Resolution - #85-068 - 03/26/1985

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Minnesota Highway 47 and leased to Food'N'Fuel, Inc. and consists of the acquisition of land and the construction of buildings and improvements thereon and the installation of equipment therein to be initially owned and operated by the Company, and will result in the employment of additional persons to work within the new facilities; and WHEREAS, the City has been advised by representatives of Company that conventional, commercial financing to pay the capital cost of the Project is available only on a limited basis and at such high costs of borrowing that the economic feasibility of operating the Project would be significantly reduced, and Company has also advised this Council that the Project would not be undertaken but for the availability of municipal financing, and its resulting low borrowing cost; and WHEREAS, pursuant to a resolution of the City Council of the City of Ramsey adopted on February 26, 1985, a public hearing on the project was held on March 26, 1985, after notice was published, and materials made available for public inspection at the Ramsey Municipal Center, all as required by Minnesota Statutes, Section 474,01, Subdivision 7b at which public hearing all those appearing who so desired to speak were heard; and WHEREAS, no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. NOW THEREFORE, BE IT RESOLVED BY ~E CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) The Council hereby gives preliminary approval to the proposal of Company that the City undertake the Project pursuant to the Minnesota Municipal Industrial Development Act (Chapter 474, Minnesota Statutes), consisting of the acquisition, construction and equipping of facilities within the City pursuant to Company's specifications suitable for the operations described above to be initially owned and operated by the Company and pursuant to a revenue agreement between the City and Company upon such terms and conditions with provisions for revision from time to time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal of and interest on the Revenue Bonds in the maximum aggregate principal amount of $300,000 to be issued pursuant to the Act to finance the acquisition, construction and equipping of the Project; and said agreement may also provide for the entire interest of Company therein to be mortgaged to the purchaserof the Revenue Bonds; and the City hereby undertakes preliminarily to issue its Revenue Bonds in accordance with such terms and conditions. 2) On the basis of information available to this Council it appears, and the Council hereby finds, that the Project constitute properties, real and personal, used or useful in -2-