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HomeMy WebLinkAbout2015-087 CCR Member Lin Myszkowski introduced the following resolution and moved its adoption: RESOLUTION NO. 2013-S87 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF CONDUIT CHARTER SCHOOL LEASE REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING (NEW MILLENNIUM ACADEMY PROJECT) (a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1655, relating to municipal industrial development (the "Act"), gives municipalities the power to issue revenue obligations for the purpose of promoting the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and (b) WHEREAS; the City of Brooklyn Center, Minnesota (`Brooklyn Center"), has received from CS Property NMA, LLC, a Minnesota nonprofit limited liability company (the `Borrower"), the sole member of which is Hmong American Partnership, a Minnesota nonprofit corporation and tax exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Sole Member"), a proposal that the City of Columbus, Minnesota (the "Issuer") assist in financing a Project described in Exhibit A, which will be located in Brooklyn Center, through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; and (c) WHEREAS, Brooklyn Center has been advised that a public hearing and City Council approval of the financing of the Project is required under the Act and Section 1470 of the Internal Revenue Code because the facilities to be financed by the Bonds will be located in Brooklyn Center. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota,as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place set forth in the Notice of Public Hearing attached hereto as Exhibit A, or on such other date for which notice may be published in accordance with applicable law. 2. The adoption of this resolution authorizes calling a public hearing to consider the proposed financing of the Project, but does not constitute approval of the proposed financing or the Project or constitute a determination or approval regarding any additional City requirements related to the construction or financing of the Project. 3. The City Clerk is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of Brooklyn Center and a newspaper of general circulation available in Brooklyn Center, not less than 14 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. RESOLUTION NO. 2015-87 May 26, 2015 Date Mayor ATTEST: City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Dan Ryan and upon vote being taken thereon, the following voted in favor thereof: Tim Willson, April graves, Kiss Lawrence-Anderson, Lin Myszkowski, andDDan Ryan; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted. RESOLUTION NO. 2015-87 STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER I, the undersigned, being the duly qualified and acting Clerk of the City of Brooklyn Center, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, insofar as such minutes relate to calling for a public hearing on the approving the issuance of a revenue obligation for a project in the City. WITNESS my hand this_day f May,2015. City Clerk RESOLUTION NO. 2015-87 NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR THE ISSUANCE OF A CONDUIT CHARTER SCHOOL LEASE REVENUE BONDS FOR THE NEW MILLENNIUM ACADEMY PROJECT Notice is hereby given that the City Council of the City of Brooklyn Center,Minnesota (the "City") will meet at the City Hall, 6301 Shingle Creek Parkway, in the City, at 7:00 p.m. on Monday, June 22, 2015 to hold a public hearing and consider giving host approval to the issuance by the City of Columbus, Minnesota ("Issuer") of revenue bonds or obligations, in one or more series, under Minnesota Statutes, Sections 469.152 through 469.1655 (the "Act"), in order to finance the cost of a project to be located in the City (the"Bonds"). CS Property NMA, LLC, a Minnesota nonprofit limited liability company (the "Borrower") the sole member of which is Hmong American Partnership, a Minnesota nonprofit corporation and tax exempt organization pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Sole Member") proposes to finance a Project consisting of the acquisition, construction and equipping of an approximately 85,000 square foot school facility that will include a gymnasium, auditorium, cafeteria, media center, office spaces and approximately 34 classrooms for a kindergarten through grade 8 public charter school to be located at 5120 Lilac Drive North in the City. The Project will be owned by the Borrower and leased to and operated by New Millennium Academy, a Minnesota nonprofit corporation and public charter school(the "School"). The maximum estimated principal amount of the Bonds to be issued to finance the Project is $18,000,000. The Bonds, as and when issued, will not constitute a charge, lien or encumbrance upon any property of the City and such obligation will not be a charge against the general credit or taxing powers of the City but will be payable from sums to be paid by the Borrower pursuant to a revenue agreement. At the time and place fixed for the Public Hearing, the City Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted at the above City office on or before the date of the hearing. _ [Publish no later than June 4,2015] A-1 460860v2 JSB CL290-10