#136 01-21-80 Approve Hearing Municipal Industrial DevelopmentResolution #136
January 21, 1980
Member Johnson introduced and read the fQllow►ng resolution and moved its adoption:
RESOLUTION RELATING TO A PROJECT UNDER
THE MUNICIPAL INDUSTRIAL DEVELOPMENT
ACT; CALLING FOR A PUBLIC HEARING
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota,
as followsL
Section 1. Recitals.
1.01 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, emergence of
blighted lands and areas of chronic unemployment, and the state has encouraged
local government units to act to prevent such economic deterioration.
1.02 Westview Development Company, a Minnesota general partnership (the
Partnership), has advised this Council of its desire to acquire and renovate a
vacant school building within the City and construct and equip an addition thereto
(the Project), to be used as an office and warehouse facility, 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
$4,650,000, to finance, in whole or in part, the cost of the Project.
1.03 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 Partnership, and the
issuance of such bonds by the City would be a substantial inducement to the
Partnership to acquire, construct and equip the Project.
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 re-
questing 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. Pursuant to that section, a public hearing
on the proposal to undertake and finance the Project is called and shall be held
on February 19, 1980 at 7:30 o'clock P.M. at 7800 Golden Valley Road, in the
City.
2.02 The City Manager shall cause notice of the public hearing to be
published in the Golden Valley Post being the official newspaper of the City
and in theMinneapolis Tribune, being a newspaper 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, such notice to
be published in substantially the following form:
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Resolution #136 (continued)
NOTICE OF PUBLIC HEARING ON A PROPOSED
PROJECT AND THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS.;UNDER THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT,
MINNESOTA STATUTES, CHAPTER 474, AS
AMENDED
CITY OF GOLDEN VALLEY, MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of Golden
Valley, Minnesota, will meet on February 19, 1980, at 7:30 o'clock p.m. at 7800
Golden Valley Road, in Golden Valley, Minnesota, for the purpose of conducting
a public hearing on a proposal that the City issue revenue bonds, in one or more
series, under the Municipal Industrial Development Act, Minnesota Statutes,
Chapter 474, as amended, in order to finance, in whole or in part, the cost of
a project. The proposed project will consist of the acquisition and renovation
of a vacant school building in the City and the construction and equipping of
an addition thereto, to be owned and operated by Westview Development Company,
a Minnesota general partnership (the Partnership) and to be used by the Partner-
ship as an office and warehouse facility. The estimated total amount of the
proposed bond issue is $4,650,000. The bonds shall be limited obligations of
the City and sha-1 be payable solely from the revenue pledged to the payment
thereof, except that such bonds may be secured by a mortgage or other encum-
brance on the project. 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 project.
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 at 7800 Golden Valley Road, Golden Valley, Minnesota between the hours of
8:00 o'clock a.m. and 4:30 o'clock p.m., Monday Through Friday.
All persons interested may appear and be heard at the time and
place set forth above.
Date: January 21, 1980
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BY ORDER OF THE CITY COUNCIL
BY/s/Jeff Sweet
JEFF SWEET, CITY MANAGER
Resolution #136 (continued)
2.03 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 Manager, and shall
be available for public inspection, following the publication of the notice of
public hearing, between the hours of 8:00 o'clock a.m. and 4:30 o'clock, p.m.
Monday through Friday.
ROSEMARY THORSEN, AAYOR
ATTEST:
JOHN M RPHY, CITY CLERK
The motion for the adoption of the foregoing resolution was seconded by Member
Mitchell, and upon vote being taken thereon, the following voted in favor thereof:
Anderson, Johnson, Mitchell, Stockman and Thorsen, and the following voted against
the same: none, whereupon said resolution was declared duly passed and adopted,
signed by the Mayor and her signature attested by the Clerk.
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