HomeMy Public PortalAbout1984-091MEDINA
RESOLUTION ,?-4-q/
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
WHEREAS,
(a) Chapter 474, Minnesota Statutes,
known as the Minnesota Municipal Industrial
Development Act (the "Act") gives muni-
cipalities 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;
(b) The City Council of the City of
Medina (the "City") has received from Dickey
Natural Systems, Inc., a corporation
organized under the laws of the State of
Minnesota (the "Company") a proposal that the
City assist in financing a project
hereinafter described, through the issuance
of its industrial revenue bonds (which may be
in the form of a single debt instrument) (the
"Bonds") pursuant to the Act;
(c) Before proceeding with consider-
ation 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;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Medina, 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, shall be placed on file
in the office of the Clerk -Treasurer.
4. The 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.
Adopted by the City Council of the City of Medina,
Minnesota, this 4th day of December, 1984.
ATTEST:
Clerk -Treasurer
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR A INDUSTRIAL
FACILITIES DEVELOPMENT PROJECT
Notice is hereby given that the City Council of the
City of Medina, Minnesota will meet at the City Hall in the
City of Medina, Minnesota at o'clock _.m. on
, to consider the proposal of Dickey Natural
Systems, Inc., that the City assist in financing a project
hereinafter described by the issuance of industrial development
revenue bonds.
Description of Project
Acquisition of an existing 42,000 square foot
building and land located at 2705 W. Highway
55 in the City of Medina, refurbishing of the
building and installation of equipment
therein.
The maximum aggregate estimated principal amount of
bonds or other obligations to be issued to finance this project
is $1,000,000. The project will be initially owned and
operated by Dickey Natural Systems, Inc.
The bonds or other obligations if and when issued
will not 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 Dickey Natural Systems, Inc. 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
December 11, 1984 from 8:30 o'clock a.m. to 4:30 o'clock p.m.,
Monday through Friday, at the City Hall in Medina, Minnesota.
At the time and place fixed for the Public Hearing,
the City Council of the City of Medina will give all persons
who appear at the hearing an opportunity to express their views
with respect to the proposal.
Dated this 4th day of December, 1984.
(BY ORDER OF THE CITY COUNCIL)
By/s/ Donna Roehl
Clerk -Treasurer