03-11-1987 Council Agenda - Laserfiche WebLink

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RESOLUTION NO. RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, MINNESOTA STATUTES, CHAPTER 474, AND THE JOINT POWERS ACT, MINNESOTA STATUTES, SECTION 471.59, REFERRING THE PROPOSAL TO THE MINNESOTA DEPARTMENT OF ENERGY AND ECONOMIC DEVELOPMENT FOR APPROVAL, AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS, AND APPROVING THE AUTHORIZING EXECUTION OF THE JOINT POWERS AGREEMENT WHEREAS, the welfare of the State of Minnesota (the "State ") requires active promotion, attraction, encouragement and development of economically sound industry and commerce through governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and it is the policy of the State of facilitate and encourage action by local government units to prevent the economic deterioration of such areas to the point where the process can be reversed only by total redevelopment through the use of local, state and federal funds derived from taxation, with the attendant necessity of relocating displaced persons and of duplicating public services in other areas; and WHEREAS, technological change has caused a shift to a significant degree in the area of opportunity for educated youth to processing, transporting, marketing, service and other industries, and unless existing and related Industries are retained and new industries are developed to use the available resources of the City of Little Canada (the "City "), a large part of the existing investment of the community and of the State as a whole In educational and public service facilities will be lost, and the movement of talented, educated personnel of mature age to areas where their services may be effectively used and compensated and the lessening 'attraction of persons and businesses from other areas for purposes of Industry, commerce and tourism will deprive the City and the State of the economic and human resources needed as a base for providing governmental services and facilities for the remaining population; and WHEREAS, the increase In the amount and cost of governmental services requires the need for more Intensive development and use of land to provide an adequate tax base to finance these costs; and WHEREAS, pursuant to Minnesota Statutes, Section 471.59 (the "Joint Powers Act ") the City is authorized to enter into a Joint Powers Agreement to provide for the issuance of revenue bonds Jointly by the Cities of Apple Valley, Big Lake, Chaska, Prior Lake, Waite Park and other entIties to be identified in the near future (the "Cities "); and WHEREAS, the City has been advised of the desire to Jointly establish a fund with the Cities from the proceeds of the Issuance by the Cities of Securitized Development Revenue Bonds In the aggregate principal amount of $300,000,000 to finance revenue -- producing protects for purposes consistent with the Act, said protects to consist of the acquisition, construction, reconstruction, rehabilitation and /or Installation of commercial, Industrial or retail facilities In the Cities (the "Project "); and page -2-