1999.07.06 RESO 1999-0012 - Laserfiche WebLink

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RESOLUTION 1999-12 RESOLUTION RECITING A PROPOSAL FOR AN INDUSTRIAL DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT TO MINNESOTA STATUTES, SECTION 469.154, AND AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR ALLOCATION AND FOR APPROVAL OF THE PROJECT TO THE DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT AND FOR PREPARATION OF NECESSARY DOCUMENTS (ASSURANCE MANUFACTURING COMPANY, INC., PROJECT) WIIEREAS, (a) The purpose of Minnesota Statutes, Sections 469.152 to 469.165 relating to municipal industrial development (the "Act") as found and determined by the legislature is to promote the welfare of 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 governmental services 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 Hugo (the "City") has received from Nor - Lakes Services Midwest, Inc., a Minnesota corporation (the "Company") a proposal that the City undertake to finance a Project hereinafter described, through the issuance of revenue bonds (hereinafter the "Bonds") pursuant to the Act; (d) The City desires to facilitate the selective development of the community and surrounding area, retain and improve the tax base in the City, and help to provide the range of services and employment opportunities required by the population; and the Project will assist the City in achieving those objectives. The Project will help to increase assessed valuation in the City and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; (e) The Project to be financed by the Bonds is the acquisition of land in the Bald Eagle Industrial Park and the construction thereon of an approximately 78,000 sq. ft. facility for the manufacture of lubricating oil and the acquisition and installation of equipment therein (the "Project"). 1062072.1