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RES 1984-72 - 00005468151 RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE AN INDUSTRIAL DEVELOPMENT PROJECT (RIVER ROAD INVESTORS) WHEREAS, River Road 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 Econanic 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 AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 181H DAY OF JUNE, 1984. ATTEST: C__ �..� SIDNEY C. IRMAN - CITY CLERK WILLIAM J. NEE D YOR 1 Page 2 — Resolution No. 72 - 1984 Notice of Public Hearing Camnercial 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 70,000 square feet and one building of approximately 50,000 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 River Road 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 By /s/ Sidney C. Inman City Clerk- Treasurer 152