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<br />4F -::;6'14 <br /> <br />528A.:\ <br /> <br />RESOLUTION RECIT[NG A PROPOSAL FOR A <br />COMMERCIAL FACIL[T[ES DEVELOPMENT PROJECT <br />GIVING PRELIMINARY APPROVAL TO THE PROJECT <br />PURSUAJ.'JT TO THE MDI'NESO'rA <br />MUNIC[PAL 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 MATERIALS <br />IN CON'JECTION WITH THE PROJECT <br /> <br />WHEREAS, <br /> <br />(a) The purpose of Chapter 474, Minnesota <br />Statutes, known a$ 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 encouragement 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 unemployment: <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 />governmental services required to meet the needs of the <br />increased population and the need for development of land use <br />which will provide an adequate tax base to finance these <br />increased costs and access to employment opportunities for such <br />population; <br /> <br />(c) The City Council of the City of Roseville <br />(the "City") has received from Oakcrest Development Company, a <br />general partnership organized under the laws of the State of <br />Minnesota (the "company") a proposal that the City assist in <br />financing a Project hereinafter described, through the issuance <br />of a Revenue Bond or Bonds or a Revenue Note or Notes <br />hereinafter referred to in this resolution as "Revenue Bonds" <br />pursuant to the Act; <br /> <br />(d) The City desires to facilitate the selec- <br />tive development of the community, retain and improve the tax <br />base and help to provide the range of services and employment <br />opportunities required by the population: and the Project will <br />