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<br />. <br /> <br />and improve its tax base and to help it provide the range <br />of services and employment opportunities required by its <br />population and said Project will assist the .City in aChieving <br />that objective. Said Project will help to increase assessed <br />valuation of the City and help maintain a positive relationship <br />between assessed valuation and debt and enhance the image and <br />reputation of the City; <br /> <br />(e) The Company is currently engaged in the. <br />production and distribution of pacemakers and other related <br />products. The Project to be financed by the proposed Industrial <br />Development Revenue Bonds involves the relocation and expansion <br />of the Company's facilities within the City and consists of <br />the acquisition of land and the construction and installation <br />thereon of a building and incidental improvements, and will <br />result in the employment of approximately 280 additional~ <br />persons to work within the new facilities; <br /> <br />(f) The City has been advised by representa- <br />tives of the Company that conventional, commercial financing <br />to pay the capital cost of the Project is available only <br />on a limited basis and at such high costs of borrowing <br />that the economic feasibility of operating the Project <br />would be significantly reduced, but the Company has also <br />advised this Council that with the aid of municipal financing, <br />and its resulting low borrowing cost, the Project is <br />economically more feasible. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City <br />Council of the City of Arden Hills, Minnesota, as follows: <br /> <br />. <br /> <br />1. The Council hereby gives preliminary approval <br />to the proposal of the Company that the City undertake the <br />Project pursuant to the Minnesota MuniCipal Industrial <br />Development Act (Chapter 474, j.1innesota Statutes), consisting <br />of the acquisition and construction of facilities within the <br />City purusant to Company's specifications suitable for the <br />operations described above to be leased by the City to the Company <br />upon such terms and conditions with provisions for revision <br />from time to time as necessary, so as to produce income and <br />revenues sufficient to pay, when due, the principal of and <br />interest on proposed Industrial Development Revenue Bonds <br />of the City in the total principal amount of approximately <br />$3,000,000 to be issued pursuant to the Act to finance the <br />acquisition and construction of said Project; and said <br />proposal also provides for the entire interest of the City <br />therein to be pledged and mortgaged to the holders of the <br />bonds of the City or a trustee therefor; and the City hereby <br />undertakes preliminarily to issue its revenue bonds in accordance <br />with such terms and conditions; <br /> <br />-2- <br />