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Home My WebLink About7270 (Res)640 • • RESOLUTION NO. 7270 RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT; CALLING FOR A PUBLIC HEARING THEREON BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota (the Municipality), as follows: SECTION 1 Recitals 1.1. Super Valu Stores, Inc., a Delaware corporation (the Borrower), has advised this Council of its desire to acquire approximately 10.5 acres of land in the Municipality and to construct and equip thereon an approximately 78,000 square foot facility (the Project) for use as a retail food store. The Project will be located at the southeast corner of the intersection of Washington Avenue and Tower Drive in the Municipality. 1.2. The Municipality is authorized by Minnesota Statutes, Chapter 474 (the Act), to issue its revenue bonds to finance capital projects consisting of properties used and useful in connection with a revenue -producing enter- prise. The Borrower has requested the Municipality issue its revenue bonds in an aggregate total amount not to exceed $5,500,000 (the Bonds) to finance a portion or all of the cost of the Project. SECTION 2 Public Hearing 2.1. Section 474.01, Subdivision 7b of the Act requires that prior to sub- mission of an Application to the Minnesota Energy and Economic Development Authority requesting approval of the Project as required by Section 474.01, Subdivision of the Act, this Council conduct a public hearing on the proposal to undertake and finance the Project. Section 103(k) of the Internal Revenue Code of 1954, as amended, and regulations promulgated thereunder, requires that prior to this issuance of the Bonds, this Council approve the Bonds and the Project, after conducting a public hearing thereon. A public hearing on the proposal to undertake and finance the Project through the issuance of the Bonds is hereby called and shall be held on December 20, 1983, at 7:30 o'clock P.M., at the City Hall. 2.2. The City Clerk shall cause notice of the public hearing to be published in the Stillwater Gazette, the official newspaper of the Municipality and the St. Paul Pioneer Press, a newspaper of general circulation in the Municipality, at least once not less than fifteen (15) nor more than thirty (30) days prior to the date fixed for the public hearing. The notice to be published shall be in substantially the following form: NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474, AS AMENDED CITY OF STILLWATER, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Stillwater, Minne- sota (the City), will meet on December 20, 1983, at 7:30 o'clock P.M., at the City Hall, 216 North Fourth Street, in Stillwater, Minnesota, for the purpose of conducting a public hearing on a proposal that the City issue revenue bonds, in one or more series, under the Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to finance the cost of a project. The proposed project will consist of the acquisition of land in the City and the construction and equipment thereon of an approximately 78,000 square foot facility by Super Valu Stores, Inc., a Delaware corporation (the Borrower), to be used as a retail food store. The project will be located at the southeast corner of the intersection of Washington Avenue and Tower Drive in the City. The maximum aggregate principal amount of the proposed bond issue is $5,500,000. The bond shall be limited obligations of the City, and the bond and interest thereon shall be payable solely from the revenue pledged to the payment thereof, except that such bonds may be secured by a mortgage and other encumbrance on the project. No holder of any such bonds shall ever have the right to compel any exercise of the taxing power of the City to pay the bonds or the interest thereon, nor to enforce payment against any property of the City except the project. A draft copy of the proposed Application to the Minnesota Energy and Economic Development Authority for approval of the Project, together with draft copies of all attachments and exhibits thereto, is available for public inspection at the office of the City Clerk between the hours of 8:30 A.M. and 4:30 P.M., Monday through Friday. a • 1 • • f 141, • • All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the City Clerk prior to the date of the hearing set forth above. Dated: November 29, 1983. BY ORDER OF THE CITY COUNCIL By Dorothy Schnell City Clerk 2.3. A draft copy of the proposed Application to the Minnesota Energy and Economic Development Authority, together with draft copies of all attachments and exhibits thereto, are hereby ordered placed on file with the City Clerk and shall be available for public inspection, following publication of the notice of public hearing, between the hours of 8:30 A.M. and 4:30 P.M., Mon- day through Friday. Adopted by the Council this 29th day of November, 1983. Published: December 5, 1983 A4.1 Attest* J :4 jP. >�*�ti-1a!-( Ci Clerk /IY / JwVjta Mayor RESOLUTION NO. 7271 RESOLUTION REQUESTING A TIME EXTENSION. BE IT RESOLVED, by the City Council of the City of Stillwater, Minnesota, that the City of Stillwater hereby requests a time extension until July 1, 1984, for the formation of a Water Management Organization for the Browns Creek Drainage area. Adopted by the Council this 29th day of November, 1983. Not Published Attest: �,. % �. „29}-n`L Cit Clerk a • •