RES 80-048 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES AND AUTHORIZING THE PREPERATIO

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i Councilmember Ranallo introduced the following j i i resolution and moved its adoption: RESOLUTION NO. 80-048 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES , AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH SAID PROJECT WHEREAS, (a) The City Council has received from Apache Plaza, Ltd. (the "Obligor") , a proposal that the City finance a project for purposes consistent with the Minnesota Municipal Industrial Development Act, Chapter 474, Minnesota Statutes , said project to consist of the renovation and refurbishing of a shopping center in the City (the "Project" ) at a cost presently estimated at $1, 500 , 000 ; (b) The City- has been advised by the Obligor that conventional, - commercial financing to pay the capital cost of undertaking the Project is available only at such costs of borrowing that the economic feasibility of undertaking the Project would be reduced, but the Obligor has also- advised this Council that with the aid of municipal financing and its resulting low borrowing cost, the Project is economically enhanced; (c) The Project would increase the tax base of the City and create additional employment opportunities in the City; (d) The full faith and credit of the City would not be pledged or be responsible in connection with such Project; (e) A public hearing on the proposal has been held' as required by law. NOW THEREFORE , BE IT RESOLVED by the City Council of the City of St. Anthony , as follows :