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RESOLUTION CALLING FOR A PUBLIC HEARING <br /> ON A PROPOSAL FOR AN INDUSTRIAL <br /> FACILITIES DEVELOPMENT PROJECT <br /> PURSUANT TO THE MINNESOTA MUNICIPAL <br /> INDUSTRIAL DEVELOPMENT ACT, AND RATIFYING <br />PREPARATION AND PUBLICATION OF A NOTICE OF THE HEARING <br /> <br />(a) WHEREAS, Minnesota Statutes, Sections 469.152 <br />through 469.165, relating to municipal industrial development <br />(the "Act"), gives municipalities the power to issue revenue <br />bonds for the purpose of the encouragement and development of <br />economically sound industry and commerce to prevent so far as <br />possible the emergence of blighted and marginal lands and areas <br />of chronic unemployment; and <br /> <br />(b) WHEREAS, the City Council of the City of Ramsey, <br />Minnesota (the "City"), has received from Knoll Properties, LLC <br /> (the "Company"), a proposal that the City assist in financing a <br />project hereinafter described, through the issuance of its <br />industrial revenue bonds (which may be in the form of a single <br />debt instrument) (the "Bonds") pursuant to the Act; and <br /> <br /> (c) WHEREAS, before proceeding with consideration of <br />the request of the Company it is necessary for the City to hold a <br />public hearing on the proposal pursuant to Section 469.154, <br />Subdivision 4, of the Act; and <br /> <br />(d) WHEREAS, Briggs and Morgan, Professional <br />Association, St. Paul, Minnesota, acting as bond counsel <br />("Briggs") prepared, at the direction of City staff, a Notice of <br />Public Hearing describing the general nature of the proposal and <br />an estimate of the principal amount of Bonds to be issued to <br />finance the proposal in the form hereto attached: <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Ramsey, Minnesota, as follows: <br /> <br /> 1. A public hearing on the proposal of the Company <br />will be held at the time and place set forth in the Notice of <br />Public Hearing hereto attached. <br /> <br /> 2. A draft copy of the proposed application to the <br />Commissioner of the Department of Trade and Economic Development, <br />State of Minnesota, for approval of the project, together with <br />proposed forms of all attachments and exhibits thereto, is on <br />file in the office of the Administrator. <br /> <br /> 3. Ail prior actions taken by the Administrator with <br />respect to directing Briggs to prepare the Notice of Public <br />Hearing hereto attached and causing notice of the hearing to be <br />given one publication in the official newspaper of the City and <br />also in a newspaper of general circulation available in the City, <br />not less than 14 days nor more than 30 days prior to the date <br />fixed for the hearing, substantially in the form of the attached <br /> <br />1021940.1 2 <br /> <br /> <br />