01-014 - Laserfiche WebLink

Home Browse Search

. . . with a revenue producing enterprise within the meaning of Subdivision 2(b) of Section 469.153 of the Industrial Development Act; that the availability of the financing under the Industrial Development Act and the willingness of the City to furnish such financing will be a 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, to provide the range of services 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 not be as effectively used, and to promote more intensive development and use of land within the City. 5. The Project and the program to finance the Project by the issuance of revenue bonds, is hereby given preliminary approval by the City subject to final approval by the City, the Developer and the purchasers of the Notes as to ultimate details of the financing of the Project. 6. All prior actions taken by the City Staff in directing Briggs and Morgan, Professional Association, acting as bond counsel to prepare a housing program for financing the Project prepared in accordance with the provisions of Minnesota Statutes, Section 462C.03 are hereby ratified, affirmed and approved. 7. The Developer has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project whether or not the Project is carried to completion will be paid by the Developer. 8. Briggs and Morgan, Professional Association, acting as bond counsel, is authorized to assist in the preparation and review of necessary documents relating to the Project, to consult with the City Attorney, Developer and the purchaser of the Notes as to the maturities, interest rates and other terms and provisions of the Notes and as to the covenants and other provisions of the necessary documents and submit such documents to the City for final approval. 9. Nothing in this Resolution or the documents prepared pursuant hereto shall authorize the expenditure of any municipal funds on the Project other than the revenues derived from the Project or otherwise granted to the City for this purpose. The Notes shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds ofthe City except the revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The holder of the Notes shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Notes or the interest thereon, or to enforce payment thereon against any property of the City, except such property as may be expressly pledged for the security of the Notes. The Notes shall recite in substance that the Notes, including the interest thereon, are payable solely from the revenue and proceeds pledged to the payment thereof. The Notes shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 10. Subject to final approval of the Project by the City and in anticipation of the approval by all necessary entities of the housing program and the issuance of the Notes to finance all or a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, the Developer is hereby authorized to make such expenditures and advances toward payment of that pOliion of the costs of the Project to be financed from the proceeds of the Notes, as the Developer lJ239S3vl