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7/17/2007 9:18:48 AM
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4/25/2005 12:19:45 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7674
Resolution Title
Reciting a Proposal for a Commercial Facilities Development Project Giving Preliminary Approval to the Project, Authorizing the Submission of an Application for Approval of the Project to the Energy and Economic Development Authority of the State of
Resolution Date Passed
12/17/1984
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<br />assist th~ City in achi~ving th0S~ objectives. The Project <br />will help to increase assessed valuation of the City and help <br />maintain a positive r~lationship between assessed valuation and <br />d~bt and enhance the ir.1.:l'Je and reputation of the community; <br /> <br />(e) The Company is currently engaged in the <br />business of ownership and development of re.Jl estate. The <br />Pc-oject to be finance,l by the Revenue Bonds is .3.n al?prox:imately <br />53,000 square foot co~nercial office building to be located at <br />the southwest coc-ner of the intec-section of Prior Avenue and <br />Oakcrest Avenue in Roseville and le~sed to various parties and <br />consists of the construction of buildings and improvements <br />thereon and the installation of equipment therein to be <br />initially owned and operated by the Company, and will result in <br />the employment of additional persons to work within the new <br />facilities; <br /> <br />(f) The City has been advised by representa- <br />tives of Company that conventional, commercial financing to pay <br />the capital cost of the Project is available only on a limited <br />basis and at such high costs of borrowing that the economic <br />feasibility of operating the Project would be significantly <br />reduced, but Company has also advised this Council that with <br />the aid of municipal financing, and its resulting low borrowing <br />cost, the Project is economically more feasible; <br /> <br />(g) Pursuant to a resolution of the City <br />council adopted on November 26, 1984, a puhlic hearing on the <br />Project was held on December 17, 1984, after notice was <br />published, and materials made available for public inspection <br />at the City Hall, all as required by Minnesota Statutes, <br />Section 474.01, Subdivision 7b at which public hearing all <br />those appearing who so desired to speak were heard; <br /> <br />(h) No public official of the City has either a <br />direct or indirect financial interest in the Project nor will <br />any public official either directly or indirectly benefit <br />financially from the Project. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Roseville, Minnesota, as follows: <br /> <br />1. The Council hereby gives preliminary approval to the <br />proposal of Company that the City undertake the project <br />pursuant to the Minnesota Municipal Industrial Development Act <br />(Chapter 474, Minnesota Statutes), consisting of the acqui- <br />sition, construction and equipping of an approximately 53,000 <br />square foot commercial office building to be located at the <br />
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