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<br />RESOLUTION NO. 9964 <br /> <br />RESOLUTION RECITING A PROPOSAL FOR A PRIV ATE SCHOOL FACILITY <br />PROJECT PURSUANT TO MINNESOTA LAW, GIVING PRELIMINARY APPRO V AL TO <br />THE PROJECT AND THE ISSUANCE OF REVENUE BONDS, AUTHORIZING THE <br />SUBMISSION OF AN APPLICATION FOR APPROVAL TO THE DEPARTMENT OF <br />TRADE AND ECONOMIC DEVELOPMENT, CALLING FOR A PUBLIC HEARING, AND <br />AUTHORIZING THE PUBLICATION OF A NOTICE OF THE HEARING <br />(CONCORDIA ACADEMY INFORMATION/TECHNOLOGY ADDITION) <br /> <br />(a) WHEREAS, Minnesota Statutes, Sections 469.152 through 469.165 (the <br />"Act"), gives municipalities the power to issue revenue bonds for the purpose of the <br />encouragement and development of economically sound industry and commerce to prevent so far <br />as possible the emergence of blighted and marginal lands and areas of chronic unemployment; <br />and <br /> <br />(b) WHEREAS, factors necessitating the active promotion and development <br />of economically sound industry and commerce are the increasing concentration of population in <br />the metropolitan areas and the rapidly rising increase in the amount and cost of governmental <br />services required to meet the needs of the increased population and the need for development of <br />land use which will provide an adequate tax base to finance these increased costs and access to <br />employment opportunities for such population; and <br /> <br />(c) WHEREAS, the City Council of the City ofRoseville, Minnesota (the <br />"City"), has received from either The Lutheran High School Association of St. Paul or St. Paul <br />Lutheran High School Association d/b/a Concordia Academy, a 501(c)(3) non-profit Minnesota <br />corporation (the "Corporation"), a proposal that the City assist in financing a project hereinafter <br />described, through the issuance of its private school facility revenue bonds (which may be in the <br />form of a single debt instrument) (the "Bonds") pursuant to the Act; and <br /> <br />(d) WHEREAS, the City desires to facilitate the selective development of the <br />community, promote school educational services for students, retain and improve the tax base <br />and help to provide the range of services and employment opportunities required by the <br />population; and the Project will assist the City in achieving those objectives and will enhance the <br />image and reputation of the community; and <br /> <br />(e) WHEREAS, the Corporation is currently engaged in the business of <br />providing school education for students. The Project to be financed by the Bonds is the <br />refunding of an existing mortgage note which financed improvements to the Corporation's <br />facilities and also the construction and equipping of an approximately 25,560 square foot three- <br />level/two-story addition to the east-side of the existing high school building consisting of an <br />information/technology center to house the existing distance learning lab, internet lab, language <br />lab, and the special needs classroom; with lower level locker rooms; and an elevator, for students <br />in grades 9 through 12. The addition, like the facilities financed by the obligation to be refunded, <br />is located at 2400 North Dale Street in the City. The Project will be owned and operated by the <br />Corporation; and <br /> <br />(t) WHEREAS, the City has been advised by representatives of the <br />Corporation that conventional, commercial financing to pay the capital cost of the Project is <br />available only on a limited basis and at such high costs of borrowing that the economic <br /> <br />1342189v2 <br />