HomeMy WebLinkAbout1980-288 CCRMember Bill Fignar introduced the following resolution and
moved its adoption:
RESOLUTION NO. 80 -288
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. Pyan Construction of Minnesota, Inc. a Minnesota corporation
(hereinafter the Company) has advised this Council of its desire to acquire
land and construct a supermarket in the City for lease to Byerly's, Inc.
1.02. The City is authorized by Minnesota Statutes, Chapter 474
(the Act), to issue its revenue bonds or notes to finance capital projects
consisting of properties used and useful in connection with a revenue producing
enterprise. The Company has requested that the City issue its revenue bonds or
notes in an amount not exceeding $10,000,000 to finance the costs 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
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 January 26, 1981, at eight o'clock p.m., at the City Hall.
2.02. The City Clerk shall cause notice of the public hearing to be
published in the official newspaper of the City, and in either the Minneapolis
Tribune or Star, at least once not less than fifteen (15) nor more than thirty
(30) days prior to the date fixed for the hearing, such notice to be in sub-
stantially the attached form.
December 22, 1980
Date Mayor
ATTEST: C ;e k
The motion for the adoption of the foregoing resolution was duly seconded by
member Tony Kuefler and upon vote being taken thereon, the following voted
in favor thereof: Dean Nyquist, Tony Kuefler, Bill Fignar, and Celia Scott;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND
THE ISSUANCE OF COMMERCIAL DEVELOPMENT REVENUE BONDS
OR NOTES 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 January
26, 1981, at eight o'clock P.M., at the City Hall in Brooklyn
Center for the purpose of conducting a public hearing on a
proposal that the City issue revenue bonds or notes, 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 and construction of a
90,000 square foot supermarket in the City on behalf of
Ryan Construction of Minnesota, Inc. to be leased to Byerly's,
Inc. The estimated total amount of the proposed issue is
$10,000,000. The bonds or notes shall be limited obligations
of the City and the bonds or notes,'and interest thereon,
shall be payable solely from the revenue pledged to the payment
thereof, except that such bonds or notes may be secured by a
mortgage or other encumbrance on the project. No holder of
any such bond or note shall ever have the right to compel any
exercise of the taxing power of the City to pay the bonds or
notes or the interest thereon, nor to enforce payment against
any property of the City except the Project.
A draft copy of the proposed application to the
Minnesota Commissioner of Securities for approval of the
Project, together with all attachments and exhibits thereto,
is available for public inspection at the office of the City
Clerk during normal business hours.
All persons interested may appear and be heard at
the time and place set forth above.
BY ORDER OF THE CITY COUNCIL
By Alien Lindman
City Clerk