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<br />1.4. Cohasset Investments, a Minnesota general
<br />partnership to be formed (the "Company"), has advised
<br />the Council that it desires to undertake a project which
<br />consists of the acquisition of land and the construction
<br />thereon of an approximately 54,000 square foot, 3 story
<br />office facility (the "Project"), to be located in the
<br />City at 1801 Old Highway 8, being generally at the
<br />intersection of said highway, Highway 96 and I-35W.
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<br />1.5. The existence of the
<br />contribute to more intensive
<br />land, thereby increasing the
<br />opportunities in the City.
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<br />1.6. The City is authorized by Minnesota Statutes,
<br />Chapter 474, to issue its revenue bonds, notes or other
<br />obligations to finance the cost, in whole or in part, of
<br />the acquisition, construction, reconstruction, improve-
<br />ment, betterment or extension of capital projects con-
<br />sisting of properties used and useful in connection with
<br />a revenue producing enterpr ise, including the Project,
<br />and the issuance of such obligations by the City would
<br />be a substantial inducement to the Company to construct
<br />its facility in the city.
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<br />Project in the City will
<br />development and use of
<br />tax base and employment
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<br />2. On the basis of information given the city to date,
<br />it appears that it would be in the best interest of the City
<br />to issue its obligations (the "Bonds") under the provisions
<br />of Minnesota Statutes, Chapter 474, to finance the Project
<br />in an amount presently estimated not to exceed $5,200,000.
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<br />3. The Project and the related financing thereof by
<br />the Ci ty are hereby given preliminary approval, and the
<br />issuance of the Bonds for such purpose and in such estimated
<br />amount is hereby approved, subject to compliance wi th the
<br />requirements prescribed by Minnesota Statutes, Chapter 474,
<br />including without limitation the approval of the project by
<br />the Minnesota Department of Energy and Economic Development,
<br />and to the mutual agreement of the Council, the Company and
<br />the initial purchasers of the Bonds as to the details and
<br />provision for payment of the Bonds. In all events, it is
<br />understood, however, that the Bonds shall not constitute a
<br />debt of the City or a charge, lien or encumbrance, legal or
<br />equitable, upon any property of the City except its interest
<br />in the Project, and each of the Bonds when, as and if issued
<br />shall recite in substance that it is payable solely from the
<br />revenues received from the Project and property pledged to
<br />the payment thereof.
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<br />4. The adoption of this resolution by the council does
<br />not constitute a guarantee or a firm commitment that the
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