2014.08.18 RESO 2014-28 - Laserfiche WebLink

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4 3. Findings. It is hereby found, determined and declared that: (a) The Project constitutes a Project authorized by and described in the Act. (b) On the basis of information available to the City it appears, and the City hereby finds, that the Project constitutes properties, real and personal, used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision 2(b) of Section 469.153 of the Act; that the Project furthers the purposes stated in Minnesota Statutes, Section 469.152; that the availability of the financing under the Act and willingness of the City to furnish such financing will be substantial inducement to the Company to undertake the Project, and that the effect of the Project, if undertaken, will be to encourage the development of economically sound industry and commerce, to assist in the prevention of the emergence of blighted and marginal land, to help prevent chronic unemployment, to help the City retain and improve the tax base and to provide the range of service and employment opportunities required by the population, to help prevent the movement of talented and educated persons out of the state and to areas within the state where their services may be as effectively used, to promote more intensive development and use of land within the City, and, eventually, to increase the tax base of the community. (c) The City held a public hearing with respect to the Project on June 16, 2014 in accordance with the Act and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and preliminarily approved the Project and the issuance of the Bonds. Necessary application was made to the State of Minnesota Department of Employment and Economic Development ("DEED") and approval from DEED has been received. On July 14, 2014, the City authorized the issuance and sale of the Bonds in an amount not to exceed $20,000,000 (the "Bond Resolution"). (d) Subsequent to such public hearing, preliminary resolution, DEED approval and adoption of the Bond Resolution, it was determined that an increase in the anticipated principal amount of the Bonds from $20,000,000 to $22,500,000, was necessary. A second public hearing on the Project was held on this date, after notice was published and materials made available for public inspection at the office of the Clerk, all as required by the Act and the Code, at which public hearing all those appearing who desired to speak were heard and written comments were accepted. (e) On July 28, 2014 Brooklyn Park was scheduled to hold a public hearing on the Project upon due notice and publication thereof. Due to the anticipated increase in the amount of the Bonds, Brooklyn Park cancelled the public hearing. The Borrower has advised the City that a public hearing on the Project will be held on August 18, 2014 by Brooklyn Park as the host city, after amended notice was published as required by the Act and the Code, at which public hearing all those appearing who desire to speak or provide written comments will be heard or accepted and following such public hearing Brooklyn Park will approve the issuance of the Bonds. 4. Approval: Increase in Anticipated Principal Amount. The City hereby approves the increase in the anticipated principal amount from $20,000,000 to $22,500,00 and authorizes and directs all necessary filings with DEED to reflect such increase. 6405403v2 2