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t <br /> • <br /> 411 RESOLUTION 79-41 <br /> RESOLUTION RECITING A PROPOSAL FOR A <br /> COMMERCIAL FACILITIES DEVELOPMENT PROJECT <br /> GIVING PRELIMINARY APPROVAL TO THE PROJECT <br /> PURSUANT TO THE MINNESOTA <br /> MUNICIPAL INDUSTRIAL DEVELOPMENT ACT <br /> AUTHORIZING THE SUBMISSION OF AN APPLICATION <br /> FOR APPROVAL OF SAID PROJECT TO THE <br /> COMMISSIONER OF SECURITIES <br /> OF THE STATE OF MINNESOTA <br /> AND AUTHORIZING THE PREPARATION OF <br /> NECESSARY DOCUMENTS AND MATERIALS <br /> IN CONNECTION WITH SAID PROJECT <br /> WHEREAS, <br /> (a) The purpose of Chapter 474, Minnesota <br /> Statutes, known as the Minnesota Municipal Industrial. <br /> Development- Act ( the "Act" ) as found and determined by the <br /> legislature is to promote the welfare of the state by the <br /> active attraction and encouragement and development of economi- <br /> cally sound industry and commerce to prevent so far as possible <br /> the emergence of blighted and marginal lands and areas of <br /> • chronic unemployment; <br /> (b) Factors necessitating the active promotion <br /> and development of economically sound industry and commerce are <br /> the increasing concentration of population in the metropolitan <br /> areas and the rapidly rising increase in the amount and cost of <br /> governmental services required to meet the needs of the <br /> increased population and the need for development of land use <br /> which will provide an adequate tax base to finance these <br /> increased costs and access to employment opportunities for such <br /> population; <br /> (c) The City Council of the City of Elk River <br /> ( "the City") has received from S. D. Smith, Margaret I. Smith, <br /> Ronald D. Smith, Judy A. Lewman and John M. Lewman, ( the <br /> "Corny") f'_;,, { ... Ci i I i,.��r-rt 'i�� t r) f inane('. a <br /> Project he::einaf.ter descri reed, through the issuance of revenue <br /> bonds in the form of a single debt instrument ( "the Note" ) <br /> pursuant to the Act; <br /> (d) "The City desires to facilitate the selec- <br /> tive development of the community, retain and improve its tax <br /> base and help it provide the range of services and employment <br /> opportuni.t::.es required by its population; and said Project will <br /> • <br /> • <br />