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HomeMy WebLinkAbout1980-155 CCRMember Bill Fignar introduced the following resolution and moved its adoption: RESOLUTION NO. 80 -155 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 Brooklyn Investment Company, a Minnesota partnership (hereafter, the Partnership), a proposal that the City finance a portion or all of the cost of a proposed project or projects consisting of the acquisition, construction and equipping within the City, of two or more buildings, each designed for use primarily as a warehouse and office building (such buildings and equipment being hereinafter referred to as the Projects). Under the proposal, the Partnership, or another partnership or corporation organized by it and including at least one of its partners as a partner or share- holder, would construct and own the Projects and lease them to one or more business entities. The estimated total cost of the Projects is $5,250,000.00. 1.02. The City is authorized by the Municipal Industrial Develop- ment 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 a revenue producing enterprise engaged in any business. Representatives of the Part- nership have requested that the City issue its revenue bonds under the Act in the approximate amount of $4,600,000.00 and in one or more series to finance all or a portion of the Projects. 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 Projects 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 Projects. Pursuant to that provision, a public hearing on the proposal to undertake and finance the Projects is called and shall be held on August 25, 1980 at eight 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: Y RESOLUTION NO. 80 -155 NOTICE OF PUBLIC HEARING ON PROPOSED PROJECTS 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 August 25, 1980 1980, at 8 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 or 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 Projects on behalf of Brooklyn Investment Company, a Minnesota partnership, or a partner ship or corporation to be organized by Brooklyn Investment Company. The proposed Projects will consist of the acquisition, construc- tion and equipping of two or more buildings within the City (such buildings 'and equipment being hereinafter referred to as the Projects) to be used as warehouse and office buildings. The estimated total amount of the Bonds is $5,000,000.00. 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 Projects. 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_ revenue's pledged to the payment thereof. 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, 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 Projects at the time and place s Forth above. Al Dated: 1980. BY-ORDER OF THE CITY COUNCIL By /s/ Allen Lindman City Clerk* RESOLUTION NO. 80 -155 I July 21, 1980 Date ATTEST: Clerk Mayor 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, Gene Lhotka, and Celia Scott; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.