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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 COMMERCIAL <br />AND MANUFACTURING FACILITIES <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 Yorkton Ltd., Inc., (hereinafter <br />"Company ") for assistance in financing its commercial and manu- <br />facturing facilities (hereinafter "Project ") warrants the <br />support of the City of Little Canada, because (i) the City has <br />an interest in the promotion of commercial and manufacturing <br />facilities within its limits; (ii) additional job opportunities <br />will be generated by the Project; (iii) the City's tax base <br />will be improved, and (iv) assistance in financing of such <br />endeavors is commonly accommodated by Minnesota municipalities. <br />(b) The <br />known as the Minnesota taMunicipal aIndustrial MDevelopment aAct es, <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 Note or Notes pursuant to the Act, and, if necessary, <br />to issue one or more notes on an interim basis in anticipation <br />of payment from the proceeds of such note. <br />05 <br />