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1982_0424_packet
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1982_0424_packet
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principal of and interest on the Note n the total principal <br />amount of approximately 3,000,000 to he issued pursuant to the <br />Act to finance the acquisition, construction and equipping of <br />the Project; and said agreement ima also pro �.de for the entire <br />interest of Company therein to he mortgaged to the purchaser of <br />the Revenue Bonds , and the city hereby undertakes preliminarily <br />to issue its Note in accordance with such terms and conditions; <br />2.. on the basis of information available to this Council <br />it appears, and the council hereby f 'Inds, that the Project <br />constitutes properties, real and personal, used or useful in <br />connection with one or more revenue producing enterprises <br />engaged in any business within the meaning of Subdivision la of <br />Section 474.02 of the Act; that the Project furthers the <br />purposes stated in section 474. of , Minnesota statutes; that the <br />availability i <br />of the financing ng under the Act and willingness of <br />the City to furnish such financing will he a substantial <br />inducement to company _ to undertake the project, and that the <br />effect of the Project, if undertaken, will be to encourage the <br />development of economically sound industry and coramerce, to <br />assist in the prevention of the emergence of blighted and <br />marginal land, to help prevent chronic unemployment, to help <br />the City retain and improve the tax base and to provide the <br />range of service and employrLient opportunities required by the <br />population, to help prevent the movement of talented and <br />educated persons out of the state and to areas within the state <br />where their services i-Liay not he as effectively used, to promote <br />imore intensive development and use of land within the city and <br />eventually to .increase the tax base of the cormiunit ; <br />3, The Project is bereby given preliminary approval by <br />the c i t subject to the approval of the Project by the <br />c. coi mni s s ioner of Energy, Planning and Development ( the <br />"Cora mis s inner ") , and subject to final approval by this Council, <br />Company.. and the purchaser of the Note as to the ultimate <br />details of the financing of the Project; <br />4. In accordance with Subdivision 7.a of Section 474.01 <br />Minnesota Statutes, the Mayor of the city is hereby authorized <br />and directed to submit the proposal for the ' Proj set to the <br />Commissioner requesting his approval., and other officers, <br />employees and agents of the City are hereby authorized to <br />provide the Commissioner with such preliminary information as <br />he may require; <br />5. Company has agreed and it is hereby determined that <br />any and all costs incurred by the City in connection with the <br />financing of the Project whether or not the Project is carried <br />to completion and whether or not approved by the Commissioner <br />will he paid by Company; <br />
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