HomeMy WebLinkAboutResolution No. 034-25 - Resolution - Setting a PH for Issuance of Mayo Clinic Conduit Bonds
RESOLUTION
Setting a Public Hearing Relating to a Mayo Clinic Facilities Renovation and
Upgrade Project and The Issuance of Conduit Bonds as Allowed Under
Minnesota Statutes, Sections 469.152 - 469.165, On Behalf Of Mayo Clinic.
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota (the City),
as follows:
Section 1. Recitals
1.1 Mayo Clinic, a Minnesota nonprofit corporation (the Corporation), has
advised this Council of its desire to undertake a project (the Project) located within the
City consisting of: costs of demolition, construction, improvement and equipping of the
Corporation’s facilities in the City, including near and around 200 First Street SW, Saint
Mary’s modernization and growth located at the 1200 to 1400 block of 2nd Street SW,
Rochester, MN, and other capital projects involving renovations, acquisition of equipment
and construction at the Corporation facilities in the City including Mayo Clinic buildings at
or near 200 First Street SW; Rochester Methodist Hospital at 201 West Center Street,
and St. Mary’s Hospital located at the 1200 to 1400 block of 2nd Street SW.
1.2 The City is authorized by Minnesota Statutes, Sections 469.152 through
469.165, as amended (the Act), to issue its revenue bonds to finance projects consisting
of properties, real or personal, used or useful in connection with a revenue producing
enterprise, whether or not operated for profit, engaged in providing health care services,
including hospitals, nursing homes and related medical facilities.The Corporation has
requested the City to issue, in one or more series, its revenue bonds (the Bonds) in the
approximate aggregate principal amount of $500,000,000 to finance all or a portion of the
cost of the Project.
Section 2. Public Hearing
2.1 Section 469.154, Subdivision 4 of the Act requires that, prior to submission
of an Application to the Minnesota Department of Employment and Economic
Development requesting approval of the Project, as required by Section 469.154,
Subdivision 3 of the Act, this Council conduct a public hearing on the proposal to
undertake and finance the Project. In addition, Section 147(f) of the Internal Revenue
Code of 1986, as amended, requires that, as a condition to the exemption from federal
income taxation of interest on the Bonds, this Council conduct a public hearing on the
proposal to undertake and finance the Project. A public hearing on the proposal to
undertake and finance the Project through the issuance of the Bonds is hereby called
and shall be held on March 17, 2025, at 6:00 o’clock P.M., at the Council/Board
Chambers located in the Government Center.
2.2 The City Clerk shall cause notice of the public hearing to be published in
the official newspaper of the City and a newspaper of general circulation in the City at
least once not less than fourteen (14) nor more than thirty (30) days prior to the date fixed
for the public hearing.
2.3 A draft copy of the proposed Application to the Minnesota Department
of Employment and Economic Development, together with draft copies of all
attachments and exhibits thereto, is hereby ordered placed on file with the City Clerk
and shall be available for public inspection, following publication of the notice of public
hearing, between the hours of 8:00 A.M. and 4:30 P.M., on normal City business days.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2025.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2025.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)