01-12-1977 Council Agenda - Laserfiche WebLink

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RESOLUTION RECITING A PROPOSAL FOR AN INDUSTRIAL DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF ECONOMIC DEVELOPMENT OF THE STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT WHEREAS, (a) The purpose of Chapter 474, Minnesota Statutes, known as the Minnesota Municipal Industrial Develop- ment Act (hereinafter called "Act ") as found and determined by the legislature is to promote the welfare of the state by the active attraction and encouragement and development of econom- ically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment and to aid in the development of existing areas of blight, marginal land and persistent unemployment; (b) 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; (c) The City Council has received from Schroeder Development Company, a Minnesota partnership, (hereinafter referred to as "Company ") a proposal that the City undertake to assist in the financing of all or a portion of the cost of a Project through the issuance of industrial development revenue bonds pursuant to the Act, and, if necessary, to issue one or more notes on an interim basis in anticipation of payment from the proceeds of such bonds; 006