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CITY OF FALCON HEIGHTS • Pursuant to due call and notice thereof, a Regular Meeting of the City Council of the City of Falcon Heights, Minnesota was held on the 28th day of December, 1983. The following members were present: Mayor Warkentien, Councilmembers Chestovich, Eggert and Ciernia, and the following were absent: Councilmember Larson. Councilmember Ciernia introduced the following resolution and moved its adoption: RESOLUTION 83-44 A RESOLUTION RECITING A PROPOSAL FOR A COMMERCIAL FACILITIES DEVELOPMENT PROJECT GIVING PRELIMINARY APPROVAL TO THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF THE PROJECT TO THE COMMISSIONER OF ENERGY AND ECONOMIC DEVELOPMENT OF THE STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT WHEREAS, (a) The purpose of Chapter 474, Minnesota Statutes, known as the Minnesota Municipal Industrial Development Act (the "Act") as found and determined by the • legislature is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergency of blighted and marginal lands and areas of chronic unemployment; (b) Factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; (c) The City Council of the City of Falcon Heights (the "City") has received from Bullseye Golf Center, Inc. (the "Company") a proposal that the City assist in financing a Project hereinafter described, through the issuance of a revenue bond hereinafter referred to in this resolution as "Revenue Bond" pursuant to the Act; (d) The City desires to facilitate the selective 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 assist the City in achieving those objectives. The Project will help to increase assessed valuation of the City and surrounding area and help maintain a positive relationship between assessed valuation and debt and enhance the image and reputation of the community; •~ (e) The Company is currently engaged in the retail business. The Project to