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(d) The City of Little Canada desires to <br />facilitate the selective development of the community and to <br />help it provide the range of services and employment <br />opportunitier> required by its population and said Project will <br />assist the City in achieving that objective. <br />(e) The Company will be engaged as a community <br />developer in the acquisition and improvement of commercial and <br />industrial properties. The Project to be financed in whole or <br />part by the proposed industrial development revenue note will <br />be new commercial and manufacturing facilities, and consists of <br />the 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 />t <br />(f) The City has been advised by the Co panyothatf <br />conventional, commercial financing to pay the capita <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 <br />tundertake toe assist <br />in financing the Project pursuant to Chap <br />Statutes, consisting of the acquisition, construction and <br />installation of commercial and facilbtiefowithinothe- <br />City pursuant to Company's specifications pursuant to <br />oper- <br />ations described above, to be financed by the City p <br />a loan agreement secured yna mortgage <br />anCocpany'soproperty <br />comprising the reoj , ub <br />provisions for revision from time to time as necessary, <br />due,athe <br />to produce income and revenues sufficient to pay, <br />principal of and interest on the proposed Revenue Note(s) of <br />the City in the total principal amount approximately uimatelyion, <br />$1,212,000 to be issued to finance in part <br />construction and installation of said Project, and the City <br />hereby undertakes preliminarily to issue its Revenue Note in <br />accordance with such terms and conditions. <br />2. On the basis of information available to this <br />Council it appears, and the Council hereby finds, that said <br />Project constitutes property used or useful in connection with <br />06 <br />