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Councilm~mber Schlueter introduced the following resolution and moved for its <br />adoption: <br /> <br />RESOLUTION ~85-220 <br /> <br /> RESGLUTION CALLING FOR A ~3BLIC HEARING ON A PROPOSAL <br />FOR A COMMERCIAL FACILITIES DEVELOPMENT PRO3ECT <br />~JRSUANT TO ~/~E MINNESOTA MUNICIPAL IN~3STRIAL DEVELOPMENT ACT, <br />AND AUTHORIZING ~HE PUBLICATION OF A NOTICE OF ~/~E HEARING <br /> <br /> WHEREAS, Chapter 474, Minnesota Statutes, known as the Minnesota Municipal <br />Industrial Develounent Act (the "Act"), gives municipalities the power to issue <br />revenue bonds for the purpose of the encouragement and development of <br />economically sound industry and commerce to prevent so far as possible the <br />emergence of blighted and marginal lands and areas of chronic unemployment; <br /> <br /> WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), <br />has previously approved, by Resolution No. 85-68, a proposal that the City <br />assist in financing a project hereinafter described, through the issuance of <br />its industrial revenue bonds in the amount of $300,000 (which may be in the <br />form of a single debt instrument) (the "Bonds") pursuant to the Act, on behalf <br />of Gregory Johnson, David Brandt, and Kenneth Pederson who have formed or will <br />form a general partnership called Stillwater Partners III (the "Company"); <br /> <br /> WHEREAS, the Company now propsoes to have the City issue its Bonds in the <br />amount not to exceed $350,000 to finance additional costs of the Project; and <br /> <br /> WHEREAS, before proceeding with consideration of the request of the <br />Company it is necessary for the City to hold a public hearing on the proposal. <br /> <br />NU~ ~HEREFORE, BE IT RESOLVED BY ~HE CITY COUNCIL OF ~/~E CITY OF RAMSE¥, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br /> <br /> 1. A public hearing on the proposal of the Company will be held at the <br />time and place set forth in the Notice of Hearing hereto attached. <br /> <br /> 2. ~he general nature of the proposal and the principal amount of Bonds <br />to be issueds to finance the proposal are described in the attached form of <br />Notice of Hearing. <br /> <br /> 3. ~he Acting City Administrator/Clerk is hereby authorized and directed <br />to cause notice of the hearing to be given one publication in the official <br />newspaper and also in a newspaper of general circulation available in the City, <br />not less than 15 days nor more than 30 days prior to the date fixed for the <br />hearing, substantially in the form of the attached Notice of Public Hearing. <br /> <br />~he motion for the adoption of the foregoing resolution was duly seconded by <br />Mayor Heitman and upon vote being taken thereon, the following voted in favor <br />thereof: <br /> <br />Mayor Heitman, Councilmembers COx, Reimann, Schlueter and Sorteberg <br /> <br /> <br />