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.'JI { . . t , Member Anderson introduced the following resolution and moved its adoption: RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, REFERRING THE PROPOSAL TO THE DEPARTMENT OF ECONOMIC DEVELOPMENT FOR APPROVAL, AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS BE IT RESOLVED by the City Council of the City of New Brighton, Minnesota, as follows: l. It is hereby found, determined and declared as follows: l.l The welfare of the State of Minnesota requires active promotion, attraction, encouragement and development of economically sound industry and commerce through governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and the state has en- couraged local government units to prevent such economic deteri- oration. 1.2 Kausel Foundry Company, a Minnesota corporation (hereinafter the Company), now owns, subject to mortgage, cer- tain land within the City on which is located a building used by the Company in its business operations of manufacturing, processing, assembling, storing and shipping products of manu- facture, primarily casting iron. The Company now proposes that the City acquire that land and existing foundry building located thereon and construct and equip an addition to the existing foundry building (all such property hereinafter referred to in the aggregate as the Project), suitable and designed for use by the Company in its business, and lease the land, building and equipment to the Company as a Project under Minnesota Stat- utes, Chapter 474. 1.3 The existence of the Project within the City would add to the tax base of Ramsey County, the City and the school districts and other taxing Districts, in which the City is located, would increase employment and add to the level of economic activity in the area and enhance the reputation or image of the City and surrounding area as a desirable location for suitable industries.