Laserfiche WebLink
<br />-,.. <br /> <br />. <br /> <br />2. On the basis of information available to this <br />Council it appears, and the Council hereby finds, that <br />said Project constitutes real property, used or useful in <br />connection with one or more revenue producing enterprises <br />engaged in any business within the meaning of Subdivision <br />1 of Section 474.02 of the Act, that the availability of the <br />financing under the Act and willingness of the City to furnish <br />such financing will be a substantial inducement to the Company <br />to undertake the Project, and that the effect of the Project, <br />if undertaken, will be to encourage on a selective basis the <br />development of economically sound industry and COmmerce <br />within the City, and will help the City to retain and improve <br />its tax base and provide the range of services and emplOyment <br />opportunities required by its population, and will help to . <br />prevent the movement of talented and educated persons out <br />of the.state and to areas within the state where their services <br />may not be as effectively used; <br /> <br />3. Said Project is hereby given preliminary <br />approval by the City subject to the approval of the Project <br />by the Commissioner of Economic Development and subject to <br />final approval by this Council, Miller & Schroeder Municipals, <br />Inc., as Underwriters, and the Company of any bonds to be <br />issued and as to the ultimate details of the Project; <br /> <br />4. In accordance with Subdivision 7 of Section <br />474.0l, Minnesota Statutes, the Mayor of the City is hereby <br />authorized and directed to execute on behalf of the City <br />said Underwriting Agreement and to submit the proposal for <br />the above described Project to the Commissioner of Economic <br />Development requesting his approval, and other officers, <br />employees and agents of the City are hereby authorized <br />to provide the Commissioner with such preliminary infor- <br />mation as he may require. Miller & Schroeder Municipals, . <br />Inc., as Underwriters, the C,Lt_LJ!.ttorney and Briggs and Morgan, <br />Professional Association as Bond Counsel for said Project <br />are also authorized to initiate the Project, in order that <br />when and if approved, it may be carried forward expeditiously; <br /> <br />5. The Company has agreed and it is hereby determined <br />that any and all costs incurred by the City in connection . <br />with the Project whether or not the Project is carried <br />to completion and whether or not approved by the Commissioner <br />will be paid by the Company. <br /> <br />. <br /> <br />-3- <br />