Resolution No. 04-06 EDA (Approved)

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 04-06 RESOLUTION AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS $1,000,000 TAXABLE TAX INCREMENT REVENUE NOTE, SERIES 2004 BE IT RESOLVED BY the Board of Commissioners (“Board”) of the Lino Lakes Economic Development Authority (the “Authority”) as follows: Section 1. Authorization; Award of Sale. 1.01. Authorization. The Authority and the City of Lino Lakes (“City”) have heretofore approved the establishment of Tax Increment Financing District No. 1-11 (the “TIF District”) within Development District No. 1 (“Project”), and have adopted a tax increment financing plan for the purpose of financing certain improvements within the Project. Pursuant to Minnesota Statutes, Section 469.178, the Authority is authorized to issue and sell its bonds for the purpose of financing a portion of the public development costs of the Development District. Such bonds are payable from all or any portion of revenues derived from the TIF District and pledged to the payment of the bonds. The Authority hereby finds and determines that it is in the best interests of the Authority that it issue and sell its $1,000,000 Taxable Tax Increment Revenue Note, Series 2004 (the “Note”) for the purpose of financing certain public development costs of the Project. 1.02. Issuance, Sale, and Terms of the Note. The Authority has approved the Contract for Private Development (the “Agreement”) between the Authority, the City and the Legacy Development, Inc. (the “Owner”). Pursuant to the Agreement, the Note shall be sold to the Owner. The Note shall be delivered in accordance with the terms of Section 3.6 of the Agreement, shall be dated as of the date of delivery, and shall bear interest on the outstanding principal amount from the date of issue to the earlier of maturity or prepayment, at the annual rate of 6.0%. The Authority shall receive in exchange for the sale of the Note the payment by Owner of certain land acquisition costs as described in Sections 3.4 and 3.6 of the Agreement. Section 2. Form of Note. The Note shall be in substantially the following form, with the blanks to be properly filled in and the principal amount and payment schedule adjusted as of the date of issue: