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I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> RESOLUTION RECITING A PROPOSAL FOR A <br /> COMMERCIAL FACILITIES DEVELOPMENT PROJECT <br /> GIVING PREL%MINARY APPROVAL TO THE PROJECT <br /> PURSUANT TO THE MINNESOTA <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT <br />AUTHORIZING THE SUBMISSION OF AN APPLICATION <br /> FOR APPROVAL OF SAID PROJECT TO THE <br /> COMMISSIONER OF SECURITIES <br /> OF THE STATE OF MIN~ESOTA <br /> AND AUTHORIZING THE PREPARATION OF <br /> NECESSARY DOCUMENTS AND MATERIALS <br /> IN CONNECTION WITH SAID PROJECT <br /> <br />WHEREAS, <br /> <br /> (a) The purpose of Chapter 474, Minnesota <br />Statutes, known as the Minnesota Municipal Industrial <br />Development Act (the "Act") as found and determined by the <br />legislature is to promote the welfare of the state by the <br />active attraction and encouragement and development of economi- <br />cally sound industry and commerce to prevent so far as possible <br />the emergence of blighted and marginal lands and areas of <br />chronic unemployment; <br /> <br /> (b) Factors necessitating the active promotion <br />and development of economically sound industry and commerce are <br />the increasing concentration of population in the metropolitan <br />areas and the rapidly rising increase in the amount and cost of <br />governmental services required to meet the needs of the <br />increased population and the need for development of land use <br />which will provide an adequate tax base to finance these <br />increased costs and access to employment opportunities for such <br />population; <br /> <br /> (c) The City Council of the City of Ramsey <br />("the City") has received from Y R Sharp, Inc., a corporation <br />organized under the laws of the State of Minnesota (the <br />"Company") a proposal that the City assist in financing a <br />Project hereinafter described, through the issuance of a <br />Revenue Bond or Bonds or a Revenue Note or Notes hereinafter <br />referred to in this resolution as "Revenue Bonds" pursuant to <br />the Act; <br /> <br /> (d) The City desires to facilitate the selec- <br />tive development of the community, retain and improve the tax <br />base and help to provide the range of services and employment <br />opportunities required by the population; and the Project will <br /> <br /> <br />