Resolution 82-3018- Flagship Associate ProjectCONTENTS:
APPLICATION OF CITY OF HOPKINS,
MINNESOTA, TO MINNESOTA DEPARTMENT
OF ENERGY, PLANNING AND DEVELOPMENT FOR APPROVAL
OF INDUSTRIAL REVENUE BOND PROJECT
FLAGSHIP ASSOCIATES PROJECT
Department of Energy, Planning and Development Application Form.
Preliminary Opinion of Bond Counsel.
City Council Resolution Giving Preliminary Approval.
Comprehensive Statement Regarding Satisfaction of Public Purpose of
Chapter 474 of the Minnesota Statutes.
Letter of Intent From First National Bank of Hopkins.
Statement Regarding Furnishing
Section 474.01 Subd. 8 to the
Development.
VII. Statement Regarding Project Not
to or Consumed in the Production
Any Housing Facility.
IX. Copy of Notice of Publication of the Public Hearing.
PURCHASER:
Information Required by Minn. Stat.
Department of Energy, Planning and
Including Property to be Sold or Affixed
of Property for Sale, and Not Including
VIII. Statement Regarding Public Hearing Pursuant to Minn. Stat. Section 474.01,
Subd. 7(b).
APPLICANT: Flagship Associates
18338 Minnetonka Boulevard
Wayzata, Minnesota 55391
First National Bank of Hopkins
16 Ninth Avenue North
Hopkins, Minnesota 55343
BOND COUNSEL: Thompson, Nielsen, Klaverkamp
James, P.A.
4444 IDS Center
80 South Eighth Street
Minneapolis, Minnesota 55402
I. DEPARTMENT OF ENERGY, PLANNING AND DEVELOPMENT
APPLICATION FORM
tM-00424-ui
This Application must be submitted to the Commissioner in duplicate.
To:
Minnesota Department of Energy, Planning and Development
Business Services
480 Cedar Street
St. Paul, MN 55101
STATE OF MINNESOTA
DEPARTMENT OF ENERGY, PLANNING AND DEVELOPMENT
BUSINESS SERVICES
Application
For Approval of Municipal Industrial Revenue Bond Project
Firm Flagship Associates
Address i8338 Minnetonka Boulevard
Attorney Jeremy Steiner
Name of Project Flagship Associates Project
This firm is engaged primarily in (nature of business):
office warehouse building
It wi1i be located in Hopkins, Minnesota
The total bond issue will be approximately 800,000
toward payment of costs now estimated as follows
Cost Item
Land Acquisition and S i t e Development
Construction Contracts
Equipment Acquisition and Installation
Architectural and Engineering Fees
Legal Fees.
Interest during Construction
Initial Bond Reserve
Contingencies
Bond Discount
Other
Date July 20, 1982
The governing body of Hopkins County of Hennepin
Minnesota, hereby applies to the Commissioner of the State of Minnesota, Department
of Energy, Planning and Development, for approval of this community's proposed
municipal Industrial Revenue Bond Issue, as required by Section 1, Subdivision 7,
Chapter 474, Minnesota Statutes.
We have entered into preliminary discussions with:
City Wayzata, State Minnesota 55391
State of Incorporation Minnesota general partnership
Address Hopkins, Minnesota
The funds received from the sale of the Industrial Revenue Bonds w i l l be used to
(geneilal nature of project) construct an office warehouse containing 43,135
square feet situated on 2.2 acres of land in the City of Hopkins
100,000
920,000
-0_
38,000
13,000
2� 0 0
_0_
25,000
12.000
_n_
develop a multi tenant
Amount
o be applied
It is presently estimated that construction will begin on or about November 1,
1982 and 11 be completed on or about July 15, 19 83. When completed, l
there will be approximately 40 new jobs created by the project at an annual
of approximately 720.000 based upon currently prevailing wages.
The tentative term of the financing i S 10 years, commencing sepremh
1982
The following exhibits are furnished with this application and are incorporated
herein by reference:
1. An opinion of bond counsel that the proposal constitutes a project under
Minnesota Stat., Chapter 474.02.
2. A copy of the city council resolution giving preliminary approval for the
issuance of its revenue bonds.
