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.r.... ,- :: "ll!. .1 RESOLUTION NO. 96-103 RESOLUTION RECITING A PROPOSAL FOR AN INDUSTRIAL DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT SUBJECT TO HOLDING A PUBLIC HEARING AND AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR ALLOCATION AND PREPARATION OF NECESSARY DOCUMENTS (DONATELLE HOLDINGS PROJECT) WHEREAS, (a) The purpose of Minnesota Statutes, Sections 469.152 to 469.165 known as the Minnesota Municipal Industrial Development Act (the "Act") as found and determined by the legislature is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; (b) Factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased popUlation and the need for development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; (c) The City Council of the City of New Brighton (the "City") has received from Donatelle Holdings (the "Company") and Donatelle Plastics, Inc. (the "Tenant") a proposal that the City undertake to finance a Project hereinafter described, through the issuance of revenue bonds (hereinafter the "Bonds" or the "Revenue Bonds") pursuant to the Act; (d) The City desires to facilitate the selective development of the community retain and improve the tax base and help to provide the range of services and employment opportunities required by the population; and the Project will assist the City in achieving those obj ecti ves. The proj ect will help to increase assessed valuation of the City and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the communitYi (e) The Project to be financed by the Bonds is the acquisition of approximately 8.15 acres of land located at the southwest corner of the intersection of 5th Avenue N.W. and County Road E2 West in New Brighton and the construction and equipping thereon of an approximately 76,000 sq. ft. facility for precision plastic injection molding. The Tenant currently employs 97 people at its existing facility in the City and the Project is expected to create 15-20 new jobs; 772890.1