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RESOLUTION 82 -6
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RESOLUTION RECITING A PROPOSAL FOR A
COMMERCIAL FACILITIES DEVELOPMENT PROJECT
GIVING PRELIMINARY APPROVAL TO THE PROJECT
,PURSUANT'TOTHE MINNESOTA
MUNICIPAL INDUSTRIAL DEVELOPMENT >ACT'
AUTHORIZING THE SUBMISSION OF AN APPLICATION~
FOR APPROVAL. OF SAID PROJECT TO THE,
C014MISSIONER OF ENERGY, PLANNING AND
DEVELOPMENT OF THE STATE`OF MINNESOTA,'g
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AND AUTHORIZING THE PREPARATION OF
NECESSARY DOCUMENTS AND MATERIALS,
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IN CONNECTION WITH SAID PROJECT
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WHEREAS:,
(a) The purpose of Chapter 474, Minnesota
Statutes, known as - the Munscipai Industrial
'
,.
Development Act (the "Act ") as mound and determined.by then A `
legislature is to promote the welfare'of the Atate by the
active attraction and 'encouragem nt�and.develgiTent of econoai -
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:.
cally sound industry and commerce to prevent so \afar as possible
the emergence of blighted and marginal lands, and areas o
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chronic' upom
(b) Factorsnecessitating; the active promotion
and development of sound industry and commerce are
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the increasing concentration of population 'in the metropolitan
areas an4ll?'the rapid* rising increase: in the amount ;and cost Of
'the'"
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governmental services required to meet the needs of
ineveas,ed; and the need for ,,development, of land use
will -,provide
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.Which, an adpiquate tax base to finance these
increased coats and.ac`ess to employment opportunities for such.
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•�putl?�tiox�;
(c The City 'Council of the City of, Prior Lake
°( "the,City"�
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has received from'Kinder -Cara Learning Centers,,:_"
Ind., a corporation organized under 'the'laws of the State'of
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Delaware (the "Company ") a proposal: that the City undertake to'
finance; , a Pro horeinafter desC A through the issuance `
of revenue bonds,in the form of a single debt instrument ( "the
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Note," f
) pursuant to the Act;
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(d`), The City- desires, to facilitate. the selec-
tive development of the community 'retain and improve the tax
base..and help«to provide the range of services and employment,
opportunities requirei by the,population; and the Project will
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