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, " " RESOL UTlON NO. 84- 1 71 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, REFERRING THE PROPOSAL TO THE MINNESOTA ENERGY AND ECONOMIC DEVELOPMENT AUTHORITY FOR APPROVAL, AND AUTHORIZING PREPARATION OF NECESSARY DOCUMENTS WHEREAS, the welfare of the State of Minnesota (the "State") requires active promotion, attraction, encouragement and development of economically sound industry and com merce through governmental acts to prevent, so far as possible, emergence of blighted lands and areas of chronic unemployment, and it is the policy of the State to facilitate and encourage action by local government units to prevent the economic deterioration of such areas to the point where the process can be reversed only by total redevelopment through the use of local, state and federal funds derived from taxation, with the attendant necessity of relocating displaced persons and of duplicating public services in other areas; and -- WHEREAS, technological change has caused a shift to a significant degree in the area of opportunity for educated youth to processing, transporting, marketing, service and other industries, and unless existing and related industries are retained and new industries are developed to use the available resources of the City of New Brighton (the "City"), a large part of the existing investment of the com munity and of the State as a whole in educational and public service facilities will be lost, and the movement of talented, educated personnel of mature age to areas where their services may be effectively used and compensated and the lessening attraction of persons and businesses from other areas for purposes of industry, commerce and tourism will deprive the City and the State of the economic and human resources needed as a base for providing governmental services and facilities for the remaining population; and WHEREAS, the increase in the amount and cost of governmental services requires the need for more intensive development and use of land to provide an adequate tax base to finance these costs; and WHEREAS, a representative of Inssbruck Investment, Inc. dba Erickson Super Value (the "Developer"), has advised this City Council that it desires to construct a retail grocery facility of approximately 40,000 square feet in the City (hereinafter referred to as the "Project"); and WHEREAS, the existence of the Project in the City will contribute to more intensive development and use of land to increase the tax base of the City and overlapping taxing authorities and maintain and provide for an increase in opportunities for employment for residents of the City, including economically disadvantaged or unemployed individuals; and WHEREAS, the City has been advised that conventional, commercial financing to pay the capital cost of the Project is available at such costs of -1-