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RESOLUTION NO. 7659 RESOLUTION GIVING PRELIMINA.RY APPROVl\L TO A PROJECT WITH ADVANCE CIRCUITS, INC. UNDER THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE THE PROJECT, AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE ENERGY AND ECONOMIC DEVELOPMENT AUTHORITY OF THE STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS WHEREAS, the purpose of Chapter 474, Minnesota Statutes, known as the Mi:1nesota Municipal Industrial Development Act )the "Act '~ ), as found and determined by the leg islature, is to promote the welfare of the State of Minnesota (the "State") by the active attractio~ and encouragement and development of economically sound industry and commerce to prevent, so far as possible, the emerge~ce of blighted a~d marginal lands and areas of chronic u~employmenti and . WHEREAS, factors necessitati~g the active promotio~ and development of economically sound industry and commerce are the i~creasi~g co~ce~tration of population in the metropolitan areas, the rapidly rising increase in the amount and cost of governme~tal services ~equired to meet the needs of the increased population and the ~eed for development of la~d use which shall provide an adequate tax base to finance these increased costs and access to employment oppor.tunities for. such.population; and WHEREAS, the City Council (the "Council") of the City of Roseville, Minnesota (the "City"), has received from Advance Ci~cuits, Inc., a Minnesota corporation (the "Borrower"), a pr.oposal that the City undertake to finance a pr.oject (as hereiriafter described) thr.ough the issuance of revenue bonds (the "bonds") pursua~t to the Act; and WHEREAS, the City desir.es to facilitate the selective development of the community, retain and ilnprove its tax base and help provide the range of services and employment oppor.tunities required by its population, and the Project shall assist the City in achievi~g those objectives. The Project shall help to increase assessed valuatio~ of the City and help mai~tain a positive r.elatio~ship betwee~ assessed valuation and debt and enhance the image and reputatio~ of the CitYi and WHEREAS, the Project to be financed by the bonds is the acquisitio~ a~d installatio~ of equipment pr.incipally constituting fixtur~s in th~ buildin~ located at 1633 Terrace Dr.ive which the Borrower cur.rently ow~s and uses as a manufacturing facility for. the pr.oduction of printed circuit boards and shall result in the employment of additiorial per.sons to work withi~ the new f.:lcilitiesi a:-:d