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_ low STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER RESOLUTION NO. RESOLUTION RECITING A PROPOSAL FOR ASSISTA!N?CE IN FINANCING A RESIDENTIAL REAL PROPERTY FOR FAMILY UNITS DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION AS NECESSARY FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES OF THE STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF OTHER NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT WHEREAS, • ( a) The request of Car-Son Homes, Inc. ,• a corpo- ration, or an affiliate or subsidiary or legal assignee, ( hereinafter "Company" ) for assistance in financing family housing properties ( hereinafter "Project" ) warrants the support of the City of Elk River ( hereinafter "City" ) , because ( i) the reduction of costs to the Company, at no cost to the City, will allow for the reduction of interest rates to area residents; ( ii) the City has an interest in the availability of adequate housing to area residents at as low cost as possible; ( iii) additional job opportunities will be generated by undertaking the Project; and ( iv) housing costs are at historic highs and appropriate programs aimed at reducing such costs are desirable, and in the public interest; (v) the existence of adequate shelter and housing is a significant factor in attracting and encouraging industry and commerce, and the employees of such, to the City; ( vi) adequate shelter and housing in the City makes less likely the shift of persons out of the City to other areas; (vii) new housing attracts educated and talented persons and strengthens the City; (viii) additional housing will improve the City' s tax base; ( ix) the development of suitable housing and shelter units, and the financing of such through a commercial development enterprise is the type of revenue producing enterprise that the City • desires to encourage .