2014.06.16 RESO 2014-18 - Laserfiche WebLink

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Extract of Minutes of a Meeting of the City Council of the City of Hugo, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Hugo, Minnesota was duly held in the City of Hugo, Minnesota, on Monday, June 16, 2014, at 7:00 P.M. The following members were present: Bronk, Haas, Klein, Petryk, Weidt and the following were absent: None During said meeting Bronk introduced the following resolution and moved its adoption: RESOLUTION NO -18 RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE AND SALE OF CHARTER SCHOOL LEASE REVENUE BONDS, SERIES 2014 (NOBLE ACADEMY PROJECT) WHEREAS, (a) Minnesota Statutes, Sections 469.152 to 469.1655, as amended (the "Act") authorizes cities to issue revenue bonds to finance industrial development projects to promote the welfare of the state by the active development of economically sound industry and commerce to meet the needs of an increasing population and the need for development of land use which will provide an adequate tax base to finance the increasing cost of governmental services and access to employment opportunities for such population; (b) The City Council of the City of Hugo, Minnesota (the "City") has received from CS Property Noble, LLC, a Minnesota nonprofit limited liability company organized under the laws of the State of Minnesota (the "Borrower"), a proposal that the City assist in financing a Project hereinafter described through the issuance of revenue obligations, in one or more series, as further defined below, the 'Bonds," pursuant to the Act; (c) The City desires to facilitate the selective development of the Minnesota community, retain and help to provide the range of services and employment opportunities required by the population, including educational services; and the Project will assist the City and the Minnesota community in achieving those objectives and will enhance the image and reputation of the community; (d) The Project to be financed by the Bonds is the acquisition of land located generally at the southeast corner of the intersection of Jefferson and 95th Avenue North in the City of Brooklyn Park, Minnesota ("Brooklyn Park") and the construction and equipping thereon 62827800