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#79-06a
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#79-06a
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Member Councilman Muller <br /> <br />introduced the follow- <br /> <br />ing resolution: <br /> <br />RESOLUTION RELATING TO A PROJECT UNDER THE MU- <br />NICIPAL INDUSTRIAL DEVELOPMENT ACT; GIVING PRE- <br />LIMINARY APPROVAL TO THE PROJECT; REFERRING THE <br />PROPOSAL TO THE COMMISSIONER OF SECURITIES FOR <br />APPROVAL; AND AUTHORIZING EXECUTION OF A MEMO- <br /> RANDUM OF AGREEMENT AND PREPARATION OF NECESSARY <br /> DOCUMENTS <br /> <br />BE IT RESOLVED by the City Council of'the City of Ramsay, <br /> <br />Minnesota (the Municipality), as follows: <br /> <br /> 1. It is hereby found, determined and declared aS fol- <br />lows: <br /> <br /> 1.1. The welfare of the State of Minnesota requires <br />active 'promotion, attraction, encouragement and development of <br />economically sound industry and commerce through, governmental acts <br />to prevent, so far as possible, emergence of blighted lands and <br />areas of chronic unemployment, and the State has encouraged local <br />government units to act to prevent such economic deterioration. <br /> <br /> 1.2. Greenberg's, Inc., a Minnesota corporation (the <br />Borrower) is considering remodeling its existing automobile sales <br />and service facility, located within the Municipality, and the <br />construction of an addition thereto and the acquisition and instal- <br />lation therein of items of equipment, machinery, furnishings and <br />other items of personal property (the Project). <br /> <br /> 1.3. The existence of the Project would add to the tax <br />base of the Municipality, and. ~f the County and School District in <br />which the Project would be located and would provide increased <br />opportunities for employment for residents of the Municipality and <br />surrounding area. <br /> <br /> 1.4. This Council has been advised by a representative <br />of the Borrower that conventional, commercial financing to pay the <br />cost of the Project is available only on a limited basis and at <br />such high costs of borrowing that the economic feasibility of oper- <br />ating the Project would be significantly reduced, but that with the <br />aid of municipal borrowing, and its resulting lower borrowing cost, <br />the Project is economically more feasible. <br /> <br /> 1.5. This Council has also been advised by representa- <br />tives of the Borrower that on the basis of their discussions with <br />potential buyers of tax-exempt bonds, industrial development <br /> <br /> <br />
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