HomeMy WebLinkAboutResolution - 683 - Preliminary Approval to M.I.D.B.'s - Rosemount Engineering - 04/10/1973 7t1cn11��r Igo `'r. Y'oei,j;er introduced the followinf; resolution and moved its
a�.Iol,tiorl: I`aS01,TJTTOTJ r,o. 683
]II:SU1 UTIO\' GI'.'I 'C PRI'LI_III .'O'Y AP:PRO\'AL TO A
l=1IUJ1.;C:1' U\T)I'P, TILL 1IUI:ICII'r�L Iti,ZDUS-FRTAL DI:VI:LOP:�TI.''`T
ACT, III:I'I;ItRI�+G TIIl, PP.OPOSAL 1'O 'I'IIE DIP:II:T;`.II,I\T OF,
EC:ONT0,MIC D1,'A'F-' LOP A1TV:i;'I' I'OR APPROVAL, AND AUTHORIZING
PIiL'T.)AU!1TI0:� OF INECESS_UIY DOCUME\TS
13E IT RESOLVED by the Village Council of the Village of Eden Prairie,
Minnesota, as follows:
It is hereby found, determined, and declared as follmN's:
1 . 1 The welfare of the State of lTinncsota requires active promotion, attraction,
encouragement and development of economically sound industry and commerce through
governmental acts to prevent so far as possible emer-ence of blighted lands and areas of
chronic unemployinent, and the state has encouraged local government units to prevent such
economic deterioration;
1 .2 Rosemotult Inc., a I,Iinr_esota corporation (hereinafter, the Company), is
considering constructing and equipping an addition to its presently e--dsting building in the
Vi.11at;e, designed, SUitable and to be used for manufacturing, handling, storing, warehousing,
processing and shipping products of manufacture, consisting primarily of measurement and
control instruments, principally temperature and pressure sensors;
1. .3 The proposed improvements in the Village would add to the tax base of the
Village and overlapping taxing authorities, would increase employment and acid to the level
if economic activity in the area, and enhance the reputation or image of the Village as a
desirable location for suitable industries;
1 .4 The Village has been advised by representatives of the Company that
conventional, commercial financing to pay the capital cost of the project is available only
on a limited basis and at high costs of borrowing. The Company has also advised this
Council that with the aid of municipal financing, and its resulting low borrowing cost, the
project is economically more feasible;
1 .5 This Council has been advised by a representative of Paine Webber Jackson
& Curtis, Inc. of Minneapolis, illinnesota, investment bankers and dealers in municipal
bonds, that on the basis of information submitted to them and their discussions with representa-
tives of the Compcuiy and potential buyers of tax--exempt bonds, industrial development
revenue bonds of. the Village could be issued and sold upon favorable rates and terms;
1 .6 The Village is authorized by Minnesota Statutes, Chapter 474, to issue its
revenue bonds to finance capital projects consisting of properties used and useful in
connection with a revenue-producing enterprise, such as that of the Co111pa.ny, engaged or
to be cn(ra--c'c1 in manufacturing, handling, storing, warehousing, processing and shipping
products of n1;111Ufactc1re and the issuance of such bonds by the Village would be a substantial
incillcen1e11t to the C011Tany to expand its existing facility ivitliin the Village.
2 . On the bclsis of information given the Village to date, it appears that it would
'ie iii the Lest interest: of the Vilhir,e. to issue its inclustl•ial. development revenue bonds under
.,1e provisions of Chapter 47.1 to finance the project described above at 3 Cost presently
estiniated to be approximately S1, 500, 000,
3 . The project and bond issue above referred to are hereby given preliminary
-ipProval by the %'illa-u, subject to approval of the project by the Coninlis>ioner of
Economic Development and to the, rriutual agreement of this hody, the Colnpcmy and the
-iitial purch,-i.sers of the bonds as to the details of the bond issue and provisions for tlie.ir
payment. In all events, it is understood, Iiowe%'er, that the bonds of the Village shall not
constitute a charge, lien or encumbrcince lcp-ail or equitablCi upon any propi_'rty of the
Village except the project, and each bond, when, as, and if issued, shall recite in substance
that the bond including interest thereon is payable solely fronl file rentals received from the
d project and property pic:clbeci to the payment thereof, and shall not constitute a debt of the
Village .
4 . In accordance with Alinnesota Statutes, Section 474 .01, ,`subdivision 7, the
Mayor is Hereby authorized and directed to submit the proposal for the project to the
Commissioner of Ecoiiomic Devclopnicnt, for his approval of the project. The illayor,
Village Clerk, Village Attorney, and other officers, employees and agents of the Village
are hereby authorized to provide tiie Commissioner with any preliminary information he
may need for this purpose, and the Village Attorney is authorized to initiate and assist in
the p •eparation of such documents as may be appropriate to the project, if it is approved
by the Commissioner. The Company is hereby authorized to incur expenses and snake
capital expenditures subject to reimbursement out of bond proceeds, when, as and if,
such bonds are issued.
Mayor
,Fittest:
Village Cleric
The motion for the adoption of the foregoing resolution was duly seconded
by McmbcrW01f9ano Penzel, and the following voted in favor thereof:
Pau! Redpath, Roper Boerger, John McCulloch, Wolf'crarg Penzel_ and Joann Meyers.
and the following voted against the same: None
whereupon the resolution was declared duly passed and adopted.
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