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1982_0424_packet
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1982_0424_packet
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r� <br />assist the City n achieving those objecti <br />i ves , The Project <br />will help to increase assessed valuation of the City and -help <br />maintain a positive relationship between assessed valuation and <br />debt and enhance the image and reputation of the community <br />(e) company is currently engaged in the <br />business of electrical contracting and electronic data <br />processing. The Project to be financed by the Note is an <br />off ice /warehouse facility to be located in the city and leased <br />to various tenants and consists of the construction of <br />buildings and improvements thereon and the installation of <br />equipment therein, and will result in the employment of <br />additional persons to work within the new facilities <br />(f) The City has been advised by representa- <br />tives of Company that conventional., conunercial financing to pay <br />the capital cost of the Profect 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 economi.cal.l. y more feasible; <br />(g) Pursuant to a resolution of the city <br />Council adopted on , 19 . a public hearing on the <br />Project was held on , lg , after notice was <br />published, and materials made available for public .inspection <br />at # all as reau i t ed by Minnesota Statutes., <br />Section 474,01, <br />those appearing <br />Subdivision 7b at which public hearing all <br />who so desired to speak were heard; <br />(h) o 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 P ro j ect <br />NOWp THEREFORE, BE IT RESOLVED by the city Council of the <br />City of Roseville, Minnesota, as follows* <br />I. 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 47 4, Minnesota Statutes) #, consisting of the acgui- <br />s it.ion, construction and equipping of facilities within the <br />City pursuant to Cortipan' s specifications suitable for the <br />operations described above and to a revenue agreement between <br />Uie City and Company upon such terms and conditions with <br />provisions for revision from time to time as necessary, so as <br />to produce income and revenues sufficient to pay, when due, the <br />{ <br />
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