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(d) The Company has submitted a proposal to the <br />City Council that the City undertake the financing of all or <br />a portion of the cost of the Project hereinabove described <br />through the issuance of industrial development revenue bonds <br />in one or more series (which may be in the form of one or <br />more long term notes); <br />(e) The City of Little Canada desires to facil- <br />itate the selective development of the community to retain and <br />improve its tax base and to help it provide the range of <br />services and employment opportunities required by its population <br />and said Project will assist the City in achieving that ob- <br />jective. Said Project will help to increase assessed valuation <br />of the City and help maintain a positive relationship between <br />assessed valuation and debt and enhance the image and repu- <br />tation of the City; <br />(f) The Company will be engaged as a developer <br />in the acquisition and improvement of commercial and industrial <br />properties. The Project to be financed in whole or part by the <br />proposed industrial development revenue bonds will be new <br />facilities containing retail rental space, anticipated to be <br />used for a retail grocery outlet, and consists of the acquisi- <br />tion of land and the construction and installation thereon of <br />buildings and improvements, and will result in the employment <br />of additional persons to work within the new facilities; <br />(g) The City has been advised by representa- <br />tives of the Company that conventional, commercial financing <br />to pay the entire capital cost of the Project is available only <br />on a limited basis and at such high costs of borrowing that the <br />economic feasibility of operating the Project would be signi- <br />ficantly reduced, but the Company has also advised this Council <br />that with the aid of municipal financing, and its resulting low <br />borrowing cost, the Project is economically more feasible; <br />(h) Juran & Moody, Inc., investment bankers, <br />have advised that on the basis of information submitted to <br />them and their discussions with representatives of the Com- <br />pany, such bonds could in their opinion be issued and sold <br />upon favorable rates and terms in the amount to pay all or <br />a portion of the cost of undertaking the Project. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Little Canada, Minnesota, as follows: <br />-2- <br />007 <br />