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<br />Councilmember <br /> <br />Dale Hicks <br /> <br />introduced the following <br /> <br />resolution and moved its adoption: <br /> <br />... <br /> <br />RESOLUTION NO. 84-42 <br /> <br />RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL <br />INDUSTRIAL DEVELOPMENT ACT; GIVING. PRELIMINARY <br />. ;U>PROVAL TO THE PROJECT AND THE ISSUANCE OF <br />REVENUE BONDS TO FINANCE THIS PROJECT, AND <br />CALLING FOR A PUBLIC HEARING THEREON <br /> <br />BE IT RESOLVED by the City Council of the City of <br />Arden Hills, Minnesota (the Municipality), as follows: <br /> <br />SECTION 1 <br /> <br />Recitals <br /> <br />1.1. Richard H. Routhe. D.V.M., an individual residing in <br />Saint Paul, Minnesota (the Borrower), has advised this Council <br />of his desire to acquire approximately one-third acre of land <br />in the Municipality and to construct and equip thereon an <br />approximately 2,400 square foot facility (the Project) for use <br />as a multipurpose veterinary care facility by the Borrower or <br />by a corporation to be established by the Borrower. The <br />Project will be located at 1261 West County Road E in the <br />Municipali ty. <br /> <br />1.2. The Municipality is authorized by Minnesota Statutes, <br />Chapter 474 (the Act), .to issue its revenue bonds to finance <br />. . capital projects consisting of properties used and useful in <br />connection with a revenue-producing enterprise. The Borrower <br />has requested the Municipality issue its revenue bonds in an <br />aggregate total amount not to exceed $400,000 (the Bonds) to <br />finance a portion or all of the cost of the Project. <br /> <br />SECTION 2 <br /> <br />. <br /> <br />Findinqs and Preliminary Approvals <br /> <br />2.1. The Borrower has represented to this Council, and this <br />Council hereby finds and determines, that the Project would not <br />be undertaken but for the availability of industrial <br />development bond financing under the Act. <br /> <br />2.2. For purposes of Minnesota Statutes, Section .74.19, <br />Subdivision 6, and of Section 103 of the Internal Revenue Code <br />of 1954, as amended, this Council hereby gives approval to the <br />