3. A comprehensive statement by the municipality indicating how the project
satisfies the public purpose of Minnesota S tat Chapter 474.01.
A letter of intent to purchase the bond issue or a letter confirming the
feasibility of the project from a financial standpoint:
A statement, signed by the principal representative of the issuing
authority, to the effect that upon entering into the revenue agreement
the information required by Minn. Stat. Ch. 474.01 Subd 8 will be
submitted to the Department of Energy, Planning and Development.
A statement, signed by the principal representative of the issuing
authority, that the project does not include any property to be sold or
affixed to or consumed in the production of property for sale, and does
not include any housing facility to be rented or used as a permanent residence
A statement, signed by the principal representative of the issuing authority
that a public hearing was conducted pursuant to Minn. Stat. 474.01 Subd. 7b.
The statement shall include the date, time and place of the meeting and that
all interested parties were afforded an opportunity to express their views.
8. A copy of the notice of publication of the public hearing
We, the undersigned, are duly elected representatives of Hopkins
Minnesota, and solicit your approval of this project at your earliest convenience so
that we may carry it to a final conclusion.
Signed by (Principal Officers or Representati es of Issuing At .ity)
Date of Approval
n, w( W J
Mayor
City Clerk
This approval shall not be deemed to be an approval by the Commissioner or the State
of the feasibility of the project or the terms of the lease to be executed or the
bonds to be issued therefor.
Commi s s ironer
Minnesota Department of Energy,
Planning and Development
II. PRELIMINARY OPINION OF BOND COUNSEL
BRUCE F.THOMPSON
D.JAMES NIELSEN
BRUCE W. BLACKBURN
PAUL H. KLAVERKAMP
BRUCE B.JAMES
GRANT J. MERRITT
RICHARD J. KEENAN
ROGER A.JOHNSON
DONALD P. NORWICH
RICHARD MASSOPUST, JR.
Mr. Michael L. Mulrooney, Director
Division of Business Development
Minnesota Department of Energy, Planning
and Development
550 Cedar Street
St. Paul, Minnesota 55101
Dear Mr. Eklund:
LGK:plp
LAW OFFICES
THOMPSON, NIELSEN, KLAVERKAMP Sc JAMES
A PROFESSIONAL ASSOCIATION
4444 IDS CENTER
80 SOUTH EIGHTH STREET
MINNEAPOLIS, MINNESOTA 55402
TELEPHONE
(612)'339 -4546
August 19, 1982
Re: City of Hopkins, Minnesota
$800,000 Commercial Development Revenue Bond
Flagship Associates Project
We have reviewed a resolution adopted by the Hopkins City Council on
August 17, 1982, entitled "RESOLUTION GIVING PRELIMINARY APPROVAL TO A
PROJECT UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT
ACT, REFERRING THE PROPOSAL TO THE COMMISSIONER OF ENERGY,
PLANNING AND DEVELOPMENT FOR APPROVAL, AND AUTHORIZING
PREPARATION OF NECESSARY DOCUMENTS relating to a proposal that the
City issue its revenue obligations pursuant to the Act to finance a project to be
undertaken by Flagship Associates, a Minnesota general partnership (the Company).
On the basis of our review of the resolution and preliminary discussions with
representatives of the Company as to the nature of the project and the proposed
financing, it is presently our opinion that the project constitutes a "project" within
the meaning of Minnesota Statutes, Section 474.02, Subdivision 1, and that the
municipality is authorized, assuming further proceedings are taken in accordance
with the provisions of Chapter 474 and any other applicable law, to issue its
revenue obligations to finance the project as proposed by the resolution.
A copy of this letter will be forwarded to Hopkins City officials as required
by the City in connection with the issuance of revenue obligations.
Very truly yours,
THOMPSON, NIELSEN, KLAVERKAMP
JAMES, P.A.
