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RESOLUTION N0. 7401 - continued
2. The proposal of the Company consists of the acquisition Of land located at Lot 1,
Block 2, Stillwater Industrial Park and the construction and equipping thereon of an approximately
2500 square foot detached banking facility and would call for the issuance of the Bonds in the
amount of $500,000.
3. A draft copy of the proposed application to the Energy and Economic Development Authority,
State of Minnesota, for approval of the project, together with proposed forms of all attachments
and exhibits thereto, is being prepared by Briggs and Morgan, P. A. and will be on file in the
office of the City Clerk.
4. The City Clerk is hereby authrrized and directed to cause notice of the hearing to be given
one publication in the official newspaper and a a newspaper of general circulation available in the
City, not less than 15 days nor more than 30 days prior to the date fixed for the hearing.
Adopted by the City Council of the City of Stillwater,
Minnesota, this 9th day of October, 1984.
Published: October 18, 1984
Attest:
Acting City Clerk
/4 Mayo
RESOLUTION NO. 7402
RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL FOR A COMIERCIAL FACILITIES DEVELOPMENT PROJECT
PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AUTHORIZING THE PUBLICATION OF A
NOTICE OF THE HEARING (COSMOPOLITAN PROPERTIES PROJECT)
WHEREAS,
(a) 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;
(b) The City Council of the City of Stillwater (the "City") has received from Cosmopolitan
Properties, a general partnership organized under the laws of the State of Minnesota (the "Company")
a proposal that the City assist in financing a project hereinafter described, through the issuance
of its industrial revenue bonds (which may be in the form of a single debt instrument) (the "Bonds")
pursuant to the Act:
(c) Before proceeding with consideration of the request of the Company it is necessary for the
City to hold a public hearing on the proposal pursuant to Section 474.01, Subdivision 7b, Minnesota
Statutes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Stillwater. Minnesota, as follows:
1. A public hearing on the proposal of the Company will be held at 7:00 o'clock P. M. on
October 30, 1984 at the City Hall.
2. The proposal of the Company consists of the acquisition of land located at Lob 6, Block 2,
Stillwater Industrial Park and the construction and equipping thereon of an approximately 10,000
square foto foffice facility and would call for the issuance of Bonds in the amount of $800,000.
3. A draft copy of the proposed application to the Energy and Economic Development Authority,
State of Minnesota, for approval of the project, together with proposed forms of all attachments and
exhibits thereto, is being prepared by Briggs and Morgan, P. A. and will be on file in the office of
the City Clerk.
4. The City Clerk is hereby authorized and directed to cause notice of the hearing to be given
one publication in the official newspaper and a newspaper of general circulation available in the City.
not less than 15 days nor more than 30 days prior to the date fixed for the hearing.
Adopted by the City Council of the City of Stillwater,
Minnesota, this 9th day of October, 1984
Attest;
Acting City Clerk
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