exhibits thereto, is available for public
inspection at the office of the City Clerk between the hours of
8:00 A.M. and 4:30 P.M., Monday through Friday.
All persons interested
time and place set fdtth above,
with the City Clerk prior to the
above,
Dated: December 5, 1983.
may appear and be heard at the
or may file written comments
date of the hearing set forth
BY ORDER OF THE CITY COUNCIL
By Laurie Houk
City Clerk
-3-
., 2.3. A draft copy of the proposed Application to the Minnesota
Energy and Economic Development Authority, together with draft
copies of all attachments and exhibits thereto, are hereby
ordered placed on file with the City 'Clerk and shall ;be
available for public inspection, following publication of the
noticeof public hearing, between the hours of 8:00 A.M. and
4:30 P.M., Monday through Friday.
Adopted this Sth day of December, 1983.
Mayor
Attest:
City Clerk
(SEAL)
The motion for the adoption of the foregoing
resolution was duly seconded by Member Neils and
upon vote being taken thereon, the following voted in favor
thereof: Mayor Davenport, Councilmefters Neils and Schneider
and the following voted against the same: none
whereupon the resolution was declared duly passed and adopted.