Kepple
RICHARD S. GOODMAN
JAMES M.CHRISTENSON
PATRICK J. McLAUGHLIN
HOWARD S. MYERS,III
LLOYD G. KEPPLE
ROGER A.ZAHN
LAVERN A. PRITCHARD
III. CITY COUNCIL RESOLUTION GIVING PRELIMINARY APPROVAL
Resolution Giving Preliminary Approval To A Project Under The
Municipal Industrial Development Act; Referring The Proposal To The
Commissioner Of Energy, Planning and Development For Approval;
And Authorizing Preparation Of Necessary Documents. Resolution No 82 -3018
Be it resolved by the City Council "Council of the City of Hopkins,
Minnesota (the "City as follows:
1. It is hereby found, determined, and declared as follows:
1.1 FLAGSHIP ASSOCIATES, a Minnesota General Partnership
("Developer"), has advised this counsel that it desires to
acquire land and develop and construct thereon an industrial
building of approximately 43,000 square feet which is to be
used for warehousing and offices (hereinafter referred to as
the "Project
1.2 Developer has advised that said Project does not include any
property to be sold or affixed to or consumed in the production
of property for sale, and does not include any housing facility
to be rented or used as a permanent residence.
The welfare of the State requires the active promotion,
attraction, encouragement and development of economically
sound industry and commerce through governmental action for
the purpose of preventing, so far as possible the emergence of
blighted and marginal lands and areas of chronic
unemployment.
1.4 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,
maintain and provide for an increase in opportunities for
employment for residents of the City and further promote the
purposes stated in Chapter 474, Minnesota Statutes, known as
the Minnesota Municipal Industrial Development Act (the
Act as specifically described in Section 474.01 of the Act._
1.5 The City has been advised that conventional, commercial
financing to pay the capital costs of the Project is available 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.
1.6 This City has also been advised by representatives of the
Developer, that on the basis of its discussions with potential
buyers of tax exempt bonds, industrial development bonds
(which may be in the form of a single instrument, such as a
Note, or in the form of bonds with varying maturities) of the
City, could be issued and sold upon favorable rates and terms
to finance the Project.
1.7 The City is authorized by the Act to issue its Industrial
Development Revenue Bonds, to finance capital projects
consisting of properties used and useful in connection with a
revenue producing enterprise, such as that of the Developer,
and the issuance of such bonds by the City would be a
substantial inducement to the Developer to construct the
Project.
1.8 That a public hearing on said Project was duly called, noticed,
and held on August 17, 1982, in accordance with the Act, and
all persons were afforded an opportunity to be heard.
On the basis of all information given to 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 the Act to finance a portion of the
costs of the Project of the Developer in an amount presently estimated to
be $800,000.00.
The Project above-referred, is hereby given preliminary approval by the
City and the issuance of Industrial Development Revenue Bonds of the City
(which may be in the form of one or more Industrial Development Revenue
Note or Notes or Industrial Development Revenue Bonds) in such amount is
hereby approved, subject to the approval of the Project by the Commis-
sioner of Energy, Planning and Development and subject to the mutual
agreement of this body, the Developer and the initial purchaser of the bond
as to the details of the bond issue and provisions for their payment. Messrs.
Thompson, Nielsen, Klaverkamp James, P.A., Minneapolis, Minnesota, are
hereby appointed as bond counsel in connection with said bond issue. 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 revenue 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 is hereby authorized and directed to execute and submit the proposal
for the Project to the Commissioner of Energy, Planning and Development
for approval of the Project. The Mayor, City Manager, City Attorney, and
other officers, employees and agents of the City, are hereby authorized to
provide the Commissioner with any preliminary information 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.
-2-
5. Upon entering into any revenue agreement, the information required by
Minnesota Statute Section 474.01, Subdivision 8, will be submitted to the
Commissioner of Energy, Planning and Development.
6. The Developer has agreed to pay directly or through the City any and all
costs incurred by the City in connection with the Project whether or not the
Project is approved by the Commissioner of Energy, Planning and
Development; whether or not the Project is carred to completion; and
whether or not the bonds or other operative instruments are executed.
7. The adoption of this resolution does not constitute a guarantee or a firm
commitment that the City will issue the bonds as requested by the
Developer. The City retains the right in its sole discretion to withdraw
from participation and accordingly not issue the bonds should the City at
anytime prior to issuance thereof determine that it is in the best interest of
the City not to issue the bonds or should the parties to the transaction be
unable to reach an agreement as to the terms and conditions of any of the
documents required for the transaction.
