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1.3. The increase in the amount and cost of govern- <br />mental services requires the need for more intensive <br />development and use of land to provide an adequate tax <br />base to finance these costs. <br /> <br /> 1.4. Super Bowl, Inc., a Minnesota corporation (the <br />"Company"), has advised this City Council that it de- <br />sires to construct an addition to an existing building <br />(the "Project") on land presently owned by the Company <br />to be utilized as a bowling and recreational facility. <br /> <br /> 1.5. The existence of the Project in the City will <br />contribute to more intensive development and use of land <br />to increase the tax base of the City and overlapping <br />taxing authorities and maintain and provide for an in- <br />crease in opportunities for employment for residents of <br />the City. <br /> <br /> 1.6. The City has been advised that conventional, <br />commercial financing to pay the capital cost of the <br />Project is available at such costs of borrowing that the <br />economic feasibility of operating the Project would be <br />significantly reduced, but that with the aid of munic- <br />ipal financing and its resulting low borrowing cost the <br />Project is economically more feasible. <br /> <br /> 1.7. This City Council has been advised by a repre- <br />sentative of Dougherty, Dawkins, Strand & Ekstrom Incor- <br />porated, of Minneapolis, Minnesota, investment bankers <br />and dealers in municipal bonds, that on the basis of <br />information submitted to them and their discussions with <br />representatives of the Company and potential buyers of <br />tax-exempt bonds, industrial development revenue bonds, <br />notes or other obligations of the City could be issued <br />and sold upon favorable rates and terms to finance the <br />Project. <br /> <br /> 1.8. The City is authorized by Minnesota Statutes, <br />Chapter 474, to issue its revenue bonds, notes or other <br />obligations to finance the cost, in whole or in part, of <br />the acquisition, construction, reconstruction, improve- <br />ment or extension of capital projects consisting of <br />properties used or useful in connection with a revenue- <br />producing enterprise, such as that of the Company; the <br />issuance of such bonds, notes or other obligations by <br />the City would be a substantial inducement to the Com- <br />pany to construct its facility in the City. <br /> <br /> 1.9. The notice of public hearing concerning the <br />Project, published on June 5, 1981, is hereby ratified <br />and approved. <br /> <br />- 2 - <br /> <br /> <br />