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<br />RESOLUTION RECITING A PROPOSAL FOR AN <br />INDUSTRIAL DEVELOPMENT PROJECT AND TAKING OFFICIAL <br />ACTION WITH RESPECT THERETO AND INDICATING <br />PRELIMINARY INTENT TO ASSIST THE FINANCING <br />OF THE PROJECT PURSUANT TO THE MINNESOTA <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT <br /> <br />WHEREAS, <br /> <br />(a) The purpose of Minnesota Statutes, sections <br />469.152 through 469.165 known as the Minnesota Municipal <br />Industrial Development Act (the "Act") as found and determined by <br />the legislature is to promote the welfare of the state by the <br />active attraction and encouragement and development of <br />economically sound industry and commerce to prevent so far as <br />possible the emergence of blighted and marginal lands and areas <br />of chronic unemployment; <br /> <br />(b) Factors necessitating the active promotion and <br />development of economically sound industry and commerce are the <br />increasing concentration of population in the metropolitan areas <br />and the rapidly rising increase in the amount and cost of <br />governmental services required to meet the needs of the increased <br />population and the need for development of land use which will <br />provide an adequate tax base to finance these increased costs and <br />access to employment opportunities for such population; <br /> <br />(c) The City Council of the city of Roseville (the <br />"City") has received a proposal from Advance Circuits, Inc., a <br />Minnesota corporation (the "Company"), 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 in the <br />maximum aggregate principal amount of $7,000,000 (hereinafter <br />referred to in this resolution as "Revenue Bonds") pursuant to <br />the Act; <br /> <br />(d) The City desires to facilitate the selective <br />development of the community, retain and improve the tax base and <br />help to provide the range of services and employment <br />opportunities required by the population; and the Project will <br />assist the City in achieving those objectives. The Project will <br />help to increase tax capacities of the city and surrounding area <br />and help maintain a positive relationship between tax capacities <br />and debt and enhance the image and reputation of the community; <br /> <br />(e) The Project to be financed by the Revenue Bonds is <br />the acquisition of equipment to be located in the company's <br />facility at 1633 Terrace Dr., Roseville, Minnesota and such <br /> <br />381 <br />