HomeMy WebLinkAboutCity Council Resolution 1983-672LLY
Member Schneider introduced the following resolution and
moved its adoption:
RESOLUTION NO. 83-672
RESOLUTION RELATING TO A PROJECT UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING FOR
A PUBLIC HEARING THEMEON
BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota (the Municipality), as follows:
SECTION 1
Recitals
[i.l. Dominium Executive Offices Limited Partnership, a
Minnesota limited partnership (the Borrower), has advised this
Council of its desire to acquire land in the Municipality and
to construct and equip thereon an approximately 16,000 square
foot facility (the Project) to be leased by the Borrower to
Dominium Group, Incorporated, a Minnesota corporation for use
as an office building. The Project will be located at 3105
Empire Lane in the Municipality.
1.2. The Municipality is authorized by Minnesota Statutes,
Chapter 474 (the Act), to issue its revenue bonds to finance
capital projects consisting of properties used and useful in
connection vith a revenue-producing enterprise. The Borrower
has requested the Municipality issue its revenue bonds in an
aggregate total amount not to exceed $800,000 (the. Bonds) to
finance a portion or all of the cost of the Project.
SECTION 2
Public Hearin
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 Authorityrequesting 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 29, 1983, at 5:30 o'clock P.M., at the City Hall.
2.2. The City Clerk shall cause notice of the public hearing
to bepublished in the New Hope-Ylvmouth post, the official
newsoaver of the Municipality and the Minneavolis Star and
Tribune, a newspaper or general circuiacivn iu Llaw
Municipality, 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.
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NOTICE OF PUBLIC HEARING ON A PROPOSED PR03ECT AND
THE ISSUANCE OF 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 , 1983, at 5:30 o'clock P.M., at the City Center,
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. The proposed project will consist of the acquisition
of land in the City and the construction and equipment thereon
of an approximately 16,000 square foot office building by
Dominium Executive Offices, Limited Partnership, a Minnesota
limited partnership (the Borrower) and leased by the Borrower
to Dominium Group, incorporated, a Minnesota corporation. The
project will be located at 3105 Empire Lane in the City. The
maximum aggregate principal amount of the proposed bond issue
is 0800,000. 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. No 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 may appear and be heard at the
time and place set forth above, or may file written comments
with the City Clerk prior to the date of the hearing set forth
above.
Dated: +December 5., 1983.
BY ORDER OF THE CITY COUNCIL
By /s/ Laurie Houk
CRY Clerk
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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
notivo of public hearing, between the hours of 8:00 A.M. and
4:30 P.M., Monday through Friday.
Adopted this ..5tb day of December, 1983.
Mayor
Attest:
City Clerk
(SEAL)
The motion for the adoption of the foregoing
reaolution was duly seconded by Member Neils and
upon vote being taken thereon, the following voted in favor
thereof: Mayor Davenport, Councilmembers Neils and Schneider
and the following voted against the same: none
whereupon the resolution was declared duly passed and adopted.