HomeMy WebLinkAbout2014.05.19 RESO 2014-15EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF
HUGO, MINNESOTA
Pursuant to due call and notice thereof, a regular or special meeting of the City Council
of the City of Hugo, Minnesota, was duly held in the City Hall in said City on
Monday, May 19, 2014, commencing at 7:00 P.M.
The following Council members were present: Bronk, Haas, Klein, Petryk, Weidt
and the following were absent: None
Member Haas introduced the following resolution and moved its adoption:
RESOLUTION NO. 2014-15
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE ISSUANCE OF CHARTER SCHOOL REVENUE BONDS
AND AUTHORIZING THE PUBLICATION OF A NOTICE OF HEARING
(NOBLE ACADEMY PROJECT)
WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1655, as
amended, relating to municipal industrial development (the "Act"), gives municipalities the
power to issue revenue obligations for the purpose of promoting the welfare of the state by the
active attraction, 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; and
WHEREAS, the City of Hugo, Minnesota (the "City"), has received from Noble
Academy, a Minnesota Charter School and CS Property Noble, LLC, a Minnesota nonprofit
limited liability company (the "Borrower"), a proposal that the City assist in financing a project
hereinafter described in the form of Notice of Public Hearing attached hereto as Exhibit A,
through the issuance of a revenue bonds or other obligations (the `Bonds"), in one or more
series, pursuant to the Act; and
WHEREAS, before proceeding with consideration of the request of the Borrower
it is necessary for the City to hold a public hearing on the proposal pursuant to the Act:
NOW, THEREFORE, BE IT RESOLVED by the City Council of Hugo,
Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time
and place set forth in the form of Notice of Public Hearing attached hereto as Exhibit A.
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2. The general nature of the Project and an estimate of the aggregate
principal amount of the revenue note or other obligations to be issued to finance the proposal are
described in the Notice of Public Hearing.
3. The City 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 a newspaper
of general circulation available in the City, not less than 14 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.
The motion for the adoption of the foregoing resolution was duly seconded by member Bronk,
and after full discussion thereof and upon vote being taken thereon, the following voted in favor
thereof. Bronk, Haas, Klein, Petryk, Weidt
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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I
STATE OF MINNESOTA
COUNTY OF WASHINGTON
CITY OF HUGO
I, the undersigned, being the duly qualified and acting City Clerk of the City of Hugo,
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
the City's revenue bonds to finance a project for Noble Academy.
WITNESS my hand this 190' day of May, 2014.
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c.
City Clerk
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EXHIBIT A
NOTICE OF PUBLIC HEARING ON A PROPOSAL
FOR ISSUANCE OF CHARTER SCHOOL LEASE REVENUE BONDS
(NOBLE ACADEMY PROJECT)
Notice is hereby given that a public hearing shall be conducted by the City Council of the
City of Hugo, Minnesota (the "City") on Monday, June 16, 2014 at 7:00 P.M. at the City Hall
located at 14669 Fitzgerald Avenue North, Hugo, Minnesota, to consider the proposal of CS
Property Noble, LLC, a Minnesota nonprofit limited liability company (the "Borrower"), that the
City issue revenue bonds or other obligations, in one or more series (the "Bonds"), pursuant to
Minnesota Statutes, Sections 469.152 to 469.1655, as amended (the "Act"), in order to finance
the Project hereinafter described.
The Project consists of the acquisition of land located generally at the southeast corner of
the intersection of Jefferson and 95h Avenue North in the City of Brooklyn Park, Minnesota
("Brooklyn Park") and the construction and equipping thereon of an approximately 95,000
square foot K-8 charter school facility (the "Project") to be leased to Noble Academy.
The Project will be owned by the Borrower and operated by Noble Academy. The
maximum estimated principal amount of the Bonds to be issued to finance the Project is
$20,000,000.
A draft copy of the proposal and associated materials is available for public inspection
from 8:00 a.m. to 4:30 p.m., Monday through Friday, in the City Administrator's office in City
Hall.
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 note 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.
At the time and place fixed for the public hearing, the City 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 City
Administrator at or prior to the public hearing.
Em I
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