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HomeMy WebLinkAbout14-112 - ADMIN Resolution - City Council - 2014/10/06• • • RESOLUTION NO. 14-112 RESOLUTION CALLING FOR A PUBLIC HEARING ON CONSENT TO THE ISSUANCE OF EDUCATIONAL FACILITIES REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (GROVES ACADEMY PROJECT) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1655, as amended, relating to municipal industrial development (the "Act"), gives municipalities the power to issue revenue obligations for the purpose of promoting the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and WHEREAS, the City of St. Louis Park, Minnesota ("St. Louis Park"), has received from Groves Academy, a Minnesota nonprofit corporation and 501(c)(3) organization (the "Borrower"), a proposal that the City of Mayer, Minnesota undertake a program to assist in financing, among other things, a Project described in Exhibit A, which is located in St. Louis Park, through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; and WHEREAS, St. Louis Park has been advised that a public hearing and City Council host approval of and consent to the financing of the Project is required under the Act and Section 147(f) of the Internal Revenue Code because the facilities to be financed by the Bonds are located in St. Louis Park: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis Park, Minnesota, as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place set forth in the Notice of Public Hearing attached hereto as Exhibit A. The City Clerk is hereby authorized and directed to cause notice of the hearing to be given o e publication in the official newspaper of St. Louis Park and a newspaper of general circulatio l available in St. Louis Park, not less than 14 days nor more than 30 days prior to the date fixed l or the hearing, substantially in the form of the attached Notice of Public Hearing. A opted ity Council October 6, 2014 Attest: City Clerk Mayor Resolution No. 14-112 -2- EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR CONSENT TO THE ISSUANCE OF EDUCATIONAL FACILITIES REVENUE BONDS FOR GROVES ACADEMY PROJECT Notice is hereby given that the City Council of the City of St. Louis Park, Minnesota (the "City") will meet at the City Hall, 5005 Minnetonka Boulevard, in the City, at 7:30 p.m. on Monday, November 3, 2014 to consider giving host approval and consent to the issuance by the City of Mayer, Minnesota ("Issuer") of revenue bonds, in one or more series (the `Bonds"), under Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Act"), in order to finance the cost of a project located in the City. Groves Academy, a Minnesota nonprofit corporation and 501(c)(3) organization (the "Borrower"), proposes to (i) finance new classroom renovations and the construction and equipping of a new learning center at the Borrower's independent co-educational day school facilities (the "Academy") located at 3200 Highway 100 South in the City (the "Renovation and Expansion Project"), (ii) refund the City's outstanding Educational Facility Revenue Bonds (Groves Academy Project), Senes 2010, the proceeds of which were used to finance and refinance a renovation, expansion, and improvement of the Academy (the "Original Project" and, together with the Renovation and Expansion Project, the "Project"), and (iii) finance the costs of issuing the Bonds. The maximum estimated principal amount of the Bonds to be issued to finance the Project is $5,600,000. The Bonds, if and when issued, will not constitute a charge, hen or encumbrance upon any property of the City or the Issuer, except the Project, and such obligation will not be a charge against the general credit or taxing powers of the City or the Issuer but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement. At the time and place fixed for the public hearing, the City Council will give all persons who appear at the heanng an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing.