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Councilmember <br /> <br />Gamec <br /> <br />offered the following <br /> <br />resolution and moved its adoption, which motion was seconded <br /> <br />by Councilmember Reimann : <br /> <br /> RESOLUTION NO. 11 <br /> <br /> RESOLUTION GIVING PRELIMINARY APPROVAL TO A <br /> PROJECT UNDER CHAPTER 474, MINNESOTA STATUTES, <br /> REQUESTING APPROVAL BY THE CO~MISSIONER OF <br /> SECURITIES, AND AUTHORIZING THE PREPARATION <br /> OF NECESSARY DOCUMENTS <br /> <br /> BE IT RESOLVED by the City Council of the City of <br />Ramsey, .Minnesota as follows: <br /> <br /> Section 1. Policy and Purpose. .~ <br /> <br /> 1.01 For the purpose of promotion, attraction, encourage- <br />ment and development of economically sound commerce, preventing the <br />emergence of blighted and marginal lands and areas of chronic un- <br />employment, 'preserving the existing investment of the community in <br />facilities for public service and preserving a tax base .adequate to <br />finance such service, the City is authorized by the Municipal <br />Industrial Development Act, Minnesota Statutes, Chapter 474, to <br />issue its revenue bonds and use the proceeds to acquire land and <br />construct and equip improvements thereon for business~purposes, or <br />to loan the proceeds to any person to be used for such purpose. <br />1.02 C. R. 'Building 'Company, a Minnesota partnership <br />(hereinafter referred to as 'the Obligor) has proposed to acquire <br />land and construct and equip a 15,000 square-foot professional <br />building in the City (the "Project"), and has requested that <br />the City authorize the issuance of revenue bonds in an amount <br />not to exceed $750,000 to finance a..portion of the Project costs. <br /> 1.03 The construction'of the Project would add to the <br />tax base of the City, would increase employment and the level of <br />economic activity in the community, and would enhance the reputation <br />of the City as a desirable location for people and business. The <br />City is advised by the Obligor that conventional commercial financing <br />of the capital cost of the Project is available only on a limited <br />basis, and at such a cost that the capacity of the Project to achieve <br />the above purposes would be reduced, but that with.the aid of munici- <br />pal financing and the resulting lower borrowing cost, the Project is <br />economically more feasible, and the availability of such financing <br />would be a substantial inducement to the Obligor to undertake the <br />Project in the City. <br /> <br /> Section 2. Authorization. <br /> <br /> 2,01 Subject to approval of the Project by the Commissioner <br />of Securities of the State of Minnesota, and subject to the mutual <br /> <br /> <br />