RES 80-077 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT WITH LOREN SWANSON UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE OF REVENUE BONDS TO FINANCE THE PROJECT, AUTHORIZING THE SUBMISSION OF

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Resolution No. 80-077 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT WITH LOREN SWANSON UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, GIVING PRELIMIARY APPROVAL FOR THE ISSUANCE OF REVENUE BONDS TO FINANCE THE PROJECT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES OF THE STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS WHEREAS, (a) The purpose of Chapter 474, Minnesota Statutes, known as the Minnesota Municipal Industrial Development Act (the "Act" ) , as found and determined by the legislature is to promote the welfare of the State of Minnesota (the "State" ) by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; (b) Factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of govern- mental sei.vices required to meet the needs of. the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; (c) The City Council of the City of St. Anthony ( the "City" ) has received from Loren Swanson (the "Borrower" ) a pro- posal that the City undertake to finance a Project hereinafter described, through the issuance of revenue bonds or notes ( the "Bonds" ) pursuant to the Act; (d) The City desires to facilitate the selective devel- opment of the community, retain and improve its tax base and help it provide the range of services and employment opportunities re- quired by its population, and said project will assist the City in achieving those objectives . Said project will help to increase assessed valuation of the City and help maintain a positive rela- tionship between assessed valuation and debt and enhance the image and reputation of the City; (e ) The Project to be financed by the Bonds is an approximately 11, 000 square-foot building to be leased by the Borrower to certain tenants, including Central Engineering Company, a Minnesota corporation, for use by them as an engineering and admininstration building, and consists of the • construction of a building and improvements thereon and the installation of equipment therein, and will result in the employment of additional persons to work within the new facilities;