Agenda - Council - 11/12/1985 - Laserfiche WebLink

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Councilmember adoption: introduced the following resolution and moved for its RESf~UTION %85- RESGLUTION CALLING FOR A I~JBLIC HEARING ON A PROPOSAL FOR A COMMERCIAL FACILITIES DEVEfDPMENT PRO3ECT I~3NSUANT TO ~lqE MINNESO~ ~3NICIPAL INDUSTRIAL DEVELOPMENT ACT, AND AU~ORIZING ~/~E I~JBLICATION OF A NOTICE OF ~E HEARING WHEREAS, Chapter 474, Minnesota Statutes, known as the Minnesota Municipal Industrial Development Act (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; WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), has previously approved, by Resolution No. 85-68, a proposal that the City assist in financing a project hereinafter described, through the issuance of its industrial revenue bonds in the amount of $300,000 (which may be in the form of a single debt instrument) (the "Bonds") pursuant to the Act, on behalf of Gregory Johnson, David Brandt, and Kenneth Pederson who have formed or will form a general partnership called Stillwater Partners III (the "Company"); WHERFAS, the Company now propsoes to have the City issue its Bonds in the amount not to exceed $350,000 to finance additional costs of the Project; and WHEREAS, before proceeding with consideration of the request of the Company it is necessary for the City to hold a public hearing on the proposal. NCW ~EREFORE, BE IT RES(~VED BY ~E CITY CGUNCIL OF ~/~E CITY OF RA~EY, ANOKA CC~3NTY, STATE OF MINNESO~, 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. ~he general nature of the proposal and the principal amount of Bonds to be issueds to finance the proposal are described in the attached form of Notice of Hearing. 3. ~he Acting City Administrator/Clerk is hereby authorized and directed to cause notice of the hearing to be given one publication in the official newspaper and also in a newspaper of general circulation available in the City, not less than 15 days ~or ~)re than 30 days prior to the date fixed for the hearing, substantially in the form of the attached Notice of Public Hearing. ~he motion for the adoption of the foregoing resolution was duly seconded by Councilmember and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: