CC RES 79-045 A RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY SPECIAL PARTNERSHIP UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR A

Home Browse Search

s t ; � RESOLUTION 79-045 RESOLUTION GIVING PRELI14INARY APPROVAL TO A • PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY SPECIAL PARTNERSHIP UNDER THE 14UNICIPAL INDUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR APPROVAL THEREOF AND AUTHORIZING THE PREPARATION OF DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT Resolved by the City Council of the City of St. Anthony, Minnesota, as follows : 1. There has been presented to the City a proposal by Special Partnership, a Minnesota general partnership (the "Company" ) that the City undertake a project pursuant to the Minnesota Municipal Industrial Development Act, Chapter 474 , Minnesota Statutes, to provide financing of the cost of acquiring and constructing and equipping a manufacturing and office facility in the City (the "Project" ) . Under the proposal, the Company will enter into a loan agreement whereby the Company agrees to complete the Project and the City agrees to issue up to approximately $1,000,000 Industrial Development Revenue Bond of the City pursuant to the Act to finance the Project. The Company will retain title to the Project and the site thereof and the loan agreement will require the Company to pay amounts sufficient to pay the principal of and interest on the Bond issued. The Project will be leased to Special Parts , Inc. and the Company will assign its interest in the lease to the mortgagee as security for the Bond. The City will assign its interest in any loan agreement or loan agreements to the mortgagee to secure the Bond. The Bond shall be issued in accordance with the Act, and shall provide that the Bond is payable solely from amounts received by the City pursuant to the loan agreement and any other property pledged to its payment. The Bond shall not be a general -obligation of the City or be payable from any other property or funds of the City, and no taxes shall be levied for its payment. 2. There has been presented to the City a form of Application to Commissioner of Securities for approval of the Project setting forth the estimated costs of the Project and the increased employment and payrolls to result therefrom. It is hereby found, determined and declared that the purpose of the Project is and the effect thereof will be to promote the public welfare by the attraction, encouragement, and development of economically sound industry and commerce so as to prevent, so far as possible, the emergence of blighted and marginal lands and areas of chronic unemployment; the development of industry to use the available resources of the community, in order to retain the benefit of its existing investment in educational and public service facilities , by halting the movement