LP-141 - Laserfiche WebLink

Home Browse Search

-,~~. .. .. 1.3. The increase in the amount and cost of goyern- mental services requires the need for more intensive development and use of land to provide art adequate tax base to finance these costs. 1.4. New Brighton Venture I, a joint venture to be formed under the laws of the State of Minnesota, con- sisting of partnership Technologies Corporation and three limited partnerships to be formed (the "Company"), has advised this Council that it desires to acquire and construct a building or buildings on land located at the northeast corner of the intersection of 35W and County Road 0 within the City (the "Project") to be useo as office and warehouse and related facilities to be leased to various tenants. " 1.5. 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 in- crease in opportunities for employment for residents of the City. 1.6. The .City has been advised that conventional, commercial financing to pay the capital cost of the Project is available at such costs of borrowing that the economic feasibilit~~ of operating the Project would be significantly reduced, but that with the aid of munici- pal financing .and its resulting low borrowing cost the Project is economically more feasible. 1.7. Thi~-Council has been advised by a represena- tive of Miller & Schroeder Municipals, Inc~, of Minnea- polis, Minnesota, that on the basis of information sub- mi tted to them and their discuss ions wi th representa- tives of .the Company ~nd potential buyers of tax-exempt, bonds, industr ial development revenue bonds, notes or other obligations of the City could be issued and sold upon favorable rates and terms to finance the project. 1.8. The City is authorized by Minnesota Statutes, Chapter 474, to issue its revenue bonds, notes or other obligations to finance the cost, in whole or in part, of the acquisition, construction, reconstruction, improve- ment or extension of capital projects consisting of properties used and useful in connection with a revenue- producing enterprise, such as that of the Company; the issuance of such bonds, notes or other' obligations by the City would be a substantial inducement to the Com- pany to construct its facility in the City. - 4 -