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R-81- 20 <br />RESOLUTION <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />A RESOLUTION RELATING TO A PROPOSED PROJECT UNDER THE <br />MUNICIPAL INDUSTRIAI, DEVELOPMENT ACT; CALLING FOR A PUBLIC <br />HEARING, THEREON. <br />BE IT RESOLVED, by the City Council of the City of <br />Lake Elmo, Minnesota, as follows: <br />Section 1. Recitals. <br />1..01 Lake Elmo Associates, Ltd., a Limited Partnership <br />under the: laws of the State of Minnesota (hereinafter the <br />Borrower), has advised this Council of its desire to acquire <br />approximately 3.2 acres of land in the municipality and to <br />construct and equip thereon a facility to be leased by Borrower <br />to various business enterprises for use as business offices. <br />1.02 The Municipality is authorized by Minnesota <br />Statutes, Chapter 474 (the Act), to issue its revenue bonds to <br />finance capital projects consisting of properties used and useful. <br />in connection with a revenue -producing enterprise. The Borrower <br />has requested that the Municipality issue its revenue bonds in <br />an amount not exceeding $400,000.00 to finance a portion or all <br />of the cost of the Project. <br />Section 2. Public Heari <br />2.01 Section 474.01, Subdivision 7b of the Act requires <br />that prior to submission of an application to the Minnesota Commissioner <br />of Securities requesting approval of the Project as required by <br />Section 474.01, Subdivision 7 of the Act, this Council shall conduct <br />a public hearing on the proposal to undertake and finance the <br />Project. Pursuant to that provision, a public hearing on the <br />proposal to undertake and finance the Project is called and shall <br />be held on May 5, 1981, at 7:30 o'clock p.m. in the City Hall. <br />2.02 The Administrator shall cause notice of the public <br />hearing to be published in the official newspaper of the Municipality <br />and in the Washington County Review, a newspaper of general <br />