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HomeMy WebLinkAbout1984-095 CCRMember Celia Scott introduced the following resolution and moved its adoption: RESOLUTION NO. 84 -95 RESOLUTION RELATING TO A PROJECT UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING 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. 1.01. The welfare of the State of Minnesota requires active promo- tion, attraction, encouragement and development of economically sound industry and commerce through governmental acts to prevent, insofar as possible, the emergence of blighted lands and areas of chronic unemployment, and the State has encouraged local governmental units to act to prevent such economic deterioration. 1.02. Byerly Village Center, a Minnesota limited partnership whose general partner will be Ryan Construction Company of Minnesota, Inc. or a related entity, (the Applicant) have advised this Council of its desire to acquire land and construct and equip thereon a 33,000 square foot retail shopping center in the City (such acquisition, construction and equipping hereinafter is referred to as the Project) The estimated total cost of the Project is $2,900,000. 1.03. The City is authorized by the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended (the Act) to issue revenue bonds or notes (whether bonds or notes, hereinafter, the Bonds) to finance capital projects consisting of properties used or useful in connection with a revenue producing enterprise. The Applicant has requested that the City issue its revenue bonds, to be issued in one or more series, in the approximate principal amount of $2,900,000 to finance the cost of the Project. Section 2. Public Hearing. 2.01. Section 474.01, Subdivision 7b of the Act requires that prior to submission of an application to the Minnesota Energy and Economic Development Authority requesting approval of the Project as required by Section 474.01, Subdivision 7a of the Act, this Council shall conduct a public hearing on the proposal to undertake and finance the Project. Pursuant to that provision a public hearing on the proposal to undertake and finance the Project is called and shall be held on July 9, 1984, at 7:30 p.m., at the City Hall. 2.02. The City Manager shall cause notice of the public hearing to be published once in the official newspaper of the City and once in the Minneapolis Star and Tribune, a newspaper of general circulation throughout the City, at least once not less than fifteen (15) nor more than thrity (30) days prior to the date fixed for the hearing, such notice to be in substantially the following form: RESOLUTION NO. 84 -95 NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE MINNESOTA 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, will meet on July 9, 1984, at 7:30 p.m., at the City Hall, in Brooklyn Center, Minnesota, for the purpose of conducting a public hearing on a proposal that the City issue revenue bonds or notes (whether bonds or notes, hereinafter, the Bonds) under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to finance the cost of a project on behalf of Byerly Village Center, a Minnesota limited partnership whose general partner will be Ryan Construc- tion Company of Minnesota, Inc., or a related party (the Borrower). The proposed project will consist of the acquisition of land and the construction and equipping thereon of a 33,000 square foot retail shopping center in the City. The Project will be located at Shingle Creek Parkway and John Martin Drive in the City. The estimated total amount of the proposed bond issue is $2,900,000. The Bonds may be issued in one or more series, as deemed appropriate by the Borrower and the City. The Bonds shall be limited obligations of the City and the Bonds and interest thereon shall be payable solely from the revenue pledged to the payment thereof, except that the Bonds may be secured by a mortgage or other encumbrance on the Project or property of the Borrower. No holder of any Bond 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 the revenues pledged to the payment thereof. A draft copy of the proposed application to the Minnesota Energy and Economic Development Authority for approval of the Project, together with all attachments and exhibits thereto, is available for public inspection at the office of the City Manager, weekdays, during normal business hours. All persons interested may appear and express their views with respect to the proposal to undertake and finance the proposed Project, or may file written comments with the undersigned, which comments will be consid- ered at the hearing. Dated: June 11, 1984. BY ORDER OF THE CITY COUNCIL Gerald Splinter City Clerk RESOLUTION NO. 84 -95 2.03. A draft copy of the proposed application to the Minnesota Energy and Economic Development Authority, together with all attachments and exhibits thereto, are hereby ordered placed on file in the office of the City Manager, and shall be available for public inspection, following the publication of the notice of public hearing, weekdays, during normal business hours. Section 3. Special Obligation. In all events, it is understood, however, that any bonds issued by the City pursuant to the Act to assist in the financing of the Project shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except the revenues pledged to the payment of the Bonds; that each bond, when, as and if issued, shall be payable solely from the revenues received from the Project and property pledged to the payment thereof and shall not constitute a debt of the City within the meaning of any constitutional, statutory or charter limitation; and that the Borrower shall save and hold the City harmless with respect to any and all liabilities and expenses incurred by the City with respect to the Project and the Bonds. June 1]�, 1984 ATTEST: Clerk Mayor The motion for the adoption of the foregoing resolution and duly seconded by member Rich Theis 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: Gene Lhotka whereupon said resolution was declared duly passed and adopted.