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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 />principal of and interest on the Note in the total principal <br />amount of approximately $3,000,000 to be issued pursuant to the <br />Act to finance the acquisition, construction and equipping of <br />the Project; and said agreement l~ay also provide for the entire <br />interest of Crnnpany therein to be mortgaged to the purchaser of <br />the Revenue Bonds; and the City hereby undertakes preliminarily <br />to issue its Note in accordance with such terms and conditions; <br /> <br />2. On the basis of information available to this Council <br />it 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 <br />engaged in any business within the meaning of Subdivision la of <br />Section 474.02 of the Act; that the Project furthers the <br />purposes stated in Section 474.01, Minnesota Statutes; that the <br />availability of the financing under the Act and willingness of <br />the City to furnish such financing will be a substantial <br />inducement to Company to undertake the Project, and that the <br />effect of the Project, if undertaken, will be to encourage the <br />development of economically sound industry and commerce, to <br />assist in the prevention of the emergence of blighted and <br />marginal land, to help prevent chronic unemployment, to help <br />the City retain and improve the tax base and to provide the <br />range of service and employment opportunities required by the <br />population, to help prevent the movement of talented and <br />educated persons out of the state and to areas within the State <br />where their services laay not be as effectively used, to promote <br />luore intensive development and use of land within the City and <br />eventually to increase the tax base of the cOITrrl1UnitYi <br /> <br />3. The Project is hereby given preliminary approval by <br />the City subject to the approval of the Project by the <br />Commissioner of Energy, Planning and Development (the <br />"Cormnissioner" ), and subject to final approval by this Council, <br />Company, and the purchaser of Ule Note as to the ultimate <br />details of the financing of the Project; <br /> <br />4. In accordance with Subdivision 7a of Section 474.01 <br />Minnesota Statutes, the Mayor of the City is hereby authorized <br />and directed to submit the proposal for the Project to the <br />Commissioner requesting his approval, and other officers, <br />employees and agents of the City are hereby authorized to <br />provide the Commissioner with such preliminary information as <br />he may require; <br /> <br />5. Company has agreed and it is hereby determined that <br />any and all costs incurred by the City in connection with the <br />financing of the Project whether or not the Project is carried <br />to completion and whether or not approved by the Co~nissioner <br />will be paid by Company; <br />
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