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HomeMy WebLinkAboutMay 18, 1981Official Proceedings Columbia Heights City Council Special Meeting May 18,1981 The special meeting was called to order by Mayor Nawrocki at 7:35 pm. 1. Roll Call Logacz, Heintz, Norberg, Hentges, Nawrocki--present 2. Purpose of the Meetin9 To have the first reading of two ordinances dealing with two downtown development projects, the Columbia Heights Mall and the Terry Evenson project and to establish a date for public hearings to be held on the two ordinances receiving their first reading at this meeting. Roger Jensen, Director of the HRA, gave the background on the ordinances and reso- lutions under consideration. Councilman Norberg felt he could not approve the pro- jects as stated in the ordinances as there were no firm dollar figures. He thinks the Council should not be asked for any type of approval until the figures for the two projects are available. Bond Counsel, John Uttley and Roger Jensen advised the Council that those figures will be available at the time of the second reading of the ordinances. The second reading is scheduled for June 8, 1981 at a public hearing. a, First Reading of Ordinance No. 953 being an ordinance giving preliminary approval to a project under the Municipal Industrial Development Act, referring the proposal to the Commissioner of Securities for approval, and authorizing preparation of neces- sary documents. (Columbia Heights Mall ) Motion by Heintz, second by Norberg to waive the reading of the ordinance there being ample copies available to the public. Roll call: All ayes Ordinance No. 953 BEING AN ORDINANCE GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, REFERRING THE PROPOSAL TO THE COMMISSIONER OF SECURITIES FOR APPROVAL, AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS The City of Columbia Heights does ordain: 1. It is hereby found, determined and declared as follows: 1.1. The welfare of the State of Minnesota requires active promo- tion, attraction, encouragement and development of economically sound industry and commerce through governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and it is the policy of the State of Minnesota to facilitate and encourage action by local government units to prevent the economic deterioration of such areas to the point where the process can be reversed only by total redevelopment through the use of local, state and federal funds derived from taxation, with the attendant necessity of relocating displaced persons and of duplicating public services in other areas. Special Meeting May 18, 1981 page 2 1.2. Technological change has caused a shift to a significant degree in the area of opportunity for educated youth to processing, transporting, marketing, service and other industries, and un]ess existing and related industries are retained and new industries are developed to use the available resources of the City of Columbia Heights (the "City"), a large part of the existing investment of the community and of the state as a whole in educational and public service facilities will be lost, and the movement of talented, educated personnel of mature age to areas where their services may be effectively used and compensated and the lessening attraction of persons and businesses from other areas for purposes of industry, commerce and tourism will deprive the City and the State of the economic and human resources needed as a base for providing governmental services and facil- ities for the remaining population. 1.3. The increase in the amount and cost of governmental services requires the need for more intensive development and use of land to provide an adequate tax base to finance these costs. 1.4. A representative of Columbia Heights MaLl, a Minnesota general partnership (hereinafter the "Applicant"), has advised this City Council (the "Council") that it desires to acquire land within the Downtown C.B.D. Revitalization Project area and construct a building or buildings and acquire and install equipment therefor for use as a shopping center facility (hereinafter referred to as the "Proiect"). 1.5. The existence of the Project in the City will contribute to more intensive development and use of land to increase the tax base of the City and overlapping taxing authorities and maintain and provide for an increase in opportunities for employment for residents of the City. 1.6. The City has been advised that conventional, commercial financing to pay the capita] cost of the Project is avaLlable at such costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but that with the aid of municipal financing, and its resulting low borrowing cost, the Project is economically more feasible. 1.7. This Council has been advised by a representative of the Applicant that on the basis of information submitted to it and its discussions with representatives of area financial institutions and potential buyers of tax-exempt bonds, industrial development revenue bonds of the City could be issued and sold upon favorable rates and terms to finance the Project. 