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RESOLUTION RECITING A PROPOSAL FOR A <br />COMMERCIAL FACILITIES DEVELOPMENT PROJECT, <br />• GIVING PRELIMINARY APPROVAL TO THE PROJECT <br />PURSUANT TO THE MINNESOTA <br />MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, <br />AUTHORIZING THE SUBMISSION OF AN APPLICATION <br />FOR APPROVAL OF THE PROJECT TO THE <br />COMMISSIONER OF ENERGY AND ECONOMIC DEVELOPMENT <br />OF THE STATE OF MINNESOTA, <br />AND AUTHORIZING THE PREPARATION OF <br />NECESSARY DOCUMENTS AND MATERIALS <br />IN CONNECTION WITH THE PROJECT <br />WHEREAS, <br />(a) On August 14, 1985, this City Council of <br />the City of Falcon Heights, Minnesota (the "City"), adopted a <br />preliminary resolution (the "Earlier Preliminary Resolution") <br />with respect to a Project (as described therein) proposed by <br />Stratford Investments, Ltd., a corporation organized under the <br />laws of the State of Minnesota (the "Company"), in the context <br />of applying to the Commissioner of Energy and Economic <br />Development of the State of Minnesota (the "Commissioner") for <br />an allocation of authority to issue private activity bonds to <br />finance the Project; <br />(b) The Earlier Preliminary Resolution set <br />• forth the purposes of the Minnesota Municipal Industrial <br />Development Act (the "Act") and the manner in which the Project <br />satisfies and furthers such purposes; <br />(c) The Company has proposed that the City <br />assist in financing such Project through the issuance of a <br />Revenue Bond or Bonds or a Revenue Note or Notes (hereinafter <br />referred to in this resolution as "Revenue Bonds") pursuant to <br />the Act; <br />(d) The Company is currently engaged in the <br />business of real estate development and construction; and the <br />Project to be financed by the Revenue Bonds is an approximately <br />45,000 square foot office condominimum project consisting of <br />seven buildings, two of two story construction and of <br />approximately 10,000 square feet each and five of one story <br />construction and of approximately 5,000 square feet each, to be <br />located at the northwest corner of the intersection of <br />Larpenteur Avenue and Prior Avenue in the City, and consists of <br />the acquisition of land and the construction of buildings and <br />~1 <br />U <br />