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Home My WebLink About4.h. Cancel October 22, 1992 Public HearingCITY OF ROSEMOUNT EXECUTIVE SUMARY FOR ACTION CITY COUNCIL MEETING ATE: OCTOBER 6, 1992 AGENDA ITEM: CANCEL OCTOBER 22, 1992 SPECIAL AGENDA SECTION: COUNCIL MEETING , CONSENT PREPARED BY: SUSAN ADMINISTRATIVE M. WALSH ASSISTANT AGENDM# "�' ATTACiIIUMS: LETTER FROM BRIGGS AND MORGAN, APPROVED BY: RESOLUTION At`>a Special Council Meeting on September 21, 1992, Council set a special meeting to hold a public hearing on October 22, 1992 to consider an amendment to the Rosemount Redevelopment Plan Please refer to the a tached letter from Mary Dyrseth from Briggs and Morgan who states this , public hearing is not necessary. Since this public hearing was set by a resolution, the appropriate action would be to adopt the attached resolution. RECOMMENDED ACTION: 1992-101 MOTION TO ADOPT A RESOLUTION RESCINDING RESOLUTION COUNCIL ACTION: WRITER'S DIRECT DIAL NUMBER (612) 223-6625 Mr. Stephan Jilk City Administr,- Mr. John Miller Economic Dew City of Rosemou 2875 145th Stree Rosemount, MN LAW OFFICES BRIGGS AND MORGAN PROFESSIONAL ASSOCIATION 2200 FIRST NATIONAL BANK BUILDING SAINT PAUL, MINNESOTA 55101 West 55068 TELEPHONE (612) 223 - 6600 FACSIMILE (612) 223-6950 September 23, 1992 t Director ML'%^_TEAPOLIS OFFICE 2400 IDS CENTER MINN-EAPOLIS, MINNESOTA 55402 TELEPHONE 1012) 334-8400 FACSIMILE 1612) 334-8650 Re: Port Authority of the City of Rosemount - $3,500,000 General Obligation Bonds, Series 1992 (Ice Arena Project) Dear Steve andJohn: Enclosed re copies of the letters that were sent to the County and School Districts informing them that the public hearing scheduled for October 22, 1992, has been canceled. As I mentioned in our telephone conversation, I remembered, after returning to the office, that the above referenced bonds are being issued under the port authority law (Minnesota Statutes, Section 469.060), which authorizes the issuance of general obligation bonds by a port authority, secured by the full -faith and credit of the city, without an election. The amen ments were necessary to enlarge the Rosemount Redevelopment District to include the ice arena site and to authorize the use of tax increments from both the Rosemount Redevelopment District and Tax Increment District No. 1-1 for the ice arena project. Since we have independent authority for issuing the bonds under the port authority law, it was not necessary that the Tax Increment Financing Plan authorize the issuance of $3,500,000 in tax increment bonds. The amendments were needed only to allow the use of tax increments to pay debt service Dn the bonds in the event the revenues of the ice arena were not sufficient. BRIGGS AND MORGAN Mr. Stephan Jilk Mr. John Miller September 23, 1992 Page Two Notwithstanding the fact the costs of the ice arena exceeded the amount set forth in the amendments to the plans, the City does not need to hold a new public hearing to increase the costs unless tax increments are going to pay debt service on more than $2,500,000 of the $3,500,000 bond issue. Since this is highly unlikely, if not impossible, I have concluded that a new public hearing is not needed. I hope this clarifies why a new public hearing is not necessary. I am sorry for the confusion on this matter. I also want to mention that the following resolutions or ordinances, as the case may be, will be necessary in connection with the issuance of the port authority bonds: 1. A Port Authority resolution calling for the sale of the bonds. 