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Home My WebLink About93- 118 - ADMIN Resolution - City Council - 1993/08/02RESOLUTION NO. 93- 118 RESOLUTION RELATING TO PROJECTS UNDER THE MUNICIPAL INOUSTRLAL DEVELOPMENT ACT, CALLING A PUBLIC HEARING 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: Findings. 1.01. The Minnesota Municipal Industrial Development Act, Minnesota Statutes, Section 469.152 to 469.1651, as amended (the "Act"), authorizes the issuance of revenue bonds to finance projects. 1.02. The Home Rule Charter of the City authorizes the issuance of bonds "for any public purpose not prohibited by law." 1.03. 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." 1.04 HeaIthSystem Minnesota The Healthcare Network, a Minnesota nonprofit corporation ("HSM"), Methodist Hospital, a Minnesota nonprofit corporation (the "Hospital"), Park Nicollet Medical Center, a Minnesota business trust (the "Clinic") and PNMC Holdings, a Minnesota nonprofit corporation, which owns and leases certain medical facilities to the Clinic ("Holdings", together with HSM, the Hospital and the Clinic, herein referred to as the "Borrowers"), have presented the City Council of the City with information concerning a project proposed to be undertaken and financed pursuant to the Act and the City's Charter (the "Project"), and the issuance of revenue bonds on behalf of the Borrowers to finance the Project. 1.05 The Project includes the acquisition, construction and equipping of a 20,000 square foot, one or two story medical clinic facility to be located on a portion of one of the following parcels of farm land. all of which are located within the boundaries of the City of Shakopee, Minnesota: (a) The third parcel (comprising approximately 60 acres) on the east side of Scott County Road 17 (Marshall Road) approximately 1/4 to 1/2 mile south of the new Highway 169 Bypass (currently under construction); (b) A twenty-seven acre parcel located at the southwest corner of Vierling 449/22009828 7/29193 1 Drive and Scott County Road 17 (Marshall Road); (c) An eighteen acre parcel located at the northwest corner of Vierling Drive and Scott County Road 17 (Marshall Road). Such facility shall be initially owned and operated by the Clinic. 1.06. The Council has received a proposal from the Borrowers that the City issue its revenue bonds in an aggregate principal amount of approximately 37,000,000 for such uses (the "Series 1993 Bonds"). It is anticipated that the Series 1993 Bonds will be issued in one or more series, which may be issued simultaneously or on different dates, and may be issued as a part of a series of revenue bonds which may be issued to finance other projects on behalf of the Borrowers. A public hearing has previously been held with respect to such other projects. 1.07 The Borrowers will constitute the initial members of an obligated ;roup (the "Obligated Group") pursuant to a Master Indenture to be entered into by each of the Borrowers and a master trustee. The Borrowers will be obligated to make payments with respect to the principal of, premium, if any, and interest on the Series 1993 Bonds pursuant to one or more loan agreements, each to be entered into by all Borrowers and the City and pursuant to one or more Master Notes to be executed by all the Borrowers as the Obligated Group under a Master Indenture. 1.08 The Borrowers have requested that the City resolve to issue the Series 1993 Bonds pursuant to the Act to finance the Project and will present 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, after a public hearing pursuant to reasonable public notice. 1.09. The City hereby finds and determines the issuance of the Series 1993 Bonds is authorized under the Act and the City's Home Rule Charter and constitutes a public purpose under the City's Home Rule Charter for which bonds can be issued. 1.10. Section 147(f)(2)(D) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 1313(a)(3)(A) of the Tax Reform Act of 1986 require a public hearing following reasonable public notice prior to the approval of the Series 1993 Bonds by the Council. The Code requires that the notice of the public hearing be published at Least 14 days prior to the date of the public hearing in the official newspaper of the City for legal notices for residents other than in the locality of the Project and in a newspaper of general circulation in the locality of the Project and that such notice contain the date. time and place of the public hearing as well as a general, functional description of the Project, the maximum aggregate face amount of the Series 1993 Bonds, the initial owner, operator, or manager of the Project and the location of the Project by street address, or if none, by description of specific location. 