HomeMy WebLinkAbout1984-078 CCR 7 1<
Member Celia Scott introduced the following resolution an. moved
III
its adoption:
RESOLUTION NO. 84 -78
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR
ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER
THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND
AUTHORIZING PUBLICATION OF A NOTICE OF THE HEARING
BE IT RESOLVED by the City Council (this Council) of the City •f
Brooklyn Center, Minnesota (the City), as follows:
Section 1. Recitals.
1.01. The City if authorized by the Municipal Industrial Develo A
Y a Y p
ment Act, Minnesota Statutes, Chapter 474, as amended (the Act) to is ue
and sell revenue bonds for the purpose of refunding bonds previously 'ssued
under the Act.
1.02. Brookdale Office Park Partnership, a Minnesota general artnership
(the Company), proposes that the City issue its revenue bonds under e Act
in the approximate aggregate principal amount of $3,450,000 (the Ref ding
Bonds) in order to redeem and refund certain revenue bonds previously issued
by the City under the Act (the Original Bonds). The Original Bonds, •enominated
$8,200,000 Commercial Development Revenue Bonds (Brookdale Office Par. Partner-
ship Project) Series 1982, were issued in order to finance the acquis'tion,
construction, improvement and equipping of three office buildings loc.ted
in the area northwest of the Brookdale Shopping Center in the City.
1.03. The Refunding Bonds would be industrial development bones within
the meaning of Section 103 of the Internal Revenue Code of 1954, as a -nded
(the Code). Section 103(k) of the Code, and the regulations adopted -nd
proposed thereunder, require that the City hold a public hearing rela.ing
to the proposed issuance of the Refunding Bonds prior to approving th =ir
issuance, which hearing is to be held after notice of the hearing is •ublished
at least fourteen days prior to the date of the hearing.
Section 2. Public Hearing.
2.01. A public hearing regarding the proposed issuance of the Refunding
Bonds is hereby called and shall be held on June 25, 1984 at 7:30 o'c ock
p.m. at the City Hall.
2.02. The City Clerk is hereby directed to cause notice of the public
hearing to be published in a newspaper of general circulation in the •ity,
and in the official newspaperof the City, not less than fourteen days prior
to the date fixed for the public hearing, in substantially the form of the
notice attached hereto.
RESOLUTION NO. 84 -78
III May 21, 1984
1:0 41.--,--"/ Date Ma
AF
ATTEST: .r d
i ff lerk
The motion for the adoption of the foregoing resolution was duly secorded
by member Bill Hawes 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.
III
a
CITY OF BROOKLYN CENTER, MINNESOTA
NOTICE OF PUBLIC HEARING REGARDING
PROPOSED ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City of
Brooklyn Center, Minnesota, will meet on June 25, 1984, at 7:01 p.m.
at the City Hall, 6301 Shingle Creek Parkway, in Brooklyn Cent-r,
Minnesota, for the purpose of conducting a public hearing on a
proposal that the City issue its revenue bonds under the Municipal
Industrial Development Act, Minnesota Statutes, Chapter 474, a
amended (the Act). This Notice is given pursuant to the provi -ions
of Section 103(k) of the Internal Revenue Code and regulations
adopted thereunder.
The proposal for issuance of the revenue bonds has been made by
Brookdale Office Park Partnership, a Minnesota general partner -hip
(the Company). Pursuant to previous authorization by the City
Council, following proper notice and public hearing, the City issued
its $8,200,000 Commercial Development Revenue Bonds (Brookdale Office
Park Partnership Project), Series 1982 (the Original Bonds) in order
to finance a portion of the cost of a project on behalf of the
Company, consisting of the acquisition, construction, improvem -nt and
equipping of three commercial office buildings, located in the area
northwest of the Brookdale Shopping Center in the City (the Project).
I Only one office building, approximately 55,000 square feet in -ire,
was actually constructed. As a result, a portion of the Origi al
Bonds were redeemed prior to maturity. The outstanding principal
amount of the Original Bonds is $3,450,000. The Company now p oposes
that the City issue revenue bonds in the approximate aggregate
principal amount of $3,450,000 in order to redeem and refund tie
Original Bonds (the Refunding Bonds).
The Refunding Bonds will be limited obligations of the City and
the principal of and interest thereon will be payable solely from
the revenues of the Project pledged to the payment thereof. The
payment of the Refunding Bonds may be secured by a mortgage a d other
security interests in the Project properties. No holder of the
Refunding Bonds shall have the right to compel any exercise o the
taxing power of the City to pay the Refunding Bonds or the in erest
thereon, nor to enforce payment against any property of the C'ty
other than the revenues of the Project.
All persons interested may appear at the public hearing -lid
express their views with respect to the proposal that the Cit issue
the Refunding Bonds.
DATED: Mav 21 1984. B Y COUNCIL
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