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HomeMy WebLinkAboutCCRes_85-61r 573V • Extract of Minutes of a Meeting of the City Council of the City of Falcon Heights, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Falcon Heights, Minnesota, was duly held at the City Hall in said City on Wednesday, the 9th day of October, 1985, at 7:00 P.M. The following members were present: Mayor Egger Councilmembers Chenoweth, Ciernia, 3ard and Ealdwin and the following were absent: None Member Mayor Eggert introduced the following • resolution and moved its adoption: R-85-61 RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR AN INCREASED AMOUNT OF FINANCING FOR A COMMERCIAL FACILITIES DEVELOPMENT PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING The motion for the adoption of the foregoing resolution was duly seconded by member Hard , and after full discussion thereof and upon vote being taken thereon, the following voted in favor thereof : Mayor Lggert, Councilmembers Chenoweth, Ciernia, Hard and Baldwin and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. • RESOLUTION CALLING FOR A PUBLIC HEARING • ON A PROPOSAL FOR A COMMERCIAL FACILITIES DEVELOPMENT PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING WHEREAS, (a) Minnesota Statutes, Chapter 474, known as the Minnesota Municipal Industrial Development Act (the "Act"), gives munici- palities the power to issue revenue bonds fo r the purpose of the encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; (b) The City Council of the City of Falcon Heights, Minnesota (the "City"), has received from Stratford Investments, Ltd., a corporation organized under the laws of the State of Minnesota (the "Company"), a • proposal that the City assist in financing a project hereinafter described, through the issuance of its industrial revenue bonds (which may be in the form of a single debt instrument) (the "Bonds") pursuant to the Act in the additional amount of $1,500,000 over the $4,000,000 previously given preliminary approval by this Council; and (c) Before proceeding with full consideration of the request of the Company it is necessary for the City to hold a public hearing on the proposal pursuant to Section 474.01, Subdivision 7b, of the Act: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota, as follows: 1. A public hearing on the proposal of the Company will be held at the time and place set forth in the Notice of Hearing hereto attached. • NOTICE OF PUBLIC HEARING • ON A PROPOSAL FOR A COMMERCIAL FACILITIES DEVELOPMENT PROJECT Notice is hereby given that the City Council of the City of Falcon Heights, Minnesota, will meet at the City Hall, 2077 West Larpenteur Avenue, in the City of Falcon Heights, Minnesota, at 7:30 p.m. on Wednesday, November 13, 1985, to consider the proposal of Stratford Investments, Ltd.., a Minnesota corporation (the "Company"), that the City assist in financing a project hereinafter described by the issuance of industrial development revenue bonds in an additional amount of $1,500,000 over the $4,000,000 amount previously approved. Description of Project The project is an office condominium consisting of seven buildings. Two buildings will be two stories and contain approximately 10,800 square feet each; five will be single story and contain approximately 5,400 square feet each. Surface parking will be provided. The project will be located at the northwest corner of the intersection of Prior Avenue and Larpenteur Avenue in the City of Falcon Heights. The financing will be provided to purchasers of the condominium • units, and will not be provided to the Company for the construction of the project. The maximum aggregate estimated principal amount of bonds or other obligations to be issued to finance this project is $5,500,000, $4,000,000 of which has been previously approved. The project will be initially owned and operated by the Company, and thereafter by entities which purchase portions of the project from the Company. The 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 will be payable from sums to be paid by the Company or such purchasing entities or both pursuant to a revenue agreement. A draft copy.of the proposed application to the Commissioner of Energy and Economic Development, State of Minnesota, for approval of the project, together with all attachments and exhibits thereto, is available for public inspection from 8:30 a.m. to 4:30 p.m., Monday through Friday, at the City Hall in Falcon Heights, Minnesota. • r At the time and place fixed for the Public Hearing, • the City Council of the City of Falcon Heights will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. In addition, interested persons may file written comments respecting the proposal with the Clerk-Administrator at or prior to said public hearing. Dated this 9th day of October, 1985. (BY ORDER OF THE CITY COUNCIL) By/s/ Dewan B. Barnes Clerk-Administrator • • 2. The general nature of the proposal and an • estimate of the principal amount of Bonds to be issued to finance the proposal are described in the attached form of Notice of Public Hearing. 3. A draft copy of the proposed application to the Commissioner of Energy and Economic Development, State of Minnesota, for approval of the project, together with proposed forms of all attachments and exhibits thereto, shall be on file in the office of the Clerk-Administrator when the Notice of Public Hearing is published. 4. The Clerk-Administrator is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper of the City and also in a newspaper of general circulation available in the City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. Adopted by the City Council of the City of Falcon Heights, Minnesota, this 9th day of October, 1985. n U ATTEST: Clerk-Administrator • STATE OF MINNESOTA • COUNTY OF RAMSEY CITY OF FALCON HEIGHTS I, the undersigned, being the duly qualified and acting Clerk-Administrator of the City of Falcon Heights, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, insofar as such minutes relate to calling for a public hearing on an additional amount of financing for the City's Commercial Development Revenue Note of 1985 (Falcon • Heights Office Park Project). WITNESS my hand and the seal of said City this 9th day of October , 1985. -~ Clerk-Administrator (SEAL) •