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• l Cit� o� ORONO RESOLUTION OF THE CITY COUNCIL • NO. 1253 • � • • RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY NELSON-CREAR UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECURITIES FOR APPROVAL THEREOF Be It Resolved by the City Council of the City of Orono, Minnesota, as follows : 1. There has been presented to this Council a proposal by Nelson-Crear (the "Borrower" ) that the City undertake a project pursuant to the Minnesota Municipal Industrial Development Act (Minnesota Statutes, Chapter 474) for the acquisition, con- struction and equipping of a commercial office building (the "Project" ) . Under the proposal , the Project will be owned by the • Borrower and leased to various tenants and the Borrow�r will �nter into a Loan Agreement with the City upon such terms and conditions as are necessary to produce income and revenues sufficient to pay when due the principal of and interest on up to approximately $400, 000 Industrial Development Revenue Bond of the City to be issued pursuant to said Chapter 474 , Minnesota Statutes , to provide monies for the acquisition, construction and equipping of the Project, the City will pledge its interest in the Loan Agreement to the bondholder, and the Borrower will mortgage the Project to secure the bond. 2 . As required by said Chapter 474 , Minnesota St��t�ites , this Council conducted a public hearing on t�'ar�!� 9 R__?981_ 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 of the time and place of hearing, stating the general nature of the Project and an estimate of the principal amount of bonds or other obligations to be issued to finance the Project and stating that a draft copy of the proposed Application to the Commissioner of Securities, together witn all attachments and exhibits thereto, shall be available for public inspection at the office of the City Clerk , in the City Hall , Orono, Minnesota, at all times between the hours of 8 : 00 a.m. and 4: 30 p.m. each day except Saturdays , Sundays and holidays to and including the day of hearing; and all � parties who appeared at the public hearing were given an opportunity to express their views with respect to the proposal. PAGE 1 OF 3