1.8. The City is authorized by Minnesota Statutes, Chapter 474, to issue its revenue bonds to finance the cost, in whole or in part, of the acquisition, construction, reconstruction, improvement or extension of cap- ital projects consisting of properties used and useful in connection with a revenue producing enterprise, such as that of the Applicant, and the issuance of such bonds by the City would be a substantial inducement to the Applican~ to construct its facility in the City. 2. On the basis of information given the City to date, it appears that it would be in the best interest of the City to issue its industrial development revenue bonds under the provisions of Chapter 474 to finance the Project of the Applicant at a cost presently estimated not to exceed $10,000,000. Special Meeting May 18, 1981 page 3 3. The Project above referred to is hereby given preliminary approval by the City and the issuance of bonds for such purpose and in such amount approved, subject to approval of the Project by the Commissioner of Securities and to the mutual agreement of this body, the Applicant and the initial purchasers of the bonds as to the details of the bond issue and provisions for their payment. In all events, it is understood, however, that the bonds of the City shall not constitute a charge, lien or encumbrance legal or equitable upon any property of the City except the Project and each bond, when, as, and if issued, shall recite in substance that the bond, including interest thereon, is payable solely from the revenues received from the Project and property pledged to the payment thereof, and shall not constitute a debt of the City. 4. In accordance with Minnesota Statutes, Section 474.01, Subdivision 7a, the Mayor of the City is hereby authorize~] and directed to submit the proposal for the P. rojeet to the Commissioner of Securities for approval of the Project. The-Mayor, Clerk, Treasurer and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with any preliminary infor- mation needed for t.his purpose, and the City Attorney is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if it is approved by the Commissioner. 5. The law firm of Holmes & Graven, Chartered, is authorized to act as Bond Counsel and to assist in the preparation and review of necessary documents relating to the Project and bonds issued in connection therewith. The Mayor, Clerk-Treasurer, City Attorney, and other officers, employees and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents. 6. This ordinance shall be in full force and effect from and after thirty (30) days after its passage. Mayor Secretary to the Council First Reading: Second Reading: Offered by: Seconded by: Roll 'Call: May 18, 1981 Date of Passage: Special Meeting May 18, 1981 page 4 b. Resolution 81-26 being a a proposal to undertake and ( Columbia Heights Mall ) resolution finance a establishing the date for a public hearing on project under Minnesota Statutes, Chapter 474 Motion by Heintz, second by Logacz to waive the reading of the resolution ample copies available to the public. Roll call: All ayes Councilman Norberg felt this public hearing should be set for July~ RESOLUTION NO. 81- 26 there being RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474 WHEREAS, the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 474.01 et seci. (the "Act"), authorizes the issuance of revenue bonds to finance projects; and WHEREAS, the term "project" is defined by Section 474.02, subdivision la, of the Act to include "any properties, real or personal, used or useful in connection with a revenue producing enterprise"; and WHEREAS, a representative of Terry Evenson (the "Developer") has presented this City Council with information concerning a proposed project (the "Project") to be acquired and constructed within the City of Columbia Heights (the "City"); and WHEREAS, the Developer has requested that the City resolve to issue revenue bonds pursuant to the Act to finance the Project and has presented to the City a form of preliminary ordinance concerning such issuance with a request that such preliminary ordinance, attached hereto as Exhibit A, be considered for adoption by the City Counc~" :' the City; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that the City Council must conduct a public hearing on any proposal to undertake and finance a project; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that notice of the time and place of such public hearing and stating the general nature of the project and an estimate of tlc prineipa! amount of bonds or other obligations to be issued to finance the project must be published at ]east once not less than fifteen (15) days nor more than thirty (30) days prior to the date fixed for the public hearing in the official newspaper of the