80-6248R
RESOLUTIOPd NO. 6248
RESOLUTION RELATING TO A PROJECT UNDER
THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT;
CALLING FGR A PUBLIC HEARING THEREGN
BE IT RESOLVED by the City Council of the City of
Richfield., Minnesota (hereinafter, the Municipality), as
follows:
Section 1. Recitals.
1.01. A partnership to be formed by Charles W.
Erickson, Steven E. Wirth, Kathryn E. Wirth, Thomas E,
Erickson and Lyia S. Erickson (hereinafter, the Borrower)
has advised this Council of its desire to acquire land in
the Municipality and to construct and equip thereon an
office building facility to.~e leased by the Borrower to
Corporate Travel-Twin Cities, Inc., a Minnesota'
corporation, and others.
1,02. 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 enterprise. The Borrower has requested
that the Municipality issue its revenue bonds in an amount
not exceeding $7,500,000 to finance a portion or all of
.the .cas,t:.of he Projec-t..
Section 2. Public Hearing.
2.01. Section 474.01, Subdivision 7b of the Act
requires that prior to submission of an application to the
Minnesota Commissioner of Securities requesting approval
of the Project as required by Section 474.01, Subdivision
7 of the Act, this Council shall conduct a public hearing
on the proposal to undertake and finance the Project.
Pursuant to that provision, a public hearing on the
proposal to undertake and finance the Project is called
and shall be held on July 14, 1980, at 7'clock P.M., at
Richfield City Hall, 6700 Portland Avenue, Richfield,
Minnesota 55423.
2.02. The City Clerk shall cause notice of the
public hearing to be published in the official ne;,rspaper
of the Municipality and in the Minneapolis Tribune, 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 hearing, such
notice to be in substantially the following form:
LEGAL NOTICE
NOTICE OF PTJB~LIC HEARING ON A PROPOSED
PROJECT AND THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT R:~'VENUB BONDS UNDEk THE
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT,
MINNESOTA STTUTES, CHAPTER 474, AS
AMENDED
CITY OF R~CHFIELD, MINNESOTA
. NOTICE IS HER
the City of Richfield,
1980, at 7 o'clock P.M
Avenue, in Richfield,
conducting a public he
issue revenue bonds, i
Municipal Industrial L
Chapter 474, as amende
project. The proposed
acquisition of land ir,
equipment thereon of a
building by a partners
Erickson, Steven E. ;rVi
Erickson and Lyla S. F
the Borrower to Corpor
others. The estimated
issue is $7,500,000.
obligations of the Cit
thereon shall be paya~
to the payment thereof
secured by a mortgage
project. No holder of
right to compel any ex
City to pay the bonds
enforce payment agains
the project.
A draft copy
Minnesota Commissione
Project, together wit
thereto, is available
of the City Clerk bet
4:30 P.M.
EBY GIVEN that the City Council of
Minnesota, will meet en July 14,
., at the City Hall, 670.0 Portland
Minnesota, for the purpose of
aring on a. proposal that the City
n one or more series, under the
evelopment Act, Minnesota Statutes,.
u, in order to finance. the cost of a
project will consist of the
the City and the construction and
facility to be used as an office
hip to be formed by Charles W.
rth, Kathryn E. Wirth, Thomas E.
rickson (the Borrower) and leased by
ate Travel-Twin Cities, Inc. and
total amount of the proposed bond
The bonds shall be limited
y, and the bonds ar~d interest
le solely from the revenue pledged
e:~cept that suchbonds'may be
and other encumbrance on the
any such bonds shall ever have the
ercise of the taxing power of the
or the interest thereon, nor to
t any property of the t;ity except
of the proposed application to the
cf Securities for approval of the
all attachments and exhibits
for public inspection at the office
een the hours of 8:00 A.M. and
All persons i!,nterested may appear and be .heard at
the time and place sett, forth above.
Dated : June 9 1980.
~,
~, BY ORDER OF THE
CITY COUNCIL
By Sylvia K. Bergh Acting City Clerk
PuU'llish June 25, 1980
2.03. a draft copy of the proposed application
to the Minnesota Commissioner of Securities, together with
all attacr.~-nents and exhibits thereto, are hereby ordered
place on file with the City Clerk, and shall be available
for public inspection, following t:~e publication of the
notice of public hearing, between the hours
of 8:00 a.m. and 4:30 n.m. on Monday through
Friday.
Passed by the City Council of the City of Richfield this
9th day of June, 1980.
ATTEST:
S,y a K. Bergh Acting Ci lerk