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.
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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.
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by member Lawrence -
the following voted in
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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
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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.
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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.
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