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whereupon said resolution was declared duly passed and adopted. <br />Resolution No. <br />RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROJECT <br />WITH ALAN C. PHILLIPS UNDER THE MINNESOTA MUNICIPAL <br />INDUSTRIAL DEVELOPMENT ACT, GIVING PRELIMINARY APPROVAL <br />FOR THE ISSUANCE OF A REVENUE BOND TO FINANCE THE PROJECT, <br />AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL <br />OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES OF THE <br />STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF <br />NECESSARY DOCUMENTS. <br />WHEREAS, (a) the purpose of Chapter 474, Minnesota <br />Statutes, known as the Minnesota Municipal Industrial Development <br />Act (the "Act "), as found and determined by the legislature, is <br />to promote the welfare of the State of Minnesota (the "State ") by <br />the active attraction and encouragement and development of econ- <br />omically sound industry and commerce to prevent so far as <br />possible the emergence of blighted and marginal lands and areas <br />of chronic unemployment; <br />(b) Factors necessitating the active promotion and <br />development of economically sound industry and commerce are the <br />increasing concentration of population in the metropolitan areas <br />and the rapidly rising increase in the amount and cost of govern- <br />mental services required to meet the needs of the increased <br />population and the need for development of land use which will <br />provide an adequate tax base to finance these increased costs and <br />access to employment opportunities for such population; <br />(c) The City Council of the City of Ramsey (the "City ") <br />has received from Alan C. Phillips (the "Borrower ") a proposal <br />that the City undertake to finance a Project hereinafter <br />described, through the issuance of a revenue bond or revenue <br />bonds (the "Bond ") pursuant to the Act; <br />(d) The City desires to facilitate the selective develop- <br />ment of the community, retain and improve its tax base and help <br />it provide the range of services and employment opportunities <br />required by its population; said project will assist the City in <br />achieving those objectives. Said project will help to increase <br />assessed valuation of the City and to maintain a positive <br />relationship between assessed valuation and debt and will enhance <br />the image and reputation of the City; <br />2 <br />