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HomeMy WebLinkAbout2021-046 CCREXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF BROOKLYN CENTER, MINNESOTA Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Brooklyn Center, Minnesota, was duly called and held via teleconference in said City on Monday, March 22, 2021, commencing at 7.600 P.M. The teleconference was held in accordance with Minnesota Statutes, Section 13D.021. The following Members were present: Butler, Elliott, Graves, Lawrence -Anderson, Ryan and the following were absent: None Member Ryan introduced the following resolution and moved its adoption: RESOLUTION NO.2021-46 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF CONDUIT REVENUE BONDS AND AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING (TESFA INTERNATIONAL SCHOOL PROJECT) 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 WHEREAS, the City VD 1A n Center (the "City"), has received from Sparlc Youth, a Minnesota nonprofit corporation and 501(c)(3) organization (or a nonprofit limited liability company to be formed by and the sole member of which is Spark Youth, the "Borrower"), a proposal that the City assist in financing a Project hereinafter described, through the issuance of conduit revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; and WHEREAS, before proceeding with consideration of the request of the Borrower it is necessary for the City to hold a public hearing on the proposal pursuant to the Act: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, as follows: 1. A public hearing on the proposal of the Borrower will be held at the time and place set forth in the form of Notice of Public Hearing attached hereto as Exhibit A or on a date to be determined by the City Manager in order to meet publication requirements in accordance with applicable law. The general nature of the Project and an estimate of the aggregate principal amount of revenue bonds or other obligations to be issued to finance the proposal are described in the Notice of Public Hearing. BR291411-709146.v2 2. The City Clerk of the City is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and a newspaper of general circulation available in the City, 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. The motion for the adoption of the foregoing resolution was duly seconded Anderson, and after full discussion thereof and upon vote being taken thereon, favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. 2 by member Lawrence - the following voted in BR291-41 I-709146.v2 STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF BROOKLYN CENTER I, the undersigned, being the duly qualified and acting City Clerk of the City of Brooklyn Center, 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 issuance of conduit revenue bonds to finance the acquisition and improvement of an existing charter school facility for Tesfa International School Inc. WITNESS my hand this a `day of March, 2021. City Clerk 3 BR291-411-709146.v2 EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL FOR ISSUANCE OF CONDUIT CHARTER SCHOOL LEASE REVENUE BONDS (TESFA INTERNATIONAL SCHOOL PROJECT) Notice is hereby given that the City Council of the City of Brooklyn Center (the "City") will hold a public hearing on Monday, April 12, 2021 at 7#00 P.M. or as soon thereafter as the matter may be heard, to consider the proposal for the issuance by the City of conduit revenue bonds in one or more series (the "Bonds") pursuant to Minnesota Statutes, Sections 469.152469.1655, as amended (the "Act"). The proceeds of the Bonds will be loaned to a nonprofit limited liability company to be formed by and the sole member of which is Spark Youth, a Minnesota nonprofit corporation (the "Borrower"), to (1) finance the acquisition and improvement of an existing approximately 65,000 square foot charter school building, approximately 13 combined acres of land and related facilities located at 6201 Noble Avenue North in the City for use as a public charter schoolhouse for kindergarten through 8th grade (the "School Facility"), (ii) fund a debt service reserve fund, if necessary; (iii) pay a portion of the interest on the Bonds, if necessary; and (iv) pay the costs of issuing the Bonds (the "Project"). The School Facility will be owned by the Borrower, but may be transferred at later date to a building company affiliated with the School. The School Facility will be leased to and operated as a kindergarten through 8th grade school facility by Tesfa International School Inc., a Minnesota nonprofit corporation and public charter school ("School"). Following the public hearing, the City will consider adopting a resolution approving the Project and the issuance of the Bonds to finance the Project. The aggregate face amount of the Bonds proposed to be issued is presently estimated not to exceed $10,000,000. The Bonds if and when issued will not constitute a charge, lien or encumbrance upon any property of the City except its interest in the Project and revenues to be paid by the Borrower. Such Bonds will be special, limited revenue obligations of the City payable solely from the revenues expressly pledged to the payment thereof, and will not constitute a general or moral obligation of the City, and will not be a charge against the City's general credit or taxing powers, but will be payable solely from revenues or collateral to be paid or provided by the Borrower pursuant to a revenue agreement. A draft copy of the proposed application to the Commissioner of the Department of Employment and Economic Development, State of Minnesota, for approval of the Project, together with all attachments and exhibits thereto, is available for public inspection during normal business hours, Monday through Friday, at the City Hall in the City. At the time and place fixed for the public hearing, the City will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. In addition, interested persons may file written comments respecting the proposal with the City Cleric at or prior to the public hearing. Due to the emergency declared under Minn. Stat. Chapter 12 by the Governor of Minnesota and the Mayor regarding the COVID-19 health pandemic, some or all members of the City Council may participate in this public hearing by telephone or videoconference, in accordance with Minnesota Statutes, Section 13D.021. It is not feasible for members of the public to attend the meeting at its regular location due to the health pandemic and emergency. Accordingly, no meeting will be held in Council Chambers at 6301 Shingle Creels Parkway in the City. A-1 BR291411-709146.v2 Members of the public may monitor this meeting remotely at by accessing the link at http://www.cityotbrooklyncenter.org/Calendar and choosing the meeting date and clicking on the Zoom link. Public comment can be submitted via voicemail at 763-569-3306 or via email to bsuciu a,ci.brooklyn-center.mn.us. Any comments and materials submitted by 4:30 p.m. on April 6, 2021 will be provided to the City Council for their consideration. The public may also listen to the meeting and provided comments during the public hearing by dialing US/CAN Toll Free: 1477-820- 7831; Passcode: 180664. A-2 BR291-411-709146.v2