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. . . RESOLUTION NO. 92-34 RESOLUTION RECITING A PROPOSAL FOR AN INDUSTRIAL FACILITIES DEVELOPMENT PROJECT, AUTHORIZING A PUBLIC HEARING, GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT TO THE MINNESOTA STATUTES SECTION 469.154, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF THE PROJECT TO THE COMMISSIONER OF THE DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT OF THE STATE OF MINNESOTA, AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT (TESCOM CORPORATION PROJECT) (a) WHEREAS, the purpose of Minnesota Statutes, Sections 469.152 through 469.165, relating to municipal industrial development (the lIActll), as found and determined by the legislature, is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; and (b) WHEREAS, factors necessitating the active promotion and development of economically sound industry and commerce are 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; and (c) WHEREAS, the City Council of the city of Elk River, Minnesota (the lICityll), has received from Tescom Corporation, a corporation organized under the laws of the State of Minnesota (the lICompanyll), a proposal that the City assist in financing a Project hereinafter described, through the issuance of a Revenue Bond or Bonds or a Revenue Note or Notes (hereinafter referred to in this resolution as lIRevenue Bondsll) pursuant to the Act; and (d) WHEREAS, the City desires to facilitate the selec- tive development of the community, retain and improve the tax base and help to provide the range of services and employment opportunities required by the population; and the Project will assist the City in achieving those objectives; the Project will help to increase assessed valuation of the City and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; and 629585.01