HomeMy WebLinkAboutCity Council Resolution 1985-207Councilmember Schneider introduced the following
resolution and moved its adoption:
RESOLUTION NO. 85- 207
RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT (GERALD A. WELLIK PROJECT);
CALLING FOR A PUBLIC HEARING THEREON
BE IT RESOLVED by zhe City Council of the City of
Plymouth, Minnesota (the Municipality), as follows:
SECTION 1
Recitals
1.1. Gerald A. Wellik, a Minnesota resident (the Borrower),
has advised this Council of his desire to acquire land in the
Municipality and to construct and equip thereon an
approximately 32,000 square foot addition to an existing office
and manufacturing facility (the Project) to be leased by the
Borrower to LSI Corporation of America, Incorporated, a
Minnesota corporation, for use as office and manufacturing
facility. The Project will be located at 2100 Xenium Lane in
the Municipality.
1.2. The Municipality is authorized by Minnesota Statutes,
Ckapter 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 $1,200,000 (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 Proj,:vct,
RES N0. 85 - 207
Page Two
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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
Ae �/ 1985, at 73"o'clock P.M., at the City Hall.
2.2. The City Clerk shall cause notice of the public hearing
to be published in the pas-* , the official
newspaper of the Municipality and in the Minneapolis Star and
Tribune, a newspaper of general circulation in the
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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RES N0. 85 - 207
Page Three
is
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND
THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT, MINNESOTA STATUTES,
CHAPTER 474, AS A4ENDED
CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the.,
City of Plymouth, Minnesota (the City), will meet on ilg,•,
1985, at 71� o'clock P.M., at the City Hall, 3400 Plywouth
Boulevard, in Plymouth, Minnesota, for the purpose of
conducting a public hearing in accordance with Section 103(k)
of the Internal Revenue Code of 1954, as amended (the Code) 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 32,000
square foot addition to the existing facility to be owned by
Gerald A. Wellik and leased to LSI Corporation of America,
Incorporated for use as an office and manufacturing facility.
The project will be located at 2100 Xenium Lane in the City.
The maximum aggregate principal amount of the proposed bond
• issue is ;1,200,000. 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 moneys
payable by the Borrower to the City and pledged to the payment
.of • the - bonds .
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., on normal business days.
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RES NO. 85-207
•Page Four
SAll 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.
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Dated: , 1985.
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BY ORDER OF THE CITY COUNCIL
By
City Clerk
` RES NO. 85-207
,Page Five
2.3. A draft copy of the proposed Application to the Minnesota
Department of Energy and Economic Development, 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
notice of public hearing, between the hours of 8:00 A.M. and
4:30 D.M., on normal business days.
Adopted this 18th day of March , 1985.
Mayor
Attest:
City Clerk
(SEAL)
The motion for the adoption of the foregoing
resolution was duly seconded by Councilmember Vasiliou
• and upon vote being taken thereon, the
following voted in favor thereof: Mayor Davenport, Ccu,, :i Imembers
Schneider, Neils, Crain and Vasiliou
and the following voted against the same: none
whereupon the resolution was declared duly passed and adopted.
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