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RESOLUTION CALLING FOR A PUBLIC HEARING <br />• ON A PROPOSAL FOR A COMMERCIAL <br />FACILITIES DEVELOPMENT PROJECT <br />PURSUANT TO THE MINNESOTA MUNICIPAL <br />INDUSTRIAL DEVELOPMENT ACT, AND AUTHORIZING <br />THE PUBLICATION OF A NOTICE OF THE HEARING <br />WHEREAS, <br />(a) Minnesota Statutes, Chapter 474, <br />known as the Minnesota Municipal Industrial <br />Development Act (the "Act"), gives munici- <br />palities the power to issue revenue bonds fo r <br />the purpose of the encouragement and <br />development of economically sound industry <br />and commerce to prevent so far as possible <br />the emergence of blighted and marginal lands <br />and areas of chronic unemployment; <br />(b) The City Council of the City of <br />Falcon Heights, Minnesota (the "City"), has <br />received from Stratford Investments, Ltd., a <br />corporation organized under the laws of the <br />State of Minnesota (the "Company"), a <br />• proposal that the City assist in financing a <br />project hereinafter described, through the <br />issuance of its industrial revenue bonds <br />(which may be in the form of a single debt <br />instrument) (the "Bonds") pursuant to the Act <br />in the additional amount of $1,500,000 over <br />the $4,000,000 previously given preliminary <br />approval by this Council; and <br />(c) Before proceeding with full <br />consideration of the request of the Company <br />it is necessary for the City to hold a public <br />hearing on the proposal pursuant to Section <br />474.01, Subdivision 7b, of the Act: <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Falcon Heights, Minnesota, as follows: <br />1. A public hearing on the proposal of the Company <br />will be held at the time and place set forth in the Notice of <br />Hearing hereto attached. <br /> <br />