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NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lake Elmo, Minnesota, as follows: 1. The Council hereby gives approval to the proposal of the Company that the City undertake to assist in financing the Project pursuant to Chapter 474, Minnesota Statutes, consisting of the acquisition, construction and installation of facilities within the City pursuant to the Company's specifications suitable for the operations described above, to be finanaced by the City pursuant to a loan agreement secured by a mortgage on all of the Company's property comprising the Project, upon such terms and conditions with provisions for revision from time -to -time as necessary, so as to produce income and revenues sufficient to pay, when due, the principal of and interest on the proposed Note of the City in the total principal amount of approximately $1,500,000.00 to be issued to finance the acquisition, construction and installation of said Project, and the City hereby undertakes preliminarily to issue its Note in accordance with such terms and conditions, and the City hereby commits to issue its Note in accordance with such terms and conditions. 2. On the basis of information available to this Council it appears, and the Council hereby finds, that said Project consti- tutes property used or useful in connection with one or more revenue producing enterprises engaged in any business within the meaning of Subdivision 1 of Section 474.02 of the Minnesota Statutes, that the availability of the financing under the Act and willingness of the City to furnish such financing will be of substantial benefit to the Company in completing the Project, and that the effect of the Project, if undertaken, will be to encourage an economically sound industrial business and employment opportunities required by the population of Lake Elmo. 3. Said Project is hereby given approval by the City subject to the approval of the Project by the Commissioner of Securities and subject to final approval by this Council and the Company of the Note to be issued and as to the ultimate details of financing the Project. 4. In accordance with Subdivision 7 of Section 474.01, Minnesota Statutes, the appropriate City officers are hereby authorized and directed to submit the proposal for the above des- cribed Project to the Commissioner of Securities requesting his approval, and other officers, employees and agents of the City are hereby authorized to provide the Commissioner with such preliminary information as he may require. The Company has agreed and it is hereby determined that any and all costs incurred by the City in connection with the Project, whether or not the Project is carried to completion and whether or not approved by the Commissioner, will be paid by the Company. - 3 -