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<br />RESOLUTION 85-71 <br /> <br />. <br /> <br />RESOLUTION GIVING PRELIMINARY APPROVAL <br />TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT <br />BY SCHERER LIMITED PARTNERSHIP UNDER THE MUNICIPAL <br />INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING <br />SUBMISSION OF AN APPLICATION TO THE <br />MINNESOTA DEPARTMENT OF ENERGY AND ECONOMIC DEVELOPMENT <br />FOR APPROVAL THEREOF <br /> <br />BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br /> <br />. <br /> <br />1. There has been presented to this Council a pro- <br />posal by Scherer Limited Partnership, a Minnesota limited <br />partnership (the "Partnership") that the City undertake and <br />finance a project pursuant to the Minnesota Municipal Industrial <br />Development Act, Minnesota Statutes, Chapter 474 (the "Act") <br />generally consisting of the acquisition, con?truction and equip- <br />ping of an approximately 40,000 square foot retail facility on <br />Lots 5, 6 and 7, Block 2, Elk River Plaza, in the City of Elk <br />River, to be owned by the Partnership and leased to pamida, Inc., <br />a Delaware corporation (the "Project"). The Partnership will <br />enter into a revenue agreement with the City upon such terms and <br />conditions as are necessary to produce income and revenues <br />sufficient to pay when due the principal of and the interest on <br />up to approximately $1,600,000 Industrial Development Revenue <br />Bonds of the City to be issued pursuant to the Act, to provide <br />monies for the acquisition, construction and installation of the <br />Project; and the City will pledge its interest in the revenue <br />agreement to secure the bonds. <br /> <br />. <br /> <br />2. As required by the Act, this Council conducted a <br />public hearing on Monday, November 18, 1985 on the proposal to <br />undertake and finance the Project after publication in the <br />official newspaper and a newspaper of general circulation in the <br />City of a notice setting forth the time and place of hearing; <br />stating the general nature of the Project and an estimate of the <br />principal amount of bonds or other obligations to be issued to <br />finance the Project; stating that a draft copy of the proposed <br />Application to the Minnesota Department of Energy and Economic <br />Development, together with all attachments and exhibits thereto, <br />is available for public inspection at the office of the City <br />Administrator, in the City Hall, at all times between the hours <br />of 8:30 A.M. and 5:00 P.M. each day except Saturdays, Sundays and <br />legal holidays to and including the day of hearing; and stating <br />that all parties who appear at the public hearing shall have an <br />opportunity to express their views with respect to the proposal. <br />The draft application to the Minnesota Department of Energy and <br />Economic Development, together with all attachments and exhibits <br />thereto, was on file and available for public inspection at the <br />place and times set forth in the notice. <br /> <br />-3- <br />