Agenda Packets - 1984/10/22 - Laserfiche WebLink

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RESOLUTION NO. 1827 PAGE TWO WHEREAS, the company is currently engaged in the business of providing child learning and day-care facilities. The Project to be financed by the Revenue Bonds is a 5,000 square foot child learning and day-care facility to be located at the southwest corner of the intersection of Hiliview Road and Red Oak Drive in Mounds View and consists of the acquisition of land and the construction of buildings and improvements thereon and the installation of equipment therein to be initially owned and operated by the Company, and will result in the employment of additional persons to work within the new facilities; and WHEREAS, the City has been advised by representa- tives of Company that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced and the Company would be unable to undertake the Project, but Company has also advised this Council that with the aid of municipal financing, and it s resulting low borrowing cost, the Project is economically more feasible; and WHEREAS, pursuant to a public hearing held on the Project on October 22, 1984, after notice was published, and materials made available for public inspection at the City Hall, all as required by Minnesota Statutes, Section 474.01, Subdivision 7b at which public hearing all those appearing who so desired to speak were heard; and WHEREAS, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota, as follows: 1. The Council hereby gives preliminary approval to the proposal of Company that the City undertake the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the acquisition, construction and equipping of a S,OUO square foot child learning and day-care facility within the City pursuant to Company's specifications suitable for the operations described above to be initially owned and operated by the Company and pursuant to a revenue agreement between the City and Company upon such