City and a newspaper of general circulation in the City; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that the notice must state that a draft copy of the proposed application (the "Application") to the Commissioner of Securities of the Securities Division of the Department of Commerce of the State of Minnesota for approval of the Project, together with all attachments and exhibits, is on file with the City and available for public inspec- ti on'; and WHEREAS, the Developer has presented to the City a form of public notice, attached hereto as Exhibit B, with a request that the City Council establish a date for a public hearing on the proposal to undertake and finance the Project and to authorize publication of the form of public notice provided by the Developer; Special Meeting May 18, 1981 page 5 NOW, THEREFORE, BE IT RESOLVED THAT: 1. The City Council of the City will conduct a public hearing on the proposal to undertake and finance the Project on the 8th day of June, 1981. 2. The City Manager is hereby authorized to cause a public notice, substantially in the form of the notice attached hereto as Exhibit B, to be published in the official newspaper of the City and a newspaper of general circulation in the City. 3. The City Manager is hereby authorized and directed to have available for public inspection in' the offices of the City a draft copy of the proposed Application, together with all attachments and exhibits thereto. Offered by: Seconded by: Roll Call: Heintz Logacz Logacz, Heintz, Hentges, Nawrocki--aye Norberg--nay Date of Passage: ~-18-81 Bruce G. Nawrocki, Mayor Jo-Anne Student, Council Secretary CERTIFICATION OF MINUTES RELATING TO THE RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474 City: Columbia Heights County: Anoka State: Minnesota Governing body: City Council Meeting: A meeting of the City Council of the City of Columbia Heights, held on the 18.. day of M~_~ ., 1981, at 7:~0 p.m., in the City of Columbia Heights, Minnesota. Council members present: Logacz, Heintz, Norberg, Hentges, Nawrocki Council members absent: None Specia! Meeting May 18, 198! page 6 Documents: A copy of a resolution adopted by the City Council of the City of Columbia Heights at said meeting. Certification: I, John E. Schedler, Clerk-Treasurer of the City of Columbia Heights, Minnesota, do hereby certify the following: Attached hereto is a true and correct copy of a resolution on file and of record in the offices of the City of Columbia Heights, which resolution was adopted by the City Council of the City of Columbia Heights, Minnesota, at the meeting referred to above. Said meeting was a regular meeting of the City Council, was open to the public, and was held at the time and place at which meetings of City Council are regularly held. Council Member Heintz moved the adoption of the attached resolution. The motion for adoption of the attached resolution was seconded by Council Member Logacz. A vote being taken on the motion, the following voted in favor of the resolution: Logacz, Heintz, Hentges, Nawrocki and the following voted against the resolution: Norberg Whereupon said resolution was declared duly passed and adopted. The attached resolution is in full force and effect and no action has been taken by the City Council of the City of Columbia Heights which would in any way alter or amend the attached resolution. Witness my hand officially as the Clerk-Treasurer of the City of Columbia Heights, Minnesota, this day of , 1981. John E. Schedler Clerk-Treasure r Exhibit A attached to this resolution is Ordinance No.953 in its entirety as it appears in the minutes of this meeting. EXHIBIT B NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474, AS AMENDED THE CITY OF COLUMBIA HEIGHTS, MINNESOTA Special Meeting May 18, 1981 page 7 NOTICE IS HEREBY GIVEN that the governing body of the City of Columbia Heights, Minnesota (the "City"), will meet on June 8, 1981, at 7:00 p.m. at City offices in Columbia Heights, Minnesota, for the purpose of eondueting a public hearing on a proposal that the City issue its revenue bonds under the Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to finance the cost of a project. The proposed project will consist of the acquisition of land within the City and the construction thereon of a building or buildings and the acquisition and installation of equipment therefor for use as a shopping center to be owned by Columbia Heights Mall, a Minnesota general partnership, for use in its business. The estimated total amount of the proposed bond issue is $10,000,000. The bonds shall be limited obligations of the City and the bonds and interest th'ereon shall be payable solely from the revenues pledged to the payment thereof, except that such bonds may be secured by a mortgage and other encumbrance on the project. No holder of any such bond shall ever have the right to compel any exercise of the taxing power of the City of Columbia