HomeMy WebLinkAboutCity Council Resolution 1992-202RESOLUTION NO. 92-202
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
(NUAIRE INC. PROJECT)
WHEREAS,
(a) Chapter 469, Minnesota Statutes, kncwn as
the Minnesota Municipal Industrial Development Act
(the "Act") gives municipalities 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
emergency of blighted and marginal lands and areas
of chronic unemplo_ snt;
(b) The City Council of the City of Plymouth
(the "City") has received from Nuaire Inc., a
corporation organized under the laws of the State
of Minnesota (the "Company") a proposal that the
City assist in financing a project hereinafter
described, through the issuance of its industrial
reve,iue bonds (which may be in the form of a single
debt instrument) (the "Bonds") pursuant to the Act;
(c) Before proceeding with consideration of
the request of the Company it is necessary for the
City to hold a public hearing on the proposal
pursuant to Section 469.154, Subdivision 4,
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.
2. The general nature of the proposal and an estimate of
the principal amount of bonds to be issued to finance the proposal
are described in the attached form of Notice of Hearing.
3. A draft copy of the proposed application to the
Minnesota Department of Trade 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 Clerk.
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RESOLUTION NO. 92-202
4. The City Clerk 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, substantially in the form of the
attached Notice of Public Hearing.
Adopted by the City Council of the City of Plymouth,
Minnesota, this 6th day of April, 1992.
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RESOLUTION NO. 92-202
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 o'clock p.m. on May 4, 1992, to
consider the proposal of Nuaire Inc. (the "Company"), that the City
assist in financing a project hereinafter described by the issuance
of industrial development revenue bonds.
Description of Proiect
Construction and equipping of an approximately
70,000 sq. ft. addition to the Company's
existing manufacturing facility at 2100
Fernbrook Lane, Plymouth, Minnesota.
The maximum aggregate estimated principal amount of bonds or
other obligations to be issued to finance this project is
$2,500,000. The project will be owned and operated by the Company.
The bonds or other obligations if and when issued will =
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 by the Company pursuant to a
revenue agreement.
A draft copy of the proposed application to the Minnesota
Department of Trade and Economic Development, State of Minnesota,
for approval of the project, together with all attachments and
exhibits thereto, is available for public inspection beginning
April 6, 1992 from 8:00 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 or submit written comments an opportunity to express
their views with respect to the proposal.
Dated this 6th day of April, 1992.
(BY ORDER OF THE CITY COUNCIL)
By /s/ James Willis
City Manager
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