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HomeMy WebLinkAbout2015-189 (Calling For A Public Hearing On The Issuance Of A Revenue Note And Authorizing The Publication Of A Notice Of The Public Hearing (ESR, Inc. Project)) RESOLUTION 2015-189 RESOLUTION CALLING FOR A PUBLIC HEARING ON THE ISSUANCE OF A REVENUE NOTE AND AUTHORIZING THE PUBLICATION OF A NOTICE OF THE PUBLIC HEARING (ESR,INC.PROJECT) WHEREAS, the law firm of Eckberg, Lammers, Briggs, Wolff & Vierling, P.L.L.P., bond counsel ("Bond Counsel"), has informed the City of Stillwater, Minnesota (the "City") that Minnesota Statutes, Sections 469.152 through 469.1655, as amended (the "Act"), gives municipalities the power to issue revenue obligations for the purpose of promoting the welfare of the State of Minnesota by the active attraction, 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, as well as the provision of employment opportunities to individuals who are unemployed or who are economically disadvantaged; and WHEREAS, ESR, Inc. (the "Borrower"), located at 1754 Washington Avenue in the City, has represented to the City that it is a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), working to support adults with developmental disabilities and other special needs by helping them integrate into the larger community and gain meaningful employment. The Borrower is proposing that the City assist with the acquisition financing of real properties located at 708 West Broadway Avenue and 744 West Broadway Avenue, in the City of Forest Lake,Minnesota(the"Project"); and WHEREAS, it is proposed the costs of the Project will be financed in part through the issuance of the City's Revenue Note (ESR, Inc. Project), Series 2015, in an original aggregate amount not to exceed $600,000 (the"Note"); and WHEREAS, Bond Counsel has further informed the City that before proceeding with consideration of the Borrower's financing request it is necessary for the City Council to hold a public hearing on the proposal, pursuant to Section 147(f) of the Code and Section 469.154, Subdivision 4 of the Act. The public hearing is proposed to be held by the City Council at its regular meeting on November 17, 2015, at or after 7:00 p.m. A form of the Notice of Public Hearing for the Project is attached hereto as Exhibit A. A general, functional description of the type and use of the Project, the maximum aggregate face amount of the Note, the initial owner, operator or manager of the Project, and the location of the Project by its street address is described in the Notice of Public Hearing. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STILLWATER,MINNESOTA: 1. Bond Counsel, at the direction of the City Administrator, is authorized and directed to cause the Notice of Public Hearing to be published once in the official newspaper of the City and a newspaper of general circulation available in the City, not less than 14 days nor more than 30 days prior to the date fixed for the public hearing. The Notice of Public Hearing may be revised after this Resolution is adopted, subject to the approval of the City Administrator, the City Attorney, and Bond Counsel. 2. A public hearing to consider the Borrower's request for the Project is to be held on Tuesday,November 17,2015, at or after 7:00 p.m. Adopted by the City Council of the City of Stillwater,Minnesota this 20th day of October,2015. Ted Kozlowski,Mayor ATTEST: /0(;11't Diane F. Ward, City Clerk EXHIBIT A FORM OF NOTICE OF PUBLIC HEARING NOTICE OF PUBLIC HEARING TO CONSIDER A PROPOSAL FOR THE ISSUANCE OF A REVENUE NOTE (ESR, INC. PROJECT) NOTICE IS HEREBY GIVEN That the City Council of the City of Stillwater, Minnesota (the "City") will meet at Stillwater City Hall, 216 Fourth Street North, Stillwater, Minnesota, on Tuesday, the 17th day of November, 2015, at or after 7:00 p.m., to consider the proposal of ESR, Inc., a Minnesota nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Borrower"), that the City assist with financing a project hereinafter described pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended, by the issuance of a revenue note, in one or more series(the"Note"). The "Project" to be financed by the Note consists of acquisition of real properties located at 708 West Broadway Avenue and 744 West Broadway Avenue, in the City of Forest Lake, Minnesota. The acquisition of these properties will provide a permanent presence for the Borrower at its Forest Lake Program Center, and will further the Borrower's mission of supporting adults with developmental disabilities and other special needs by helping them integrate into the larger community and gain meaningful employment. The Project will be owned and operated by the Borrower. The maximum face amount of the Note to be issued to finance the Project is $600,000. A portion of the costs of issuance of the Note will be funded by Note proceeds. The Note, if and when issued, will not constitute a charge, lien or encumbrance upon any property of the City, and such obligations will not be a charge against the general credit or taxing powers of the City, but will be payable from sums to be paid by the Borrower to a participating lender pursuant to a revenue agreement. A draft copy of the proposed application to the Minnesota Department of Employment and Economic Development for approval of the Project, together with all attachments and exhibits thereto, is available for public inspection, from 8:00 a.m. to 4:30 p.m., Monday through Friday, at Stillwater City Hall, 216 Fourth Street North, Stillwater,Minnesota. At the time and place fixed for the public hearing, the City Council will give all persons who appear at the hearing an opportunity to express their views with respect to the proposal. Written comments will be considered if submitted to the City Administrator at Stillwater City Hall, 216 Fourth Street North, Stillwater,Minnesota, on or before the date of the public hearing.