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. .... I I." CITY COUNCIL OF THE CITY OF NEW BRIGHTON, MINNESOTA 'Resolution No. 83-12S A RESOLUTION OF THE CITY OF NEW BRIGHTON, RAMSEY COUNTY, MINNESOTA, AUTHORIZING THE ISSUANCE OF A $942,000 PRINCIPAL AMOUNT CITY OF NEW BRIGHTON, MINNESOTA, COMMERCIAL DEVELOPMENT REVENUE NOTE (SAHARA INVESTMENT CO. PROJECT) (FIRST STATE, BANK OF NEW BRIGHTON, LESSEE), DATED AS OF NOVEMBER , 1983, AND APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS. WHEREAS, the Municipal Industr ia1 Development Act, as amended and supplemented, constituting Minnesota Statutes, Chapter 474 (the "Act-), finds, declares and provides that the welfare of the State of Minnesota (the "Staten) ~equires active promotion, attraction, encouragement and development of economically sound industry and commerce through govern- mental action 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 deteriora- tion 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 WSEREAS, the Act further finds and declares that such governmental action is required by technological change that 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 industr ies are- reta ined and new industr iea are developed to use the available resources in each community, a large part of the existing investment of the community and of the State as a whole in educational and public service