09-25-1985 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 will meet at the City Hall in the City of Little Canada, Minnesota at 7 :30 o'clock p.m. on October 9, 1985, to consider the proposal that the City assist in financing the 3 projects hereinafter described by the issuance of industrial development revenue bonds. All projects will include acquisition of land located east of Yorkton Industrial Court (Phase I), south of South Owasso Boulevard and west of Condit Street in Little Canada and construction and equipping thereon of an office /warehouse facility. Project 1 will be an approximately 85,000 square foot facility owned by RLF of Minnesota, a Minnesota partnership and will require issuance of bonds in the amount of $2,030,000. Project 2 will be of the same sire, same amount of $2,030,000 & will be owned by a Minnesota partnership to be formed by 0. Larry Lee. Project 3 will be an approximately 22,860 square foot facility owned by a Minnesota partnership to be formed by Mr. Lee and will require issuance of bonds in the amount of $700,000. The projects will be leased to various tenants. 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 pursuant to a revenue agreement. A draft copy of the proposed application to the Energy and Economic Development Authority, State of Minnesota, for approval of the project, together with all attachments and exhibits thereto, is available for public inspection beginning September 18, 1985, from 8:30 o'clock a.m. to 4:30 o'clock p.m., Monday through Friday, at the City Hall in Little Canada, Minnesota. 63