Res 2013- 50 Call for Public Hearing Rev Note Vistation ProjectCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2013 -50
RESOLUTION CALLING FOR A PUBLIC HEARING ON
THE ISSUANCE OF A TAX - EXEMPT EDUCATIONAL FACILITY
REVENUE NOTE AND
AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING
(ACADEMY OF THE VISITATION PROJECT)
WHEREAS, Minnesota Statutes, Sections 469.152 through 469.1655, as amended, relating to
municipal industrial development (the "Act "), gives municipalities the power to issue revenue
obligations for the purpose of promoting the welfare of the state by the active attraction and
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
WHEREAS, the City of Mendota Heights, Minnesota ( "Mendota Heights "), has received from
The Convent and the Academy of the Visitation, a Minnesota nonprofit corporation and 501(c)(3)
organization (the "Borrower "), a proposal that the City of Lilydale, Minnesota undertake a program
to assist in financing, among other things, a Project described in Exhibit A, which is located in
Mendota Heights, through the issuance of a revenue note or obligation (in one or more series) (the
"Note ") pursuant to the Act; and
WHEREAS, Mendota Heights has been advised that a public hearing and City Council
approval of the financing of the Project is required under the Act and Section 147(f) of the Internal
Revenue Code because the facilities to be financed by the Note are located in Mendota Heights.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Mendota Heights,
Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and place set forth
in the Notice of Public Hearing attached hereto as Exhibit A.
2. The City Administrator is hereby authorized and directed to cause notice of the hearing to be
given one publication in the official newspaper of Mendota Heights and a newspaper of general
circulation available in Mendota Heights, 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.
Adopted by the City Council of the City of Mendota Heights, Minnesota, this 16th day of July, 2013.
CITY COUNCIL
NDOTA HEIGHTS
Zara K Mayo
ATTEST
r�
Lorri mith, City Clerk
Resolution 2013 -50
EXHIBIT A
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR THE ISSUANCE OF A
TAX - EXEMPT EDUCATIONAL FACILITY REVENUE NOTE FOR
THE ACADEMY OF THE VISITATION PROJECT
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 8:00 p.m. on Tuesday, August 6, 2013
to consider giving host approval to the issuance by the City of Lilydale, Minnesota ( "Issuer ") of a
revenue obligation, in one or more series (the "Note "), under Minnesota Statutes, Sections 469.152
through 469.1655, as amended (the "Act "), in order to finance the cost of a project located in the City.
The Convent and the Academy of the Visitation, a Minnesota nonprofit corporation and 501(c)(3)
organization (the "Borrower "), proposes to finance a Project consisting of financing the construction
and equipping of an approximately 15,000 square foot area comprised of the entrance and commons to
the general school spaces and new classrooms, offices, locker bay, and other space refurbishment at
the "Upper School" located at 2455 Visitation Drive in the City. The Project will be owned and
operated by the Borrower.
The maximum estimated principal amount of the Note to be issued to finance the Project is
$6,000,000.
The Note, if and when issued, will not constitute a charge, lien or encumbrance upon any property of
the City or the Issuer, except the Project, and such obligation will not be a charge against the general
credit or taxing powers of the City or the Issuer 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 no later than July 21, 2013]
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