#82-010 02-02-82 Public Hearing Municipal Industrial Development230 Resolution 82-10* February 2, 1982
Member Mitchell introduced and read the following resolution and moved its
adoption:
RESOLUTION RELATING TO A PROJECT WITH
THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT;
CALLING FOR A PUBLIC HEARING THEREON
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota,
as follows:
Section 1. Recitals.
1.01 The City is authorized by Minnesota Statutes, Chapter 474 (the Act),
to issue its revenue obligations to finance capital projects consisting of
properties used and useful in connection with a revenue-producing enterprise.
1.02 Graco, Inc., having its principal place of business in the City of
Minneapolis (hereinafter the Borrower), has advised this Council of its desire
to acquire additional land in the City and to construct thereon an office
building (the Project). The Borrower has requested that the City issue its
revenue obligations in an amount not exceeding $6,500,000 to finance a portion
of the cost of the Project.
Section 2. Public Hearing.
2.01 Section 474.01 of the Act requires that prior to submission of an
application to the Commissioner of Energy, Planning and Development requesting
approval of the Project as required by Section 474.01 of the Act, this Council
shall conduct a public hearing on the proposal to undertake and finance the
Project. Pursuant to that provision, a public hearing on the proposal to
undertake and finance the Project is called and shall be held on March 16, 1982,
at 7:30 PM, at the City Hall.
2.02. The City Attorney shall cause notice of the public hearing to be
published in the official newspaper of the City and in Finance and Commerce, a
newspaper of general circulation in the City, at least once not less than fifteen
(15) nor more than thirty (30) days prior to the date fixed for the hearing,
such notice to be in substantially the form attached hereto.
2.03 A draft copy of the proposed application to the Commissioner of Energy,
Planning and Development, together with all attachments and exhibits thereto,
are hereby ordered placed on file in the office of the City Clerk, and shall be
available for public inspection, following the publication of the notice of
public hearing, during regular business hours.
R emary �en,Mayor
ATTEST:
2ohn urphy, City Cl k
Resolution 82-10 - Continued
February 2, 1982 23
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The motion for the adoption of the foregoing resolution was seconded by Member
Johnson and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Johnson, Mitchell and Stockman, and the following abstained:
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 City Clerk.
*As amended by Resolution 82-15, adopted March 2, 1982.
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232 Resolution 82-10 - Continued
NOTICE OF PUBLIC HEARING
ON A PROPOSED PROJECT AND THE
ISSUANCE OF INDUSTRIAL DEVELOPMENT
REVENE BONDS UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT,
MINNESOTA STATUTES, CHAPTER 474,
AS AMENDED
CITY OF GOLDEN VALLEY, MINNESOTA
February 2, 1982
Notice is hereby given that the City Council of the City of Golden Valley,
Minnesota will meet at the City Hall, 7800 Golden Valley Road, in Golden Valley,
Minnesota at 7:30 o'clock PM on March 16, 1982 to consider the proposal of Graco
Inc. that the City assist in financing a project consisting of an office building
to be located in the City of Golden Valley by the issuance of industrial
development revenue bonds.
The estmated principal amount of bonds or other obligations to be issued to
finance this project is $6,500,000.
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 Energy,
Planning and Development for approval of the project, together with all attachments
and exhibits thereto, is available for public inspection from 8:00 AM to 4:30 PM,
Monday through Friday, at the office of the City Manger, 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 25th day of February, 1982.
BY ORDER OF THE CITY COUNCIL
/s/ John F. Murhpy
John F. Murphy, City Clerk
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