2. An ordinance adopted by the City Council consenting to the pledge of its full faith and credit to the bonds. The ordinance must be published once in the official newspaper of the City. 3. A Port Authority resolution accepting the bid on the sale of the above referenced bonds. If you have any questions, please give me a call. MMD:mw Enc. cc: Mr. Dan O'Neill Mr. Vince Thomas WRITER'S DIRECT DIAL NUMBER (612) 223-6625 Dr. R. J. Rehwal Superintendent Independent Sch 14445 Diamond 1 Rosemount, MN Re: City of Rosf Rosemount Developmer Financing I District No. Dear Superinte Board M The purpc Rosemount, that scheduled for O( MMD:mw cc: Mr. Step] Mr. John LAW OFFICES I?IGGS AND M013GAN PROFESSIONAL ASSOCIATION 2200 FIRST NATIONAL BANK BUILDINO SAINT PAUL, 241-NNESOTA 55101 TELEPHONE (612) 223-6600 FACSIMILE (612) 223-6450 September 23, 1992 District No. 196 9W MINNEAPOLIS OFFICE 2400 IDS CEN -TER MINCKEAPOLIS, MDNESOTA 55-402 TELEPHONE 4012) 334'8400 FACSIMILE (812) 334-8850 nount - CancelIation of Public Hearing on Modification to tedevelopment Plan and the Development Program for District No. 1 and the Amendment of Tax Increment an for Tax Increment Financing (Economic Development) 1-1 t Rehwaldt and :rs of the School Board: of this letter is to inform you, on behalf of the City of e public hearing for the above referenced matter, which was ber 22, 1992, has been canceled and will not be rescheduled. Jilk Very truly yours, Mary M. seth k'RITER'S DIRECT DIAL NL-MBEER (612) 223-6625 LAW OFFICES BRIGGS AND MORGANT PROFESSIONAL ASSOCIATION 2200 FIRST NATIONAL BANK BUILDING SALNT PAUL, MINNESOTA 55101 TELEPHONE (612) 223-6600 FACSIMILE (612) 223-6450 September 23, 1992 Dakota County Board of Commissioners Dakota County Judicial Center 1560 Highway 55 Hastings, MN 55033 Attention: Ms. Norma Marsh County Auditor MINNEAPOLIS OFFICE 2400 IDS CENTER MIN-.N-EAPOLIS, MINNESOTA 55402 TELEPHONE (012) 334-8400 FACSIMILE 1612) 334-8650 Re: City of Rosemount - Cancellation of Public Hearing on Modification to Rosemount Redevelopment Plan and the Development Program for Development District No. 1 and the Amendment of Tax Increment Financing Plan for Tax Increment Financing (Economic Development) District No. 1-1 Dear Ms. Marsh and Members of the County Board: The purpose of this letter is to inform you, on behalf of the City of Rosemount, that the public hearing for the above referenced matter, which was scheduled for October 22, 1992, has been canceled and will not be rescheduled. Very tr ly yours, Mary M. Dyrseth MMD:mw cc: Mr. Stephan Jilk Mr. John Miller WRITER -S DIRECT DIAS. NUMBER (612) 223-6625 Mr. Roger Norst, Superintendent Dakota County T Intermediate Sch 1300 East 145th Rosemount, MN LAW OFFICES RIGGS AND MORGAN PROFESSIONAL ASSOCIATION 2200 FIRST NATIONAL BANK BUILDING SAINT PAUL, MINNESOTA 55101 TELEPHONE (612) 223 - 6600 FACSIMILE (612) 223-6450 September 23, 1992 fl :chnical College ,ol District 917 treet 55068 MINNEAPOLIS OFFICE 2400 IDS CENTER ML\-A'EAPOIIS, XIN ESOTA 55402 TELEPRONE (012) 334-8400 FACSIMILE 1912) 334-8850 Re: City of Rosemount - Cancellation of Public Hearing on Modification to Rosemount Redevelopment Plan and the Development Program for Development District No. 1 and the Amendment of Tax Increment - Financing Plan for Tax Increment Financing (Economic Development) District N . 1-1 Dear Superintendent Norstad and Board Members of the School Board: The purpo Rosemount, that scheduled for Oc of this letter is to inform you, on behalf of the City of e public hearing for the above referenced matter, which was Ser 22, 1992, has been canceled and will not be rescheduled. Very truly yours,_ )Mary M. Dyrseth MMD:mw cc: Mr. Stephn Jilk Mr. John Miller A CITY OF ROSEMOUNT RESOLUTION 1992- SOLUTION RESCINDING RESOLUTION 1992-101 WHEREAS, the City Council of the City of Rosemount deems it unnecessary to hold a public hearing on October 22, 1992 which was set for the purpose of considering a modification to the Rosemount Development Plan. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount rescinds Resolution 1992-101, A RESOLUTION CALLING FOR A PUBLIC HEARING ON A PROPOSED MODIFICATION OF THE ROSEMOUNT DEVELOPMENT PLAN AND THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND A PROPOSED SECOND AMENDMENT TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT)DISTRICT NO. 1-1; and BE IT FURTHERESOLVED, that the City Council cancels the special council meet'ng set for October 22, 1992. ADOPTED this ATTEST: 6th day of October, 1992. Susan M. Walsh, City Cler Motion by: For: Against:_ E. B. McMenomy, Mayor Seconded by: