RES 1983-86 - 00005800181
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL TO
UNDERTAKE AND FINANCE A COMMERCIAL DEVELOPMENT PROJECT
(SKYWOOD MALL - FAIR OAKS NORTH PROJECT)
WHEREAS, a representative of Skywood Mall, a Minnesota partnership (the
' "Company ") has presented the City Council (the "Council") of the City of
Fridley, Minnesota (the "City ") with information concerning a proposed project
(the "Project ") within the City; and
WHEREAS, a representative of the Company has requested that the City resolve
to issue commercial development revenue bonds or notes and has presented to
this Council a form of preliminary resolution concerning such issuance with a
request that such preliminary resolution, attached hereto as Exhibit A, be
considered for adoption at the next regular meeting of the Council or at a
special meeting of this Council;
NOW, THEREFORE, BE IT RESCLVED by the Fridley City Council as follows:
1. This Council will conduct a public hearing on the proposal to undertake
and finance the commercial development project described in the Notice of
Public Hearing attached hereto as Exhibit A (the "Notice").
2. The City Clerk- Treasurer is hereby authorized to cause the Notice or a
notice in substantially the same form thereof to be published in the City's
official newspaper and in a newspaper of general circulation in the City not
more than thirty (30) nor less than fifteen (15) days before the date fixed in
the Notice as the date of the hearing in the official newspaper and a
newspaper of general circulation of the City.
3. The City Clerk- Treasurer of the City is hereby authorized to make a draft
copy of the proposed application to the Minnesota Energy and Economic
Development Authority, which would be submitted in connection with this
proposed project, available for public inspection at the City Hall during
regular hours following the publication of the Notice.
PASSED AND ADOPTED BY THE CITY 000NCIL OF THE CITY OF FRIDLEY THIS 26T[i DAY OF
SEPTEP]BER, 1983.
VILLIAM J. MAYOR
ATTEST:
SIDNEY C. INMAN - CITY CLERK
Page 2 — Resolution No. 86 - 1983
NOTICE OF PUBLIC HEARING ON A PROPOSED
PROTECT AND THE ISSUANCE OF COMMERCIAL
ELOPMENT REVENUE BONDS OR NOTES UNDER THE I-UNICIPAL
INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES,
CHAPTER 474, AS AMENDED
CITY OF FRIDLEY, MnWESOTA
182
' NOTICE IS HEREBY GIVEN that The governing body of the City of Fridley,
Minnesota (the "City "), will meet on October 17, 1983, at 7:30 o'clock p.m.,
at 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 revenue
bonds or notes under the Municipal Industrial Development Act, Minnesota
Statutes, Chapter 474, as amended, to undertake and finance a project on
behalf of Skywood Mall, a Minnesota partnership (the "Company ") . The proposed
Project will consist of the renovation and construction of a mall, office
building and hotel and related facilities and the acquisition of equipment to
be installed therein, on land located at 5263 Central Avenue N.E., in the City
of Fridley, to be owned and operated by the Company. The estimated total
amount of the obligations to be issued is $7,000,000. The bonds of notes
shall be limited obligations of the City, and the bonds or notes and the
interest thereon shall be payable solely from the revenues pledged to the
payment thereof, except that such bonds or notes may be secured by a security
agreement and other encumbrance on the Project. No holder of any such bonds
or notes shall ever have the right to compel any exercise of the taxing power
of the City to pay the bonds or notes or the interest thereon nor to enforce
payment against any property of the City except the Project should the City
ever acquire title to it.
1
A draft copy of the proposed application to the Minnesota Energy and Econanic
Development Authority for approval of the Project, together with all
attachments and exhibits thereto, is available for public inspection at the
offices of the City Hall, 6431 University Avenue N. E., Fridley, Minnesota,
weekdays, between the hours of 8:00 a.m. and 5:00 p.m.
All persons interested may appear and be heard at the time and place set forth
above or may submit their views in writing addressed to the City
Clerk- Treasurer of the City of Fridley at the place set forth above, prior to
the date of said hearing.
By Order of the Fridley City Council
By /s/ Sidney Inman
City Clerk- Treasurer