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(d) The City of Little Canada desires to facilitate <br />the selective development of the community and to help it <br />provide the range of services and employment opportunities <br />required by its population and said Project will assist the <br />City in achieving that objective. <br />(e) The Company will be engaged as a community <br />developer in the acquisition and improvement of industrial <br />properties. The Project to be financed in whole or part by the <br />proposed industrial development revenue note will be new <br />facilities containing office and shopping center space of <br />approximately square feet, and consists of the <br />construction and installation thereon of buildings and <br />improvements from this date forth, and will result in the <br />employment of significant additional persons to work within the <br />new facilities. <br />(f) The City has been advised by the Company that <br />conventional, commercial financing to pay the capital cost of <br />undertaking the Project is available only at such costs of <br />borrowing that the economic feasibility of undertaking the <br />Project would be reduced, or eliminated and the Company has <br />also advised this Council that with the aid of municipal <br />financing, and its resulting lower borrowing cost, the Project <br />is economically enhanced. <br />NOW THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Little Canada, Minnesota, as follows: <br />1. The Council hereby gives preliminary approval to <br />the proposal of the Company that the City undertake to assist <br />in financing the Project pursuant to Chapter 474, Minnesota <br />Statutes, consisting of the acquisition, construction and <br />installation of facilities within the City pursuant to <br />Company's specifications suitable for the operations described <br />above, to be financed by the City pursuant to a loan agreement <br />secured by a mortgage on Company's property comprising the <br />project, upon such terms and conditions with provisions for <br />revision from time to time as necessary, so as to produce <br />income and revenues sufficient to pay, when due, the principal <br />of and interest on the proposed Revenue Note(s) of the City in <br />the total principal amount of approximately $300,000 to be <br />issued to finance in part the acquisition, construction and <br />installation of said Project, and the City hereby undertakes <br />preliminarily to issue its Revenue Note in accordance with such <br />terms and conditions. <br />006 <br />