#011 02-17-81 Call for Public Hearing Commercial Facilities Development ProjectResolution #11 February 17, 1981 1-3
Member Johnson introduced and read the following resolution and moved its adoption:
RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPOSAL FOR A COMMERCIAL
FACILITIES DEVELOPMENT PROJECT
PURSUANT TO THE MINNESOTA MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT AUTHORIZING
THE PUBLICATION OF A NOTICE OF SAID HEARING
WHEREAS, Chapter 474, Minnesota Statutes, known as the Minnesota Municipal
Industrial Development Act (the "Act") gives municipalities the power to issue
revenue bonds for the purpose of the 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 Council of the City of Golden Valley (the "City") has
received from Pondwood Associates, a partnership organized under the laws of the
State of Minnesota (the "Company") a proposal that the City assist in financing
a project hereinafter described, through the issuance of its industrial revenue
bonds (which may be in the form of a single debt instrument) (the "Bonds")
pursuant to the Act; and
WHEREAS, before proceeding with consideration of the request of the Company
it is necessary for the City to hold a public hearing on the proposal pursuant to
Section 474.01, Subdivision 7b, Minnesota Statutes;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley, Minnesota, as follows:
1. A public hearing on said proposal of the Company will be held at the
time and place set forth in the Notice of Hearing hereto attached.
2. The general nature of the proposal and an estimate of the principal
amount of bonds to be issued to finance the proposal are described in the form
of Notice of Hearing hereto attached.
3• The Notice of said Public Hearing shall be in substantially the form
contained in the Notice hereto attached.
4. A draft copy of proposed application to the Commissioner of Securities,
State of Minnesota, for approval of the project, together with proposed forms of
all attachments and exhibits thereto, is on file in the office of the City Clerk
5• The City Clerk is hereby authorized and directed to cause notice of
said hearing to be given one publication in the official newspaper and a newspaper
of general circulation available in the City, not less than 15 days nor more than
30 days prior to the date fixed for said hearing, as shown in the notice of hearing
hereto attached.
1108E ARY THORSE.,- YOR
CITY CLERK
14 Resolution #11 (continued)
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.
1
15
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR A COMMERCIAL
FACILITIES DEVELOPMENT PROJECT
TO WHOM IT MAY CONCERN:
Notice is hereby given that the City Council of the City of Golden
Valley, Minnesota will meet at the City Hall in Golden Valley, Minnesota at
7:30 o'clock p.m. on March 17, 1981, to consider the proposal of Pondwood
Associates, that the City assist in financing a project consisting of the
constructionandequipping of 3 professional office buildings with a combined
area of approximately 11,000 square feet to be located at 1900 West Highway 55
in Golden Valley by the issuance of industrial development revenue bonds.
The estimated principal amount of bonds or other obligations to be
issued to finance this project is $600,000.
Said bonds or other obligations if and when issued, will not constitute
a charge, lien or encumbrance upon any property of the City except the project
and such bonds or obligations will not be a charge against the City's general
credit or taxing powers but are payable from sums to be paid pursuant to a
revenue agreement.
A draft copy of the proposed application to the Commissioner of Securities
State of Minnesota, for approval of the project, together with all attachments and
exhibits thereto, is available for public inspection beginning February 18, 1981,
from 8:00 o'clock a.m. to 4:30 o'clock p.m., Monday through Friday, at the City
Hall.
At the time and place fixed for said Public Hearing, the City Council
of the City of Golden Valley will give all persons who appear at the hearing an
opportunity to express their views with respect to the proposal.
Dated this 17th day of February, 1981.
BY ORDER OF THE CITY COUNCIL
/s/John Murphy
JOHN MURPHY, CITY CLERK