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RESOLUTION NO. 2611 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY K & M DEVELOPMENT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT AND AUTHORIZING SUBMISSION OF AN APPLICATION TO THE COMMISSIONER OF ENERGY, PLANNING AND DEVELOPMENT FOR APPROVAL THEREOF BE IT RESOLVED by the city Council of the city of New Brighton, Minnesota, as follows: 1. There has been presented to this Council a pro- posal by K & M Development, a Minnesota general partnership (the "company") that the City undertake and finance a project pursuant to the Minnesota Municipal Industrial Development Act, Minnesota statutes, Chapter 474 (the "Act") generally consisting of the acquisition, construction and equipping of a building addition to an existing facility, to be leased by the owner to Trend Enterprises, Inc., a Minnesota corporation (the "Lessee"), and to be used by the Lessee in its publishing business as a facility for the production of teaching materials (the "Project"). Under the proposal, the project facilities will be owned by the Company, and the Company will enter into a revenue agreement 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 approximately $4,000,000 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 required by the Act, this Council conducted a public hearing on Tuesday, July 13, 1982 on the proposal to undertake and finance the project after publication in the official newspaper and a newspaper of general circulation in the city of a notice setting forth the time and place of hearing; 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 aopy of the proposed Application to the Commissioner of Energy, Planning and Development, together , 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 4:30 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 Energy, Planning and Development, 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. -1-