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~ .~ \- r CITY OF NEW BRIGHTON STATE OF MINNESOTA RESOLUTION NO. 96 -10 2 RESOLUTION APPROVING CERTAIN TRANSFERS AND SUBSTITUTIONS WITH RESPECT TO COMMERCIAL DEVELOPMENT REVENUE BONDS (NEW BRIGHTON BUSINESS CENTER PROJECT), SERIES B WHEREAS, the City of New Brighton has issued its Commercial Development Revenue Bonds (New Brighton Business Center Project), Series B (the "Bonds"), to [mance an office/warehouse facility in the City (the "Project") owned and operated by New Brighton Venture II, a Minnesota general partnership (the "Company"); and WHEREAS, the Company proposes to transfer the Project to Phoenix Realty Special Account U Limited Partnership or another limited partnership to be designated (the "Transferee"), and the Transferee proposes to replace the Guaranty securing the Bonds with a Substitute Credit permitted by the Amended and Restated Indenture of Trust dated as of December I, 1993 (the "Indenture"), between the City and National City Bank of Minneapolis, as Trustee; and WHEREAS, the transfer of the Project to the Transferee and delivery of a Substitute Credit to secure the Bonds may require the execution and delivery by the City of certain consents, approvals and amending documents; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of New Brighton, Minnesota, as follows: 1. The City hereby consents to and approves the transfer of the Project from the Company to the Transferee, agrees to the release of the Company from Loan Repayments under the Loan Agreement arising after transfer of the Project to and asswnption of aU such obligations by the Transferee, and consents to and approves the delivery of an authorized Substitute Credit for all purposes under the Indenture and other instruments executed and delivered in connection with the issuance of the Bonds. BMB1l4450 NE136-136