HomeMy WebLinkAboutCity Council Resolution 1991-258AFk 30 191 17:03 HOLI-ES $ GRHVEI i
THE CITY OF PLYMOUTH, MINNESOTA
RESOLUTION NO. 91-258
RESOLUTION ESTABLISHING THE DATE FOR A
PUBLIC HEARING ON A PROPOSED PROJECT
PURSUANT TO THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT, MINNESOTA STATUTES,
SECTIONS 489.152 - 469.165, AUTHORIZING
PUBLICATION OF NOTICE THEREFOR; AND
GIVING PRELIMINARY APPROVAL. TO A
PROPOSAL FOR THE ISSUANCE OF REVENUE
BONDSTHEREUNDER
P.2
WHEREAS, the Municipal Industrial Development Act, Minnesota Statutes,
Sections 469.152 - 469.165 (the "Act"), authorizes a city to issue revenue bonds to
finance the acquisition, construction, reconstruction, Improvement, betterment or
extension of a project, as set forth In the Act; and
WHEREAS, prior to Issuing such revenue bonds, the Act provides that a city
must conduct a public hearing on the proposal to undertake and finance the project;
and
WHEREAS, there has been presented to this City Council (the "Counell") of
the City of Plymouth, Minnesota (*!:e "City") a proposal that the City Issue Ito
revenue bonds in an amount presently estimated not to exceed $5,000,000 and loan
the proceeds thereof to Northco Plymouth Investors Limited Partnership, a
Minnesota limited partnership (the "Borrower") to finance the acquisition,
construction and equipping of an approximately 79,000 square foot manufacturing,
office and showroom facility to be located in the Northwest Business Park in the
City and used in the manufacturing of precision Industrial measuring machines (the
"Project") for lease to or purchase by Carl Zeiss, Inc. of Thornwood, New York or an
affiliated corporation.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The Council will conduct a public hearing on the proposed Issuance of
revenue bonds for the Project on Monday, June 3, 1991 at 7:00 p.m.
2. The Manager of the City is hereby authorized to cause a public
notice, substantially in the form of the notice attached hereto as Exhibit A, to be
published once In the official newspaper and a newspaper of general circulation In'
the City not less than fourteen (14) days prior to the date established for the public
hearing by the preceding paragraph of this resolution.
3. The Council gives its preliminary approval to the proposal that the
City Issue the bonds for the Project, subject to compliance with the terms and
conditions of the Act and the final agreement among the City, the Borrower and
the Initial purchaser of the bonds as to the terms and conditions thereof.
4. The Manager of the City is hereby authorized to cooperate with the
Borrower In the preparation and submission to the Minnesota Department of
APR M '91 17:03 HOLMES & GRAVEN
P.3
Finance of an Application for Allocation for Bonding Authority for Tax Exempt
Financing under Federal Tax Law, In accordance with the provisions of Minnesota
Statutes, Chapter 474A, upon compliance by the Borrower with the provisions
thereof.
Adopted by the City Council of the City of Plymouth, Minnesota on this I -W
day of May, 1991.
ATTEST:
Clerk
Mayor
I oR4:11.J �WJ
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT TO
BE UNDERTAKEN WITH THE ASSISTANCE OF THE CITY OF
PLYMOUTH, MINNESOTA, PURSUANT TO MINNESOTA
STATUTES, SECTIONS 469.152 TO 469.155, AS AMENDED
THE CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the governing body of the City of Plymouth,
Minnesota (the "City") will meet on Monday, June 3, 1991 at 7:00 p.m. at 3400 Plymouth
Boulevard, Plymouth, Minnesota for the purpose of conducting a public hearing on a
proposal that the City issue its revenue bonds pursuant to Minnesota Statutes, Section
469.152 to 469.165, as amended, in order to finance the costs of a project. The proposed
project will consist of the acquisition, construction and equipping of an approximately 79,000
square foot manufacturing, office and showroom facility to be located on Outlot A, Northwest
Business Campus 3rd Addition, Files of Registrar of Titles, Hennepin County, Minnesota, in
the City and used in the manufacturing of precision industrial measuring machines. The
proposed project will be owned by Northco Plymouth Investors Limited Partnership, a
Minnesota limited partnership, for lease to or purchase by the IMT Division of Carl Zeiss,
of Thornwood, New York or an affiliated corporation. The total amount of the
aposed issue is presently estimated not to exceed $5,000,000. The bonds shall be limited
obligations of the City and the bonds and interest thereon shall be payable solely from the
revenues pledged to the payment thereof, except that such bonds may be secured by a
mortgage or other encumbrance on the project. No holder of any such bond 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 Department of Trade
and Economic Development for approval of the project, together with all attachments and
exhibits thereto, is available for public inspection at the City offices.
All persons interested may appear and be heard at the time and place set forth
above.
Dated: [Date of Publication]
BY ORDER OF THE CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA
BY /s/ James Willis
Manager