CCRes_84-35 - Laserfiche WebLink

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City and Company upon such terms and conditions with provisions • for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when. due, the principal of and interest on the Revenue Bonds in the maximum aygregate principal amount of $3,520,000 to be issued pursuant to the Act to finance the acquisition, construction and equipping of the Project; and said agreement may also provide for the entire interest of Company therein to be mortgaged to the purchaser of the Revenue Bonds; and the City hereby undertakes prel.i~pinarily to issue its Revenue Bonds in accordance with such terms and conditions prior to January 1, 1985; 2. On the basis of information available to this Council it appears, and the Council hereby finds, that the Project constitutes properties, real and personal, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision la of Section 474.02 of the Ac t;+ that the Project furthers the purposes stated in Section 474.GI, tinnesota Statutes; that. the Project would not be undertaken but for the availability of industrial bond financing; that the availability of the financing under the Act and willingness of the City to furnish such financing will be a substantial inducement to Company to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the develoFenent of economically sound industry and coi~unerce, to assist in the prevention of the emergence of blighted and marginal land, to • help prevent chronic uneanployment, to help the City retain and improve the tax base and to provide the range of service and employment opportunities required by the population, to help prevent the movement of talented and educated persons out of the state and to areas within the State where their services may not be as effectively used, to promote more intensive development and use of land within the City and eventually to increase the tax base of the community; 3. The Project is hereby given preliminary approval by the City subject to the approval of the Project by the Minnesota Energy and Economic Development Authority or such other state officer having authority to grant approval (the "Authority"),.provided that this preliminary approval is not to be construed as a waiver by the City of the requirement that this Project observe all of the procedures of the City with respect to the development of projects of this nature and, further, that the issuance of the Revenue Bonds is subject to final approval by this Council, Company, and the purchaser of the Revenue Bonds as to the ultimate details of the Project including but not limited to approval of the details of the financing of the Project; •