RES 1983-41 - 000056957'7
RESOLUTION RATIFYING THE CALL FOR A PUBLIC HEARING BY THE
CITY MANAGER ON A PROPOSAL TO UNDERTAKE AND FINANCE AN
INDUSTRIAL DEVELOPMENT PROTECT (ELO ENGINEERING, INC.
PFDJEGT)
BE IT RESCLVED by the City Council (the "Council ") of the City of Fridley,
Minnesota (the "City "), as follows:
' RECITALS.
1. The welfare of the State of Minnesota requires 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.
2. Eugene R. Owczarzak and Louise A. Owczarzak, individuals residing in the
State of Minnesota (the "Borrowers ") , have advised this Council of their
desire to acquire land and an existing building located at 7702 Ranchers Road
in the City, acquire and construct an addition connecting said building to an
existing building owned by the Borrowers and located at 7770 Ranchers Road in
the City, acquire, construct, renovate and remodel both of said buildings and
acquire and install equipment therein and thereon (the "Project "), to be owned
by the Borrowers, or a partnership to be formed, and eased to ELO Engineering,
Inc., a Minnesota corporation, to be used as a manufacturing and warehouse
facility, and has requested that the City resolve to issue its industrial
development revenue bonds or notes or an industrial 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.
3. The City is authorized by the Act to issue its industrial 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 Borrowers, and the issuance of such revenue obligations by the City
would be a substantial inducement to the Borrowers to acquire, construct and
equip the Project.
PUBLIC HEARING.
1. Section 474.01, Subdivision 7b of the Act requires tha prior to submission
of an application to the Commissioner of the Department of Energy, Planning
and Development of the State of Minnesota 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 said section, a public hearing on the proposal to
undertake and finance the Project has been called by the City Manager and
shall be held on Monday, May 16, 1983, at 7:30 p.m., at the City Hall, 6431
University Avenue N.E., in the City.
Page 2 — Resolution No. 41 - 1983
2. The City Manager has caused 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.
3. A draft copy of the proposed application to the Commissioner of the
Department of Energy, Planning and Development of the State of Minnesota,
together with all attachments and exhibits thereto, has been placed on file
with the City Clerk-,Treasurer, and the call for a public hearing is hereby
ratified. Such application, attachments and exhibits are hereby ordered
placed on file with the City Clerk- Treasurer, 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 AND ADOPTED BY THE CITY ODUNCIL OF THE CITY OF FRIDLEY THIS 2ND DAY OF
MAY, 1983.
SIDNEY C. IAIlM - CITY CLERK
2/2/21/12
Q*:
WILLIAM J. NEE 61MR
ATTEST:
SIDNEY C. IAIlM - CITY CLERK
2/2/21/12
Q*:
NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE
ISSUANCE OF APPROXIMATELY $2,0001000 INDUSTRIAL
DEVELOPMENT REVENUE BONDS OR NOTES UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER
474, AS AMENDED
CITY OF FRIDLEY, MINNESOTA
NOTICE IS HEREBY GIVEN, that the City Council of the City of Fridley,
Minnesota, will meet on Monday, May 16, 1983, at 7:30 p.m., at the City Hall,
6431 University Avenue N.E., Fridley, Minnesota, for the purpose of conducting
a public hearing on a proposal that the City issue its industrial development
revenue bonds, notes or other obligations under the Municipal Industrial
Development Act, Minnesota Statutes, Chapter 474, as amended, in order to
finance, in whole or in part, the cost of the proposed project. The proposed
project will consist of the acquisition of land and an existing building
located at 7702 Rancher's Road in the City of Fridley, the acquisition and
construction of an addition connecting said building to an existing building
owned by Eugene R. Owczarzak and Louise A. Owczarzak, individuals residing in
the State of Minnesota, and located at 7770 Ranchers Road in the City of
Fridley, the acquisition, construction, renovation and remodeling of both of
said buildings and the acquisition and installation of equipment therein or
thereon. Said project will be owned by Eugene R. Owczarzak and Louise A.
Owczarzak, individuals residing in the State of Minnesota, or a partnership to
be formed, and leased to ELO Engineering, Inc., a Minnesota corporation, to be
used as a manufacturing and warehouse facility. The 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 the Department
of Energy, Planning and Development of the State of Minnesota for approval of
the project, together with all attachments and exhibits thereto, is available
for public inspection at the office of the City Clerk-Treasurer, at City Hall,
6431 University Avenue N. E., Fridley, Minnesota, between the hours of 8:00
a.m. and 5:00 p.m., Monday through Friday.
All persons interested may appear and be heard at the time and place set forth
above.
C
Sidney Inman, City Clerk
City of Fridley
79