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Member <br /> <br />~mcil mnn ~ ~lfL~ <br /> <br />introduced the follow- <br /> <br />ing resolution: <br /> <br />P~ESOLUTION 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 CO~MISSIONER OF SECURITIES FOR <br />APPROVAL; AND AUTHORIZING EXECUTION OF A MEMO- <br />RANDUM OF AGREEN~NT ~ND PREPARATION OF NECESSARY <br />DOCUMENTS <br /> <br />BE IT RESOLVED by the City Council of the City of Ramsey, <br /> <br />Minnesota (the Municipality), as follows: <br /> <br /> 1. It is hereby found, determined and declared as fol- <br /> <br /> 1.1. "~e 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 />gover~nent units to act to prevent such economic deterioration. <br /> <br /> 1.2. August E. Grosslein and Laverne G. Grosslein, indi- <br /> <br />referred to as the Borrower), are considering-the construction <br />within the Municipality o'f a building and acquisition and installa- <br />tion therein of items of equipment, machinery, furnishings and <br />other items of personal property (all such property hereinafter <br />referred to as the Project), to be leased to Grosslein Beverages, <br />Inc., a Minnesota corporation, and used as an office and warehouse <br />facility. <br /> <br /> 1.3. The existence 'of the Project would add to the tax <br />base of the Municipality, and of 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 /> <br />