HomeMy WebLinkAboutCity Council Resolution 1985-651531CC
• RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPOSAL FOR AN INDUSTRIAL
FACILITIES DEVELOPMENT PROJECT
PURSUANT TO THE MINNESOTA MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT AUTHORIZING
THE PUBLICATION OF A NOTICE OF THE HEARING
RESOLUTION NO. 85-651
WHEREAS,
(a) Chapter 474, Minnesota Statutes,
known as the Minnesota Municipal Industrial
Development Act (the "Act") gives muni-
cipalities the power to issue revenue bonds
for the purpose of the encouragement and
development of economically sound industry
and commerce to prevent so far as possible
the emergence of blighced and marginal lands
and areas of chronic unemployment;
(b) The City Council -f the City of
Plymouth (the "City") has received from a
partnership to be formed by Richard Ogle and
C. Edward Sheehy (the "Company") a proposal
that the City assist in financing a project
hereinafter described, through the issuance
of its industrial revenue bonds (which may be
in the form of a single debt instrument) (the
"Bonds") pursuant to the Act;
(c) Before proceeding with consider-
ation of the request of the Company it is
necessary for the City to hold a public
hearing on the proposal pursuant to Section
474.01, Subdivision 7b, Minnesota Statutes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Plymouth, Minnesota, as follows:
1. A public hearing on the proposal of the Company
will be held at the time and place set forth in the Notice of
Hearing hereto attached.
22 The 9enVra1 nature og the roposalissued
an
estimate of'the principal amount of bond to be to
finance the proposal are described in the attached form of
Notice of Hearing.
3. A draft copy of the proposed application to the
Energy and Economic Development Authority, State of Minnesota,
for approval of the project, together with proposed forms of
all attachments and exhibits thereto, is on file in the office
of the City Manager.
4. The City Manager is hereby authorized and
directed to cause notice of the hearing to be given one
publication in the official newspaper and a newspaper of
general circulation available in the City, not less than 15
days nor more than 30 days prior to the date fixed for the
hearing, sutstantially in the form of the attached Notice of
Public Hearing.
Adopted by the City Council of the City of Plymouth,
Minnesota, this 26ih day of August , 1985.
Mayor
ATTEST:
City Manager
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR AN INDUSTRIAL
FACILITIES DEVELOPMENT PROJECT
Notice is hereby given that the City Council of the
City of Plymouth, Minnesota will meet at the City Hall in the
City of Plymouth, Minnesota at 7;30 o'clock p.m. on
Se
f.+r16, 1985, to consider the proposal of a partnership to
be'formed, by Richard Ogle and C. Edward Sheehy, that the City
assist in financing a project hereinafter described by the
issuance of industrial development revenue bonds.
Description of Project
Construction of an office/manufacturing facility on
approximately 2.4 acres located at the southeast inter-
section of Highway 55 and 16th Avenue North to be leased
to Exotic Rubber and Plastics, Inc.
The maximum aggregate estimated principal amount of
bonds or other obligations to be issued to finance this project
is $912,000.
The bonds or other obligations if and when issued
will not constitute a charge, lien or encumbrance upon any
property of the City except the project and such bonds or
obligations will not be a charge against the City's general
credit or taxing powers but will be payable from sums to be
paid pursuant to a revenue agreement.
A draft copy of the proposed application to the
Energy and Economic Development Authority, State of Minnesota,
for approval of the project, together with all attachments and
exhibits thereto, is available for public inspection beginning
August 21, 1985, from 8:30 o'clock a.m. to 4:30 o'clock p.m.,
Monday through Friday, at the City Hall in Plymouth, Minnesota.
At the time and place fixed for the Public Hearing,
the City Council of the City of Plymouth will give all persons
who appear at the hearing an opportunity to express their views
with respect to the proposal.
Dated this day of , 1985.
(BY ORDER OF THE CITY COUNCIL)
By /s/
City Manager