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1996-011 Council Resolution
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1996-011 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
02/12/1996
Council Meeting Type
Regular
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improvements thereon and the construction and equipping of the <br />facility for Taymark (an operating division of the Company), and <br />will result in the employment of additional persons to work <br />within the facilities; <br />(f) The City has been advised by representatives of <br />the Company that conventional, commercial financing to pay the <br />capital cost of the Project is available only on a limited basis <br />and at such high costs of borrowing that the economic feasibility <br />of operating the Project would be significantly reduced; <br />(g) No public official of the City has either a direct <br />or indirect financial interest in the Project nor will any public <br />official either directly or indirectly benefit financially from <br />the Project. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Lino Lakes, Minnesota, as follows: <br />1. The Council hereby indicates its preliminary intent to <br />undertake the Project pursuant to the Minnesota Municipal <br />Industrial Development Act and to issue the Revenue Bonds in the <br />maximum aggregate principal amount of $6,000,000 pursuant to the <br />Act to finance the Project. <br />_ 2. On the basis of information available to this Council it <br />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 engaged <br />in any business within the meaning of Subdivision la of Section <br />469.153 of the Act; that the Project furthers the purposes stated <br />in Minnesota Statutes, Section 469.152; that the availability of <br />the financing under the Act and willingness of the City to <br />furnish such financing will be a substantial inducement to <br />Company to undertake the Project, and that the effect of the <br />Project, if undertaken, will be to encourage the development of <br />economically sound industry and commerce, to assist in the <br />prevention of the emergence of blighted and marginal land, to <br />help prevent chronic unemployment, to help the City retain and <br />improve the tax base and to provide the range of service and <br />employment opportunities required by the population, to help <br />prevent the movement of talented and educated persons out of the <br />state and to areas within the State where their services may not <br />be as effectively used, to promote more intensive development and <br />use of land within the City and eventually to increase the tax <br />base of the community. <br />3. The issuance of the Revenue Bonds by the City is subject <br />to, among other things, (a) the holding of a public hearing on <br />the proposal, (b) the approval of the Project by the Minnesota <br />312116.1 <br />2 <br />
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