83-125 - Laserfiche WebLink

Home Browse Search

" . ~ . , ' economic deterioratfon 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 taxa- tion with the attendant necessity of relocating displaced persons and of duplicating public services in other areas. Section 2. The City Council of the Issuer further finds, determines 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 edu- cated youth to processinq, transporting, marketing r service and other industries,. and unless existing and related in-' dustries are retained and new industries are developed to use the available resources in the conununity, a large part of the existing investment of the community and of the State as a whole in educational and public service facilities wi~l 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 tour ism will depr ive the community and the State of the economic and human resources needed as a base for providing governmentaL services- and facilities for the remaining population. Section 3. The City COuncil of the Issuer further finds, determines and declares that such governmental action is required by the increase in the amount and cost of gov- ernmental services and the need for more intensive develop- ment and use of land to provide an adequate tax base to finance these costs. Section 4. The City Council further finds, determines and declares that the existence of the Project within the corporate limits of the Issuer shall provide for more in- tensive development and use of land to increase the tax base of the Issuer and overlapping taxing authorities and main- tain and provide for additional opportunities for employment for residents of the Issuer and that while conventional, commercial financing to pay the capital cost of the Project is available at such costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, with the aid of municipal financing and its result- ing lower borrowing cost, the Project is economically more feasible. Section 5. The loan to the Borrower under the Agreement to finance the acquisition, construction and installation of the Project be and the same is hereby authorized. Section 6.. Pursuant to the foregoing, there have been prepared and presented to the City Council copies of the ~ 5 ~.