04-08-1981 Council Agenda - Laserfiche WebLink

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assist the City in achieving those objectives. The Project will help to increase assessed valuation of the City and surrounding areas and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; (e) Company is currently engaged in the business of developing and leasing industrial and commercial buildings. The Project to be financed by the Note is an office /warehouse facility to be located in the City and consists of the construction of buildings and improvements and the installation of equipment therein, and will result in the employment of approximately 25 additional persons to work within the new facilities; (f) The City has been advised by representa- tives of Company that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, but Company has also advised this Council that with the aid of municipal financing, and its resulting low bor- rowing cost, the Project is economically more feasible; (g) Pursuant to a resolution of the City Council adopted on April 8, 1981, a public hearing on the Project was held on May 13, 1981, after notice was published, and materials made available for public inspection at the City Hall, all as required by Minnesota Statutes, Section 474.01, Subdivision 7b at which public hearing all those appearing who so desired to speak were heard; (h) No public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. 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 Company that the City undertake the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the acqui- sition, construction and equipping of facilities within the City pursuant to Company's specifications suitable for the operations described above and to a revenue agreement between