RES 1984-71 - 0000546614`
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL TO
UNDERTAKE AND FINANCE AN INDUSTRIAL DEVELOPMENT PROTECT
(NORTH FREEWAY INVESTORS)
WHEREAS, North Freeway Investors (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, the Company has requested that the City issue its commercial or
industrial development revenue obligations under Minnesota Statutes, Chapter
474, to provide financing to the Company for the Project.
NOW, THEREFORE, BE IT RESOLVED by the Fridley City Council as follows:
1. This Council will conduct a public hearing on the proposal to undertake
and finance the Project, as described in the Notice of Public Hearing attached
to and made a part of this resolution (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 prior to the date of the
public hearing specified in the Notice.
3. The City Clerk- Treasurer shall file in his or her office, and there make
available for public inspection following the publication of the Notice, a
draft copy of the application for approval of the Project, including all
required attachments and exhibits thereto, proposed to be made to the
Minnesota Energy and Economic Development Authority.
' 4. The adoption of this resolution by the Council does not constitute a
guarantee or firm commitment that the City will issue the Bonds as requested
by the Company or that the City will take any furhter actions beyond the
public hearing provided in this resolution. The City retains the right in its
sole discretion and for any reason to withdraw from further participation and
accordingly no issue the Bonds.
PASSED ABED ADOPTED BY THE CITY OOUNCIL OF THE CITY OF FRIDLEY THIS 18TH DAY OF
JUNE, 1984.
�Vag,
WILLIAM J. NEE tTkOR
ATTEST:
SIDNEY C. INMAN - CITY CLERK
Page 2 — Resolution No. 71 - 1984 150 1
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Notice of Public Hearing
Commercial Development Revenue Bonds
City of Fridley, Minnesota
Notice is hereby given that a public hearing will be conducted by the City
Council of the City of Fridley, Minnesota, at the City Hall, 6431 University
Avenue NE, Fridley, Minnesota, at a meeting of the City Council to be held on
July 16, 1984, commencing at 7:30 p.m., C.D.T. At the public hearing, the
Council will consider a proposal that the City assist the financing of a
' commercial or industrial development project by issuing its bonds or other
obligations pursuant to Minnesota Statutes, Chapter 474.
The proposed project consists of acquisition of land and the construction
thereon of two single story office buildings and related service facilities,
including one building of approximately 90,000 square feet and one building of
approximately 60,000 square feet (the "Project ") to be located within the City
immediately south of Interstate 694 and east of East River Road, in an area
generally known as Burlington Northern Industrial Center, by North Freeway
Investors (the "Company "). It is proposed that the City assist financing the
Project from the proceeds of an issue of the City's commercial or industrial
development obligations in an amount not to exceed $7,500,000. If issued,
such obligations would be payable from lease payments or loan repayments to be
made or secured by the Company.
A draft copy of the proposed application to the Minnesota Energy and Economic
Development Authority for approval of the project is available for public
inspection in the office of the City Clerk- Treasurer.
All persons appearing at the public hearing will be given an opportunity to
present their oral or written comments on the proposal that the City undertake
and finance the project.
By Order of the Fridley City Council
:I
By /s/ Sidney C. Inman
City Clerk- Treasurer