2014.06.16 RESO 2014-18 - Laserfiche WebLink

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of an approximately 95,000 square foot K-8 charter school facility (the "Project") to be leased to Noble Academy, a Minnesota Charter School ("Noble Academy"). The Project is owned by the Borrower and operated by Noble Academy; (e) The City has been advised by representatives of the Borrower that with the aid of municipal financing, and its resulting law borrowing cost, the Project is economically more feasible; (f) Based on representations of the Borrower, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project; (g) The Borrower has advised the City that a public hearing on the Project will be held on July 23, 2014 by the City of Brooklyn Park as the host city, after notice was published as required by the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), at which public hearing all those appearing who desire to speak or provide written comments will be heard or accepted and following such public hearing Brooklyn Park will approve the issuance of the Bonds; and (h) A public hearing on the Project was held on this date in the City, after notice was published and materials made available for public inspection at the City Hall, all as required by the Act and Section 147(f) of the Code, at which public hearing all those appearing who desired to speak were heard and written comments were accepted. BE IT RESOLVED by the City Council of the City of Hugo, Minnesota (the "City"), as follows: 1. Fines. The City hereby finds, determines, and declares as follows: (a) The City is a municipal corporation and a political subdivision of the State of Minnesota and is authorized under the Act to assist the revenue producing project herein referred to, and to issue and sell the Bonds, as hereinafter defined, for the purpose, in the manner and upon the terms and conditions set forth in the Act and in this Resolution. (b) On the basis of information available to the City it appears, and the City hereby finds, that the Project constitutes properties, real and personal, used or useful in connection with one or more revenue producing enterprises within the meaning of Subdivision 2(b) of Section 469.153 of the Act; that the Project furthers the purposes stated in Section 469.152; that the availability of the financing under the Act and the willingness of the City to furnish such financing will be a substantial inducement to the Borrower to undertake the Project, and that the effect of the Project, if undertaken, will be to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the surrounding area retain and eventually improve the tax base, to provide the range of service and employment opportunities required by the population, to help prevent the movement of talented and educated persons out of the state and to areas within the State where their services may not be as effectively used, and 2 6282780x1