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09-27 - 05-05 - call for public hearing - WorkAbilities Resolution 09-27 May 5, 2009 Member Shaffer introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROJECT BY WORKABILlTIES, INC. UNDER MINNESOTA STATUTES, CHAPTER 469 BE IT RESOLVED, by the governing body (the "Council") of the City of Golden Valley, Hennepin County, Minnesota (the "Issuer"), as follows: 1. Authority. Fryberger, Buchanan, Smith & Frederick, P.A. ("Bond Counsel") has informed the Council that Minnesota Statutes, Sections 469.152 through 469.165, as amended (the "Act") authorizes the Issuer to issue revenue obligations to pay, purchase or discharge all or any part of the outstanding indebtedness of an organization that is primarily engaged in activities for mentally or physically disabled persons or providing social services, such as providing assistance to the poor, distressed, or underprivileged previously incurred in the acquisition or betterment of its existing facilities. 2. The Proiect. a. Representatives of WorkAbilities, Inc. (as represented to the Issuer), a Minnesota nonprofit corporation primarily engaged in activities for mentally or physically disabled persons and providing social services and an organization described in Section 501 (c)(3) of the Internal Revenue Code of 1986, as amended (the "Borrower"), have advised the Issuer that the Borrower desires to undertake the refinancing of taxable indebtedness incurred to acquire and equip an approximately 35,300 square foot building located at 7400 laurel Avenue, Golden Valley, Minnesota (the "Project"), used as the Borrower's corporate headquarters and from which Borrower provides its services. b. The Project is located within the jurisdiction of the Issuer. c. Bond Counsel has advised the Issuer that the proposed Project qualifies for financing under the Act. 3. The ObliQations. a. The Borrower's representatives have represented that the economic feasibility of the Project will be greatly enhanced through the issuance of revenue obligations by the Issuer and therefore requests that the Issuer declare its present intent to issue its revenue obligations to provide funds to finance a portion of the Project. b. The Borrower has requested that the Issuer issue its obligations, in an amount not to exceed $1,500,000, in one or more series, pursuant to the Act in order to finance the cost of the Project (the "Obligations"). Resolution 09-27 - Continued May 5, 2009 4. Issuance of ObliQations. a. The Obligations, when, as and if issued, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer, and the Obligations, when, as and if issued, shall recite in substance that the Obligations, including interest thereon, are payable solely from the revenues received from the Borrower and the property pledged to the payment thereof and shall not constitute a debt of the Issuer within the meaning of any constitutional or statutory limitation. b. All details of and conditions precedent to the issuance of the Obligations and the provisions for payment thereof shall be subject to final approval of the Issuer. 5. Public HearinQ. The Issuer will conduct a public hearing on the issuance of the Obligations and the proposal to undertake and finance the Project. 6. Authorization to Staff. a. The City Manager is authorized and directed to cause the notice substantially in the form attached hereto as Exhibit A to be published in the official newspaper of the Issuer and a newspaper of general circulation in the jurisdiction of the Issuer not less than 14 days nor more than 30 days prior to the date set for the public hearing; provided that if the official newspaper of the Issuer is a newspaper of general circulation in the jurisdiction of the Issuer, the notice may be published only once. b. The administrative staff of the Issuer and their agents are hereby authorized to take such further action necessary to carry out the intent and purpose of this resolution and the requirements of the Act. 7. Issuer Costs. Delivery of the Obligations to the purchaser thereof is subject to the agreement by the Borrower that it will pay the administrative fees of the Issuer and pay, or, upon demand, reimburse the Issuer for payment of, any and all costs incurred by the Issuer in connection with the Project and the issuance of the Obligations, whether or not the Project is carried to completion, or the Obligations are issued. 8. RiQhts Reserved. Nothing in this resolution shall be construed as an indication of an intent to approve this Project and issue the proposed Obligations. The Council specifically reserves the right to approve or disapprove the request after said public hearing. Resolution 09-27 - Continued May 5, 2009 d~~~.;X~ Linda R. Loomis, Mayor ATTEST: The motion for the adoption of the foregoing resolution was seconded by Member Pentel and upon a vote being taken thereon, the following voted in favor thereof: Freiberg, Loomis, Pentel, Scanlon and Shaffer; 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 09-27 - Continued May 5, 2009 EXHIBIT A NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT AND THE ISSUANCE OF PRIVATE ACTIVITY BONDS TO FINANCE NONPROFIT FACILITIES CITY OF GOLDEN VALLEY, HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that the Council of the City of Golden Valley, Minnesota (the "Issuer") will meet on Tuesday, June 2,2009, at 7:00 p.m., or as soon thereafter as reasonably possible in the City Council Chambers, 7800 Golden Valley Road in Golden Valley, Minnesota, for the purpose of conducting a public hearing on the proposal that the Issuer issue its revenue obligations, in one or more series, under Minnesota Statutes, Sections 469.152 through 469.165, in order to undertake and refinance taxable indebtedness incurred by WorkAbilities, Inc., a Minnesota nonprofit corporation primarily engaged in activities for mentally or physically disabled persons and providing social services and organization described in Section 501 (c)(3) of the Internal Revenue Code of 1986, as amended (the "Borrower"), to finance the cost of acquiring and equipping project; and pay costs associated with the refinancing. The project consists of refinancing of taxable indebtedness incurred to acquire and equip an approximately 35,300 square foot building located at 7400 Laurel Avenue, Golden Valley, Minnesota, used as the Borrower's corporate headquarters and from which Borrower provides its services. The estimated total amount of the proposed revenue obligations will not exceed $1,500,000. The obligations and the interest thereon shall be limited obligations of the Issuer and shall not be payable from nor charged upon any funds other than the revenue pledged to their payment, nor shall the Issuer be subject to any liability on them. No holder of the obligations shall ever have the right to compel any exercise of the taxing power of the Issuer to pay the obligations or the interest thereon, nor to enforce payment of them against any property of the Issuer except those projects, or portions thereof, mortgaged or otherwise encumbered. A draft copy of the proposed Application to the Minnesota Department of Employment and Economic Development for approval of the project, together with all attachments and exhibits thereto, is available for public inspection at the office of the City Manager at 7800 Golden Valley Road, Golden Valley, Minnesota, between the hours of 8:00 a.m. and 4:30 p.m., Monday through Friday, except legal holidays. All persons interested may appear and be heard at the time and place set forth above or may submit written comments to the City Manager in advance of the hearing.