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HomeMy WebLinkAbout1985-183 CCRMember Rich Theis introduced the following resolution and moved its adoption: RESOLUTION NO. 85 -183 RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING FOR A PUBLIC HEARING THEREON BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota (the City), as follows: SECTION 1 Recitals 1.1. Brookdale Corporate Center III Limited Partnership, a Minnesota limited partnership to be formed in which Ryan Properties, Inc. will be a general partner (the Borrower), has advised this Council of its desire to acquire certain land in the City and to construct and equip thereon an approximately 110,000 square foot facility (the Project) to be leased by the Borrower to various tenants, for use as a commercial office facility. The Project will be located at the northeast corner of the intersection of Summit Drive and Earle Brown Drive in the City. 1.2. The City is authorized by Minnesota Statutes, Chapter 474 (the Act), to issue its revenue bonds to finance capital projects consisting of properties used and useful in connection with a revenue producing enterprise. The Borrower has requested the City issue its revenue bonds in an aggregate principal amount not to exceed $9,000,000 (the Bonds) to finance a portion or all of the cost of the Project. SECTION 2 Public Hearing 2.1. Section 474.01, Subdivision 7b of the Act requires that prior to submission of an Application to the Minnesota Department of Energy and Economic Development requesting approval of the Project as required by Section 474.01, Subdivision 7 of the Act, this Council conduct a public hearing on the proposal to undertake and finance the Project. Section 103 of the Internal Revenue Code of 1954, as amended, and regulations promulgated thereunder, requires that prior to this issuance of the Bonds, this Council approve the Bonds and the Project, after conducting a public hearing thereon. 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 November 4 1985, at 7.30 o'clock P.M., at the City Hall. 2.2. The City Manager shall cause notice of the public hearing to be published in the Brooklyn Center Post, the official newspaper of the City and in the Minneapolis Star and Tribune, a newspaper of general circulation in the City, at least once not less than fifteen (15) nor more than thirty (30) days prior to the date fixed for the public hearing. The notice shall be in substantially the following form: RESOLUTION NO. 85 -183 NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474 AS AMENDED CITY OF BROOKLYN CENTER, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Brooklyn Center, Minnesota (the City), will meet on November 4 1985, at 7 o'clock P.M., at the City Hall, 6301 Shingle Creek Parkway, in Brooklyn Center, Minnesota, for the purpose of conducting a public hearing in accordance with Section 103(k) of the Internal Revenue Code of 1954, as amended (the Code) on a proposal that the City issue revenue bonds, in one or more series, under the Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to finance the cost of a project. The proposed project will consist of the acquisition of land in the City and the construction and equipping thereon of an approximately 110,000 square foot, six -story facility to be owned by Brookdale Corporate Center III Limited Partnership, a Minnesota limited partnership to be formed in which Ryan Properties, Inc. will be a general partner and leased to various tenants for use as a commercial office facility. The project will be located at the northeast corner of the intersection of Summit Drive and Earl Brown Drive in the City. The maximum aggregate principal amount of the proposed bond issue is $9,000,000. The bonds shall be limited obligations of the City, and the bonds and interest thereon shall be payable solely from the revenues pledged to the payment thereof, except that such bonds may be secured by a mortgage and other encumbrance on the project. No holder of any such bonds shall 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 moneys 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 Energy 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 Manager between the hours of 8:00 A.M. and 4:30 P.M., on normal business days. All persons interested time and place set forth above, with the City Manager prior to forth above. Dated: October 7, may appear and be heard at the or may file written comments the date of the hearing set 1985. BY O ER OF THE C7Y �OUNCIL Gerard linter City anager RESOLUTION NO. 85 -183 2.3. A draft copy of the proposed Application to the Minnesota Department of Energy and Economic Development, together with draft copies of all attachments and exhibits thereto, are hereby ordered placed on file with the City Manager and shall be available for public inspection, following publication of the notice of public hearing, between the hours of 8:00 A.M. and 4:30 P.M., on normal business days. October 7, 1985 i•�.7� Date ATTEST: 4'�� 1-tD Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Celia Scott and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted. LJ