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RESOLUTION RECITING A PROPOSAL FOR AN <br />INDUSTRIAL DEVELOPMENT PROJECT AND TAKING OFFICIAL <br />ACTION WITH RESPECT THERETO AND INDICATING <br />PRELIMINARY INTENT TO ASSIST THE FINANCING <br />OF THE PROJECT PURSUANT TO THE MINNESOTA <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT <br />WHEREAS, <br />(a) The purpose of Minnesota Statutes, Sections <br />469.152 through 469.165 known as the Minnesota Municipal <br />Industrial Development Act (the "Act ") 'as found and determined by <br />the legislature is to promote the welfare of the state by the <br />active attraction and encouragement and development of <br />economically sound industry and commerce to prevent so far as <br />possible the emergence of blighted and marginal lands and areas <br />of chronic unemployment; <br />(b) Factors necessitating the active promotion and <br />development of economically sound industry and commerce are the <br />increasing concentration of population in the metropolitan areas <br />and the rapidly rising increase in the amount and cost of <br />governmental services required to meet the needs of the increased <br />population and the need for development of land use which will <br />provide an adequate tax base to finance these increased costs and <br />access to employment opportunities for such population; <br />(c) The City Council of the City of Little Canada (the <br />"City ") has received a proposal from EMC Corporation, a Minnesota <br />corporation (the "Company "), that the City assist in financing a <br />Project hereinafter described, through the issuance of a Revenue <br />Bond or Bonds or a Revenue Note or Notes in the maximum aggregate <br />principal amount of $6,500,000 (hereinafter referred to in this <br />resolution as "Revenue Bonds ") pursuant to the Act; <br />(d) The City desires to facilitate the selective <br />development of the community, retain and improve the tax base and <br />help to provide the range of services and employment <br />opportunities required by the population; and the Project will <br />assist the City in achieving those objectives. The Project will <br />help to increase tax capacities of the City and surrounding area <br />and help maintain a positive relationship between tax capacities <br />and debt and enhance the image and reputation of the community; <br />(e) The Project to be financed by the Revenue Bonds is <br />an approximately 135,000 square foot educational book printing <br />and video and audio tape and computer disk duplicating facility <br />to be located at 177 East County Road B, Little Canada, Minnesota <br />1855 <br />2 <br />Pano 102 <br />b 39dd 222L9098 'OH Z2:7.I 06,'E 't (Idd) d'3 HH9yJJH '399Id3 blOdd <br />