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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. -2- 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 -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 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.