12-22-1982 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 help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; (e) The Company is currently engaged in the business of real estate development, management and leasing. The Project to be financed by the Revenue Bonds is an addition to the existing Little Canada Mall for use as a multi- tenant retail facility to be located in the City and leased to various tenants and consists of the acquisition of land and the construction of buildings and improvements thereon and the installation of equipment therein, and will result in the em- ployment of 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 borrowing cost, the Project is economically more feasible; (g) Pursuant to a resolution of the City Council adopted on November 24, 1982, a public hearing on the Project was held on December , 1982, after notice was published, and materials made available for public inspection at the City Center, 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: i. 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 1. 0