NORWOOD YOUNG AMERICA ECONOMIC DEVELOPMENT AUTHORITY
NOTICE OF PUBLIC HEARING
Notice is hereby given that the Board of Commissioners of the Norwood Young America Economic Development Authority, Norwood Young America, Minnesota, will meet at approximately 6:30 p.m. on Monday, May 13, 2013 at City Hall, 310 Elm Street West, Norwood Young America, Minnesota, to conduct a public hearing regarding the following matters:
1. The proposed sale of certain property described as Lot 1, Block 2, Tacoma West Industrial Park (the “Property”), owned by the City of Norwood Young America (the “City”) and located in the City’s industrial park, to Par 3 Real Estate, LLC (the “Developer”). The Authority intends to convey the land to the Developer in furtherance of the Authority’s goals for its Tacoma West Industrial Park Redevelopment Project. A copy of all documents relating to the proposed sale of land will be on file and available for inspection at City Hall during regular business hours.
2.A proposed business subsidy to be granted to the Developer pursuant to Minnesota Statutes, Sections 116J.993 through 116J.995 (the “Business Subsidy Act”). The proposed subsidy involves tax increment financing assistance to facilitate development by the Developer of an approximately 41,000 sq. ft. expansion to an existing manufacturing facility on the Property. Information about the proposed business subsidy, including a summary of the terms of the subsidy and a copy of the draft business subsidy agreement, is available for inspection at City Hall during regular business hours.
At the public hearing, the Board of Directors will meet to consider whether the sale is advisable. Any person wishing to express an opinion on the matters to be considered at the public hearing will be heard orally or in writing.
Any person with residence in the City, or the owner of taxable property in the City, may file a written complaint with the Authority if the Authority fails to comply with the Business Subsidy Act, and no action may be filed against the Authority for the failure to comply unless a written complaint is filed.
(Published in the NYA Times May 2, 2013)