8. Nothing in this Resolution or in the documents prepared pursuant hereto
shall authorize the expenditure of any funds on the Project other than the
revenues thereof or the proceeds of the bonds or notes authorized by the
City herein. The bonds or notes shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property or funds of the City
except the Project and the revenue pledged to the payment thereof, nor
shall the City be subject to any liability thereon. No bondholders shall ever
have the right to compel any exercise of the taxing power of the City to pay
any such bonds or notes or the interest thereon, nor to enforce payment
thereof against any property of the City except the Project. Each bond
shall recite in substance that the bond or note, including interest thereon, is
payable solely from the revenue pledged to the payment thereof. No bond
or note issued hereunder shall constitute a debt of the City within the
meaning of any constitutional or statutory limitation.
9. In anticipation of the approval by the Commissioner of Energy, Planning and
Development and the issuance of revenue bonds or notes to finance the
Project, and in order that completion of the Project will not be unduly
delayed when approved, the Borrower is hereby authorized to make such
expenditures and advances toward payment of costs of the Project as it
considers necessary, including the use of interim, short -term financing,
subject to reimbursement from the proceeds of the revenue bonds or notes
when delivered, but otherwise without liability on the part of the City.
ATTEST:
CITY CLERK
MAYOR
CITY MANAGER
-3-
IV. COMPREHENSIVE STATEMENT REGARDING SATISFACTION OF PUBLIC
PURPOSE OF CHAPTER 474 OF THE MINNESOTA STATUTES
Comprehensive Statement of the City of Hopkins,
Minnesota, Relating to a Project Under the Municipal
Industrial Development Act, and Indicating How the Project
Satisfies the Public Purpose of Minnesota Statute Chapter 474.01
Be it found and stated by the City of Hopkins, Minnesota (the "City a
municipality within the meaning of the Municipal Development Act, as follows:
Section 1
RECITALS
1.1 FLAGSHIP ASSOCIATES, a Minnesota General Partnership
"Borrower has advised this council that it desires to develop and
construct an industrial building of approximately 43,000 square feet
which is to be used for officing and warehousing and is to be located
on Fifth Street South, Hopkins, Minnesota (hereinafter referred to as
the "Project
1.2 The welfare of the State requires the active promotion, attraction,
encouragement and development of economically sound industry and
commerce through governmental action for the purpose of
preventing, so far as possible the emergence of blighted and marginal
lands and areas of chronic unemployment.
Section 2
FINDINGS OF THE CITY
The following are factors and reasons considered by the City Council as
satisfying the public purpose and the policies of Minnesota Statutes, Section
474.01. These factors, among others were considered by the City Council in its
determination to authorize the undertaking and financing of the Project.
2.1 The Project consists generally of the development and con-
struction of an industrial building to be used for officing and
warehousing.
2.2 Construction and development costs are estimated to aggre-
gate for the Project approximately $800,000.00. The expen-
diture of this sum will actively promote and develop econom-
ically sound commerce for the City and surrounding areas.
2.3 Representatives of the Borrower estimate that, if completed
the Project would employ forty (40) new people within the
City.
ATTEST:
2.4 Representatives of the Borrower estimate that based on
prevailing wage rates the Project would result in an annual
payroll in excess of Seven Hundred Twenty Thousand and
00 /100 ($720,000.00) Dollars.
2.5 The existence of the Project will contribute to provide
employment opportunities, so as to contribute to the
maintenance of a low level of unemployment and to contribute
to providing against the movement of persons to other areas
where jobs are more plentiful.
2.6 The existence of the Project within the City will contribute to
more intensive development and use of land.
2.7 The existence of the Project within the City will increase the
tax base of the City and overlapping taxing authorities.
