My WebLink
|
Help
|
About
|
Sign Out
Home
res_8960
Roseville
>
City Council
>
City Council Resolutions
>
08xxx
>
8900
>
res_8960
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/17/2007 8:35:42 AM
Creation date
12/2/2004 8:25:50 AM
Metadata
Fields
Template:
Roseville City Council
Document Type
Council Resolutions
Resolution #
8960
Resolution Title
Approving $3,500,000 of Motel Revenue Bonds to finance College Properties, Inc., 57 unit motel
Resolution Date Passed
7/26/1993
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
5
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
<br />facility at the southwest quadrant of Snelling Avenue North, <br />Roseville, Minnesota and such equipment will be initially owned <br />and operated by the Company, and will result in the employment of <br />additional persons to work within the facilities; <br /> <br />(f) The City has been advised by representatives of <br />the Company that conventional, commercial financing to pay the <br />capital cost of the Project is available only on a limited basis <br />and at such high costs of borrowing that the economic feasibility <br />of operating the Project would be significantly reduced; <br /> <br />(g) No public official of the City has either a direct <br />or indirect financial interest in the Project nor will any public <br />official either directly or indirectly benefit financially from <br />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 indicates its preliminary intent to <br />undertake the Project pursuant to the Minnesota Municipal <br />Industrial Development Act and to issue the Revenue Bonds in the <br />maximum aggregate principal amount of $3,500,000 pursuant to the <br />Act to finance the Project; <br /> <br />2. On the basis of information available to this Council it <br />appears, and the Council hereby finds, that the Project <br />constitutes properties, real and personal, used or useful in <br />connection with one or more revenue producing enterprises engaged <br />in any business within the meaning of Subdivision la of section <br />469.153 of the Act; that the Project furthers the purposes stated <br />in Minnesota Statutes, section 469.152; that the availability of <br />the financing under the Act and willingness of the City to <br />furnish such financing will be a substantial inducement to <br />Company to undertake the Project, and that the effect of the <br />Project, if undertaken, will be to encourage the development of <br />economically sound industry and commerce, to assist in the <br />prevention of the emergence of blighted and marginal land, to <br />help prevent chronic unemployment, to help the City retain and <br />improve the tax base and to provide the range of service and <br />employment opportunities required by the population, to help <br />prevent the movement of talented and educated persons out of the <br />state and to areas within the State where their services may not <br />be as effectively used, to promote more intensive development and <br />use of land within the City and eventually to increase the tax <br />base of the community; <br /> <br />3. The issuance of the Revenue Bonds by the City is subject <br />to, among other things, (a) the approval of the Project by the <br /> <br />244249 <br /> <br />2 <br />
The URL can be used to link to this page
Your browser does not support the video tag.