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02-24-1982 Council Agenda
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02-24-1982 Council Agenda
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1. The Council hereby gives preliminary approval to the <br />proposal of Company that the City undertake the Project <br />pursuant to the Minnesota Municipal Industrial Development Act <br />(Chapter 474, Minnesota Statutes), consisting of the acqui- <br />sition, construction and equipping of facilities within the <br />City pursuant to Company's specifications suitable for the <br />operations described above and to a revenue agreement between <br />the City and Company upon such terms and conditions with <br />provisions for revision from time to time as necessary, so as <br />to produce income and revenues sufficient to pay, when due, the <br />principal of and interest on the Revenue Bonds in the total <br />principal amount of approximately $1,500,000 to be issued <br />pursuant to the Act to finance the acquisition, construction <br />and equipping of the Project; and said agreement may also <br />provide for the entire interest of Company therein to be <br />mortgaged to the purchaser of the Revenue Bonds; and the City <br />hereby undertakes preliminarily to issue its Revenue Bonds in <br />accordance with such terms and conditions; <br />2. On the basis of information available to this Council <br />it appears, and the Council hereby finds, that the Project <br />constitutes properties, real and personal, used or useful in <br />connection with one or more revenue producing enterprises <br />engaged in any business within the meaning of Subdivision la of <br />Section 474.02 of the Act; that the Project furthers the <br />purposes stated in Section 474.01, Minnesota Statutes; that the <br />availability of the financing under the Act and willingness of <br />the City to furnish such financing will be a substantial <br />inducement to Company to undertake the Project, and that the <br />effect of the Project, if undertaken, will be to encourage the <br />development of economically sound industry and commerce, to <br />assist in the prevention of the emergence of blighted and <br />marginal land, to help prevent chronic unemployment, to help <br />the City retain and improve the tax base and to provide the <br />range of service and employment opportunities required by the <br />population, to help prevent the movement of talented and <br />educated persons out of the state and to areas within the State <br />where their services may not be as effectively used, to promote <br />more intensive development and use of land within the City and <br />eventually to increase the tax base of the community; <br />3. The Project is hereby given preliminary approval by <br />the City subject to the approval of the Project by the <br />Commissioner of Energy, Planning and Development, and subject <br />to final approval by this Council, Company, and the purchaser <br />of the Revenue Bonds as to the ultimate details of the <br />financing of the Project; <br />
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