Heights to pay the bonds, or the interest thereon, nor to enforce payment against any property of the City except the project. A draft eopy of the proposed application to the Minnesota Commissioner of Securities for approval of the project, together with all attachments and exhibits thereto, is available for public inspection at the City offices. Ail persons interested may appear and be heard at the time and place set forth above. [ Date of Publication] BY ORDER OF THE CITY COUNCIL OF THE CITY OF COLUMBIA HEIGHTS ¢. First Reading of Ordinance No.954 being an ordinance giving preliminary approval to a project under the Municipal Industrial Development Act, referring the proposal to the Commissioner of Securities for approval, and authorizing preparation of necessary documents. ( Terry Evenson ) Motion by Heintz, second by Hentges to waive the reading of the ordinance there being ample copies available to the public. Roll call: Logacz, Heintz, Hentges, Nawrocki--aye Norberg--nay Motion fails Motion to reconsider by Norberg, second by Heintz Roll call: All ayes Motion carries Ordinance No. 954 BEING AN ORDINANCE GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, REFERRING THE PROPOSAL TO THE COMMISSIONER OF SECURITIES FOR APPROVAL, AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS The City of Columbia Heights does ordain: 1. It is hereby found, determined and declared as follows: Special Meeting May 18, 198] page 8 1.1. The welfare of the State of Minnesota requires active promo- tion, attraction, encouragement and development of economically sound industry and commerce through governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and it is the policy of the State of Minnesota to facilitate and encourage action by local government units to prevent the economic deterioration of such areas to the point where the process can be reversed only by total redevelopment through the use of local, state and federal funds derived from taxation, with the attendant necessity of relocating displaced persons and of duplicating public services in other areas. 1.2. Technological change has caused a shift to a significant degree in the area of opportunity for educated youth to processing, transporting, marketing, service and other industries, and unless existing and related industries are retained and new industries are developed to use the available resources of the City of Columbia Heights (the "City"), a large part of the existing investment of the community and of the state as a whole in educational and public service facilities will be lost, and the movement of talented, educated personnel of mature age to areas where their services may be effectively used and compensated and the lessening attraction of persons and businesses from other areas for purposes of industry, commerce and tourism will deprive the City and the State of the economic and human resources needed as a base for providing governmental services and facil- ities for the remaining population. 1.3. The increase in the amount and cost of governmental services requires the need for more intensive development and use of land to provide an adequate tax base to finance these costs. 1.4. A representative of Terry Evenson (hereinafter the "Applicant"), has advised this City Council (the "Council") that he desires t° acquire land within the Downtown C.B.D. Revitalization Project area and construct a building of approximately 80,000 square feet and acquire and install equipment therefor for use as an office facility (hereinafter referred to as the "Project"). 1.5. The existence of the Project in the City will contribute to more intensive development and use of land to increase the tax base of the City and overlapping taxing authorities and maintain and provide for an increase in opportunities for employment for residents of the City. 1.6. The City has been advised that conventional, commercial financing to pay the capital cost of the Project is available at such costs of borrowing that the economic feasibility of operating the Project would be significantly reduced~ but that ~,ith the aid of municipal financing, and its resulting low borrowing cost, the ?roject is economically more feasible. 1.7. This Council has been advised by a representative of the Applicant, that on the basis of information submitted to them ar{d their discussions with representatives of area financial institutions and potential buyers of tax-exempt bonds, industrial development revenue bonds of the City could be issued and sold upon favorable rates and terms to finance the Project. Special Meeting May 18, 1981 page 9 1.8. The City is authorized by Minnesota Statutes, Chapter 474, to issue its revenue bonds to finanee the cost, in whole or in part, of the acquisition, construction, reconstruction, improvement or extension of cap- ital projects consisting of properties used and useful in connection with a revenue producing enterprise, such as that of the Applicant, and the issuance of such bonds by the City would be a substantial indueement to the Applicant to construct its facility in the City. 2. On the basis of information given the City to date, it appears that it would be in the best interest of the City to issue its industrial development revenue bonds under the provisions of Chapter 474 to finance the Project of the Applicant at a cost presently estimated not to exceed $10,000,000. 