80-6320R75
RESOLUTION NO. 6320
A RESOLUTION AUTHORIZIDIG A PUBLIC HEARING IN
CONNECTION 6+lITH THE ISSUAPdCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS OF THE CITY OF
RICHFIELD,. HENNEPIN COUPdTY, P-4INNESOTA, TO
FIi1ANCE A PROJECT TO BE U2JDERTAKEN BY
SIX FOLD REAL ESTATE COMPAIIY
WHEREAS, the City of Richfield, Hennepin County, Minnesota
(the "City") is an incorporated municipality authorized and
empowered by the provisions of the Minnesota Municipal
Industrial Development Act, Chapter 474, Minnesota Statutes,
as amended (the "Act"), to issue its revenue bonds to finance
the cost of the acquisition, construction and improvement of
any properties, real or personal, used or useful in connection
with a revenue-producing enterprise engaged in assembling,
fabricating, manufacturing, mixing, processing, storing,
warehousing or distributing any products of agriculture,
forestry, mining or manufacture; and
WIiEREAS, the City has been approached with a proposal
to issue its industrial development revenue bonds (which may
be in the form of a single debt instrument or may be in one
or more series or in part in the form of a note or notes and
in part in the form of bonds) pursuant to the provisions of
the Act as then in effect to assist. in financing the cost of
the construction and equipping of a facility (the "Project")
to be located. in the City, and to be owned by Six Fold Real
Estate Company, a Minnesota general partnership (the "Contracting
Party"), and to be leased by the Contracting Party to Canteen
Company of t~iinnesota, a Minnesota corporation (the "Company"),
for use as a food processing facility; and
tidIiEREAS, the Act declares that the welfare of the State
of Minnesota requires the active promotion, attraction,
encouragement, and development of economically sound industry
and commerce through governmental acts to prevent, so far as
possible, the emergence of blighted and marginal lands and
areas of chronic unemployment, and the state has encouraged
local government units to prevent such economic deterioration;
and
WIiEREAS, the Contracting Party has represented to the
City that the financing of the Project under the Act will
encourage the Contrasting Party to construct .and equip the
Project; and
' , ~:esolution No. 6320
' WHEREAS, it is deemed necessary and advisable for the
promotion and development of industry and commerce in the City
that the Project be~undertaken at the earliest practicable date,.
and the Contracting Party has requested satisfactory assurances
°~ from the City that the proceeds of the sale of industrial.
development revenue bonds of the City in an aggregate amount
sufficient to finance the Project, currently estimated not to
exceed $275,000, will be made available; and
WHEREAS, the Act proides that no project shall be
undertaken until the Commissioner of Securities has approved
the Project, on the basis~~ of such preliminary information as
the Commissioner may requiire, as tending to further the
purposes and policies of Ithe Act; and
WHEREAS, the Act pr
application to the Commi
of the Project, the City
Qublic hearing on the pr
Project, notice of which
once not less than 15 da
date fixed for said hear
newspaper of general cir
ides that prior to submitting an
loner of Securities requesting approval
ouncil of the City shall conduct a
osal to undertake and finance the
Baring is to be published. at least.
nor more than 30 days prior to the
g, in the official newspaper and a
lotion of the City;
NOW, THEREFORE, Be
the City of Richfield,
Section 1. That th
hearing on the proposal
~.:; on October 13, 1980 at
and the City Clerk is he
said public hearing to b
than 15 days nor more th
fixed for said public he
official City newspaper,
newspaper of general cir
to be in .substantially t
Resolved by the City Council, of
epin County, P-iinnesota, as follows:
City Council shall conduct a public
o undertake and finance the Project
7:00 o'clock p.m., at the City Hall,
eby directed to cause notice of
published at least once not less
n 30 days prior to the date hereby
ring, in the Richfield Sun, the
and the P4inneapolis Tribune.,. a
ulation in the City, such notice
e form attached hereto as Exhibit A.
Section 2. That all resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict. !,
Passed and approved ',September 22, 1980.
[SEAL
i
Donal- J. Priebe Mayor
Attest: I
v
Syl K. Bergh Acting Cit IClerk_
6320
EXHIBIT "A"
NOTICE OF PUBLIC HEARING
CITY OF RICHFIELD, HENNEPIN COUNTY, MINNESOTA
$275,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS,
SERIES 1980
(CANTEEN COMPANY OF MINNESOTA PROJECT)
NOTICE IS HEREBY GIVEN by the City of Richfield, Hennepin
County, Minnesota (the."City"), that. it will hold a public
hearing at the City Council Chambers, 6700 Portland Avenue South,
Richfield, Minnesota 55423, on October 13, 1980, at 7:00
o'clock p.m. to consider a proposal of Six Fold-Real Estate
Company, a Minnesota general partnership (thee"Contracting
Party"), that the City assist in financing the hereinafter
described project pursuant to the Minnesota Municipal Industrial
Development Act, Chapter 474, Minnesota Statutes., as amended,
by the issuance of industrial development revenue bonds of the
City.
The proposed project will consist of the construction and..
equipping of a 5,000 square foot addition to the existing
facility located at 6310 Penn Avenue South, Richfield, Minnesota
55423, which will be owned by the Contracting Party and leased
to Canteen Company of Minnesota, a Minnesota corporation (the
"Company") for use as a food processing facility. The estimated
total amount of the proposed bond issue is $275,000.
Said bond or bonds, if and when issued, will be payable
solely from sums to be paid by the Contracting Party pursuant
to a revenue agreement, and shall not constitute a charge,
lien or encumbrance upon any property of the City, the State
of Minnesota or any political subdivision thereof, nor
constitute a debt of the City, the State of Minnesota or
any political subdivision thereof, nor be a charge against
the general credit or taxing powers of the City, the State
of Minnesota or any political subdivision thereof, within
the .meaning of any constitutional or statutory limitation.
All parties desiring to appear at the public hearing will
be afforded an opportunity to express their views with respect
to the proposal to undertake and finance said project.
A draft copy of the proposed Application to the Commissioner
of Securities of the State of Minnesota for approval of the
project, together with all attachments and exhibits thereto,
is on file in the office of the City Clerk of the City of
Richfield and will be available for public inspection during
regular business hours.
Dated this 22nd day of September, 1980.
/s/ Sylvia Bergh
City Clerk