1997-169 Council Resolution - Laserfiche WebLink

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Council Member Lyden introduced the follow resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 97 - 169 RESOLUTION RECITING A PROPOSAL FOR AN INDUSTRIAL DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT SUBJECT TO HOLDING A PUBLIC HEARING AND AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR ALLOCATION AND PREPARATION OF NECESSARY DOCUMENTS (MOLIN CONCRETE PRODUCTS COMPANY PROJECT) WHEREAS, (a) The purpose of Minnesota Statutes, Sections 469.152 to 469.165 known as the Minnesota Municipal Industrial Development Act (the "Act") as found and determined by the legislature is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; (b) Factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; (c) The City Council of the City of Lino Lakes (the "City") has received from Molin Concrete Products Company, a Minnesota corporation (the "Company") a proposal that the City undertake to finance a Project hereinafter described, through the issuance of revenue bonds (hereinafter the "Bonds") pursuant to the Act; (d) The City desires to facilitate the selective development of the community and surrounding area, retain and improve the tax base in the City, and help to provide the range of services and employment opportunities required by the population; and the Project will assist the City in achieving those objectives. The Project will help to increase assessed valuation in the City and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; (e) The Project proposed to be financed by the Bonds is the construction of an approximately 16,000 sq. ft. building and an approximately 1,600 sq. ft. building at the Company's existing precast and prestressed concrete products manufacturing facility located at 415 Lilac Street in the City, and the acquisition and installation of equipment therein. The Project 809021.2