Title
Resolution Approving the Issuance and Sale of a Conduit Revenue Note (The Science Museum of Minnesota Project) Series 2015 and Authorizing the Execution of Documents Relating thereto, District 17, Ward 2.
Body
WHEREAS,
(a) The purpose of Minnesota Statutes, Sections 469.152 to 469.1655 (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 the need for access to employment opportunities for such population;
(c) The Board of Commissioners (the “Board”) of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “Issuer”) has received from The Science Museum of Minnesota, a Minnesota nonprofit corporation organized under the laws of the State of Minnesota (the “Borrower”), a proposal that the Issuer assist in refinancing certain science museum facilities hereinafter described through the issuance of revenue bonds, or a single note, as further defined below, the “Note”, pursuant to the Act;
(d) The Issuer 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, including science museum facilities; and the Project described below will assist the Issuer in achieving those objectives and will enhance the image and reputation ...
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