Loading...
HomeMy WebLinkAbout84-042 Councilmember Dale Hicks introduced the following resolution and moved its adoption: ... RESOLUTION NO. 84-42 RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; GIVING. PRELIMINARY . ;U>PROVAL TO THE PROJECT AND THE ISSUANCE OF REVENUE BONDS TO FINANCE THIS PROJECT, AND CALLING FOR A PUBLIC HEARING THEREON BE IT RESOLVED by the City Council of the City of Arden Hills, Minnesota (the Municipality), as follows: SECTION 1 Recitals 1.1. Richard H. Routhe. D.V.M., an individual residing in Saint Paul, Minnesota (the Borrower), has advised this Council of his desire to acquire approximately one-third acre of land in the Municipality and to construct and equip thereon an approximately 2,400 square foot facility (the Project) for use as a multipurpose veterinary care facility by the Borrower or by a corporation to be established by the Borrower. The Project will be located at 1261 West County Road E in the Municipali ty. 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 $400,000 (the Bonds) to finance a portion or all of the cost of the Project. SECTION 2 . Findinqs and Preliminary Approvals 2.1. The Borrower has represented to this Council, and this Council hereby finds and determines, that the Project would not be undertaken but for the availability of industrial development bond financing under the Act. 2.2. For purposes of Minnesota Statutes, Section .74.19, Subdivision 6, and of Section 103 of the Internal Revenue Code of 1954, as amended, this Council hereby gives approval to the . Project and expresses the intention of the City to issue revenue bonds under the Act, on or before Decemberj1, 1984, to finance all or a portion of the cost thereof. 2.3. The Mayor and the City Clerk-Administrator are hereby authorized and directed to submit an application to the Minnesota Energy and Economic Development Authority for the allocation of federal authority to issue revenue bonds pursuant to Minnesota Statutes, Sectio~.474.19, Sub~ivision 6. SECTION 3 . . Public: Hearinq 3.1, Section 474.01, Subdivision 7b of the Act requires that prior to submission of an Application to the Minnesota Energy and Economic Development Authority 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 ~~dertake 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 November 8 ,1984, at8:30o'clock P.M., at the City Hall. 3.2.. The City Clerk-Administrator shall cause notice of the public hearing to be published in the New Brighton Bulletin, the official newspaper of the Municipality and 1n the St. Paul Pioneer Press, a newspaper of general circulation 1n ~ne 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: " . -2- ,_,. ..____-.....--e...,.,.- "'-'-"-'~'._.,.. "- .....-....~..,'--..............-.-.._-..,-'---.~ . 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 ARDEN HILLS. MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Arpen Hills. Minnesota (the City). will meet on November 8. 1984. at8:30o'clock P.M.. at the City Hall. 1450 West Highway 96. in Arden Hills. Minnesota. for the purpose of conducting a public hearing 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 the acquisition of land in the City and the construction and equipment thereon of an approximately 2.400 square foot facility to be used as a multipurpose veterinary care facility by Richard H. Routhe. D.V.M. or by a corporation to be established by him. The project will be located at 1261 West County Road E in the City. The maximum aggregate principal amount of the proposed bond issue is $400.000. 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 the project. , , A draft copy of the proposed Application to the Minnesota Energy and Economic Development Authority 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-Administrator between the hours of 8:30 A.M. and 4:30 P.M.. Monday through Friday. . 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-Administrator prior to the date of the hearing set forth above. Dated: October~. 1984. BY ORDER OF THE CITY COUNCIL By Charlotte McNiesh City Clerk-Administrator -3- ,. . . 3.3. A draft copy of the proposed Application to the Minnesota Energy and Economic Development Authority, together with draft copies of all attachments and exhibits thereto, are hereby ordered placed on file with the City Clerk-Administrator and shall be available for public inspection, following publication of the notice of public hearing. between the hours of8:30 A.M. and 4: 30 P. M., Monday through Friday. Adopted this 15th day.of October,. 1984. Jf~~ Clk-t/dPI!Mu;c City Clerk-A inlstrator Attest: (SEAL) The motion for the adoption of the foregoing resolution was duly seconded by Councilmember ThomaS Mulcahy and upon vote being taken thereon, the following voted in favor thereof: Dale Hicks, Kathleen Rauenhorst, Thomas Mulcahy, Nancy Hansen and the following voted against the same: Mayor Robert Woodburn whereupon the resolution was declared duly passed and adopted. . . I I . , , -4-