2.8 The existence of the Project within the City will help to
attract new industries to the ar
Sob*
City Clerk
Ma
V. LETTER OF INTENT FROM FIRST NATIONAL BANK OF HOPKINS
First Bank
Hopkins
First National Bank of Hopkins
Sixteen Ninth Avenue North
Hopkins, Minnesota 55343
612- 933 -8100
August 19, 1982
Mr. Michael J. Mulrooney, Director
Division of Business Development
Minnesota Department of Energy, Planning De elopment
480 Cedar Street
St. Paul, MN 55101
Re: City of Hopkins, Minnesota
$800,000 Commercial Development Revenue Bond
Flagship Associates Project
Dear Mr. Mulrooney:
At the request of Flagship Associates, a Minnesota general
partnership (hereinafter "Developer we have conducted a
formal review of the proposal that the City of Hopkins issue
its revenue bond under provisions of the Minnesota Municipal
Industrial Development Act to provide funds for the develop-
ment and construction of an industrial building (the "Project")
to be utilized as an office warehouse by the Developer.
This review has focused upon the creditworthiness of the
Developer and the partners of the Developer as well as the
economic feasibility of the Project.
Our study has lead us to conclude that on the basis of current
financial conditions, the Project is economically feasible and
that Flagship Associates has the financial and
capability to fulfill the obligations to be imposed upon it
by the proposed transaction. Accordingly, the First National
Bank of Hopkins has issued to the Developer its letter of
commitment to purchase the revenue bond to be issued by the
City of Hopkins for the purpose of financing the Project,
subject to approval of the Project by the City of Hopkins and
the Minnesota Commissioner of Energy, Planning and Development.
Sincerely,
Cam
Barbara Toy
Real Estate Officer
BT :mc
Member First Bank System
VI. STATEMENT REGARDING FURNISHING INFORMATION REQUIRED BY
MINN. STAT. SECTION 474.01 SUBD. 8 TO THE DEPARTMENT OF ENERGY,
PLANNING AND DEVELOPMENT
STATEMENT OF THE MAYOR OF HOPKINS, MINNESOTA
RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL
DEVELOPMENT ACT AND REGARDING THE SUBMISSION OF
INFORMATION TO THE DEPARTMENT OF ECONOMIC DEVELOPMENT
BE IT STATED and affirmed by the Mayor of Hopkins, Minnesota as follows:
1. That the City is authorized by Minnesota. Statutes, Chapter 474 (the "Act
to issue its industrial development revenue bonds to finance capital projects
consisting of properties used and useful in connection with a revenue producing
enterprise.
2. That a proposal has been presented to the City Council of Hopkins,
Minnesota, that the City, acting pursuant to and in accordance with the Act, issue
its industrial development revenue bond or bonds in the estimated total amount of
800,000.00 to finance a Project on behalf of FLAGSHIP ASSOCIATES, a
Minnesota General Partnership, (the "Borrower consisting of the development
and construction of an industrial building of approximately 43,000 square feet
which is to be used for officing and warehousing and is to be located on Fifth
Street South, Hopkins, Minnesota (hereinafter referred to as the "Project").
3. That upon entering into a revenue agreement, the information required by
Minnesota Statute 474.01, Subdivision 8 will submitted to the Commission of
Energy, Planning and Development.
1
ATTEST:
°T. cSctil
City Clerk
1
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1
Mayor
1
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1
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t
STATE OF MINNESOTA
)SS.
COUNTY OF HENNEPIN
I, the undersigned, being the duly qualified and acting City Clerk of the City
of Hopkins, Minnesota, do hereby certify that I have carefully compared the
attached and foregoing extract of minutes of a regular meeting of the City Council
held on August 17, 1982, with the original thereof on file in my office and the same
is a full, true and complete transcript therefrom as approved by the City Council
and signed by the Mayor insofar as the same relates to preliminary approval of a
project under the Municipal Development Act.
WITNESS My hand as Clerk and the corporate seal of the City this 2LI day
Av g k' s 1982.
.z
City Clerk
VII. STATEMENT REGARDING PROJECT NOT INCLUDING PROPERTY TO BE SOLD
OR AFFIXED TO OR CONSUMED :IN THE PRODUCTION OF PROPERTY FOR SALE,
AND NOT INCLUDING ANY HOUSING FACILITY
STATEMENT OF THE MAYOR OF HOPKINS, MINNESOTA
RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT
ACT AND REGARDING THE NATURE OF THE PROJECT
BE IT STATED and affirmed by the Mayor of Hopkins, Minnesota, as follows:
1. That the City is authorized by Minnesota Statutes, Chapter 474 (the "Act
to issue its industrial development revenue bonds to finance capital projects
consisting of properties used and useful in connection with a revenue producing
enterprise.
