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HomeMy WebLinkAbout90-128 - ADMIN Resolution - City Council - 1990/09/04RESOLUTION NO. 90-128 RESOLUTION RELATING TO PROJECTS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AND CALLING A PUBLIC HEARING THEREON BE IT RESOLVED by the City Council (the "City Council") of the City of St. Louis Park, Minnesota (the "City"), as follows: Section 1. Recitals. 1.01. The Minnesota Municipal Industrial Development Act, Minnesota Statutes, Section 469.152 to 469.165, as amended (the "Act"), authorizes the issuance of revenue bonds to finance projects. 1.02. The term "project" is defined in the Act to include "any properties, real or personal, used or useful in connection with a revenue producing enterprise." The term "project" is also defined in the Act to include "any properties, real or personal, used or useful 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 facilities." 1.03. Park Nicollet Medical Center, a Minnesota nonprofit business trust (the "Corporation") has presented this City Council of the City with information concerning a project proposed to be undertaken and financed pursuant to the Act (the "Project"), and the issuance of revenue bonds on behalf of the Corporation to finance the Project. 1.04. The Project includes, but is not limited to; 1) work and code compliance remodeling and the acquisition and installation of CT/MRI equipment and other items of equipment all to be located at 4959 Excelsior Boulevard, St. Louis Park, Minnesota, 2) the acquisition and equipping of a 38,000 square foot medical center, pharmacy and medical retailing facility at 5320 Hyland Greens Drive, Bloomington, Minnesota, 3) the acquisition of land and construction and equipping of a 20,000 square foot medical center, pharmacy and medical retailing facility proposed to be located at the southeast corner of Interstate 35E and Cliff Road in Eagan, Minnesota, and 4) the acquisition of land and construction and equipping of a 45,000 square foot medical center, pharmacy and medical retailing facility proposed to be located on Out Lot A, Carlson Center, Minnetonka, Minnesota on the northwest corner of the intersection of Carlson Parkway and Highway 394. 1.05. The Corporation has requested that the City resolve to issue revenue bonds pursuant to the Act to finance the Project and has presented to the City Council a form of preliminary resolution concerning such issuance with a request that such preliminary resolution be considered for adoption by the City Council. 1.06. The Act provides that revenue bonds may be issued for a project located in the state and that the City may enter into intergovernmental agreements whereby one municipality issues its revenue bonds in behalf of one or more other municipalities. 1.07. The Act provides that the City Council must conduct a public hearing on any proposal to undertake and finance a project. Section 147(f) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, require that prior to the issuance of bonds, the City Council of the City approve the bonds and the Project, after conducting a public hearing thereon. 1.08. The Act provides that notice of the time and place of such public hearing, stating the general nature of the project, and an estimate of the principal amount of the bonds or other obligations to be issued to finance the project, must be published at least once not less than fourteen (14) 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. 1.09. The Act provides that the notice must state that a draft copy of the proposed application (the "Application") to the Minnesota Department of Trade and Economic Development for approval of the Project, together with all attachments and exhibits thereto, is on file with the City and available for public inspection. 1.10. The Corporation has presented to the City a form of public notice, attached hereto as Exhibit A, with a request that the City Council establish a date for a public hearing, authorize publication of the form of public notice provided by the Corporation, and give preliminary approval on the proposal to undertake and finance the Project. 1.11. The City will require the Corporation to enter into an Agreement as to Indemnity and Payment of Fees and Expenses (the "Agreement") substantially in the form set forth in Exhibit B hereto. Section 2. Public Hearing. 2.01. The City will conduct, and there is hereby called, a public hearing on the proposal to undertake and finance the Project on the 1st day of October, 1990, at 7:30 o'clock p.m. 2.02. 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 A, to be published in the official newspaper of the City and a newspaper of general circulation in the City. 2.03. The City Clerk of the City is hereby authorized and directed to place on file and 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, which Application shall be available for public inspection following publication of the notice of public hearing, during normal business hours, 8:00 a.m. to 4:30 p.m., on normal business days, excluding legal holidays. 2.04. The Mayor and the City Clerk are hereby authorized and directed to execute and deliver, on the behalf of the City, the Agreement substantially in the form set forth in Exhibit B hereto. 2.05. This resolution shall become effective immediately upon its passage and without publication. Adopted this 4th day of September , 1990. /oLz4J Reviewed for administration: Approved as to form and execution: Gtr, t-- oagorh City Manager ZTAH:9 i f 1 -3- Jwatt.u., ea -511414,u) City Attorney EXHIBIT A to Resolution No.90-128 NOTICE OF PUBLIC HEARING OF FINANCING FACILITIES FOR HEALTH CARE SERVICES ON BEHALF OF PARK NICOLLET MEDICAL CENTER NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the City Council of the City of St. Louis Park, Minnesota (the "City") on a Project proposed to be undertaken and financed pursuant to Sections 469.152 to 469.165, Minnesota Statutes, by the City and Park Nicollet Medical Center (the "Corporation"), a Minnesota nonprofit business trust, and the issuance of up to $32,000,000 revenue bonds on behalf of the Corporation to finance the Project. The hearing will be held at Council Chambers of the City Hall, 5005 Minnetonka Boulevard, in said City on October 1, 1990, at approximately 7:30 o'clock P.M. The Project consists, but is not limited to; 1) work and code compliance remodeling and the acquisition and installation of CT/MRI equipment and other items of equipment all to be located at 4959 Excelsior Boulevard, St. Louis Park, Minnesota, 2) the acquisition and equipping of a 38,000 square foot medical center, pharmacy and medical retailing facility at 5320 Hyland Greens Drive, Bloomington, Minnesota, 3) the acquisition of land and construction and equipping of a 20,000 square foot medical center, pharmacy and medical retailing facility proposed to be located at the southeast corner of Interstate 35E and Cliff Road in Eagan, Minnesota, and 4) the acquisition of land and construction and equipping of a 45,000 square foot medical center, pharmacy and medical retailing facility proposed to be located on Out Lot A, Carlson Center, Minnetonka, Minnesota on the northwest corner of the intersection of Carlson Parkway and Highway 394. At said time and place, the City Council shall give all parties who appear an opportunity to express their views with respect to the proposal to finance the Project, and to issue the revenue bonds. Interested persons may also submit written comments to the undersigned City Clerk prior to the date of such hearing. A draft copy of the proposed application to the Minnesota Department of Trade and Economic Development, together with all attachments and exhibits thereto, shall be available for public inspection, following publication of this notice, in the Administrative offices of the City, in the City Hall, Monday through Friday, except legal holidays, from 8:00 A.M. to 4:30 P.M. to and including the date of hearing. Dated: Sept. 4 , 1990. Published in ZTAH:10 11 1 City Clerk , 1990.