11-14-2007 Council Agenda - Laserfiche WebLink

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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 Little Canada, Minnesota (the "City "), will meet at the Council Chambers of City Hall, 515 Little Canada Road East in the City at 7:30 p.m. on Wednesday, November 14, 2007, to consider the proposal of St. John's Church of Little Canada, a Minnesota nonprofit religious corporation (also known as the Church of St. John the Evangelist, Little Canada) (the "Borrower "), that the City allow the financing of the non - religious portions of the renovation and equipping of, and construction of additions to, a school for kindergarten through 8th grade known as St. John the Evangelist School, owned and operated by the Borrower and located in the City at 2621 McMenemy Street, Little Canada, Minnesota 55117 (the "Project ") through the issuance of revenue bonds, the proceeds of which will be loaned to the Borrower to pay or refinance (by prepaying existing debt incurred by the Borrower to pay) a portion of the costs of the Project and will be repaid by the Borrower. The maximum aggregate estimated principal amount of bonds or other obligations to be issued to finance or refinance the Project is $2,500,000. The bonds or other obligations if and when issued will not constitute a charge, lien or encumbrance upon any property of the City 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 Borrower pursuant to a revenue agreement. A draft copy of the proposed application to the Commissioner of the Department of Employment and Economic Development, State of Minnesota, for approval of the projects, together with all attachments and exhibits thereto, is available for public inspection from 8:00 a.m. to 4:30 p.m., Monday through Friday, at the City Hall in the City. Comments concerning these applications may be presented at the public hearing or filed with the City Administrator until 4:30 p.m. on the day of the hearing. Each response will be considered before any formal action is taken by the City Council. If there are questions concerning these applications call the City Administrator at (651) 766 -4029. 2099069v1 Joel Hanson, City Administrator Dated this 30 day of October, 2007. 1