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RESOLUTION CITY OF LAKE ELMO WASHINGTON COUNTY, MINNESOTA RESOLUTION RECITING A PROPOSAL FOR AN INDUSTRIAL BUILDING AND POLLUTION EQUIPMENT PROJECT APPROV- ING THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHOR- IZING THE SUBMISSION OF AN APPLICATION FOR APPROVAL OF SAID PROJECT TO THE COMMISSIONER OF SECURITIES OF THE STATE OF MINNESOTA AND AUTHORIZING THE PREPARATION OF NECESSARY DOCUMENTS AND RELATED MATTERS IN CONNECTION WITH SAID PROJECT WHEREAS, A. The request of Lake Elmo Hardwood Lumber, Inc., a Minnesota corporation (hereinafter "Company"), for assistance in financing an expansion of its waste disposal and lumber -drying buildings, including related pollution control equipment, in Lake Elmo (hereafter "Project") warrants the support of the City of Lake Elmo, because: 1. The reduction of costs to the Company, at no cost to the City will benefit the City by improving the existing real estate owned by the Company - particularly with respect to pollution control devices - which will have a beneficial effect on property values in the surrounding area and will reduce the potential for air pollution. 2. The reduction of costs to the Company, at no cost to the City, encourages the Company to improve and maintain its existing facilities and thereby it tends to avoid deterioration of the facilities and the emergence of blighted or marginal land which may result if the facili- ties are not well maintained. 3. Job opportunities will be generated by the Project. 4. Financing; of other and similar projects in the Twin City Ietropolitan Area is commonly accomodated by municipalities. 5. The proposed financing will be with one or more financial institutions and will not involve any public distribution of bonds.