RES 1983-106 - 00005832C
213
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR
A COMMERCIAL FACILITIES DEVELOPMENT PROJECT PURSUANT TO
THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT
AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
(INTEGRA -BUILT II, INC.)
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 Integra -Built II, Inc., a Minnesota corporation who with others intends
to form a Minnesota limited partnership (the "Company ") a proposal that the
City assist in financing a project hereinafter described, through the issuance
of its industrial 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.
NON, THEREFORE, BE IT RESOLVED by the City Council of the City of Fridley,
Minnesota, as follows:
1. A public hearing on the 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 attached
form of Notice of Hearing.
3. A draft copy of the proposed application to the Energy and Economic
Development Authority, 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 Clerk- Treasurer.
4. The City Clerk- Treasurer is hereby authorized and directed to cause notice
of the 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 the hearing, substantially
in the form of the attached Notice of Public Hearing.
Page 2 —
Resolution No. 106 - 1983
214
PASSED AND ADOPTED BY THE CITY CODNCIL
OF THE CITY OF FRIDLEY THIS 14TH DAY OF
NOVEMBER,
1983.
WILLIAM. J E - MAYOR
'
ATTEST:
SIDNEY C.
D MAN - CITY CLERK
0
1
Page 3 — Resolution No. 106 - 1983
NOTICE OF PUBLIC HEARING
O A PROPOSAL O COMMERCIAL
FACILITIES DEVELOPMENT PROJECT
21
Notice is hereby given that the City Council of the City of Fridley, Minnesota
will meet at the City Hall in the City of Fridley, Minnesota at 7:30 o'clock
p.m. on December 5, 1983, to consider the proposal of Integra7-Built II, Inc.,
a Minnesota corporation, who will be a general partner in a Minnesota limited
partnership to be formed (the "Company ") , that the City assist in financing a
project hereinafer described by the issuance of industrial development revenue
bonds.
Description of Project
Acquisition of land located on the north side of Interstate Highway
694 between Highway 65 and Central Avenue in Fridley and
construction and equipping thereon of an approximately 202 room
hotel containing banquet facilities and parking.
The maximum aggregate estimated principal amount of bonds or other obligations
to be issued to finance this project is $9,900,000. The project will be
initially owned and operated by the Company.
The bonds or other obligations if and when issued will n= 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 will be payable from sums to be paid by the
Company pursuant to a revenue agreement.
A draft copy of the proposed application to the Energy and Economic
Development Authority, State of Minnesota, for approval of the project,
together with all attachments and exhibits thereto, is available for public
inspection beginning November 16, 1983 from 8:00 o'clock a.m. to 5:00 o'clock
p.m., Monday through Friday, at the City Hall in Fridley, Minnesota.
At the time and place fixed for the 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 14th day of November, 1983.
(BY ORDER OF THE CITY COUNCIL)
By /s/ Sidney C. Irnnan
City Clerk- Treasurer