HomeMy WebLinkAbout1979-167 CCRMember Bill Fignar introduced the following resolution
and moved its adoption:
RESOLUTION NO. 79 -167
RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT; CALLING FOR A PUBLIC
HEARING
WHEREAS, the welfare of the State of Minnesota requires active
promotion, attraction, encouragement and development of economically sound
industry and commerce through governmental acts to prevent, so far as
possible, emergency of blighted lands and areas of chronic unemployment,
and the State has encouraged local government units to act to prevent such
economic deterioration; and
WHEREAS, Medtronic, Inc., a Minnesota corporation (the Company),
has advised this Council of its desire to expand its existing facility
within the City through the construction of a new building of approximately
52,000 square feet, on land owned by the Company, and the acquisition and
installation therein of certain equipment (the Project), to be used in the
Company's business, at a total cost of approximately $4,300,000, and has
requested that the City issue its revenue bonds in one or more series,
pursuant to Minnesota Statutes, Chapter 474, as amended (the Act), in a
principal amount not to exceed $1,000,000, to finance, in part, the cost
of the Project; and
WHEREAS, the City is authorized by the Act to issue its revenue bonds
to finance capital projects consisting of properties used and useful in
connection with a revenue producing enterprise, such as that of the Company,
and the issuance of such bonds by the City would be a substantial inducement
to the Company to acquire, construct and equip the Project; and
WHEREAS, 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that:
1. A public hearing on the proposal to undertake and finance
the Project is called and shall be held on August 13, 1979
at 8:00 p.m. at Brooklyn Center City Hall in the City.
2. The City Clerk shall cause notice of the public hearing to be
published in the Brooklyn Center Post being the official news-
paper of the City and in the Minneapolis Tribune, being a news-
paper of general circulation in the City, both publications to
be published at least once not less than fifteen nor more than
thirty days prior to the date fixed for the hearing.
RESOLUTION N0. 79 -167
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3. A draft copy of the proposed application to the Minnesota
Commissioner of Securities, together with all attachments
and exhibits thereto, has been presented to this Council
and is hereby approved. Such application, attachments and
exhibits are hereby ordered placed on file with the City
Clerk, and shall be available for public inspection, following
the publication of the notice of public hearing, between the
hours of 8:00 a.m. and 5:00 p.m., Monday through Friday.
July 23, 1979
Date
ATTEST:
Clerk
zz-
Mayor
Gene Lhotka, and Celia Scott;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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,