RES 1982-67 - 00006036130
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BE IT RF.SMVM by the City Comcil (the 'Council') of the City of Fridley,
Minnesota (the "City'), as follows:
Section 1. Reci *alg
1.01. The welfare of the State of Minnesota required active promotion,
attraction, encouragement and development of economically sound industry and
commerce through governmental acts to prevent, so far as possible, emergence
of blighted lands and areas of chronic unemployment, and the State of
Minnesota has encouraged local government units to act to prevent such
economic deterioration.
1.02. William B. Ruether, an individual residing in the State of Minnesota
(the "Borrower ") has advised this Council of his desire to acquire, construct
and equip a beer distribution facility on land with the City (the "Project"),
to be owned by the Borrower and leased to Ruether Distributing Company, a
Minnesota corporation (the "Lessee"), and has requested that the City resolve
to issue its commercial development revenue bonds or notes or a commercial
development revenue note, pursuant to Minnesota Statutes, Chapter 474, as
amended (the "Act'), in a principal amount not presently estimated to exceed
$2,000,000 to finance, in whole or in part, the cost of the Project.
1.03. The City is authorized to issue its commercial development revenue
bonds or notes to finance capital projects consisting of properties used or
useful in connection with a revenue producing enterprise, such as that of the
Borrower, and the issuance of such revenue obligations by the City would be a
substantial inducement to thi Borrower to aquire, construct and equip the
Project. '
Section 2. Public Hear;*+a
2.01. Section 474.01, Subdivision 7b of the Act requires that prior to
submission of an application to the Minnesota Commissioner of Energy, Planning
and Development requesting approval of the Project as required by Section
474.01, Subdivision 7a of the Act, this Council shall conduct a public hearing
on the proposal to undertake and finance said Project. Pursuant to that
section, a public hearing on the proposal to undertake and finance the Project
is called and shall be held on Monday, September 13, 1962, at 7:30 p.m., at
the City Ball, 6431 University Avenue NE, in the City.
Page 2 — Resolution No. 67 - 1982
2.02. The City Manager shall cause notice of the public hearing to be
published in the official newspaper of the City and in a newspaper of general
circulation in the City, both publications to be published at least once not
less than fifteen (15) nor more than thirty (30) days prior to the date fixed
for the hearing, such notice to be published in substantially the form
attached hereto as Exhibit A.
2.03. A draft copy of the proposed application to the Minnesota Commissioner
of Energy, Planning and Development, together with all attachements and
exhibits thereto, has been presented to this Council and is hereby approved.
Such application, attachments and exhibits are hereby ordered placed on file
with the City of Fridley, and shall be available for public inspection,
following the publication of the notice of public hearing, between the hours
of 8:00 a.m. and 5:00 p.m., Monday through Friday.
PASSED 1 AND •1•. E1 BY THE CrN COUNCIL OF THE CnY OF 11 M 7HIS 16TH DAY OF
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WILLIAM J. NEE 9F1YgR
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NOTICE IS HEREBY GrMF that the City Council of the City of Fridley,
Minnesota, will meet on Monday, September 13, 1982, at 7:30 o'clock p.m., at
the City Hall, 6431 Unversity Avenue NE, Fridley, Minnesota, for the purpose
of conducting a public hearing on a proposal that the City issue its
cammercial development revenue bonds, notes or other obligations under the
Municipal Industrial Development Act, Minnesota StatuteG, Chapter 4741 as
amended, in order to finance, in whole cc in part, the cost of the proposed
Project. The proposed Project will consist of the acquisition of land within
the City, the acquisition and construction of a building thereon and the
acquisition and installation of equipment therein to be owned by William B.
IWether, an individual residing in the State of Minnesota, and leased to
Kuether Distributing Company, a Minnesota corporation, to be used as a beer
distribution facility. Rhe estimated total amount of the proposed obligations
to be issued is $2,000,000. the bonds, notes or other obligations shall be
limited obligations of the City and shall be payable solely from the revenues
pledged to the payment thereof, except that such bonds, notes or other
obligations may be secured by a mortgage or other encumbrance on the Project.
No holder of any such bond, note or other obligation shall ever have the right
to compel any exercise of the taxing power of the City to pay the bonds, notes
or other obligations, or the interest thereon, nor to enforce payment against
any property of the City except the Project.
A draft copy of the proposed application to the Commissioner of Energy?
Planning and Development for approval of the Project, together with all
attachments and exhibits thereto, is available for public inspection at the
office of the City Clerk, at City Hall, 6431 University Avenue NE, Fridley,
Minnesota, between the hours of 8:00 a.m. and 5:00 p.m., Monday through
Friday.
All persons interested my appear and be heard at the time and place set forth
above.
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Nasim M. Qureshi, City Manager