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I ION 1 111-117 <br />it! 1.o! hTi0N 61VI,%4G, PRUA IMINAkY ;A1,PiMVAI i () IAN <br />INW)STRIAf- DFVFI0PAAfNJ Pk0jFC1 UNGIUR 1HL <br />MINN11501A MtJNj(-.,IPA1 INDtit,JRIAL FF-V[I0PMEP0 AC," <br />of ific, City of Mounds VInW, %nnexoto <br />ithem "City"It as k1lows: <br />it Is hereby foundi determined and cipulaimad as foliuwfi: <br />A. The City Is authol-Iled IY Sec 11L?J1 -4 1-# too .-t4w" . 1. .1, t:�u "'IJ li;,Lip if <br />Industrihi Development Act (the "Act") tg issue itt revenue botids �r <br />notes to finance capital Projects cutir-1611119 0i PfuIJL-filet- -e d ; U I <br />personal, usod or useful in c-u-nnection with a re-y@nt lucin, <br />ontorpriso, <br />82 'The Act includox findingb of in* Legislature that the State bhould <br />encourage local governments to promote 4nd develop economically sound <br />industry and commot-ce tio as to prevent oronomir. claterioraticin. <br />K C� Ropussantativat of a limited portncpship developer to br organized <br />with Kraus -Anderson Development Corporation, a Minnesota corporation, <br />this <br />p4rtner thereof (itne, <br />-general -"Developer") hpy# advised <br />Council of their Plan$ to construct and operate an off i -co - building and- <br />rolited facilities (the "Project") on property Within the City located at the <br />F- intersection of County Road I and it Stroot under development to be named <br />SunnValde Raid (the lopil - closcripflar of whiab Is attatchaid f-stratr) - The <br />Developer has Indicated that it expects the P1#0j*Ct- UPOP Completion, 1-0 <br />hAve M boinificial effec upon the City th"t4h iverisaiiiaid commiik�.-clsl <br />trons#c4l�,ris in the C4ty, incroised jah appoPtunitlett lapproximotaly <br />-n ustimal.ad annut! t-10yrnil nf 4 end on <br />jobi with i <br />increase in Oist tow bass of the City, the <br />Lounty innhoof districi in <br />whicil the City is lcicstod� 1 hey have requested that the City issue and <br />its tsy�sxsmpt commercial dovolopment revenue <br />iM, pur#usnt to the Act, <br />bonds In all #99rogatitt amount not okcsoding $2,000,000 and loan the <br />ds therefrom to the Developer to assist In financing the capital <br />prow <br />Cksts of the Project. <br />This C-ouncil-hes voutiod to be field an August 1981, following <br />of th!�glvinq of the required noticoo a oublic h3aring on a proposal of the <br />City _ und&rtak* and finance the Project and has givon all parties who <br />ippearet *st* the hearing the opportunity to express their views wA <br />respect to such proposal. <br />City would increase the tox <br />The oxistooice Of the Project within the <br />bass of the City and the County and school district in which thj City is <br />located, would encourage 0 raven us- product no enterprise within the <br />Y -t -rci and wculd pruvide additional omplkymient <br />Opportunities, <br />F There has boon presented to fli.s meeting a proposed application to <br />the Minnesota Commissioner of Securities and Real Estate, together with <br />