277129 WHITE -/ CITY CLERK COUIICII �'7129
PINK - FINANCE
CANARY - DEPARTMENT G I T Y O F S A I N T PA U L
BLUlf - MAYOR File N O.
� ncil Resolution
. L .
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLUTION CALLIPIF FOR A PUBLIC HEARING
ON A PROPOSAL FOR A COMMERCIAL
FACILITIES DEVELOPMENT PROJECT
PURSUANT TO THE MINNESOTA MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT AUTHORIZING
THE PUBLICATION OF A NOTICE OF SAID HEARING
WHEREAS,
(a) Chapter 474, P�innesota Statutes, known as the Minnesota Municipal
Industrial Development Act (the "Act") gives municipalities and redevelopment
agencies the pv�er to issue revenue bonds for the purpose of 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;
(b) The City Council of the City of St. Paul , P�innesota, has received
from a Minnesota limited partnership to be formed by Broadway Square Associates
as a general partner (the "Borrower") , a proposal that the Housing and Redevelop-
ment Authority of the City of Saint Paul , Minnesota (the "HRA") assist in
financing a project hereinafter described, through the issuance of its industrial
revenue bonds or note (the "Note") pursuant to the Act;
(c) Before proceeding with consideration of the request of the Borrower it
is necessary for the HRA to hold a public hearing on the proposal pursuant to
Section 474.01 , Subdivision 7b, Minnesota Statutes;
COUIVCILMEIV Requestgd by Department of:
Yeas Nays
Hunt
Levine IR Favor
Maddox
McMahon B
Showalter __ Agalnst Y —
Tedesco
Wilson •
Form Approved by City Attorney
Adopted by Council: Date —
Certified Yassed by Council Secretary BY
sy —_
Approved by ;Nayor. Date _ Approved by Mayor for Submission to Council
By _ — BY
WHITE � CITY CLERK
PINK ' FINANCE �FyI/�/�
CANARY - DEPARTMENT COUi1C1I
BLUB - MAYOR GITY OF SAINT PAUL File NO. Q e1 V
. . Co nc,il Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
NOW, THEREFORE, BE IT RESOLVED BY the City Council , as follows:
1 . The HRA will be requested to hold a Public Hearing on said proposal of
the Borrower at the time and place set forth in the Notice of Hearing hereto
attached.
2. The general nature of the proposal and an estimate of the principal
amount of the Note to be issued to finance the proposal are described in the
form of Notice of Hearing hereto attached.
3. The Notice of said Public Hearing shall be in substantially the form
contained in the Notice hereto attached.
4. A draft copy of the proposed application to the Commissioner of
Securities, State of P1innesota, for approval of the project, together �,�i�h
proposed forms of all attachments and exhibits thereto, will be on file in the
office of the HRA on or prior to July 20, 1981 .
5. The Secretary is hereby authorized and directed to cause notice of
said hearing to be given one publication in the official newspaper and in a
newspaper of general circulation available in the City of St. Paul , not less
than 15 days nor more than 30 days prior to the date fixed for said hearing,
as shown in the notice of hearing hereto attached.
COUIVCILME[V Requestgd by De pppartment of:
Yeas Nays ��
Hunt
Levine In Favor '
Maddox �,
McMahon B
snowaiter __ Against Y
Tedesco
Wilson
�lUl � 4 �98� Form Appro d by City ttor ey
Adopted by Council: Date —
Certified Ya e y Counc.' Sec e ry BY �����V'
By �
Approved by ayor: Date ��l i 6 iggl Approve ayor for Submission to Council
gy __�I i� _ By � ,
PUBLISNED J U L 2 5 i981
� � �'���9
NOTICE OF PUBLIC HEARING
ON A PROPOSAL FOR A CO.''�1MERCIAL
FACILITIES DEVELOPMENT PROJECT
TO WHOM IT MAY CONCERN:
NOTICE IS HEREBY GIVEN that the Housing and
Redevelopment Authority of the City of Saint Paul, Minne-
sota ("HRA") will hold a regular meeting at the Ramsey
County Courthouse in the City of Saint Paul, Minnesota,
at ;,� o'clock a.m. on July 30, 1981, to consider
the proposal of Broadway Sauare Associates, a Minnesota
general partnership who will be the general partner in a
limited partnership �o be formed, that the HRA assist in
financing the renovation of the lower portion of the
building known as the Cardozo Warehouse which is located
at the northwest corner of the intersection of 5th and
Broadway in St. Paul to create commercial and retail
space by the issuance of industrial development revenue
bonds or a note.
The estimated total principal amount of the revenue
bonds to be issued to finance this project is approximately
$1,000, 000. '
Said bonds or other obligations if and when issued
wiTl not constitute a charge, lien or encumbrance upon
any property of the HRA or the City of Saint Paul, and the
project and such note or obligation will not be a charge
against the HRA's or the City 's general credit or taxing
powers but will be payable from sums to be paid pursuant
to a revenue agreement. ,
A draft copy of the proposed application to the
Commissioner of Securities, State of Minnesota, for approval
of the project, together with all attachments and exhibits
thereto, is available for public inspection beginning
, 81 from 9 :00 o'clock a.m. to 4 :00 o'clock p.m. ,
7`' �Y ��i���� Monday through Friday, at the Office of the Department of
Planning and Economic Development, 14th Floor, 25 West
Fourth Street, Saint Paul, I�Iinnesota.
� � � 2'�'7129
At the time and place fixed for said Public
Hearing, the HRA will give all persons who appear at the
hearing an opportunity to express their views with respect
to the proposal. , �
Dated this 14th day of July, 1981.
( BY ORDER OF THE HOUSING AND
REDEVELOPMENT AUTHORITY OF THE
CITY OF SAINT PAUL, MINNESOTA)
. By /s/ William Wilson
Secretary
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