Res 1986 - 67 Calling for a Public Hearing on a Proposal for an Industrial Development Project Pursuant to the MN Municipal Industrial Development Act Authorizing the Publication of a Notice of the Hearing5785
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RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPOSAL FOR AN INDUSTRIAL DEVELOPMENT
PROJECT PURSUANT TO THE MINNESOTA MUNCIPAL
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
Mendota Heights (the "City") has received
from Stuart Lloyd Partnership, a partnership
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 Mendota Heights, 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
Department of Energy and Economic Development, State of
Minnesota, for approval of the project, together with proposed
forms of all attachments and exhibits thereto, is on file in
the office of the City Clerk.
4. The City Clerk 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 Mendota
Heights, Minnesota, this 5th day of August, 1986.
Mayor
ATTEST:
City Clerk