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HomeMy WebLinkAbout90-78 - ADMIN Resolution - City Council - 1990/06/18RESOLUTION NO. 90-78 RESOLUTION RELATING TO A PROJECT ON BEHALF OF THE LONG TERM CARE FOUNDATION UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING FOR A PUBLIC HEARING THEREON BE IT RESOLVED by the City Council of the City of St. Louis Park, Minnesota (the City), as follows: SECTION 1 Recitals 1.1. The City is authorized by Minnesota Statutes, Sections 469.152 through 469.165 (the Act), to issue its revenue bonds to finance capital projects consisting of properties used and useful in connection with a revenue-producing enterprise, including nursing homes to be owned by non-profit corporation. 1.2. The Long Term Care Foundation, a Tennessee nonprofit corporation (the Borrower), has advised this Council of its desire to acquire the existing nursing home located at 3201 Virginia Avenue South in the City and known as St. Louis Park Plaza Healthcare Center and to make certain improvements thereto. Such acquisition and improvements are hereinafter referred to as the Project. 1.3. The Borrower proposes that pursuant to the Act the City issue its revenue bonds, in a principal amount not to exceed $6,400,000 and lend the proceeds of such revenue bonds to the Borrower to pay part or all of the costs of the Project. 1.4 Tne Borrower will be responsible for all costs of the bond issue and costs preliminary to the bond issue. Any costs incurred by the City will be reimbursed to the City by the Borrower. An escrow in a reasonable amount for payment of the City's fees and expenses established by the City Manager shall be created and funded on or before July 2, 1990 and shall be supplemented upon five (5) days' written notice from the City Manager to ensure that the escrow account has sufficient funds to pay outstanding and projected City fees and expenses. SECTION 2 Public Hearing 2.1. Section 469.154, subdivision 4 of the Act requires that prior to submission of an Application to the Minnesota Department of Trade and Economic Development requesting approval of the Project as required by Section 469.154, Subdivision 3 of the Act, this Council conduct a public hearing on the proposal to undertake and finance the Project. Section 147 (f) of the Internal Revenue Code of 1986, as amended and regulations promulgated thereunder, require that prior to the issuance of the Bonds, this Council approve the Bonds and the Project, after conducting a public hearing thereon. 4260F 2.2. A public hearing on the proposal to undertake and finance the Project through the issuance of the Bonds is hereby called and shall be held on July 16, 1990, at 7:30 o'clock P.M., at the City Hall. 2.3. The City of St. Louis Park shall cause notice of the public hearing to be published in the St. Louis Park Sailor, the official newspaper of the City and a newspaper of general circulation in the City, at least once not less than fourteen (14) nor more than thirty (30) days prior to the date fixed for the public hearing. The notice to be published shall be in substantially the following form: NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF NURSING HOME FACILITIES REVENUE BONDS UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, SECTIONS 469.152-469.165 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 July 16, 1990, at 7:30 o'clock P.M., at the City Hall, 5005 Minnetonka Boulevard, in St. Louis Park, Minnesota, for the purpose of conducting a public hearing on a proposal that the City issue its revenue bonds, in one or more series, under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 through 469.165, in order to finance the acquisition of and certain improvements to an existing nursing home facility located at 3201 Virginia Avenue South in the City and commonly known as St. Louis Park Plaza Healthcare Center (the Project) by The Long Term Care Foundation, a Tennessee nonprofit corporation (the Borrower). The maximum aggregate principal amount of the proposed bond issue is $6,400,000. The bonds will be limited obligations of the City, and the bonds and interest thereon will be payable solely from 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 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 commentp with the City Clerk prior to the date of the hearing set forth above. Dated: June 18, 1990. BY ORDER OF THE CITY COUNCIL By/s/ Lyle W. Hanks City Mayor 2.4. 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, are hereby ordered placed on file with the City of St. Louis Park and shall be available for public inspection, following publication of the notice of public hearing, between during normal business hours, 8:00 A.M. to 4:30 P.M., on normal business days. 2.5. This resolution shall become effective immediately upon its passage and without publication. Adopted the 18th day of June, 1990. Reviewed for administration: iv,t./J• City Manager Approved as to form and execution City Attorney