Res 1983 - 23 Calling for a Public Hearing on a Proposal for a Commercial Facilities Development Project Pursuant to the MN Municipal Industrial Development Act Authorizing the Publication of a Notice of Said HearingRESOLUTION NO. 83-23
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 SAID 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 Linvill Associates Company, a Minnesota
general partnership (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;
(d) Pursuant to a resolution adopted by the
City Council on December 21, 1982 a public hearing
was held regarding the proposed project on January
18, 1983 but publication of the notice of public
hearing was not made in accordance with the Act; the
City has been advised by counsel that another public
,hearing should be held;
NOW, THEREFORE, BE IT RESOLVED by.the City Council of
the City of Mendota Heights, Minnesota, as follows;