HomeMy WebLinkAboutCity Council Resolution 1985-554RESOLL' I Oh NC . 35-554'
F=SOLUTION RELATING TO .-, PROJECT AND
:TS FINANCING UNDER THE ^'.T:NICIPAL INDUSTRIAL
DEVELOPMENT ACT (GERALD A. WELLIK PROJECT);
AMENDING RESOLUTION NO. 85-248
BE IT RESOLVED by the City Council of the City
of Plymouth, Minnesota (the Municipality) as follows:
1. Recitals. This Council by Resolution No. 85-248
adopted on April 15, 1985, has given preliminary approval
to a proposed project under Minnesota Statutes, Chapter 474
(the Act) and the issuance of the Municipality's revenue
bonds under the prcvisions of the Act to finance the proposed
project in the maximum aggregate face amount of $1,100,000.
The proposed project consists of the acquisition of land
and the construction and equipping thereon of an approximately
32,000 square foot addition to an existing facility located
at 2100 Xenium in the Municipality (the Project) by Gerald
A. Wellik, a Minnesota resident (the Borrower), to be leased
to LSI Corporation of America. Incorporated, a Minnesota
corporation. The Borrower has requested that the maximum
aggregate face amount of revenue bonds to be issued by the
Municipality pursuant to the Act to finance the Project be
increased to $1,200,000. At a public hearing, duly noticed
and held on April 15, 1985, in accordance with the Act and
Section 103(k) of the Internal Revenue Code of 1954, as amended,
on the proposal to undertake i.nd finance the Project and
issue the revenue bonds of the Municipality pursuant to the
Act in the maximum aggregate principal amount of $1,200,000,
all parties who appeared at the hearing were given an opportunity
to express their views with respect to the proposal to undertake
and finance the Project and interested persons were given
the opportunity to submit written comments to the City Clerk
before the time of the hearing.
2. Amendment of Section 2.1 of Resolution No.
85-248. Section 2.1 of Resolution 85-248 is hereby amended
to read as follows:
2.1. On the basis of the information given the
Municipality to date, it appears that it would be desirable
for the Municipality to issue its revenue bonds under
the provisions of the Act to finance the Project in
the maximum aggregate face amount of $1,200,000.