83-017 - 04-05 Public Hearing Industrial Development ActResolution 83-17
April 5, 1983
Member Anderson introduced the following resolution and moved its adoption:
RESOLUTION RELATING TO A PROJECT UNDER THE
MINNESOTA 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. Hayes Enterprises, having its principal place of business in the
City of Minneapolis (hereinafter the Borrower), has advised this Council of its
desire to acquire an existing building and modify it for industrial use (the
Project). The Borrower has requested that the City issue its revenue obligations
in an amount not exceeding $2,700,000 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 May 3, 1983 at
7:30 PH 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.
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Rose,ary Thorsen; or
Resolution 83-17 - Continued
April 5, 1983
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.
Resolution 83-17 - Continued April 5, 1983
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 at the City Hall, 7800 Golden Valley Road, in Golden Valley,
Minnesota at 7:30 o'clock PM on May 3, 1983 to consider the proposal of Hayes
Enterprises that the City assist in financing a project to acquire an existing
building and modify it for industrial use to be located in the City of 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 $2,700,000.
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 P11,
Monday through Friday, at the office of the City Manager, 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 14th day of April, 1983.
BY ORDER OF THE CITY COUNCIL
/s/ John F. Murhpy
John F. Murphy, City Clerk