11-26-1985 Council Agenda - Laserfiche WebLink

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(e) The Project to be financed by the Revenue Bonds is the acquisition, construction and equipping of two 20,000 square foot buildings for use as commercial /office facilities to be located southeast of the intersection of Little Canada Road and Rice Street and consists of the acquisition of land and the construction of buildings and improvements thereon and the installation of equipment therein, and will result in the employment of additional persons to work within the new facilities; (f) The City has been advised by representa- tives of Company that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but Company has also advised this Council that the Project would not be undertaken but for the availability of industrial bond financing; (g) Pursuant to a resolution of the City Council adopted on October 23, 1985, a public hearing on the Project will be held on , 1985, after notice is published, and materials made available for public inspection at the City Hall, all as required by Minnesota Statutes, Section 474.01, Subdivision 7b at which public hearing all those appearing who so desire to speak will be heard; (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. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Little Canada, Minnesota, as follows: 1. The Council hereby gives preliminary approval to the proposal of Company that the City undertake the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the acqui- sition, construction and equipping of facilities within the City pursuant to Company's specifications suitable for the operations described above and to a revenue agreement between the 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 total principal amount of approximately $ to be issued pursuant to the Act to finance the acquisition, construction and equipping of the Project; and said agreement may also �9 Iv v .. v V if