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1997-169 Council Resolution
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1997-169 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
12/08/1997
Council Meeting Type
Regular
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is expected to create 15 new jobs at an annual payroll increase of <br />approximately $600,000; <br />(f) The City has been advised by representatives of <br />Company that conventional, commercial financing to pay the capital <br />cost of the Project is available only on a limited basis and at <br />such high costs of borrowing that the economic feasibility of <br />operating the Project would be significantly reduced; <br />(g) No public official of the City has either a <br />direct or indirect financial interest in the Project nor will any <br />public official either directly or indirectly benefit financially <br />from the Project. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City <br />of Lino Lakes, Minnesota, as follows: <br />1. The Council hereby gives preliminary approval to the <br />proposal of Company that the City undertake the Project pursuant to <br />the Act, subject to holding a public hearing with respect to the <br />Project, and pursuant to a revenue agreement between the City and <br />Company upon such terms and conditions with provisions for revision <br />from time to time as necessary, so as to produce income and <br />revenues sufficient to pay, when due, the principal of and interest <br />on the Bonds in the total principal amount of approximately <br />$4,000,000 to be issued pursuant to the Act to finance the <br />acquisition, construction, and installation of the Project; and <br />such revenue agreement may also provide for the interest of Company <br />therein to be pledged to the purchaser of the Bonds; and the City <br />hereby undertakes preliminarily to issue its Bonds in accordance <br />with such terms and conditions. <br />2. On the basis of information available to this Council it <br />appears, and the Council hereby finds, that the Project constitutes <br />properties, real and personal, used or useful in connection with <br />one or more revenue producing enterprises engaged in manufacturing <br />within the meaning of Subdivision 2(a) (1) of Section 469.153 of the <br />Act; that the Project furthers the purposes stated in Section <br />469.152; that the availability of the financing under the Act and <br />willingness of the City to furnish such financing will be a <br />substantial inducement to Company to undertake the Project, and <br />that the effect of the Project, if undertaken, will be to encourage <br />the development of economically sound industry and commerce, to <br />assist in the prevention of the emergence of blighted and marginal <br />land, to help prevent chronic unemployment, to help the surrounding <br />area retain and improve the tax base and to provide the range of <br />service and employment opportunities required by the population, to <br />help prevent the movement of talented and educated persons out of <br />the state and to areas within the State where their services may <br />not be as effectively used, to promote more intensive development <br />and use of land within the City and surrounding communities and <br />eventually to increase the tax base of the community. <br />809021.2 2 <br />
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