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RESOLUTION CITY OF LAKE, ELMO WASHINGTON COUNTY, MINNESOTA RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY CONN-CO SHOES, INC. UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF SECRUITIES FOR APPROVAL THEREOF. BE IT RESOLVED by the City Council of the City of Lake Elmo, Minnesota, as follows: 1. There has been presented to this Council a pro- posal by Conn -Co Shoes, Inc., a Minnesota corporation (the "Company") that the City undertake and finance a project pur- suant to the Minnesota Municipal Industrial Development Act, Minnesota Statutes, Chapter 474 (the "Act") generally con- sisting of the acquisition of an existing building and the construction of improvements thereto and acquisition of equip- ment therefor, all to be used in part in the business of the Company as a retail, office and distribution facility and in part to be leased to commercial tenants (the "Project"). Under the proposal, the Project facilities will be owned by the Company, and the Company will enter into a revenue agree- ment with the City upon such terms and conditions as are . necessary to produce income and revenues sufficient to pay when due the principal of and the interest on up to approx- imately $2,200,000 Industrial Development Revenue Bonds of the City to be issued pursuant to the Act, to provide monies for the acquisition, construction and installation of the Project; and the City will pledge its interest in the revenue agreement to secure the bonds. 2. As requied by the Act, this Council conducted a public hearing on November 3 , 1981on the proposal to undertake and finance the Project'a ter publication in the official newspaper and a newspaper of general circulation in the City of a notice setting forth the time and place of hear- ing; stating the general nature of the Project and an estimate of the principal amount of bonds or other obligations to be issued to finance the Project; stating that a draft copy of an proposed Application to the Commissioner of Securities, to- gether with all attachments and exhibits thereto, is available for public inspection at the office of the City Clerk, in the City Hall, at all times between the hours of 8:00 A.M. and -A�_P.M. each day except Saturdays, Sundays and holidays to and including the day of hearing.; and stating that all parties who appear at the public hearing shall have an opportunity to express their views with respect to the proposal. The draft application to the Commissioner of Securities, together with all attachments and exhibits thereto, was on file and available for public inspection at the place and times set forth in the notice.