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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 SECTION l Bss WL 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 -2- • 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 -3. e • 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 -4- C] • 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: -4- City Cleric :7 • 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. 6004I4A111111\rw1N I WA . M .5- •