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City Council Resolution 1984-44RESOLUTION 1984 # 44 RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474 WHEREAS, the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 474.01 et seq. (the "Act"), authorizes the issuance of revenue bonds to finance projects; and WHEREAS, the term "project" is defined by Section 474.02, subdivision 1a, of the Act to include "any properties, real or personal, used or useful in connection with a revenue producing enterprise"; and WHEREAS, a representative of Monti Stadia Development Company, a Minnesota corporation (the "Developer") has presented this City Council (the "City Council") of the City of Monticello (the "City") with information concerning a proposed project (the "Project") to be acquired and constructed within the City; and WHEREAS, the Developer has requested that the City resolve to issue revenue bonds pursuant to the Act to finance the Project and has presented to the City Council a form of preliminary resolution concerning such issuance with a request that such preliminary resolution, attached hereto as Exhibit A, be considered for adoption by the City Council; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that the City Council must conduct a public hearing on any proposal to undertake and finance a project; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that notice of the time and place of such public hearing and stating the general nature of the project and an estimate of the principal amount of the bonds or other obligations to be issued to finance the project must be published at least once not less than ten (10) days nor more than thirty (30) days prior to the date fixed for the public hearing in the official newspaper of the City and a newspaper of general circulation in the City; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that the notice must state that a draft copy of the proposed application (the "Application") to the Minnesota Energy and Economic Development Authority for approval of the Project, together with all attachments and exhibits, is on file with the City and available for public inspection; and WHEREAS, the Developer has presented to the City a form of public notice, attached hereto as Exhibit B, with a request that the City Council establish a date for a public hearing on the proposal to undertake and finance the Project and authorize publication of the form of public notice provided by the Developer; Resolution 1984 # 44 Page 2 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MONTICELLO THAT: 1. The City will conduct a public hearing on the proposal to undertake and finance the Project on the 15th day of October, 1984. 2. It is the present intention of the City Council to adopt the preliminary resolution in the form attached hereto as Exhibit A after completion of the public hearing on October 15, 1984. 3. The City Administrator of the City is hereby authorized to cause a public notice, substantially in the form of the notice attached hereto as Exhibit B, to be published in the official newspaper of the City and a newspaper of general circulation in the City. 4. The City Administrator of the City is hereby authorized and directed to have available for public inspection in the offices of the City a draft copy of the proposed Application, together with all attachments and exhibits thereto. Adopted this 9th day of October, 1984. ''-'> Arve A. Grimsmo, Mayor .~ Thomas A. 'dem City Administrator