HomeMy WebLinkAboutCity Council Resolution 1994-135•
Councilmember Helliwell introduced the following resolution and moved
its adoption:
follows.
RESOLUTION NO. 94-135
RESOLUTION RELATING TO A PROJBCT ON BEHALF OF HEALIHSPAN
HEALTH SYSTEMS CORPORATION AND NORTH MEMORIAL MEDICAL
COMM OR A SUCCESSOR NON-PROFIT CORPORATION TO BE FORMED,
UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT,
CATLING FOR A PUBLIC HEARING THEREON
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"), as
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1.1. HealthSpan Health Systems Corporation, a Minnesota non-profit corporation and
North Memorial Medial Center, a Minnesota non-profit corporation, acting a tenants-in-common or
through a successor Minnesota non-profit corporation to be formed for the purposes of owning and
operating the Project referred to below (the "Borrower"), has advised this Council of its desire to
finance the acquisition of land and the construction and equipping thereon of an approximately
50,000 square foot Ambulatory Carr Center and an approximately 72,000 square foot medial office
building (together, the "Project's to be owned and operated by the Borrower. The Prgiect will be
located at 2855 Can. Drive in the City.
1.2. The City is authorised by Minnesota Statute, Section 469.152 through 469.165 lthe
"Act's, to issue its revenue bonds to finance capital projects consisting of properties used and usefid in
connection with a revenue-producing enterprise, whether or not operated for profit, engaged in
providing health care services, including hospitals, nursing homes, and related medical hcilides. The
Borrower has requested the City to issue Its tax-exempt mwrnue bond. in an aggregate total amount
estimated not to exceed 818,500,000 (the "Gonda") and its taxable revenue bonds in an aggregate total
estimated amount not to exceed $17,500,000 (the "Taxable Bonds") to finance a portion or all of the
cost of the Project.
2.1. Section 469.154, Subdivision 4 of the Act requires that prior to submission of an
Apolication to the Nfinn vola Department uf'Mde and Economic Development requesting approval
of the Projert Al required by Section 469.154, Subdivision S of the Act, this Council conduct a public
hearing on the proposal fu tmdertake and Mance the Project. Section 147M of the Internal Revenue
Code of 1986, as amend, I ,d regulations promulgated thereunder, requires that prior to the issuance
or the Bonds. this Council a,, I -tour the Bonds and the Project, after eondutling a public hearing
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RE90I MON AD. 94-13S
thereon. A public hearing on the proposal to undertake and finance the project is hereby called and
shall be held on April 4, 1994, at 7:00 otilock p.m., at the Qty Hall.
4.4. The City Clerk shall cause notice of the public heating to be published in EbMMWk
&L -Amiga the official newspaper of the City and a newspaper of general arculadon in the City, at
least me not less than fifteen (13) days prior to the date fixed for the public hearing. The notice to be
published shall be in substantially the following form:
Adopted by the City Council on March 7, 1994
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RESOUITICN NO. 94-135
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND
THIS ISSUANCE OF HEALTH CARE FACILITY REVENUE
BONDS UNDER THE KDWESOTA MUNICIPAL INDUSTRIAL
DRVEMPMENT ACT. MINNESOTA STATUTES,
SECTIONS 469.152-469.165
CITY OF PLYMOUTH, MINNESOTA
NOTICE IS HERESY GWEN that the City Cot.ncil of the City of Plymouth, Minnesota (the
"Citn will mat on April 4, 19941 at 7:00 o'clock p.m., at the City Hall, 3400 Plymouth Boulevard,
in the city, for the purpose of conducting a public hearing on a proposal that the City issue revenue
bonds, in one or more series, under the Minnesota Municipal In..ustrial Development Act. Minnesota
Statutes, Sections 469.152 :hrough 469.165, in order to finance a project on behalf of HalthSpan
Health Systems Corporation, a Minnesota non-profit corporation and North Memorial Medial
Center, a Minnesota non-profit corporation, acting as tenants-in-common or through a successor
Minnesota non-profit corporation to be formed for the purposes of owning and operating the Project
referred to below (the "Borrower'. The proposed project will consist of the acquisition of land and
the construction and equipping thereon of an s pproximately 50,000 square foot Ambulate:y Care
Center and an approximately 72,000 square foot Medical Office Building (together, the "P.ojea") to
be owned and operated by the Borrower. The Project will be located at 2855 Campus Drive in the
City. The maximum aggregate principal amount of the proposed tax-exempt bond issue to finance
the Project is estimated not to exceed =18,500,000 and the maximum aggregate principal amount of
the proposed taxable bond issue to finance the Medical Office Building portion of the Project is
estimated not to exceed $17,500,000. The bonds will be limited obligations of the City, and the
bonds and interest thereon will be payable solely firom the revenues pledged to the payment thereof.
