Laserfiche WebLink
'���F '.;;l3 ' . . � �� , � . �� . � � .. <br /> . `� ` <br /> � <� ��� • i <br /> .� � . �:: c�t� �� oR,oNo <br /> i �. . � <br /> � ' Y- � `v' � RESOLUTION OF THE CITY COUNCIL <br /> � .r`�"�- NO. 1238 <br /> ,� - � e ' <br /> ..�. . . <br /> iS'.': !Y� . <br /> � RESOLUTION �GIVING.. PRELIMINARY APPROVAL��� . . � <br /> TO A PROPOSED INDUSTRIAL DEVELOPMENT�•PROJECT . � � � . <br /> � BY NELSON-CREAR� : ° ° . - <br /> UNDER THE MUNICIPAL INDU�STRIAL�•DEVELOP.I+�IENT .� . - � <br /> . ACT AND AUTHORIZING, SUBMISSION :_ . � . <br /> OF AN APPLICATION .TO ,THE, � � • • � <br /> COMMISSIONER OF SECURITIES`.FOR`APPROVAL THEREOF . � . � <br /> Be It Resolved by the City Council of the•�City of . � <br /> . Orono, Minnesota, as follows.: . � � . <br /> . �, <br /> ��SI.• . . t.... - <br /> l. There has been presented to this Council a ,p:roposal� <br /> by Nelson-Crear (the "Borrower".) that� the.. City undertake a project � � � -. <br /> pursuant to the Minnesota Municipal Industrial Development Act �: • ' <br /> (Minnesota Statutes, Chapter 474) ,for the� acquisition, com-�=� <br /> str•�tion and equipping of,, a commercial office bui'�.ding� (the � � ' <br /> ;' '� ';�ect" ) . Under the proposal; the .Project wil�l� be :owned by �the � . <br /> t , f_.�`rrower and leased to various tena�ts and .the Borrower will�- � <br /> enter into a Loan Agreement with the City upon such te'rms and . <br /> conditions as are necessary -to produce income .and ;r.evenues � <br /> sufficient to pay when due the principal of and .interest an up to � <br /> approximately $400, 000 Industrial Development Revenue Bqnd. of the <br /> � City to be issued pursuant to said Chapter 474� Minneso�ta Statutes, ; � <br /> to provide monies for the acquisition,, construct�ion�:,arirl -:eguipping ;�,;; ..� <br /> of° the Project, the City will ple�dge it� i.nterest in the Loan :'�� ��1 <br /> Agreement to the bondholder, and the`. Bo.rrower will mortgage �: � . <br /> the Project to secure the bond. � � <br /> 2 . As required by said. Chapter 474, Minnesota Stat`utes, � <br /> this Council conducted a public hearing on .;�anuary_�," 1981 �'��r <br /> on the -proposal to undertake and f�inance 'the Proj.ect, .after . � . <br /> publication in the official newspaper �and. a newspaper ot general�°� .�� � <br /> circulation in the City of a notice of the time and ,pl`ace of� • - <br /> hearing, stating the general nature of. the .Projeat �and . an estimate � <br /> • of the principal amount of bonds or other obli.gations;.'fto;,be � � <br /> issued to finance the Project and. stating that �a: dra:ft copy ��of�� ' <br /> the proposed Application to the Commissioner of Sec�iriti�es,-�� �. <br /> together with all attachments and exhibits ther��o, shall be_`"„� '� � <br /> available for public inspection at the office.�of tYie City �Clerk.� ,� � <br /> in the City Hall, Orono, Minnesota,� at a31`-times<`b�twe�n�.,�. � , .• . ^ � <br /> ; the hours, of 8 : 0 0 a.m. and 4: 30 :p.m. each day` except� Satur•days, � � <br /> - •S°'w�a�ys and holidays to and including the �day of.,he�ring;; .and 'all � � � <br /> ' iar.��ies who appeared at the public �}�earing were giden� an�:`opportunity <br /> to express their views with respect to the, pro.posal. ' <br /> o � . <br /> Page 1 of 3 . , <br />