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<br />..L <br /> <br />RESOLUTION NO. 7306 <br /> <br />RESOLUTION RECITING A PROPOSAL FOR A <br />CO~ll1ERCIAL FACILITIES DEVELOPMENT PROJECT <br />GIVING PRELIMINARY APPROVAL TO THE PROJECT <br />PURSUANT TO THE MINNESOTA <br />MUNICIPAL INDUSTRIAL_QEVELOPMENT ACT <br />AUTHORIZING THE SUBMISSION OF &~ APPLICATION <br />FOR APPROVAL OF SAID PROJECT TO THE <br />COMMISSIONER OF SECURITIES <br />OF THE STATE OF MINNESOTA <br />AND AUTHORIZING THE PREPARATION OF <br />NECESSARY DOCUMENTS AND MATERIALS <br />IN CONNEC'rION WITH SAID PROJECT <br /> <br />WHEREAS, <br /> <br />(a) The purpose of Chapter 474, Minnesota <br />Statutes, known as the Minnesota Municipal Industrial <br />Development Act (the "Act") as found and determined by the <br />legislature is to promote the welfare of the state by the <br />. active attraction and encouragement and development of economi- <br />cally sound industry and commerce to prevent so far as possible <br />the emergence of blighted and marginal lands and areas of <br />chronic unemployment; . <br /> <br />(b) Factors necessitating the active promotion <br />and development of economically sound industry and corrunerce are <br />+:n~ increasinq concentri'itio"1 ("If' D00'11ati.ol1 in the metropolitan <br />areas and the" rapidly rising increase in the amount and~ cost of <br />governmental services required to meet the needs of the <br />increased population and the need for development of land use <br />which will provide an adequate tax base to finance these <br />increased costs and access to employment opportunities for such <br />population; <br /> <br />(c) The City Council of the City of Roseville <br />(the "City") has received from a partnership under the laws of <br />the State of Minnesota to be formed with Fine Associates <br />Incorporated as a general partner (the "Company") a proposal <br />that the City assist in financing a Project hereinafter <br />described, through the issuance of a Revenue Bond or Bonds or a <br />Revenue Note or Notes hereinafter referred to in this <br />resolution as "Revenue Bonds" pursuant to the Act; <br /> <br />(d) The ci.ty desires to facilitate the selec- <br />tive development of the corrununity, retain and improve the tax <br />base and help to provide the range of services and employment <br />opportunities required by the population; and the Project will <br />