No holder of any bonds will user 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 money 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 Department of Trade and
Economic Development for approval of the prefect, tor.ther with draft copies of all attachments and
exhibits thereto, isavailable for public inspection at the office of the City Clerk during business hours,
8:00 A.M. to 4:30 P.M., on normal business days.
All 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.
Dated: Marsh 16, 1994. BY ORDER OF THE CITY COUNCIL
By:
City Clerk
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RESOLUTION M. 94-13S
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND
THE ISSUANCE OF HEALTH CARE FACILITY REVENUE
BONDS UNDER THE bU NNE30TA MUNICIPAL INDUSTRIAL
DEVELOPMINT ACT. MINNESOTA STATUTES.
SECTIONS 469.152-469.165
C17Y OF PLYMOUTH, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of Plymouth, Minnesota (the
"City"), will meet oa April 4, 1994, at 7:00 o'dod p.m., at the City Hall, 3400 Plymouth Boulevard,
in the city, for the purpose of conducting a public hearing on a proposal that the City issue revenue
bonds, in one or more series, under the irtm m to Municipal Industrial Development Aa, Minnesota
Statutes, Simons 469.152 through 469.165, in order to finance a project on behalf of HealthSpan
Heal►% Systems Corporation, a Minnesota non-profit corporation and North Memorial Medical
Center, it Minnesota non-profit corporation, acting as tenants-in-common or through a successor
Knn..-au non-profit corporation to be formed for the purposes of owning and operating the Project
referred to below (the "Bormowerl. The proposed project will consist of the acquisition of land and
the construction and equipping thereon of an approximately 50,000 square foot Ambulatcry Care
Center and an approximately 72,000 square foot M. tical Office Building (together, the "Project') to
be owned and operated by the Borrower. The Project will be located at 2855 Campus Drive in the
City. The maximum aggregate principal amount of the proposed tax-exempt bond issue to finance
the Project it ntimated not to exceed 318,500,000 and the maximum aggregate prinapal amount of
the propc=d taxable bond issue to finance the Medical Office Building portion of the Project is
estimated not to exceed 317,300,000. The bonds will be limited obligations of the City, and the
bunds and interest thereon will be payable solely tiom the revenues pledged to the payment thereof.
No holder of .any bonds will 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 money 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 Department of Trade and
Economic Development 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 during husiness hours,
6:00 A.M. to 4.70 P.M., on normal business days.
All persons interested may appear and be heard at the time and place set forth above, or may
file writt:n comments with the City Clerk prior to the date of the hearing set forth above.
Dated: March 16, 1994. BY ORDER OF THE CITY COUNCIL
By:
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City Cleric
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RP.90UM ON N0. 94-13S
2.3. A draft copy of the proposed Application to the Minnesota Department of Trade and
Economic Development, together with draft copies of all attachments and exhibits thereto, ars 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 during normal business hours, 6:00 A.M. to 4:50
P.M., an normal business days.
2.4. Upon compliance by the Borrower with the City% application procedures for financing
tinder the Act, the City Manager is hereby authorized and directed to take all steps necessary and
dedrable to complete the preparation of the Application to the Minnesota Department of Trade and
Economic Development for the Project and the financing therefor.
2.5. The axions expressed hereby shall not be deemed to obligate the City to tate any
further favorable action for the issuance of the Bonds or the Taxable Bonds or to bind the City to
issue the Bonds or the Taxable Bonds. The issuance of the Bonds and the Taxable Bonds shall be
suiyect to a find authorising resolution by the City Council in its sok discretion and approval by the
City of the term of the Bonds and the Taxable Bonds and the documents in connection -herewith.
The City may, in its sok discretion, determine at any time to not issue the Bonds or the Taxable
Bondi and in any event the Borrower shall be responsible to reimburse the City for all eotti incurred
by the City in connection with the actions taken by the City in fiuttierance of the issuance of the
Bonds and the Taxable Bonds and the financing of the Project.
.Adopted by the City Council of the City of Plymouth on this 7th day of March, 1994.
(SEA4
Mayor
Attest:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Coundimember and upon vote being taken thereon, the following
voted in favor thereof
and the following voted against the same:
whereupon the resolution was declared duly passed and adopted and was approved and signed by the
Mayor, whose signature was attested by the City Clerk.
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