11-14-2007 Council Agenda - Laserfiche WebLink

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limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced; (h) No public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project; (i) A public hearing on the Project was held on November 14, 2007, pursuant to published notice as required by the Act and Section 147(1) of the Internal Revenue Code of 1986, as amended. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1. The City hereby indicates its preliminary intent to undertake the Project, and financing therefore, pursuant to the Act, and pursuant to a revenue agreement between the City and Borrower 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 Bonds in the total principal amount of up to approximately $2,500,000 to be issued pursuant to the Act to finance or refinance a portion of the costs of the construction and installation of the Project. 2. On the basis of information available to this City it appears, and the City hereby finds, that the Project constitutes properties, real and personal, used or useful in connection with one or more revenue producing enterprises within the meaning of Subdivision 2(b) of Section 469.153 of the Act; that the Project furthers the purposes stated in Section 469.152; that the availability of the financing under the Act and willingness of the City to furnish such financing will be a substantial inducement to Borrower to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the development of economically sound industry and commerce, to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the surrounding area 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 of Little Canada, Minnesota and surrounding communities and eventually to increase the tax base of the community. 3. The Project is hereby given preliminary approval by the City subject to final approval by this City, the Borrower, and the purchaser of the Bonds as to the ultimate details of the financing of the Project. 4. The Mayor and staff of the City are hereby authorized and directed to submit an application for approval of a bond project to the Minnesota Department of Employment and Economic Development for the Project. 5. The Borrower has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project, including legal fees, whether or not the Project is carried to completion, be paid by the Borrower. 2098490v1 7 3