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84-023 RES
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84-023 RES
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5/12/2015 11:41:00 AM
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City Government
type
RES
date
9/17/1984
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( j) No public official of the City has either a <br /> direct or indirect financial interest in the Project nor will <br /> • any public official either directly or indirectly benefit <br /> financially from the Project. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br /> City of Elk River, Minnesota, as follows: <br /> 1. The Council hereby reaffirms its preliminary approval <br /> of the proposal of Company that the City undertake the Project <br /> pursuant to the Minnesota Municipal Industrial Development Act <br /> (Chapter 474, Minnesota Statutes) , consisting of the acqui- <br /> sition, construction and equipping of facilities within the <br /> City pursuant to Company' s specifications suitable for the <br /> operations described above to be initially owned and operated <br /> by the Company and pursuant to a revenue agreement between the <br /> City and Company upon such terms and conditions with provisions <br /> for revision from time to time as necessary, so as to produce <br /> income and revenues sufficient to pay, when due, the principal <br /> of and interest on the Revenue Bonds in the maximum aggregate <br /> principal amount of $3,200,000 to be issued pursuant to the Act <br /> to finance the acquisition, construction and equipping of the <br /> Project; and said agreement may also provide for the entire <br /> interest of Company therein to be mortgaged to the purchaser of <br /> the Revenue Bonds; and the City hereby undertakes preliminarily <br /> to issue its Revenue Bonds in accordance with such terms and <br /> conditions; <br /> • 2. On the basis of information available to this Council <br /> it appears, and the Council hereby reaffirms its findings, that <br /> the Project constitutes properties, real and personal, used or <br /> useful in connection with one or more revenue producing <br /> enterprises engaged in any business within the meaning of <br /> Subdivision la of Section 474.02 of the Act; that the Project <br /> furthers the purposes stated in Section 474.01, Minnesota <br /> Statutes; that the availability of the financing under the Act <br /> and willingness of the City to furnish such financing will be a <br /> substantial inducement to Company to undertake the Project, and <br /> that the effect of the Project, if undertaken, will be to <br /> encourage the development of economically sound industry and <br /> commerce, to assist in the prevention of the emergence of <br /> blighted and marginal land, to help prevent chronic unemploy- <br /> ment, to help the City retain and improve the tax base and to <br /> provide the range of service and employment opportunities <br /> required by the population, to help prevent the movement of <br /> talented and educated persons out of the state and to areas <br /> within the State where their services may not be as effectively <br /> used, to promote more intensive development and use of land <br /> within the City and eventually to increase the tax base of the <br /> community; <br /> • <br />
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