3. The Project above referred to is hereby given preliminary approval by the City and the issuance of bonds for such purpose and in such amount approved, subject to approval of the Project by the Commissioner of Securities and to the mutual agreement of this body, the Applicant and the initial purchasers of the bonds as to the details of the bond issue and provisions for their payment. In all events, it is understood, however, that the bonds of the City shall not constitute a charge, lien or encumbrance legal or equitable upon any property of the City except the Project and each bond, when, as, and if issued, shall recite in substance that the bond, including interest thereon, is payable solely from the revenues received from the Project and property pledged to the payment thereof, and shall not constitute a debt of the City. 4. In accordance with Minnesota Statutes, Section 474.01, Subdivision 7a, the Mayor of the City is hereb~ authorized and directed to submit the proposal for the Project to the Commissioner of Securities for approval of the Project. The Mayor, Clerk, Treasurer and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with any preliminary infor- mation needed for this purpose, and the City Attorney is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if it is approved by the Commissioner. 5. The law firm of Holmes & Graven, Chartered, is authorized to act as Bond Counsel and to assist in the preparation and review of necessary documents relating to the Project and bonds issued in connection therewith. The Mayor, Clerk-Treasurer, City Attorney, and other officers, employees and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents. 6. This ordinance shall be in full force and effect from and after thirty (30) days after its passage. First Reading: Second Reading: May 18, 1981 Mayor Special Meeting May 18, 1981 page l0 d. Resolution 81-27 being a resolution establishing the date for a public hearing on a proposal to undertake and finance a project under Minnesota Statutes, Chapter 474 ( Terry Evenson ) Motion by Heintz, second by Logacz to waive the reading of the resolution there being ample copies available to the ~ublic. Roll call: All ayes RESOLUTION NO. 81-27 RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474 WHEREAS, the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Sections 474.01 et sec1. (the "Act"), authorizes the issuance of revenue bonds to finance projects; and WHEREAS, the term "project" is defined by Section 474.02, subdivision la, of the Act to include "any properties, real or personal, used or useful in connection with a revenue producing enterprise"; and WHEREAS, a representative of Terry Evenson (the "Developer") has presented this City Council with information concerning a proposed project (the "Project") to be acquired and constructed within the City of Columbia Heights (the "City"); and WHEREAS, the Developer has requested that the City resolve to issue revenue bonds pursuant to the Act to finance the Project and has presented to the City a form of preliminary ordinance concerning such issuance with a request that such preliminary ordinance, attached hereto as Exhibit A, be considered for adoption by the City Council of the City; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that the City Council must conduct a public hearing on any proposal to undertake and finance a project; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that notice of the time and place of such public hearing and stating the general nature of the project and an estimate of the prineipaJ amount of bonds or other obligations to be issued to finance the project must be published at least once not less than fifteen (15) days nor more than thirty (30) days prior to the date fixed for the public hearing in the official newspaper of the City and a newspaper of general circulation in the City; and WHEREAS, Section 474.01, subdivision 7b, of the Act provides that the notice must state that a draft copy of the proposed application (the "Application") to the Commissioner of Securities of the Securities Division of the Department of Commerce of the State of Minnesota for approval of the Project, together with all attachments and exhibits, is on file with the City and available for public inspec- ti on'; and WHEREAS, the Developer has presented to the City a form of public notice, attached hereto as Exhibit B, with a request that the City Council establish a date for a public hearing on the proposal to undertake and finance the Project and to authorize publication of the form of public notice provided by the Developer; Special Meeting May 18, 1981 page 11 Now, THEREFORE, BE1TRESOLVED THAT: 1. The City Council of the City will conduct a public hearing on the proposal to undertake and finance the Project on the 8th day of June, 1981. 