Resolution - #90-06-173 - 06/12/1990

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Councilmen-~b~r Pearson introduced the following resolution and moved for its adoption: RESOLUTION #90-06-173 RESOI,UTI~)N GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT AND THE ISSUANCE BY THE CITY OF REVENUE BONDS THEREFORE ON BEHALF OF RAMSEY INVESTMENTS AND PARABODY, INC. UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN APPLICATION TO THE MINNESOTA DEPARTMENT OF TRADE AND EC¢)N~)MIC DEVELOPMENT FOR APPROVAL THEREOF BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, MINNESOTA (THE "CITY"), as follows: 1) 'llmt there has been presented to this Council a proposal by Ramsey Investments, a Minnesota general partnership (the "Borrower") that the City undertake and finance t)ursuant to the Minnesota Municipal Industrial Development Act, Minnesota ~tatutes, Sections 469.152 to 469.1165, as amended (the "Act") generally consisting of the acquisition, construction and equipping of an approximately 63,0(~X) square foot manufacturing facility in the City (including site improvements in com~ection therewith, the "Project"), to be owned by the Borrower and leased by th~: Borrower to ParaBody, Inc., a Minnesota corporation (the "Lessee"), and to be used bY the Lessee in its manufacturing business. The Project is to be located at 141 >( , ,unfish Lake Boulevard in the City. The Borrower will enter into a revenue agreement with the City upon such terms and conditions as are necessary to pmduc..~: income and revenues sufficient to pay when due the principal of and the interest on up to approximately $1,400,000 Industrial Development Revenue Bonds of the ( '.ity to be issued pursuant to the Act, to provide monies for the Project; and thc C~ty will pledge its interest in the revenue agreement to secure the bonds. 2) That as required by the Act, this Council conducted a public heating on Tuesday, J~lne 12, 1990 on the proposal to undertake and finance the Project after publication in the official newspaper and a newspaper of general circulation in the City of a notice setting forth the time and place of hearing; stating the general nature of the Proj~:ct and an estimate of the principal amount of bonds or other obligations to be issued ti) finance the Project; stating that a draft copy of the proposed Application to thc Mit,~msota Department of Trade and Economic Development, together with all mtachments and exhibits thereto, is available for public inspection at the office of thc City Clerk, in the City Hall, at all times between the hours of 8:30 a.m. to 5:00 p.m. each day except Saturdays, Sundays and legal holidays to and including the day of i~earing; and stating that all parties who appear at the public hearing shall haYe ~m opportunity to express their views with respect to the proposal. 3) That ~t is hereby found, determined and declared that the Project furthers the pm-poses set forth in the Act in that the purpose of the Project is and the effect thereof will be to promote, attract, encourage and develop economically sound indn,~tD: and commerce through governmental action for the purpose of preventing the emet'gence of blightext and marginal lands and areas of chronic unemployment. 4) T~-mt thc: Borrower has entered into preliminary discussions with Miller, Johnson & Kuehn incorporated, as underwriter, and the underwriter has reported preliminarily that the Project and the sale of bonds therefore are feasible.