HomeMy WebLinkAboutResolution - 95-181 - Approval of Industrial Development Revenue Bonds - Challenge Printing, Inc. Project in the Amount of $3,000,000 - 10/03/1995 95 - 181
RESOLUTION RECITING A PROPOSAL FOR AN
INDUSTRIAL DEVELOPMENT PROJECT
GIVING PRELIMINARY APPROVAL TO THE PROJECT
PURSUANT TO THE MINNESOTA
MUNICIPAL INDUSTRIAL DEVELOPMENT ACT
AUTHORIZING THE SUBMISSION OF AN APPLICATION
FOR APPROVAL OF SAID PROJECT TO THE
DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT
AND AUTHORIZING THE PREPARATION OF
NECESSARY DOCUMENTS AND MATERIALS
IN CONNECTION WITH SAID PROJECT
WHEREAS,
(a) The purpose of Minnesota Statutes, Sections
469 .152 to 469 .165 known as the Minnesota Municipal Industrial
Development Act (the "Act") as found and determined by the
legislature is to promote the welfare of the state by the active
attraction and encouragement and development of economically sound
industry and commerce to prevent so far as possible the emergence
of blighted and marginal lands and areas of chronic unemployment;
(b) Factors necessitating the active promotion and
development of economically sound industry and commerce are the
increasing concentration of population in the metropolitan areas
and the rapidly rising increase in the amount and cost of
governmental services required to meet the needs of the increased
population and the need for development of land use which will
provide an adequate tax base to finance these increased costs and
access to employment opportunities for such population;
(c) The City Council of the City of Eden Prairie
(the "City") has received from Robert Lothenbach (the "Owner") and
Challenge Printing, Inc. (the "Company") a proposal that the City
undertake to finance a Project hereinafter described, through the
issuance of revenue bonds (hereinafter the "Bonds") pursuant to the
Act;
(d) The City desires to facilitate the selective
development of the community, retain and improve the tax base and
help to provide the range of services and employment opportunities
required by the population; and the Project will assist the City in
achieving those objectives. The Project will help to increase
assessed valuation of the City and help maintain a positive
relationship between assessed valuation and debt and enhance the
image and reputation of the community;
(e) The Project to be financed by the Bonds is (i)
construction of an approximately 48, 160 square foot addition to the
Owner' s existing commercial printing facility located at 7500
Golden Triangle Drive in Eden Prairie which is leased to the
Company, and (ii) acquisition and installation therein of
commercial printing equipment by the Company. The Project
729376.3