RES 05-008
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CITY OF ELK RIVER
RESOLUTION NO. 05-08
A RESOLUTION CALLING FOR A PUBLIC HEARING
ONA PROPOSAL FOR A PRIVATE SCHOOL FACILITY PROJECT
PURSUANT TO MINNESOTA LAW, AND AUTHORIZING
PREPARATION AND PUBLICATION OFA NOTICE OF THE HEARING
WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165 (the "Act"), gives
municipalities the power to issue revenue bonds for the purpose of the encouragement and
development of economically sound- industry and commerce to prevent so far as possible the
emergence of blighted and marginal lands and areas of chronic unemployment; and
WHEREAS, the City Council of the City of Elk River, Minnesota (the "City"), has
received from The Church of St. Andrew, a 501(c)(3) non-profit Minnesota corporation (the
"Borrower"), a proposal that the City assist in financing the non-religious portion of a school
project hereinafter described, through the issuance of its private school facility revenue bonds
(which may be in the form of a single debt instrument) (the "Bonds") pursuant to the Act; and
WHEREAS, before proceeding with consideration of the request of the Borrower it is
necessary for the City to hold a public hearing on the proposal pursuant to Section 469.154,
Subdivision 4, of the Act; and
WHEREAS, Briggs and Morgan, Professional Association, Minneapolis and St. Paul,
Minnesota, acting as bond counsel ("Briggs") prepared, at the direction of City staff, a notice of
public hearing describing the general nature of the proposal and an estimate of the principal
amount of Bonds to be issued to finance the proposal in the form hereto attached.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Elk River,
Minnesota, as follows:
1. A public hearing on the proposal of the Borrower will be held at the time and
place set forth in the notice of public hearing hereto attached.
2. A draft copy of the proposed application to the Commissioner of the Department
of Employment and Economic Development, State of Minnesota, for approval of
the project, together with proposed forms of all attachments and exhibits thereto,
shall be placed on file in the office of the City Administrator upon publication of
the notice of public hearing,
3.
The City Administrator is hereby authorized and directed to cause the notice of
the public hearing to be published once in the official newspaper of the City, a
newspaper of general circulation available in the City, not less than 14 days nor
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more than 30 days prior to the date fixed for the hearing, substantially in the form
of the attached notice of public hearing.
Adopted this 18th day of January, 2005, by the City Council of the City of Elk River, Minnesota.
ATTEST:
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NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR A COMMERCIAL
FACILITIES DEVELOPMENT PROJECT
Notice is hereby given that the City Council of the City of Elk River, Minnesota
(the "City"), will meet at the Council Chambers of City Hall, 13065 Orono Parkway in the City
at 0:30 p.m. on Tuesday, Febmary 22, 2005, to consider the proposal of The Church of St.
Andrew, a Minnesota nonprofit religious corporation (the "Borrower"), that the City allow the
financing of the non-religious portions of the renovation and equipping of, and constmction of
additions to, a school for kindergartyn through 6th grade known as St. Andrew School, owned
and operated by the Borrower and located at 428 Irving Avenue in the City (the "Project")
through the issuance of revenue bonds, the proceeds of which will be loaned to the Borrower to
pay a portion of the costs of the Project and will be repaid by the Borrower.
The maximum aggregate estimated principal amount of bonds or other obligations
of the City to be issued to finance the Project is $1,500,000.
The bonds or other obligations if and when issued will not constitute a charge,
lien or encumbrance upon any property of the City and such bonds or obligations will not be a
charge against the City's general credit or taxing powers but will be payable from sums to be
paid by the Borrower pursuant to a revenue agreement.
A draft copy of the proposed application to the Commissioner of the Department
of Employment and Economic Development, State of Minnesota, for approval of the projects,
together with all attachments and exhibits thereto, is available for public inspection from 8:00
a.m. to 4:30 p.m., Monday through Friday, at the City Hall in the City.
Comments concerning these applications may be presented at the public hearing
or filed with the City Clerk until 4:30 p.m. on the day of the hearing. Each response will be
considered before any formal action is taken by the City Council. If there are questions
concerning these applications call the City Clerk at (763) 635-1000.
Joan Schmidt, City Clerk
Dated this 26th day of January, 2005.
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