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<br />,,-<-' <br /> <br />. <br /> <br />. <br /> <br />: <br /> <br />RESOLUTION NO: 75-17 <br /> <br />RESOLUTION RECITING A PROPOSAL <br />FOR A INDUSTRIAL DEVELOPMENT PROJECT <br />GIVING PRELIMINARY APPROVAL TO THE PROJECT <br />PURSUANT TO THE MINNESOTA MUNICIPAL <br />INDUSTRIAL DEVELOPMENT ACT <br />. AUTHORIZING THE SUBMISSION OF AN APPLICATION <br />FOR APPROVAL OF SAID PROJECT TO THE <br />COMMISSIONER OF ECONOMIC DEVELOPMENT <br />OF THE STATE OF MINNESOTA <br />AND AUTHORIZING THE PREPARATION OF <br />NECESSARY DOCUMENTS AND MATERIALS <br />IN CONNECTION WITH SAID PROJECT <br /> <br />\oTHEREAS, <br /> <br />(a) . The purpose of Chapter 474, Minnesota <br />Statutes, known as the Minnesota Municipal Industrial <br />Development Act (hereinafter called "Act") as found and <br />determined by the legislature is to promote the welfare of <br />the state by the active attraction and encouragement and <br />development of economically sound industry and commerce; <br /> <br />(b) Factors necessitating the active pro- <br />motion and development of economically sound industry and <br />commerce are the increasing concentration of population <br />in the metropolitan areas and the rapidly rising increase <br />in the amount and cost of governmental services required <br />to meet the needs of the increased population and the need <br />for development of land use which will provide an adequate <br />tax base to finance these increased costs and access to <br />employment opportunities for such population; <br /> <br />(c) The City Council has received from <br />Cardiac Pacemakers, Inc., a Minnesota corporation (herein- <br />after referred to as "Company") a proposal which proposal <br />is outlined in an Underwriting Agreement, Ca copy of which <br />is attached hereto as Exhibit A) that the City undertake the <br />Project hereinafter described; <br /> <br />Cd) The City of Arden Hills desires to facil- <br />itate the selective development of the community to retain <br />