85-071 RES - Laserfiche WebLink

Home Browse Search

. 3. It is hereby found, determined and declared that the Project furthers the purposes stated in Section 474.01 of the Act in that the purpose of the Project is and the effect thereof will be to promote the public welfare by the attraction, encourage- ment ,and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the reten- tion and development of industry to use the available resources of the community, in order to retain the benefit of its existing investment in educational and public service facilities; by halting the movement of talented, educated personnel of mature age to other areas and thus preserving the economic and human resources needed as a base for providing governmental services and facilities; and the more intensive development of land avail- able in the area to provide a more adequate tax base to finance the cost of governmental services in the Municipality, county and school district where the Project is located. In the judgment of the City Council, based upon the representations of the Partnership, the Project as proposed would not be undertaken by the Partnership but for the availability of industrial development bond financing. . 4. The Partnership has entered into preliminary discussions with the First National Bank of Minneapolis, as financial consultant, and the financial consultant has reported that the Project and the sale of bonds therefor are feasible. 5. The Partnership has agreed to pay any and all costs incurred by the City in connection with the Project whether or not the Project is approved by the Minnesota Department of Energy and Economic Development and whether or not the Project is carried to completion. 6. The Project is hereby given preliminary approval by the City subject to approval of the Project by the Minnesota Department of Energy and Economic Development and subject to final approval by this Council and by the purchasers of any bonds to be issued as to the ultimate details of the Project and as to the terms of the bonds. . 7. In accordance with Section 474.01, Subd. 7 of the Act, the Mayor, the City Administrator, and such other officers and representatives of the City as may from time to time be designated are hereby authorized and directed to submit the proposal for the Project to the Minnesota Department of Energy and Economic Development and request its approval thereof, and the Mayor, the City Administrator, and other officers, employees and agents of the City are hereby authorized to provide the Department with such preliminary information as it may require. The Partnership, Faegre & Benson as bond counsel, the City Administrator, the City Attorney, and other City officials are also authorized to initiate the preparation of a proposed loan agreement and such other documents as may be necessary or appro- -4-