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I <br />'1 <br /> I <br /> <br /> RESOLUTION GIVING PRELIMINARY APPROVAL <br />TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT <br />AND THE ISSUANCE BY THE CITY OF REVENUE BONDS <br />THEREFOR ON BEHALF OF RAMSEY INVESTMENTS AND <br />PARABODY, INC. UNDER THE MUNICIPAL INDUSTRIAL <br />DEVELOPMENT ACT AND AUTHORIZING SUBMISSION <br />OF AN APPLICATION TO THE MINNESOTA DEPARTMENT <br /> OF TRADE AND ECONOMIC DEVELOPMENT <br /> FOR APPROVAL THEREOF <br /> <br /> BE IT RESOLVED by the City Council of the City of <br /> Ramsey, Minnesota (the "City"), as follows: <br /> <br /> I. There has been presented to this Council a <br /> proposal by Ramsey Investments, a Minnesota general partnership <br /> (the "Borrower") that the City undertake and finance a project <br /> pursuant to the Minnesota Municipal Industrial Development Act, <br /> Minnesota Statutes, Sections 469.152 to 469.165, as amended (the <br /> "Act") generally consisting of the acquisition, construction and <br /> equipping of an approximately 63,000 square foot manufacturing <br /> facility in the City (including site improvements in connection <br /> therewith, the "Project"), to be owned by the Borrower and <br /> leased by the Borrower to ParaBody, Inc., a Minnesota <br /> corporation (the "Lessee"), and to be used by the Lessee in its <br /> manufacturing business. The Project is to be located at 14150 <br /> Sunfish Lake Boulevard in the City. The Borrower will enter <br /> into a revenue agreement with the City upon such terms and <br /> conditions as are necessary to produce income and revenues <br /> sufficient to pay when due the principal of and the interest on <br /> <br />up to approximately $1,400,000 Industrial Development Revenue <br />~Bonds of the City to be issued pursuant to the Act, to provide <br /> <br /> <br />