2. That a proposal has been presented to the City Council of Hopkins,
Minnesota, that the City, acting pursuant to and in accordance with the Act, issue
its industrial development revenue bond or bonds in the estimated total amount of
$800,000.00 to finance a Project on behalf of FLAGSHIP ASSOCIATES, a
Minnesota General Partnership, (the "Borrower consisting of the development
and construction of an industrial building of approximately 43,000 square feet
which is to be used for officing and warehousing and is to be located on Fifth
Street South, Hopkins, Minnesota (hereinafter referred to as the "Project
3. Based on representations of the Borrower the Project does not include any
property to be sold or affixed to or consumed in the production of property for
sale, and does not include any housing facility 'to be rented or used -as a permanent
residence.
ATTEST:
SCZ V KeA■ft4.■
City Clerk
Ma
VIII. STATEMENT REGARDING PUBLIC HEARING PURSUANT TO
MINN. STAT. SECTION 474.01 SUED. 7(b)
STATEMENT OF THE MAYOR OF HOPKINS, MINNESOTA
RELATING TO A PROJECT UNDER THE MUNICIPAL
INDUSTRIAL DEVELOPMENT ACT AND REGARDING THE PUBLIC
HEARING HELD ON AUGUST 17, 1982
BE IT STATED and affirmed by the Mayor of Hopkins, Minnesota, as follows:
1. That the City is authorized by Minnesota Statutes, Chapter 474 (the "Act"),
to issue its industrial development revenue bonds to finance capital projects
consisting of properties used and useful in connection with a revenue producing
enterprise.
2. That a proposal has been presented to the City Council of Hopkins,
Minnesota, that the City, acting pursuant to and in accordance with the Act, issue
its industrial development revenue bond or bonds in the estimated total amount of
$800,000.00 to finance a Project on behalf of FLAGSHIP ASSOCIATES, a
Minnesota General Partnership, (the "Borrower consisting of the development
and construction of an industrial building of approximately 43,000 square feet
which is to be used for off icing and warehousing and is to be located on Fifth
Street South, Hopkins, Minnesota (hereinafter referred to as the "Project
3. That in accordance with Minnesota Statute 474.01, Subdivision 7b, a public
hearing was properly noticed and conducted on August 17, 1982 at 7 P.M. at the
Hopkins City Hall, Council Chambers, 1010 First Street South, Hopkins, Minnesota
55343, and all interested parties were afforded/an opportunity to ex ress their
views.
ATTEST:
)e 5cac
City Clerk
IX. COPY OF NOTICE OF PUBLICATION OF THE PUBLIC HEARING
1
SUN
NEWSPAPERS
AFFIDAVIT OF PUBLICATION
HOPKINS- MINNETONKA
924 Excelsior Ave. W
State of Minnesota
County of Hennepin
SUN
D. K. MORTENSON, being duly sworn, on oath says he is and during all times here stated has been the
vice president and general manager of the newspaper know as. The Hopkins- Minnetonka Sun and has full
knowledge of the facts herein stated as follows: (1) Said newspaper is printed in the English language in
newspaper format and in column and sheet form equivalent in printed space to at Ieast 900 square inches.