1.11 The Act provides that notice of the time and place of such public hearing, stating 449/22009828 729193 • Exhibit A to Resolution No. 93-118 / (g NOTICE OF PUBLIC HEARING RELATING TO A PROJECT AND THE PROPOSED ISSUANCE OF REVENUE BONDS FINANCING FACILITIES FOR HEALTH CARE SERVICES ON BEHALF OF HEALTHSYSTEM MINNESOTA NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the City of St. Louis Park, Minnesota (the "City") on the proposed issuance of up to $7,000,000 in health care facility revenue bonds (Series 1993 Bonds) in one or more series by the City to finance a Project pursuant to Sections 469.152 to 469.1651, Minnesota Statutes. The proceeds of the Series 1993 Bonds will be loaned to an obligated group consisting of HealthSystem Minnesota The Healthcare Network, a Minnesota non-profit corporation ("HSM"); Methodist Hospital, a Minnesota non-profit corporation (the "Hospital"); Park Nicollet Medical Center, a Minnesota non-profit business trust (the "Clinic"); and PNMC Holdings, a Minnesota non-profit corporation ("Holdings", together with HSM, the Hospital and the Clinic, herein referred to as the "Borrowers"). The Borrowers will use the proceeds of the Bonds to finance the Project described below. The Project will be initially owned, operated and managed by the Clinic. The Borrowers are related and affiliated corporations and entities, and in that respect, the Project will be owned, operated and managed by the Borrowers collectively. The hearing will be held at Council Chambers of the City Hall. 5005 Minnetonka Boulevard, in said City mondayAugust 1993, at approximately 7:30 o'clock p.m. .23 The Project includes, not limited to the acquisition, equipping construction and e i ' q qu ng of an approximately 20,000 square foot, one or two story medical clinic facility to be located on a portion of one of the following parcels of land, all of which are located within the boundaries of the City of Shakopee, Minnesota: (a) The third parcel of farmland (comprising approximately 60 acres) located on the east side of Scott County Road 17 (Marshall Road) approximately 1/4 to 1/2 mile south of the new Highway 169 Bypass (currently under construction); (b) A twenty-seven acre parcel of Land located at the southwest corner of Vierling Drive and Scott County Road 17 (Marshall Road); (c) An eighteen acre parcel located at the northwest corner of Vierling Drive and Scott County Road 17 (Marshall Road). At said time and place. the City shall give all parties who appear an opportunity to express their views with respect to the proposal to finance the Project. 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, 5005 Minnetonka Boulevard in the City, Monday through Friday, except legal holidays, from 8:00 a.m. to 4:30 p.m. to and including the date of hearing. Dated: fuly28 1993 /s/ Beverly Flanagan City Clerk /s / ) tr-g4 �_ , q3 (Published in the St. Louis Park Sun -Sailor and Mpls Star Tribune on August 4, 1993) 449/22009828 7/29/93 • • ATTEST: 4 aty a 41#4* -1 Reviewed for administration: 449!22009828 7/2983 A, 934/8 Vauv tpa./Autex"frate 66,2Ay Approved as to form and execution: City Attorney 4 .ti the general nature of the project, and an estimate of the principal amount of bonds or other obligations to be issued to finance a 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. 1.12 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. 1.13. The Borrower previously 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 and authorize publication of the form of public notice provided by the Borrower. 1.14. The City hereby finds and determines the Borrower is required to provide the City with a draft copy of the Application prior to the date of publication of the notice of the public hearing. Section 2. Public Hearing. 2.01 The City will conduct, and there is hereby called, a public hearing on the proposal of the Borrower that the City issue the Series 1993 Bonds on Monday, the 23rd day of August, 1993 at 7:30 o'clock p.m. at the Council Chambers of the City Hall, 5005 Minnetonka Boulevard. 2.02 The actions of the City Clerk of the City causing 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 each of the locations of the Project and all activities undertaken in furtherance thereof prior to the date of this Resolution are hereby authorized, ratified, confirmed and approved. Section 3. Effective Date. 3.01 This resolution shall become effective immediately upon its passage and without publication. Adopted this 2nd day of August, 1993. j/040 4;%11C. 4.:° //exibia_ , elikAtd 9)1464 0 061 S+F,Na4L- I 5So 6 to 3(o-tL f–