Res 2003- 33 For Public Hearing on Revenue Bonds to RefinanceExtract of Minutes of a Meeting of the
City Council of the
City of Mendota Heights, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the
City of Mendota Heights, Minnesota, was duly held at the City Hall in said City on Tuesday, the 20th
day of May, 2003, at 7:30 o'clock P.M.
The following members were present:
and the following were absent:
Member Duggan introduced the following resolution and moved its adoption:
RESOLUTION NO. 33
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE ISSUANCE OF REVENUE BONDS TO REFINANCE
A COMMERCIAL FACILITY, AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
(TURNERS GYMNASTICS CENTER PROJECT)
The motion for the adoption of the foregoing resolution was duly seconded by member
Vitelli, and after full discussion thereof and upon vote being taken thereon, the following voted in
favor thereof. Huber, Krebsbach, Duggan, Schneeman and Vitelli
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
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RESOLUTION 1NG FOR A PUBLIC HEARING 1
THE ISSUANCE OF REVENUE BONDS 1, REFINANCE
COMMERCIAL FAC1
AUTHORIZING1 i 1 OF A NOTICEOF THEHEARING
GYMNASTICSPROJECT)
(a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1651, relating
to municipal industrial development (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
(b) WHEREAS, the City Council of the City of Mendota Heights, Minnesota (the
"City"), has received from Twin City Turners Gymnastic Center, a Minnesota nonprofit corporation
and 501(c)(3) organization (the 'Borrower"), a proposal that the City undertake a program to assist in
refinancing a Project hereinafter described, through the issuance of revenue bonds or obligations (in
one or more series) (the 'Bonds") pursuant to the Act; and
(c) VdIEREAS, before proceeding with consideration of the request of the Borrower
it is necessary for the City to hold a public hearing on the proposal pursuant to the Act:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Mendota Heights, Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and C,
place set forth in the Notice of Public Hearing attached hereto as Exhibit A.
3. The Clerk is hereby authorized and directed to cause notice of the hearing to be
given one publication in the official newspaper of the City and also in a newspaper of general
circulation available in the City, not less than 14 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.
C
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Adopted by the City Council of the City of Mendota Heights, Minnesota, this 20th day of May,
ATTEST:
Clerk
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STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I, the undersigned, being the duly qualified and acting Clerk of the City of Mendota
Heights, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract
of minutes with the original thereof on file in my office, and that the same is a full, true and complete
transcript of the minutes of a meeting of the City Council of said City duly called and held on the date
therein indicated, insofar as such minutes relate to calling for a public hearing on the issuance of
revenue obligations.
WITNESS my hand this 20th day of May, 2003.
Clerk
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Exhibit A
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR THE ISSUANCE OF
REVENUE BONDS FOR THE TURNERS GYMNASTICS CENTER
Notice is hereby given that the City Council of the City of Mendota Heights, Minnesota (the
"City") will meet at the City Hall, 1101 Victoria Curve, in the City, at 7:30 p.m. on Tuesday, June 17,
2003 to consider the proposal of Twin City Turners Gymnastic Center, a Minnesota nonprofit
corporation (the "Borrower"), that the City assist in financing a project hereinafter described pursuant
to Minnesota Statutes, Sections 469.152 to 469.165 1, by the issuance of revenue bonds.
The Project consists of refunding the City's outstanding Revenue Note (Turners Gymnastic
Center Project) Series 1996 originally issued on behalf of the Borrower to finance the acquisition of an
approximately 13,700 square foot gymnastics facility located at 2500 Lexington Avenue South in the
City. The Project will be owned and operated by the Borrower.
The maximum estimated principal amount of the Bonds to be issued to finance the Project is
$455,000.
The Bonds if and when issued will not constitute a charge, lien or encumbrance upon any
property of the City except the Project and such obligations will not be a charge against the general
credit or taxing powers of the City but will be payable from sums to be paid by the Borrower pursuant
to a revenue agreement.
At the time and place fixed for the Public Hearing, the City Council will give all persons who
appear at the hearing an opportunity to express their views with respect to the proposal. Written
comments will be considered if submitted at the above City office on or before the date of the hearing.
[Publish June 1 ]
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