2. The City Manager is hereby authorized to cause a public notice, substantially in the form of the notice attached hereto as Exhibit B, to be published in the official newspaper of the City and a newspaper of general circulation in the City. 3. The City Manager is hereby authorized and directed to have available for public inspection in the offices of the City a draft copy of the proposed Application, together with all attachments and exhibits thereto. Offered by: Logacz Seconded by: Heintz Roll Call: All ayes Date of Passage: May 18, 1981 Bruce G. Nawrocki, Mayor Jo-Anne Student, Council Secretary CERTIFICATION OF ,MINUTES RELATING TO THE ~ RESOLUTION ESTABLISHING THE DATE FOR A PUBLIC HEARING ON A PROPOSAL TO UNDERTAKE AND FINANCE A PROJECT UNDER MINNESOTA STATUTES, CHAPTER 474 City: Columbia Heights County: Anoka State: Minnesota Governing body: City Council Meeting: A meeting of the City Council of the City of Columbia Heights, held on the 18 day of May . , 1981, at 7:30 p.m., in the City of ColumI~ia Heights, Minnesota. Council members present: Iogacz, Heintz, Norberg, Hentges, Nawrocki Council members absent: None Special Meeting May 18, 1981 page 12 Documents: A copy of a resolution adopted by the City Council of the City of Columbia Heights at said meeting. Certification: I, John E. Schedler, Clerk-Treasurer of the City of Columbia Heights, Minnesota, do hereby certify the following: Attached hereto is a true and correct copy of a resolution on file and of record in the offices of the City of Columbia Heights, which resolution was ados)ted by the City Council of the City of Columbia Heights, Minnesota, at the meeting referred to above. Said meeting wa~ a regular meeting of the City Council, was open to the public, and was held at the time and place at which meetings of City CouncLl are regularly held. Council Member Loqacz moved the adoption of the attached resolution. The motion for adoption of the attached resolution was seconded by Council Member Heintz. A vote being taken on the motion, the following voted in favor of the resolution: Logacz, Heintz, Norberg, Hentges, Nawrocki and the following voted against the resolution: None Whereupon said resolution was declared duly passed and adopted. The attached resolution is in full force and effect and no action has been taken by the City Council of the City of Columbia Heights which would in any way alter or amend the attached resolution. Witness my hand officially as the Clerk-Treasurer of the City of Columbia Heights, Minnesota, this ~ day of , 1981. John E. Schedler Clerk-Treasure r Exhibit A attached to this resolution is Ordinance No.954 in its entirety as it appears in the minutes of this meeting. EXHIBIT B NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474, AS AMENDED THE CITY OF COLUMBIA HEIGHTS, MINNESOTA Special Meeting May 18, }981 page 13 NOTICE IS HEREBY GIVEN that the governing body of the City of Columbia Heights, Minnesota (the "City"), will meet on June 8, 1981, at 7:30 p.m. at City offices in Columbia Heights, Minnesota, for the purpose of conducting a public hearing on a proposal that the City issue its revenue bonds under the Municipal Industrial Development Act, Minnesota Statutes, Chapter 474, as amended, in order to finance the cost of a project. The proposed project will consist-of the acquisition of land within the City and the construction thereon of a building or buildings and the acquisition and installation of equipment therefor for use as an office facility to be owned by Terry Evenson for use in his business. The estimated total amount of the proPOsed bond issue is $10,000,000. The bonds shall be limited obligations of the City and the bonds and interest thereon shall be payable solely from the revenues pledged to the payment thereof, except that such bonds may be secured by a mortgage and other encumbrance on the project. No holder of any such bond shall ever have the right to compel any exercise of the taxing power of the City of Columbia Heights to pay the bonds, 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 Minnesota Commissioner of Securities for approval of the project, together with all attachments and exhibits thereto, is available for public inspection at the City offices. All persons interested may appear and be heard at the time and place set forth above. [Date of Publication] BY ORDER OF THE CITY COUNCIL OF THE CITY OF COLUMBIA HEIGHTS Adjournment Motion by Heintz, second by Logacz to adjourn the meeting at 8~ pm Ro~/~/~: Ali ~s Bruce G. Nawrocki, Mayor An~e Student, Co~ohcil Secretary