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Member Laura Fraser <br />introduced the <br />following resolution and moved its adoption: <br />RESOLUTION No. 81-55 <br />RESOLUTION AUTHORIZING THE ACQUISITION <br />AND CONSTRUCTION OF A PROJECT UNDER THE <br />MINNESOTA MUNICIPAL INDUSTRIAL DEVELOP- <br />MENT ACT AND THE SALE AND ISSUANCE OF A <br />COMMERCIAL DEVELOPMENT REVENUE NOTE TO <br />FINANCE THE PROJECT, AND APPROVING AND <br />AUTHORIZING THE EXECUTION OF VARIOUS <br />DOCUMENTS <br />BE IT RESOLVED by the City Council of the City of <br />Lake Elmo, Minnesota (the City), as follows: <br />1. It has been proposed that the City issue its <br />Commercial Development Revenue Note (Brookfield II Project) <br />(the Note), in the principal amount of $400,000, to finance <br />the cost of acquiring land and constructing and equipping a <br />facility thereon for use as a commercial office facility in <br />the City (the Project), on behalf of Lake Elmo Associates, <br />Ltd., a Minnesota limited partnership (the Partnership). <br />This Council gave preliminary approval to the proposal by <br />resolution duly adopted May 5, 1981. It is proposed that the <br />City issue the Note and loan the proceeds thereof to the <br />Partnership to provide funds to finance the costs of the <br />Project. The Partnership will -agree to make payments sufficient <br />to pay the principal of and interest on the Note. Pursuant <br />to the preliminary resolution and to document this financing, <br />the following documents relating to the Project have been <br />submitted to the Council and 'are now, or shall be placed, <br />on file in the office of -the City Administrator: <br />(a) a Loan Agreement (the Loan Agreement), proposed <br />to be made and entered into between the City and the Partner- <br />ship; <br />(b) an Assignment of Loan Agreement (the Assignment), <br />proposed to be made from the City to the First National Bank <br />of Stillwater (the Lender); <br />(c) a Construction Loan Agreement (the Construction <br />Loan Agreement), proposed to be made and entered into among <br />the City, the Lender and the Partnership; <br />(d) a combination Mortgage, Security Agreement and <br />Fixture Financing Statement (the Mortgage), proposed to be made <br />and entered into between the 'Partnership and the Lender; and <br />(e) a Form of Note. <br />