HomeMy WebLinkAbout1981-208 CCR Member Tony Kuefler introduced the following resolution
and moved its adoption:
RESOLUTION NO. 81 -208
A 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.
1.01. This Council has received from Shingle Creek Development
Company, a Minnesota general partnership (hereafter, the "Partnership
a proposal that the City finance a portion or all of the cost of a proposed
project consisting of the acquisition of land within the City and the
acquisition, construction and equipping thereon of a building designed
for use primarily as a warehouse and office building (such land, buildings
and equipment being hereinafter referred to as the "Project Under the
proposal, the Partnership would construct and own the Project and lease
space therein to one or more tenants. The estimated total cost of the
Project is $2,932,150.
1.02. The City is authorized by the Municipal Industrial
Development Act, Minnesota Statutes, Chapter 474, as amended (the "Act
to issue revenue bonds to finance in whole or in part, the cost of the
acquisition, construction, reconstruction, improvement and betterment of
projects, including any properties real or personal, used or useful in
connection with the revenue producing enterprise engaged in any business.
Representatives of the Partnership have requested that the City issue its
revenue bonds under the Act in the approximate amount of $2,932,150 and
in one or more series to finance all or a portion 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 Commissioner of
Securities and Real Estate 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 November 23, 1981,
at 8:00 o'clock P.M. at the City Hall, 6301 Shingle Creek Parkway, Brooklyn
Center, Minnesota.
2.02. The City Clerk shall cause notice of the public hearing
to be published in the official newspaper of the City and a newspaper of
general circulation of the City at least once not less than fifteen nor more
than thirty days prior to the date fixed for the hearing, such notice to be
in substantially the following form:
RESOLUTION NO. 81 -208
October 19, 1981
Date Mayor
ATTEST: Adt4O
f Jerk
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, Tony Kuefler, Bill Fignar, Gene Lhotka,
and Celia Scott;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 81 -208
NOTICE OF PUBLIC HEARING ON 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, will meet on November 23, 1981, at 8:00 o'clock 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 of notes, hereinafter, the "Bonds under the Municipal Industrial
Development Act, Minnesota Statutes, Chapter 474, as amended, in order to
finance part or all of the cost of a Project on behalf of Shingle Creek
Development Company, a Minnesota general partnership (hereinafter the "'Partner-
ship"). The proposed Project consists of the acquisition of land within the
City, and the acquisition, construction and equipping of a building within
the City (such land, building and equipment being hereinafter referred to as
the "Project to be used as a warehouse and office building. Space in the
Project will be leased by the Partnership to various tenants. The estimated'
total amount of the Bonds is $2,932,150. The Bonds shall be limited obligations
of the City, issued in one or more series, 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 and other encumbrance on all or
any part of the Project. No holder of any such 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 Commissioner
of Securities and Real Estate for approval of the Project, together with all
attachments and exhibits thereto, is available for public inspection at the
office of the City Clerk, weekdays, between the hours of 8:00 A.M. and 5:00 P.M.
All persons interested may appear and express their views with
respect to the proposal to undertake and finance the Project at the time and
place set forth above.
Dated: October 19 1981
BY ORDER OF THE CITY COUNCIL
By /s/ Gerald G. Splinter
City Clerk