7A, Northwestern College Application for Tax-Exempt Financing

Home Browse Search

follows: RESOLUTION NO. 2009-029 RESOLUTION CALLING A PUBLIC HEARING REGARDING THE ISSUANCE OF REVENUE NOTES FOR THE BENEFIT OF NORTHWESTERN COLLEGE UNDER MINNESOTA STATUTES, SECTIONS 469.152-469.165, AS AMENDED, AND PROVIDING PRELIMINARY APPROVAL TO THE ISSUANCE OF THE REVENUE NOTES BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the "City"), as Section 1. Recitals. 1.01. Minnesota Statutes, Sections 469.152 to 469.165, as amended (the "Act"), authorizes the City to issue revenue bonds or notes to finance, in whole or in part, the costs of the acquisition, construction, reconstruction, improvement, betterment, or extension of a project constituting any properties, real or personal, used or useful in connection with a revenue -producing enterprise, whether or not operated for profit. 1.02. Northwestern College, a Minnesota nonprofit corporation (the "Borrower"), has proposed that the City issue tax-exempt revenue notes or obligations pursuant to the Act in one or more series in the approximate principal amount not to exceed $9,000,000 (the "Notes") and loan the proceeds of the Notes to the Borrower to finance the construction and equipping of an approximately 70,000 square foot facility, which will provide new dining facilities, an expanded campus store, student lounges, study areas, office space for student organizations, classrooms, and meeting spaces, to be located at on the portion of the Northwestern Campus located within the City (the "Project"). 1.03. Pursuant to Section 469.154, subdivision 4, of the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended, prior to undertaking the financing of the Project, the City is required to conduct a public hearing with respect to the proposed financing of the Project. Section 2. Public Hearing and DEED Application. 2.01. The City Council shall meet at 7:00 p.m. on Monday, November 30, 2009, to conduct a public hearing on the Project and issuance of the Notes therefor as requested by the Borrower. 2.02. Pursuant to Section 469.154 of the Act, prior to the issuance of the Notes by the City, the Commissioner of the Minnesota Department of Employment and Economic Development ("DEED") must approve the Project on the basis of an application submitted by the City with all required attachments and exhibits (the "DEED Application"). 2.03. Prior to submitting the DEED Application to the Commissioner of DEED requesting approval of the Project, the Council must conduct a public hearing on the proposal to undertake and finance the Project and a notice of such public hearing must be published at least once, not less than fourteen (14) days, nor more than thirty (30) days, prior to the date fixed for the hearing in the official newspaper of the City (and a newspaper of general circulation in the City if the official newspaper is not a newspaper of general circulation in the City).