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HomeMy WebLinkAboutResolution - 82-119 - Calling for Public Hearing on Proposal to Undertake and Finance a Commercial Development Project (P & L) - 06/01/1982 +gyp Member introduced the following reso- lution and moved its adoption : RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A COMMERCIAL DEVELOPMENT PROJECT WHEREAS , a representative of the P & L Investment Co . , a Minnesota general partnership ( the "Company" ) , has pre- sented the City Council ( the "Council" ) of the City of Eden Prairie , Minnesota ( the "City " ) , with information concerning a proposed project within the City ; and WHEREAS , a representative of the Company has requested that the City resolve to issue commercial development reve- nue bonds or notes or a commercial development revenue note and has presented to this 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 at the next regular meeting of this Council or at a special meeting of this Council ; BE IT RESOLVED THAT : 1 . This Council will conduct a public hearing on the proposal to undertake and finance the commercial development project described in the Notice of Public Hearing attached hereto as Exhibit B ( the "Notice " ) . 2 . The Finance Director-Clerk of the City is hereby authorized to cause the Notice or a notice in substantially the same form as the Notice tc be published not more than thirty ( 30 ) nor less than fifteen ( 15) days before the date fixed in the Notice as the date of the hearing in the offi- cial newspaper and a newspaper of general circulation of the City . 3 . The Finance Director-Clerk of the City is hereby authorized to make a draft copy of the proposed application to the Commissioner of Energy , Planning and Development of the State of Minnesota, which would be submitted in connec- tion with this proposed project , available for public in- spection at the City Hall during regular office hours fol- lowing the publication of the Notice . 2 _ 9 Member moved the foregoing resolution be adopted as introduced and read , which motion was duly -- seconded by Member , and upon roll call , the "Ayes , " "Abstains" and "Nays " were as follows : AYES ABSTAINS NAYS The Mayor thereupon declared said resolution carried and adopted . 3 3 - �� a EXHIBIT B Notice of Public Hearing Commercial Development Revenue Bond or Note ( P & L Investment Co . Project) A public hearing will be held by the City Council of the City of Eden Prairie, Minnesota , at the City Hall , 8950 Eden Prairie Road , Eden Prairie , Minnesota , at 7 :10 p . m. , 1982 , for the purpose of considering a proposal that the City undertake and finance a commercial development a project in the City . A meeting of the City Council of the City of Eden Prairie will follow the hearing , at which a resolution giving preliminary approval to the financing of the project will be considered . The project , proposed to be operated by P & L Investment Co. , a Minnesota general partnership , consists of the ac- quisition of land , acquisition and construction of a build- ing thereon and acquisition and installation of equipment therefor to be utilized as a firsu class hotel and related facilities to be constructed on land within the City of Eden Prairie . The estimated principal amount of the obligations proposed to be issued by the City of Eden Prairie is $ 9 , 170 , 000 . The obligations and the interest thereon shall be limited obligations of the City except that such obliga- tions may be secured by a mortgage or other encumbrance on the project . No holder of any such obligation shawl ever have the right or compel any exercise of the taxing power of the City to pay the obligation , or the interest thereon , nor to enforce payment against any property of the City except the project . A draft copy of the proposed application to the Commissioner of Energy , Planning and Development of the State of Minnesota , together with all attachments and ex- hibits thereto , will be available for public inspection at the City Hall during regular office hours .