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STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF LITTLE CANADA <br />Resolution No. <br />RESOLUTION RECITING A PROPOSAL FOR A <br />OFFICE AND SHOPPING CENTER DEVELOPMENT <br />PROJECT AND GIVING PRELIMINARY <br />APPROVAL TO THE PROJECT PURSUANT TO MINNESOTA <br />STATUTES AND AUTHORIZING THE SUBMISSION OF <br />AN APPLICATION FOR APPROVAL OF SAID <br />PROJECT TO THE COMMISSIONER OF SECURITIES <br />OF THE STATE OF MINNESOTA AND AUTHORIZING <br />THE PREPARATION OF NECESSARY DOCUMENTS AND <br />RELATED MATTERS IN CONNECTION WITH SAID <br />PROJECT <br />WHEREAS, <br />(a) The request of John M. Vitali, (hereinafter <br />"Company ") for assistance in financing its office and shopping <br />center facility (hereinafter "Project ") warrants the support of <br />the City of Little Canada, because (i) the City has an interest <br />in the promotion of office and shopping center facilities <br />within its limits; (ii) additional job opportunities will be <br />generated by the Project; (iii) the City's tax base will be <br />improved, and (iv) assistance in financing of such endeavors is <br />commonly accommodated by Minnesota municipalities. <br />(b) The purpose of Chapter 474, Minnesota Statutes, <br />known as the Minnesota Municipal Industrial Development Act <br />(hereinafter called "Act ") as found and determined by the <br />legislature is to promote the welfare of the state by the <br />active attraction, encouragement and development of <br />economically sound development proposals. <br />(c) The City Council has received from the Com- <br />pany a proposal, which proposal is outlined in a letter, a copy <br />of which is attached hereto as Exhibit A, that the City assist <br />in the financing of the Project through the issuance of a <br />Revenue Bond(s) or Note(s) (hereinafter "Note ") pursuant to the <br />Act, and, if necessary, to issue one or more notes on an <br />interim basis in anticipation of payment from the proceeds of <br />such note. <br />005 <br />