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RESOLUTION RECITING A PROPOSAL FOR A <br />COMMERCIAL FACILITIES DEVELOPMENT PROJECT, <br />.GIVING PRELIMINARY APPROVAL TO THE PROJECT, <br />AUTHORIZING THE SUBMISSION OF AN APPLICATION <br />TO THE COMMISSIONER OF ENERGY AND ECONOMIC DEVELOPMENT <br />OF THE STATE OF MINNESOTA FOR AN ALLOCATION <br />OF AUTHORITY TO ISSUE PRIVATE ACTIVITY BONDS, <br />AND AUTHORIZING THE PREPARATION OF <br />NECESSARY DOCUMENTS AND MATERIALS <br />IN CONNECTION WITH THE PROJECT <br />WHEREAS, <br />(a) The purpose of Minnesota Statutes, Chapter <br />474, known as the Minnesota Municipal Industrial Development <br />Act (the "Act"), as found and determined by the legislature, is <br />to promote the welfare of the state by the active attraction <br />and encouragement and development of economically sound <br />industry and commerce to prevent so far as possible the <br />emergence of blighted and marginal lands and areas of chronic <br />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 />• 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 Falcon <br />Heights, Minnesota (the "City"), has received from Stratford <br />Investments, Ltd., a corporation organized under the laws of <br />the State of Minnesota (the "Company"), a proposal that the <br />City assist in financing a Project hereinafter described, <br />through the issuance of a Revenue Bond or Bonds or a Revenue <br />Note or Notes (hereinafter referred to in this resolution as <br />"Revenue 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 />• <br />