RES 1981-75 - 00006274151
RESOLUTION NO. 75 - 1981
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR
AN INDUSTRIAL FACILITIES DEVELOPMENT PROJECT PURSUANT TO
THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AUTHORIZING
THE PUBLICATION OF A NOTICE OF SAID HEARING - -WWH PROPERTIES
WHEREAS, Chapter 474, Minnesota Statutes, known as the Minnesota Municipal
Industrial Development Act (the "Act ") gives municipalities the power to
issue revenue bonds for the purpose of the 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;
WHEREAS, The City Council of the City of Fridley (the "City ") has received
from WWH Properties, a Minnesota general partnership (the "Company ") a
proposal that the City assist in financing a project hereinafter described,
through the issuance of its industrial revenue bonds (which may be in the
form of a single debt instrument) (the "Bonds ") pursuant to the Act;
WHEREAS, Before proceeding with consideration of the request of the Company
it is necessary for the City to hold a public hearing on the proposal
pursuant to Section 474.01, Subdivision 71b, Minnesota Statutes;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fridley,
Minnesota, as follows:
1. A Public Hearing on said proposal of the Company will be held at the
time and place set forth in the Notice of Hearing hereto attached.
2. The general nature of the proposal and an estimate of the principal
amount of bonds to be issued to finance the proposal are described in the
form of Notice of Hearing hereto attached.
3. The Notice of said Public Hearing shall be in substantially the form
contained in the Notice hereto attached.
4. A draft copy of the proposed application to the Commissioner of
Securities, State of Minnesota, for approval of the project, together
with proposed forms of all attachments and exhibits thereto, is on file
in the office of the City Manager.
5. The actions of the City Manager in publishing notice in the official
newspaper of the City and a newspaper of general circulation available in
the City, not less than 15 nays nor more than 30 days prior to the date
fixed for said hearing, as shown in the notice of hearing hereto attached
are hereby ratified and affirmed.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 20TH DAY
OF JULY, 1981.
WILLIAM J. NEE, W R
ATTEST:
CITY CLER4k - SIDNEY C. INM4N
0114A/1347A
152
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR AN INDUSTRIAL
FACILITIES DEVELOPMENT PROJECT
To Whom It May Concern:
Notice if hereby given that the
Minnesota will meet at the Civi
7:30 o'clock p.m. on August 10,
Properties, a Minnesota general
financing a project hereinafter
development revenue bongs.
City Council of the City of Fridley,
Center in the City of Fridley, Minnesota at
1981, to consider the proposal of WWH
partnership, that the City assist in
described by the issuance of industrial
Description of Project
,
The acquisition of land and the construction and equipping of a 48,000 square
foot industrial building to be located on Lot 12, Block 1 in the Paco
Industrial Park.
The estimated principal amount of bonds or other obligations to be issued to
finance this project is $1,250,000.
Said 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 are payable from sums to be paid by WWH
Properties pursuant to a revenue agreement.
A draft copy of the proposed application to the Commissioner of Securities,
State of Minnesota, for approval of the project, together with all
attachments and exhibits thereto, is available for public inspection
beginning July 20, 1981, from 8:00 o'clock to 5:00 o'clock p.m., Monday
through Friday, in the office of the City Manager.
At the time and place fixed for said Public Hearing, the City Council of the
City of Fridley will give all persons who appear at the hearing an
opportunity to express their views with respect to the proposal. "
Dated July 20, 1981.
'
BY ORDER OF THE CITY COUNCIL
SIDNEY C. INMAN, CITY CLERK
City of Fridley
Publish: July 22, 1981
0114A/1347A