92-034 RES - Laserfiche WebLink

Home Browse Search

. . . 2. On the basis of information available to this council it appears, and the Council hereby finds, that the Project constitutes properties, real and personal, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision 2(b) of section 469.153 of the Act; that the proj ect furthers the purposes stated in Section 469.152 of the Act; that the Project would not be undertaken but for the availability of industrial development bond financing under the Act and the willingness of the City to furnish such financing; and that the effect of the Project, if undertaken, will be to encourage the development of economically sound industry a~d commerce, to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemploYment, to help the City retain and improve the tax base and to provide the range of service and emploYment opportunities required by the population, to help prevent the movement of talented and educated persons out of the State and to areas within the State where their services may not be as effectively used, to promote more intensive development and use of land within the City, and eventually to increase the tax base of the community. 3. The Project is hereby given preliminary approval by the City subject to the approval of the Project by the Commissioner of the Department of Trade and Economic Development or such other state officer having authority to grant approval (the "Commissioner"), and subj ect to final approval by this Council (after consideration of information received at the public hearing), the Company, and the purchaser of the Revenue Bonds as to the ultimate details of the financing of the Project. 4. The City Clerk is hereby authorized and directed to cause notice of the public hearing to be published one time in the official newspaper and a newspaper of general circulation available in the City not less than 15 days prior to the date fixed for the hearing substantially in the form attached hereto. 5. In accordance with Subdivision 3 of Section 469.154 of the Act, the Mayor or Administrator of the City is hereby authorized and directed to submit the proposal for the Project to the Commissioner requesting his approval, and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as he may require. 6. The Company has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project, whether or not the Project is carried to completion and whether or not approved by the Commissioner, will be paid by the Company. 7. Briggs and Morgan, Professional Association, acting as bond counsel, and Norwest Corporate Finance, are authorized to assist in the preparation and review of necessary documents 629585.01