05-09-1979 Council Agenda - Laserfiche WebLink

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(d) The City Council has received from the Applicants a proposal, which proposal is outlined in a letter, a copy of which is attached hereto as Exhibit A, that the City assist in the financing of the Project through the issuance of a Revenue Note or Notes 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 note. (e) The City of Little Canada desires to facilitate the selective development of the community and to help it provide the range of services and employment opportunities required by its population and said Project will assist the City in achieving that objective. (f) The Applicants, or the Partnership, as appropriate, will be engaged as a community developer in the acquisition and improvement of industrial properties. The Project to be financed in whole or part by the proposed industrial development revenue note will be new facilities containing office and warehouse space and consists of the construction and installation thereon of buildings and improvements from this date forth, and will result in the employment of significant additional persons to work within the new facilities. (g) The City has been advised by the Applicants that conventional, commercial financing to pay the capital cost of undertaking the Project is available only at such costs of borrowing that the economic feasibility of undertaking the Project would be reduced, or eliminated and the Applicants have also advised this Council that with the aid of municipal financing, and its resulting lower borrowing cost, the Project is economically enhanced. 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 the Applicants that the City undertake to assist in financing the Project pursuant to Chapter 474, Minnesota Statutes, consisting of the acquisition, construction and installation of facilities within the City pursuant to the Applicants' specifications suitable for the operations described above, to be financed by the City pursuant to a loan agreement secured by a mortgage on the Applitants' or the Partnership's property, as appropriate, comprising the Project, 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 68