Agenda - Council - 07/08/1997 - Laserfiche WebLink

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NOTICE OF PUBLIC HEARING ON THE ISSUANCE BY THE CITY OF RAMSEY, MINNESOTA, OF ITS REVENUE BONDS TO LOAN THE PROCEEDS OF THE REVENUE BONDS TO PARABODY, INC. TO FINANCE THE CONSTRUCTION AND EQUIPPING OF A MANUFACTURING FACILITY NOTICE IS HEREBY GIVEN that the City of Ramsey, Minnesota (the "City") will conduct a public hearing on ,19 , at 7:00 p.m., at 15153 Nowthen Boulevard NW, Ramsey, Minnesota, for the purpose of receiving any and all comments, reports or other information from the public and any interested persons or parties on the proposed issuance by the City of its revenue bonds for the purpose of financing approximately $4,700,000 of construction and equipping an approximate 100,000 square foot manufacturing facility and renovation of the existing manufacturing for the benefit of Parabody, Inc. (the "Borrower") under the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 through 469.165 (the "Act"). The proceeds of the revenue bonds will be loaned to the Borrower to finance approximately $5,200,000 of construction and equipping of an approximately 100,000 square foot addition to an existing manufacturing facility and refinancing of the current outstanding revenue bonds on the existing facility of approximately $1,000,000 (the "Project"). The Project will be owned by, operated and managed by the Borrower. The Project will be located at 14150 Sunfish lake Boulevard NW, Rarnsey, Minnesota. The Project will be used for the manufacture of strength building equipment and related producers. The purpose of the hearing will be to receive information on a proposal that the City issue its Revenue Bonds under the Act in order to loan the proceeds to the Borrower. The maximum principal amount of the total of the bonds will be $5,200,000 with the proposed issue presently expected to be $5,200,000. The bonds will not be general obligations of the City, nor shall they be payable in any manner by taxation, the Revenue Bonds will be payable solely from the revenues of the Project pledged to the payment thereof, from investment proceeds and fi'om other revenues of the Borrower, except that the Bonds may be secured by other encumbrances on the Project. The public hearing will be conducted by the Mayor of the City or some other person delegated to conduct the hearing by the Mayor. All persons interested may appear and be heard at the time and place set forth above or may file written comments with the Mayor of the City prior to the date of the hearing. The City is expected to meet and act on the final approval to issue Bonds promptly upon completion of the hearing. A copy of the Application of the City for approval of the Project, together with all attachments and exhibits thereto is available forpublic inspection at City Hall, 15153 Nowthen Boulevard NW, Ramsey, Minnesota, from the date of this notice to the date of the public hearing herein above identified, during normal business hours. Dated: Ryan R. Schroeder City Administrator