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EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF HUGO, MINNESOTA <br />HELD: July 5, 2006 <br />Pursuant to due call and notice thereof, a meeting of the City Council of the City of <br />Hugo, Washington County, Minnesota, was duly called and held at the City Hall in said City on <br />Wedneday, the 5th day of July, 2006, at 7:00 o'clock p.m. <br />The following members were present: <br />Mike Granger, Chuck Haas, Becky Petryk, Frank Puleo, Fran Miron <br />and the following were absent: NONE <br />Member Chuck Haas <br />introduced the following resolution and moved its <br />adoption: <br />RESOLUTION 2006-35 <br />RESOLUTION AUTHORIZING EXECUTION OF AN AMENDMENT <br />TO DEVELOPMENT AGREEMENT AND AN INDEMNIFICATION <br />AGREEMENT <br />A. WHEREAS, the City and Hugo Land Development, LLC (the "Developer") have <br />entered into a Development Agreement, dated as of February 19, 2002 (the "Development <br />Agreement") in connection with the construction of an approximately 93,000 square foot <br />building with 12,000 square feet of office space and 80,000 of manufacturing space with an <br />outdoor storage yard of approximately 72,000 square feet and 150 parking spaces for the facility <br />which will be used to manufacture modular home components and modular homes for <br />distribution in the Upper Midwest region located in the City (the "Project"). <br />B. WHEREAS, the Developer has requested that the City modify the wage and job <br />goals set forth in the Development Agreement in connection with the business subsidy granted <br />therein by the City to the Developer pursuant to Minnesota Statutes, Sections II6J.993 to <br />116J.995. <br />C. WHEREAS, the City and the Developer have consulted with the Minnesota <br />Department of Employment and Economic Development and the City, on September 19, 2005, <br />held a public hearing regarding amending the wage and job creation requirements under the <br />Development Agreement; and <br />D. WHEREAS, the City issued its Taxable Tax Increment Revenue Note (Hugo <br />Land Development, LLC Project), Series 2002 (the "Note") to Carroll County State Bank, an <br />Iowa corporation, (the "Lender") pursuant to the Development Agreement and the Lender has <br />requested that the City continue making payments under the Note to the extent is it is legally <br />authorized to do so; <br />1920763v1 <br />