(2) Said newspaper is a weekly and is distributed at least once every week. (3) Said newspaper has 50%
of its news columns devoted to news of local interest to the community which it purports to serve and does
not wholly duplicate any other publication and is not made up entirely of patents. plate matter and
advertisement. (4) Said newspaper is circulated in and near the municipalities which it purports to
serve, has at least 500 copies regularly delivered to paying subscribers, has an average of at least 75%
of its total circulation currently paid or no more than three months in arrears and has entry as second
class matter in its local post- office (5) Said newspaper purports to serve the City of Hopkins and that
portion of Minnetonka serving School District No. 274 in the County of Hennepin. and it has its known
office of issue in the City of Hopkins in said county, established and open during its regular business
hours for the gathering of news, sale of advertisements and sale of subscriptions and maintained by the
managing officer of said newspaper or persons in its employ and subject to his direction and control
during all such regular business hours and devoted exclusively during such regular business hours and
at which said newspaper is printed. (6) Said newspaper files a copy of each issue immediately with the
State HIstorical Society. (7) Said newspaper is made available at single or subscription prices to any
person, corporation, partnership or other unincorporated association requesting the newspaper and
making the applicable payment. (8) Said newspaper has complied with all foregoing conditions for at
least one year preceding the day or dates of publication mentioned below. (9) Said newspaper has filed
with the Secretary of State of Minnesota prior to January 1, 1966 and each January 1 thereafter and
affidavit in the form prescribed by the Secretary of State and signed by the managing officer of said
newspaper and sworn to before a notary public that the newspaper is a legal newspaper.
He further states -on oath that the printed Notice_ Of `Public Hearing
hereto attached as a part hereof was cut: from the columns of said newspaper, and was printed
and published therein in the English language, once each week, for Oil 'uccessive weeks;
that it was first so published on Wed the 27 day of July 19 82
and was thereafter printed and published on every to and including
hp day of 19 and that the following is a printed copy
of the lower case alphabet from A to Z, both inclusive, and is hereby acknowledged as being the size and
kind of type used in the composition and publication of said notice, to wit:
a bcdef ghij klm no pq rstuvw xyz
Subscribed and sworn to before me this 21
L./
MERIDEL M. HEDSLOM
NOTARY FUCL IC MINNESOTA
HENN °PIN COUNTY
My commission expires July 2, 1986
is
(Official (Official PslMeati"ea)
NOTICE OP ppUBLICHEARIN ONa
A PROPOSED PROJECT AND THE'•
ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE'
BONDS UNDER THE MUNICIPAL".
INDUSTRIAL DEVELOPMENT
ACT. MINNESOTA STATUTES,.
CHAPTER 474. AS AMENDED"
CITY OF HOPKINS. MINNESOTA
NOTICE IS HEREBY GIVEN that
the City Council of thir City of:
Hopkins, Minnesota; will' meet an
August 17 -19Rt. at.? :30 o'clock P.M..'
at the Hopkins. City Hall. Council/
Chambers, 1010 First Street South.:
Hopkins. Minnesota: for. the' purpose
of conducting a public hearing-on a:
proposal that thtr City issue revenue
bonds, under the Municipal Industrial
Development Act: Minnesota Stat
ores. Chapter 474, as amended. in
order to finance the cost of a Project.
The proposed Project will congtet of
the development and construction of
an office- warehouse building by
Flagship Associates, a Mlbnesots
General Partnership (hereinafter re-
ferred to as the "Project to be
located on Fifth Street. South. in the
City of Hopkins. Minnesota. The esti
t mated total amount of Um proposed'
bond•issue is 3000.000.00. The bonds
and interest payments thereon shat
be limited obligations' of the CUT
Hopkins, Minnesota except that such bonds' map•brse
day of July 19 82
cured by a mortgage or other eecam-
brance on the: Project.: No holder of
any such bond shall ever. haste the
right to compeet ady exerciatf of the
taxing power -of the City to jury the
bonds. or the interest thereon. nor tts
enforce payment againatasyproper-
ty of the City except the Project.
A draft copy of ..the proposed ap-
plication to the Minnesota Com-
missioner of Energy, Planning` and
Development: for- approval; of. the
Project, together with ask attach-
ments and'exhibits.thereto, is avail-
able for public inspection at the office
of the. City Clerk at Hopkins City
Offices, 1010 First. Street South.
Hopkins, Minnesota, between• the
hours of 9:00 o'clock. A.M: and 4:30
P: M... Monday through Friday:
All persons interested may.appeer
and he heard9t the timeand place.9et
forth above.
Dated: July. 20: 196X"
BY: ORDER OF'THECITY•CO R-.
cre
BY:, WILLIAM P. CRAIG
City Manager
.(July 21. i9t2)- H- MTKA.,_„