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RESOLUTION 85-81 . RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY JAY MORRELL & JOHN PLAISTAD PARTNERSHIP UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN APPLICATION TO THE MINNESOTA DEPARTMENT OF ENERGY AND ECONOMIC DEVELOPMENT FOR APPROVAL THEREOF BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: . 1. There has been presented to this Council a pro- posal by Jay Morrell & John Plaistad Partnership, a Minnesota general partnership (the "Partnership") that the City undertake and finance a project pursuant to the Minnesota Municipal In- dustrial Development Act, Minnesota Statutes, Chapter 474 (the "Act") generally consisting of the acquisition, construction and equipping of an approximately 10,000 square foot retail facility on part of Lot 7, Block 2, Elk River Plaza, in the City of Elk River, to be owned by the Partnership and operated as a hardware store (the "Project"). The Partnership will enter into a revenue agreement with the City upon such terms and conditions as are necessary to produce income and revenues suffrcient to pay when due the principal of and the interest on up to approximately $400,000 Industrial Development Revenue Bonds of the City to be issued pursuant to the Act, to provide monies for the acquisition, construction and installation oi the Project; and the City will pledge its interest in the revenue agreement to secure the bonds. . 2. As required by the Act, this Council conducted a public hearing on Monday, December 16, 1985 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 setting forth 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; stating that a draft copy of the proposed Application to the Minnesota Department of Energy and Economic Development, together with all attachments and exhibits thereto, is available for public inspection at the office of the City Clerk-Administrator in the Citv Hall, at all times between the hours of 8:30 A.M. and 5:00 P.M. each day except Saturdays, Sundays and legal holidays to and including the day of hearing; and stating that all parties who appear at the public hearing shall have an opportunity to express their views with respect to the proposal. The draft application to the Minnesota Department of Energy and EconoInic Development, together with all attachments and exhibits -3-