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<br />. <br /> <br />. <br /> <br />~ <br /> <br />(c) The City Council has received from <br />I. C. Systems, Inc., a Minnesota corporation (herein- <br />after referred to as company) a proposal which proposal <br />is outlined in an underwriting proposal, a copy of which <br />is attached hereto as Exhibit A) that the City undertake <br />the Project hereinafter described; <br /> <br />(d) The City of Arden Hills desires to <br />facilitate the selective development of the community to <br />retain and improve its tax base and to help it provide <br />the range of services and employment opportunities re- <br />quired by its population and said Project will assist <br />the City in achieving that objective. Said Project will <br />help to increase assessed valuation of the City and help <br />maintain a positive relationship between assessed valua- <br />tion and debt and enhance the image and reputation of the <br />City. <br /> <br />(e) The Company is currently engaged in <br />the business of acting as a collection agency and is <br />presently located outside the City. The Project to be <br />financed by the proposed Commercial Development Revenue <br />Bonds is a new facility to house primarily the offices of <br />the Company and consists of the acquisition of land and <br />the construction and installation thereon of a building, <br />improvements, and equipment and will result in the Company <br />employing approximately ~~ persons located in the new <br />facility. <br /> <br />(f) It is contemplated that the Company <br />will rent some of the available space in the building to <br />one or more revenue producing enterprises. The Company <br />will sublease the Project from a general partnership which <br />will be formed for the purpose of leasing the Project from <br />the City and performing certain managerial functions in <br />connection with the Project. The partnership consists of <br />John-Rickson Properties, Inc., a Minnesota corporation en- <br />gaged in the business of land development and certain <br />other persons, acting indiVidually or on behalf of others <br />as trustee. The sublease will be for the term of the Bonds <br />and will provide for the payment of rentals in an amount <br />sufficient to pay the Bonds and interest thereon. <br /> <br />(g) The City has been advised by represen- <br />tatives of the Company that conventional, commercial financ- <br />ing to pay the capital cost of the Project is available only <br />on a limited basis and at such high costs of borrowing that <br /> <br />-2- <br />