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82-2611
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82-2611
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8/15/2005 4:06:13 AM
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8/12/2005 11:30:00 AM
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<br /><II .. .~- <br /> <br />3. It is hereby found, determined and declared that <br />the Project furthers the purposes stated in section 474.01 of <br />the Act in that the purpose of the Project is and the effect <br />thereof will be to promote the public welfare by the attraction, <br />encouragement and development of economically sound industry and <br />commerce so as to prevent, so far as possible, the emergence of <br />blighted and marginal lands and areas of chronic unemployment; <br />the retention and development of industry to use the available <br />resources of the community, in order to retain the benefit of its <br />existing investment in educational and public service facilities; <br />by halting the movement of talented, educated personnel of mature <br />age to other areas and thus preserving the economic and human <br />resources needed as a base for providing governmental services <br />and facilities; and the more intensive development of land avail- <br />able in the area to provide a more adequate tax base to finance <br />the cost of governmental services in the Municipality, county and <br />school district where the Project is located. <br /> <br />4. The Company has entered into preliminary discussions <br />with Schreier, Heimer, Kosbab & Co., as financial consultant, and <br />the financial consultant has reported that the Project and the <br />sale of bonds therefor are feasible. <br /> <br />5. The company has agreed to pay any and all costs <br />incurred by the City in connection with the project whether or <br />not the Project is approved by the commissioner of Energy, Planning <br />and Development and whether or not the Project is carried to <br />completion. <br /> <br />6. The Project is hereby given preliminary approval by <br />the city subject to approval of the Project by the commissioner <br />of Energy, Planning and Development and subject to final approval <br />by this Council and by the purchasers of any bonds to be issued <br />as to the ultimate details of the Project and as to the terms of <br />the bonds. <br /> <br />7. In accordance with Section 474.01, Subd. 7 of the <br />Act, the Mayor, the City Manager, and such other officers and <br />representatives of the city as may from time to time be designated <br />are hereby authorized and directed to submit the proposal for the <br />Project to the Commissioner of Energy, planning and Development <br />and request his approval thereof, and the Mayor, the city Manager, <br />, and other officers, employees and agents of the City are hereby <br />authorized to provide the Commissioner with such preliminary <br />information as he may require. The company, Faegre & Benson as <br />bond counsel, the city Manager, the city Attorney, and other City <br />officials are also authorized to initiate the preparation of a <br />proposed loan agreement and such other documents as may be necessary <br />or appropriate to the project so that, when and if the proposed <br />Project is approved by the Commissioner and this Council gives <br />its final approval thereto, the Project may be carried forward <br />expeditiously. <br /> <br />-2- <br />
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