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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 - 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.