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<br />"., <br /> <br />RESOLUTION 7580 <br /> <br />RESOLUTION RECITING A PROPOSAL FOR Al~ <br />INDUSTRIAL FACILITIES DEVELOPMENT PROJECT <br />GIVING PRELIMINARY APPROVAL TO THE PROJECT <br />PURSUANT TO THE MINNESOTA <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT <br />AUTHORIZING THE SUBMISSION OF AN APPLICATION <br />FOR APPROVAL OF THE PROJECT TO THE <br />ENERGY AND ECONOMIC DEVELOPMENT <br />AUTHORITY OF THE STATE OF MINNESOTA <br />AND AUTHORIZING THE PREPARATION OF <br />NECESSARY DOCUMENTS AND ~ffiTERIALS <br />IN CONNECTION WITH THE PROJECT <br /> <br />WHEREAS, <br /> <br />(a) Th~ purpose of Chapter 474, Minnesota <br />Statutes, known as the Minnesota Municipal Industrial <br />Development Act (the "Act") as found and determined by the <br />legislature is to promote the welfare of the state by the <br />active attraction and encourag~aent and development of economi- <br />cally sound industry and commerce to prevent so far as possible <br />the emergence of blighted and marginal lands and areas of <br />chronic unemplo~nent; <br /> <br />(b) Factors necessitating the active promotion <br />and development of economically sound industry and commerce are <br />the increasing concentration of population in the metropolitan <br />areas and the rapidly rising increase in the amount and cost of <br />goverruoental services required to meet the needs of the <br />increased population and the need for development of land use <br />\.,hich Vlill provide an adequate tax base to finance these <br />increased costs and access to emplo~nent opportunities for such <br />population; <br /> <br />(c) The City Council of the City of Roseville <br />(the "City") has received from Thomas N. Jones and Marilyn o. <br />Jones, husband and wife, residing in the State of Hinnesota <br />(the "Borrowers") a proposal that the city assist in financing <br />a Project hereinafter described, through the issuance of a <br />Revenue Bond or Bonds or a Revenue Note or Notes hereinafter <br />referred to in this resolution as "Revenue Bonds" pursuant to <br />the Actj <br /> <br />(d) The City desires to facilitate the selec- <br />tive development of the corrununi ty, retain and improve the tax <br />base and help to provide the range of services and employment <br />opportunities required by the populationj and the Project will <br />