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r79,/ ..,.. t „ v. '. • RESOLUTION RECITING A PROPOSAL FOR A COMMERCIAL FACILITIES DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT • AUTHORIZING THE SUBMISSION OF AN APPLICATION • FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES OF THE STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT WHEREAS, - (a) The purpose of Chapter 474, Minnesota Statutes, known as the Minnesota Municipal Industrial Development Act (the "Act" ) as found and determined by the legislature is to promote the welfare of the state by the active attraction and encouragement and development of economi- cally sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; (b) Factors necessitating the active promotion 411 and development of economically sound industry and commerce are E the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and :cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; (c) The City Council of the City of Elk River ( "the City") has received from S. D. Smith, Margaret I. Smith, Ronald D. Smith, Judy A. Lewman and John M. Lewman, (the "Company") a proposal that the City undertake to finance a Project hereinafter described, through the issuance of revenue bonds in the form of a single debt instrument ( "the Note") pursuant to the Act; (d) The City desires to facilitate the selec- tive development of the community, retain and improve its tax - base and help it provide the range of services and employment opportunities required by its population; and said Project will li, •