85-029 - 03-19 Municipal Industrial Development Act Public HearingResolution 85-29
March 19, 1985
Member Thompson introduced the following resolution and moved its adoption:
RESOLUTION RELATING 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 Municipality), as follows:
SECTION 1
Recitals
1.1. O'Connor & Vanderboom Partnership, a Minnesota general partnership (the
Borrower), has advised this Council of its desire to construct and equip an
expansion and renovation of an existing office and laboratory facility and to
acquire .56 acres of land in the Municipality (collectively, the Project) to be
leased by the Borrower to PACE Laboratories, Inc., a Minnesota corporation, for
use as a consulting, sampling and testing services facility relating to
environmental or worker health concerns. The Project will be located at 1710
Douglas Drive North in the Municipality.
1.2. The Municipality is authorized by Minnesota Statutes, Chapter 474 (the
Act), to issue its revenue bonds to finance capital projects consisting of
properties used and useful in connection with a revenue-producing enterprise.
The Borrower has requested the Municipality issue its revenue bonds in an
aggregate total amount not to exceed $950,000 (the Bonds) to finance a portion
or all of the cost of the Project.
SECTION 2
Public Hearing
2.1. Section 474.01, Subdivision 7b of the Act requires that prior to submission
of an Application to the Minnesota Department of Energy and Economic Development
requesting approval of the Project as required by Section 474.01, Subdivision 7
of the Act, this Council conduct a public hearing on the proposal to undertake
and finance the Project. Section 103(k) of the Internal Revenue Code of 1954,
as amended, and regulations promulgated thereunder, requires that prior to this
issuance of the Bonds, this Council approve the Bonds and the Project, after
conducting a public hearing thereon. A public hearing on the proposal to
undertake and finance the Project through the issuance of the Bonds is hereby
called and shall be held on April 16, 1985, at 7:30 o'clock P.M., at the City
Hall.
2.2. The City Clerk shall cause notice of the public hearing to be published in
the New Hope -Golden Valley Post, the official newspaper of the Municipality and
in the Minneapolis Star and Tribune, a newspaper of general circulation in the
Municipality, at least once not less than fifteen (15) nor more than thirty (30)
days prior to the date fixed for the public hearing. The notice to be published
shall be in substantially the following form:
Resolution 85-29 - Continued March 19, 1985
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 (the City), will meet on April 16, 1985, at 7:30 o'clock P.M., at the
City Hall, 7800 Golden Valley Road, in Golden Valley, Minnesota, for the purpose
of conducting a public hearing in accordance with Section 103(k) of the Internal
Revenue Code of 1954, as amended (the Code) 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 the cost
of a project. The proposed project will consist of an expansion and renovation
of an existing office laboratory facility and the acquisition of .56 acres of
land in the Municipality to be owned by O'Connor & Vanderboom Partnership and
leased to PACE Laboratories, Inc. for use as a consulting, sampling, and testing
services facility relating to environmental or worker health concerns. The
project will be located at 1710 Douglas Drive North in the City. The maximun
aggregate principal amount of the proposed bond issue is $950,000. 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 moneys payable by the
Borrower to the City and pledged to the payment of the bonds.
A draft copy of the proposed Application to the Minnesota Department of
Energy and Economic Development for approval of the project, together with draft
copies of all attachments and exhibits thereto, is available for public inspection
at the office of the City Clerk between the hours of 8:00 A.M. and 4:30 P.M., on
normal business days.
All persons interested may appear and be heard at the time and place set
forth above, or may file written comments with the City Clerk prior to the date
of the hearing set forth above.
Dated: March 28, 1985
BY ORDER OF THE CITY COUNCIL
By /s/ Shirley Nelson, City Clerk
2.3. A draft copy of the proposed Application to the Minnesota Department of
Energy and Economic Development, together with draft copies of all attachments
an exhibits thereto, are hereby ordered placed on file with the City Clerk and
shall be available for public inspection, following publication of the notice of
public hearing, between the hours of 8:00 A.M. and 4:30 P.M., on normal business
days.
Resolution 85-29 - Continued
ATTEST:
Shirley 41sbn, City Clerk
The mo
Stockm
thereo
voted
passed
Clerk.
tion for the adoption of the
an and upon a vote being take
f: Anderson, Bakken, Johnson
against the same: none, wher
and adopted, signed by the M
March 19, 1985
a14 �&J. 6�'
Mary E. An rson, Mayor
foregoing re
n thereon, t
, Stockman a
eupon said r
ayor and her
solution was seconded by Member
he following voted in favor
nd Thompson; and the following
esolution was declared duly
signature attested by the City