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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 AUTHORIZING <br />THE PUBLICATION OF A NOTICE OF THE HEARING <br />(YORKTON LTD. PROJECT) <br />WHEREAS, <br />(a) Chapter 474, Minnesota Statutes, known <br />as the Minnesota Municipal Industrial Development <br />Act (the "Act ") gives municipalities the power to <br />issue revenue bonds for the purpose of the encourage- <br />ment and development of economically sound industry <br />and commerce to prevent so far as possible the <br />emergence of blighted and marginal lands and areas <br />of chronic unemployment; <br />(b) The City Council of the City of Little <br />Canada (the "City ") has received from 0. Larry Lee <br />of Yorkton Ltd., Inc., Development Division, who <br />intends to be a general partner in one or more <br />Minnesota partnerships to be formed (collectively, <br />the "Company ") a proposal that the City assist in <br />financing a project hereinafter described, through <br />the issuance of its industrial revenue bonds (which <br />may be in the form of a single debt instrument)(the <br />"Bonds ") pursuant to the Act; <br />(c) The proposed project consists of the acquisition <br />of land located in the Yorkton Industrial Park and the <br />construction thereon of office /warehouse space at a cost <br />of up to $10,000,000 and shall be completed in phases; <br />(d) Before proceeding with consideration of <br />the request of the Company it is necessary for the City <br />to hold a public hearing on the proposal pursuant to <br />Section 474.01, Subdivision 7b, Minnesota Statutes; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Little Canada, Minnesota, as follows: <br />1. A public hearing on the proposal of the Company <br />will be held at p.m. on May 23, 1984 at the City <br />Hall. <br />