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HomeMy WebLinkAbout7064 - ADMIN Resolution - City Council - 1982/02/01r r 1 RESOLUTION NO. 7064 RESOLUTION ESTABLISHING THE DATE FOR A PUB- LIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474, AS AMENDED WHEREAS, the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 474.01 et sec. (the "Act"), authorizes the issuance of revenue bonds to finance projects; and WHEREAS, the term "project" is defined by Section 474.02, subdivision la, of the Act to include "any properties, real or personal, used or useful in connection with a revenue producing enterprise"; and WHEREAS, a representative of Darrel A. Farr Development Corp., on behalf of a Minnesota partnership to be formed with Darrel A. Farr Development Corp. as a partner (the "Developer") has presented this City Council with information concerning a proposed project (the "Project") to be acquired and installed within the City of St. Louis Park (the "City"); and WHEREAS, the Developer has requested that the City resolve to issue revenue bonds pursuant to the Act to finance the Project and has presented to the City a form of preliminary resolution concerning such issuance with a request that ,,, such preliminary resolution, attached hereto as Exhibit A, be considered for adoption by the City Council of the City; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that the City Council must conduct a public hearing on any proposal to undertake and finance a project; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that notice of the time and place of such public hearing and stating the general nature of the project and an estimate of the principal amount of bonds or other obligations to be issued to finance the project must be published at least once not less than fifteen (15) days nor more than thirty (30) days prior to the date fixed for the public hearing in the official newspaper of the City and a newspaper of general circulation in the City; and WHEREAS, Section 474.01, subdivision 7b, of' the Act provides that the notice must state that a draft copy of -the proposed application (the "Application") to the Commissioner of Energy, Planning and Development of the State of Minnesota for approval of the Project, together with all attachments and exhibits, is on file with the City and available for public inspection; and WHEREAS, the Developer has presented to the City a form of public notice, attached hereto as Exhibit B, with a request that the City Council, establish a date for a public hearing on the proposal to undertake and finance the Project and to authorize publication of the form of public notice provided by the Developer; A. NOW, THEREFORE, BE IT RESOLVED THAT: 1. The City Council of the City will conduct a public hearing on the proposal to undertake and finance the Project on the 1st day of March , 1982. 2. The City Clerk of the City is hereby authorized to cause a public notice, substantially in the form of the notice attached hereto as Exhibit B, to be published in the official newspaper of the City and a newspaper of general circulation in the City. 3. The City Clerk of the City is hereby authorized and directed to have available for public inspection in the offices of the City a draft copy of the proposed Application,' together with all attachments and exhibits thereto. Adopted by the City Council February 1, 1982 Attest: ....j dc,47‘—,-- , 1 v Clerk Reviewed for administration 2 Approved as to form and legality: City Attorney EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE ONE OR MORE MULTIFAMILY HOUSING DEVELOPMENT PROJECTS UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED THE CITY OF ST. LOUIS PARK, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of St. Louis Park, Minnesota (the "City"), will meet on March 15 , 1982, at 7:30 p.m. at the City offices in St. Louis Park, Minnesota, for the purpose of conducting a public hearing on a proposal that the City sell one or more issues of revenue bonds under Minnesota Statutes, Chapter 462C, as amended, in order to finance the cost of one or more multi amily housing development projects (the "Projects"). The proposed Projects will consist of the acquisition of land, the construction of a building or buildings thereon and the installation of equipment in connection therewith for use as residential rental apartment buildings. 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 and other encumbrance on the project. No holder of any such bonds shall ever have the right to compel any exercise of the taxing power of the City of St. Louis Park to pay the bonds, or the interest thereon, nor to enforce payment against any property of the City except the Project. All persons interested may appear and be heard at the time and place set forth above. BY ORDER OF: THE CITY COUNCIL OF THE CITY OF ST. LOUIS PARK By /s/ Earl E. Hanson City Clerk (Published in the St. Louis Park Sun February 10, 1982) • $8 million r up 1 EXHIBIT B NOTICE OF PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474, AS AMENDED THE CITY OF ST. LOUIS PARK, MINNESOTA NOTICE IS HEREBY GIVEN that the governing body of the Cityy. of St. Louis Park, Minnesota (the "City"), will meet on March 1 , 1982, at 7 : 30 p.m. at the City offices in St. Louis Park, Minnesota, for the purpose of conducting a public hearing on a proposal that the City issue its revenue bonds under the Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to finance the cost of a project. The proposed project will consist of the acquisition of land, the construction of a building or buildings thereon and the installation of equipment in connection therewith for use as a retail commercial and office facility to be owned by Darrel A. Farr Development Corp., on behalf of a Minnesota partnership to be formed with Darrel A. Farr Development Corp. as a partner of such partnership. The estimated total amount of the proposed bonds is $8,000,000. 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 and other encumbrance on the project. No holder of any such bonds shall ever have the right to compel any exercise of the taxing power of the City of St. Louis Park 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 Commissioner of Energy, Planning and 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. (published in the St. Louis Park Sun February 10, 1982) BY ORDER OF THE CITY COUNCIL OF THE CITY OF ST. LOUIS PARK By /s/ Earl E. Hanson City Clerk