07-21-81 CCM - Laserfiche WebLink

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2. It is hereby found, determined and declared that: (a) the Project to be financed constitutes a "project" as defined in Minnesota Statutes, Section 474.02, Subdivision la; (b) the purpose of the Project is, and the effect thereof will be, (i) to encourage the development of economically sound commerce in the City, (ii) to increase the tax base of the City and overlapping taxing jurisdictions, and (iii) to provide additional employment opportunities for residents of the City and surrounding areas; (c) the Project has been approved by the Commissioner of Securities of the State of Minnesota as tending to further the purposes and policies of the Minnesota Municipal Industrial Development Act (the Act); (d) it is desirable that the Partnership be authorized, in accordance with the .provisions of Minnesota Statutes, Section 474.03(7), and subject to the terms and conditions set forth in the Construction Loan Agreement and Loan Agreement, which terms and conditions the City determines to be necessary, desirable and proper, to provide for the construction of the Project by such means as shall be available to the Partnership and in the manner determined by the Partnership, and with or without advertisement for bids as required for the construction and acquisition of other municipal facilities; (e) it is desirable that the Note in the amount of $400,000 be issued by the City to the Lender, and that the City's interest in the Loan Agreement and the payments receiv- able pursuant thereto be pledged to the Lender pursuant to the Assignment as security for the payment of principal of and interest on the Note; (f) the payments required by the Loan Agreement are fixed, and required to be revised from time to time as necessary, so as to produce income and revenue sufficient to provide for prompt payment of the principal of and interest on the Note, and the Loan Agreement and Mortgage also provide that the Partnership is required to pay all expenses of the operation and maintenance of the Project including, but without limita- tion, adequate property damage insurance thereon and insurance against all liability for injury to persons or property arising from the operation --hereof, and all taxes and special assessments levied upon or with respect to the Project and payable during the term of the Loan Agreement; and (g) under the provisions of Minnesota Statutes, Section 474.10, and as provided in the Loan Agreement and Note, the Note is not to be payable from nor charged upon any