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Last modified
7/17/2007 9:16:23 AM
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4/25/2005 12:12:22 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7374
Resolution Title
Reciting a Proposal for a Commercial Facilities Development Project Giving Preliminary Approval to the Project
Resolution Date Passed
6/28/1982
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<br />assist the City in achieving those objectives. The Project <br />will help to increase assessed valuatlon of the City and help <br />maintain a positive relationship between assessed valuation and <br />debt and enhance the image and reputation of the communitYi <br /> <br />(e) Company is currently engaged in the <br />business of electrical contracting-and electronic data <br />processing. The Project to be financed by the Note is an <br />office/warehouse facility to be located in the City and leased <br />to various tenants and consists of the construction of <br />buildings and improvements thereon and the installation of <br />equipment therein, and will result in the employment of <br />additional persons to work within the new facilities; <br /> <br />(f) The City has been advised by representa- <br />tives of Company that conventional, commercial financing to pay <br />the capital cost of the Project is available only on a limited <br />basis and at such high costs of borrowing that the economic <br />feasibility of operating the Project would be significantly <br />reduced, but Company has also advised this Council that with <br />the aid of municipal financing, and its resulting low borrowing <br />cost, the Project is economically more feasible; <br /> <br />(g) A public rehearing on the Project was held <br />on July 12, 1982, after notice was published, and materials <br />made available for public inspection at the Roseville City <br />Hall, all as required by Minnesota Statutes, Section 474.01, <br />Subdivision 7b at which public hearing all those appearing who <br />so desired to speak were heard; <br /> <br />(h) No public official of the City has either a <br />direct or indirect financial interest in the Project nor will <br />any public official either directly or indirectly benefit <br />financially from 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 gives preliminary approval to the <br />proposal of Company that the City undertake the Project <br />pursuant to the Minnesota Municipal Industrial Development Act <br />(Chapter 474, Minnesota Statutes), consisting of the acqui- <br />sition, construction and equipping of facilities within the <br />City pursuant to Company's specifications suitable for the <br />operations described above and to a revenue agreement between <br />the City and Company upon such terms and conditions with <br />provisions for revision from time to time as necessary, so as <br />to produce income and revenues sufficient to pay, when due, the <br />
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