#82-066 07-06-82 Approve Amendment Resolution No. 81-563 4 4 Resolution 82-66
July 6, 1982
Member Johnson introduced and read the following resolution and moved its
adoption:
RESOLUTION RELATING TO A PROPOSED AMENDMENT TO
RESOLUTION NO. 81-56, WITH RESPECT TO A PROJECT
UNDER 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,
(the "City"), as follows:
SECTION 1
Reci tal s
1.1. On July 21, 1981 this Council adopted Resolution No. 81-56, entitled
"Resolution Giving Preliminary Approval to a Project under the Municipal
Development Act; Referring the Proposal to the Commissioner of Securities for
Approval; and Authorizing Preparation of Necessary Documents" (the "Inducement
Resolution"), by which it gave preliminary approval to (a) a project consisting
of the acquisition of land and the construction thereon of an approximately
20,000 square foot commercial office building (the "Project") by HB Associates,
a Minnesota limited partnership (the "Company"), and (b) the issuance of
industrial revenue bonds of the City in an amount not to exceed $1,000,000.
1.2. The Company now informs this Council that the costs of the Project have
increased since the date of the Inducement Resolution and has asked the Council
to amend the Inducement Resolution to provide for the issuance of revenue bonds
in the approximate amount of $1,350,000.
SECTION 2
Public Hearing
2.1. The City has submitted, and received approval of its Application to the
Commissioner of Securities for approval of the Project.
2.2. Minnesota Statutes, Section 474.01, Subdivision 7b 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,
Subdivision 7, 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 proposed amendment to the Inducement Resolution is called and shall be
held on August 3, 1982, at 7:30 o'clock PM, at the City Hall.
2.3. The City Clerk shall cause notice of the public hearing to be published in
the official newspaper of the City and in the Minneapolis Star and Tribune, 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 public hearing,
such notice to be in substantially the following form:
Resolution 82-66 - Continued July 6, 1982 345 4C
NOTICE OF PUBLIC HEARING ON A PROPOSED AMENDMENT
TO RESOLUTION NO. 81-56, WITH RESPECT TO 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,
Minneosta, will meet on August 3, 1982, at 7:30 o'clock PM, at the City Hall,
7800 Golden Valley Road, in Golden Valley, Minnesota, for the purpose of
conducting a public hearing on a proposal that the City amend its Resolution No.
81-56 regarding the issuance of revenue bonds, in one or more series, under the
Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as
amended, by increasing the authorized amount of proposed bonds to be issued from
$1,000,000 to $1,350,000, in order to finance the cost of a project. The
proposed project will consist of the acquisition of land in the City and the
construction thereon of a facility to be used as a commercial office building by
HB Associates, a Minnesota limited partnership. The bonds shall be limited
obligations of the City, and the bonds and interest thereon shall be payable
solely from the revenue pledged to the payment thereof, except that such bonds
may be secured by a mortgage and other encumbrance on the project. No holder of
any such bonds 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.
All persons interested may appear and be heard at the time and place set
forth above.
Dated: July 6, 1982
BY ORDER OF THE CITY COUNCIL
By John Murhpy
City Clerk
2.4 A draft copy of the proposed Amended Application to the Commissioner of
Minnesota Department of Energy, Planning and Development, together with all
applicable amended attachments and exhibits thereto, are hereby ordered placed
on file with the City Clerk and shall be available for public inspection,
following the publication of the notice of public hearing, during regular
business hours.
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A draft copy of the proposed Amended Application to the
Minnesota Department of Energy, Planning and Development for
Commissioner of
approval of the
Project, together with
all applicable amended attachments and
exhibits thereto,
is available for public
inspection at the office of the City
Clerk during normal
business hours.
All persons interested may appear and be heard at the time and place set
forth above.
Dated: July 6, 1982
BY ORDER OF THE CITY COUNCIL
By John Murhpy
City Clerk
2.4 A draft copy of the proposed Amended Application to the Commissioner of
Minnesota Department of Energy, Planning and Development, together with all
applicable amended attachments and exhibits thereto, are hereby ordered placed
on file with the City Clerk and shall be available for public inspection,
following the publication of the notice of public hearing, during regular
business hours.
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346 Resolution 82-66 - Continued July 6, 1982
ATTEST:
'�►.
The motion for the adoption of the foregoing resolution was seconded by Member
Stockman and upon a 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 City
Clerk.
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