Agenda - Council - 03/26/1985 - Laserfiche WebLink

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I i I I I I I I I I March 26, 1985 Mr. Richard Nadeau Minnesota Energy and Economic Development Authority 9th Floor American Center Building 150 East Kellogg Boulevard St. Paul, MN 55101 RE: City of Ramsey - $300,00 Commercial Develol:ment Revenue Note (Food-N-Fuel Project) Dear Mr. Nadeau: Attached hereto in duplicate is the application of the City of Ramsey for approval of the above referenced project (the "Project) including a oozy of the Preliminary Resolution adopted by the City Council. As indicated in the attached Preliminary Resolution, we believe that this Project fully meets the public purpose requirements of Minnesota Statutes, (l~apter 474. In particular, this Project will acoomplish an expansion of the oommmunity's tax base by the addition of facilities worth more than $300,000 and will provide our citizens with increased access to oonvenience store and gas station facilities. Employment from the Porject should result in up to six new e~ployees. Finally, we believe that the Project will serve the interests of the community by diversifying the commercial base and would help to dampen the severity of any general eoonomic downturns. Reference is made to the Preliminary Resolution for a more definitive statement of the public purposes served by the financing. ~he Project does not oontain any property to be sold or affixed or oonst~ in the production of property for sale, and does not include any housing facility to be rented or used as a permanent residence. ~he Project does not include: an airplane; a private luxury box; a facility primarily used for gambling; a store the principal business of which is the sale of alcoholic beverages for const~nption off prenises; and no more than 10 percent of the proceeds of the revenue bonds will be used to finance movable equipment not constituting a fixture, no more than 25 percent of