RES 1982-42 - 0000596863
RE,9CSUMM W. 42 - 19$2
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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,
and;
WHEREAS, the City Council of the City of Fridley (the "City ") has received
from G. W. Paschke Properties, a sole proprietorship -(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, and;
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 7b, 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 Energy,
Planning and Development, 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 City Clerk- Treasurer is hereby authorized and directed to cause notice
of said hearing to be given one publication in the official newspaper and a
newspaper of general circulation available in the City, not less than 15 days
nor more than 30 days prior to the date fixed for said hearing, as shown in
the notice of hearing hereto attached.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 17TH DAY OF
MAY, 1982.
WILLIAM J. E MAYOR
A7Tffi'Ps
1 �a
SIDNEY C. 142W - CITY CLERK
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RESOLD ON W. 42 -1982
EXEiIBIT A
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To Whom it May Concern:
Notice is hereby given that the City Council of the City of Fridley,
Minnesota will meet at the City Ball in the City of P ridley, Minnesota at
7:30 o'clock p.m, on June 7, 1982, to consider the proposal of G. W. Paschke
Properties, that the City assist in financing a project hereinafter
described by the issuance of industrial development revenue bonds.
Description of Project
Acquisition of land located at the intersection of 79th Avenue N. E. and
Ranchers Road in Fridley and the construction thereon of a light industrial
building containing approximately 17,350 sq. ft.
The estimated principal amount of bonds or other obligations to be issued to
finance this project is $700,000.
Said bonds or other obligations if and when issued will ILQ$. 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
pursuant to a revenue agreement.
A draft copy of the proposed application to the Commissioner of Energy,
Planning and Development, State of Minnesota, for approval of the project,
together with all attachments and exhibits thereto, is available for public
inspection beginning May I., 1982, from 8:00 o'clock a.m. to 5:00 o'clock
p.m., Monday through Friday, at 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 this 17th day of May, 1982.
(BY ORDER OF THE CITY COUNCIL)
By 1s/ Sidney C. I=0
City Clerk
Publish: May 19, 1982
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