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RESOLUTION R-85-60 • RESOLUTION RECITING AN INCREASED AMOUNT OF FINANCING FOR A PROPOSAL FOR A COMMERCIAL FACILITIES DEVELOPMENT PROJECT, GIVING PRELIMINARY APPROVAL TO THE ADDITIONAL AMOUNT FOR THE PROJECT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF ENERGY AND ECONOMIC DEVELOPMENT OF THE STATE OF MINNESOTA FOR AN ALLOCATION OF AUTHORITY TO ISSUE PRIVATE ACTIVITY BONDS FOR THE ADDITIONAL AMOUNT, AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT WHEREAS, (a) On August 14, 1985, and after a hearing again on September 11, 1985, this City Council of the City of Falcon Heights, Minnesota (the "City"), adopted resolutions giving preliminary approval to providing financing pursuant to Minnesota Statutes, Chapter 474, known as the Minnesota Municipal Industrial Development Act (the "Act") a project (as defined in said resolutions, the "Project") proposed by Stratford Investments, Ltd. (the "Company"); (b) The purposees of the Act are set forth in said resolutions; • (c) The Company has further considered the intended use and costs of the Project, and has determined that the $4,000,000 principal amount of obligations set forth in said resolutions will be inadequate and that $5,500,000 will instead be adequate; (d) The Company has proposed that the City assist in financing the additional $1,500,000 cost of the Project through the issuance of a Revenue Bond or Bonds or a Revenue Note or Notes (the "Revenue Bonds") in an amount of $1,500,000 more than the $4,000,000 previously approved; (e) The City desires to facilitate the selec- tive 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; and the Project will •