HomeMy WebLinkAbout21-054 - ADMIN Resolution - City Council - 2021/05/17Resolution No. 21-054
A resolution calling for a public hearing on consent to the issuance of
educational facilities revenue bonds and authorizing the publication of a notice
of public hearing (Groves Academy project)
Be it resolved by the City Council (the “City Council”) of the City of St. Louis Park,
Hennepin County, Minnesota (the “City”) as follows:
Section 1. Minnesota Statutes, Sections 469.152 through 469.165, 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.
Section 2. The City 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 the City, through the issuance of revenue bonds or obligations
(in one or more series) (the “Bonds”) pursuant to the Act.
Section 3. The City 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 the City.
Section 4. 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.
Section 5. The City Clerk is hereby authorized and directed to cause notice of the
hearing to be given one publication in the official newspaper of the City and a newspaper of
general circulation available in the City, not less than 14 days nor more than 30 days prior to
the date fixed for the hearing, substantially in the form of the attached Notice of Public
Hearing.
The motion for the adoption of the foregoing resolution was duly seconded by City Council
Member Kraft, and, after full discussion thereof and upon a vote being taken thereon, the
following city council members voted in favor thereof: Jake Spano, Larry Kraft, Nadia
Mohamed, Margaret Rog, Lynette Dumalag, Rachel Harris, and Tim Brausen.
And the following city council members voted in opposition: None
DocuSign Envelope ID: D33FFDDF-3C3B-4414-9EC5-61263291A06E
Resolution No. 21-054 2
Reviewed for Administration: Adopted by the City Council May 17, 2021
Thomas K. Harmening, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
DocuSign Envelope ID: D33FFDDF-3C3B-4414-9EC5-61263291A06E
Resolution No. 21-054 3
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 6:30 p.m. on
Monday, June 21, 2021 to consider giving host approval and consent to the issuance by the City
of Mayer, Minnesota (the “Issuer”) of revenue bonds, in one or more series (the “Bonds”),
under Minnesota Statutes, Sections 469.152 through 469.165, 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 the renovation, improvement, and equipping of the
Borrower’s independent co-educational day school facilities (the “Academy”) located at 3200
Highway 100 South in the City (the “Renovation Project”), (ii) refund the Issuer’s outstanding
Educational Facility Revenue Bonds (Groves Academy Project), Series 2014A, and Educational
Facility Revenue Bonds (Groves Academy Project), Series 2014B, the proceeds of which were
used to finance and refinance the renovation, expansion, construction, improvement, and
equipping of the Academy (the “Original Project” and, together with the Renovation 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 $6,800,000.
The Bonds, if and when issued, will not constitute a charge, lien or encumbrance upon
any property of the City or the Issuer, except the Project, and such obligations 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 hearing 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.
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