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RESOLUTION 84-23, A <br /> RESOLUTION RECITING A PROPOSAL FOR A <br /> 411 COMMERCIAL FACILITIES DEVELOPMENT PROJECT <br /> AND REAFFIRMING PRELIMINARY APPROVAL OF THE PROJECT <br /> PURSUANT TO THE MINNESOTA <br /> MUNICIPAL INDUSTRIAL DEVELOPMENT ACT <br /> AUTHORIZING THE SUBMISSION OF AN APPLICATION <br /> FOR APPROVAL OF THE PROJECT TO THE <br /> ENERGY AND ECONOMIC DEVELOPMENT <br /> AUTHORITY OF THE STATE OF MINNESOTA <br /> AND AUTHORIZING THE PREPARATION OF <br /> NECESSARY DOCUMENTS AND MATERIALS <br /> IN CONNECTION WITH THE 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 /> 110 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 Elk River Shopping Center <br /> Company, a general partnership organized under the laws of the <br /> State of Minnesota (the "Company") a proposal that the City <br /> assist in financing a Project hereinafter described, through <br /> the issuance of a Revenue Bond or Bonds or a Revenue Note or <br /> Notes hereinafter referred to in this resolution as "Revenue <br /> Bonds" pursuant to the Act; <br /> (d) The City desires to facilitate the selec- <br /> tive development of the community, retain and improve the tax <br /> base and help to provide the range of services and employment <br /> opportunities required by the population; and the Project will <br />