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must approve the Project on the basis of an application submitted by the City with all required attachments and exhibits(the"DEED Application"). 1.08. A draft copy of the DEED Application, together with drafts of all required attachments and exhibits, as prepared by Kennedy&Graven, Chartered, as Bond Counsel, is on file with the City and is available for public inspection in the office of the City Administrator during regular business hours of the City. Section 2. Preliminar Approval. 2.01. The Project is hereby given preliminary approval by the City. The issuance of the Notes in the approximate aggregate principal amount not to exceed $9,000,000 to finance the Project is hereby approved subject to the approval of the Project by DEED as required by the Act, and subject to the mutual agreement of the City, the Borrower, and the initial purchasers of the Notes as to the details of the Notes and provisions for their payment. In all events, it is understood, however, that the Notes shall not constitute a charge, lien or encumbrance legal or equitable, upon any property yof the City except the City's interest in the loan or revenue agreement with respect to the Notes and the Project, and the Notes, when, as, and if issued, shall recite in substance that the Notes, including interest thereon, are payable solely from the revenues received from the Project and property pledged to the payment thereof, and shall not constitute a general or moral obligation of the City. 2.02. It is hereby found and determined that the Project furthers the purposes set forth in the Act and the Project constitutes a"project"within the meaning of Section 469.153, subdivision 2(b) of the Act. 2.03. In accordance with Section 469.154 of the Act, the City Administrator of the City is hereby authorized and directed to submit the proposal for the Project to DEED. The City Administrator and other officers, employees and agents of the City are hereby authorized to provide DEED with any preliminary information needed for this purpose, and the City Administrator is authorized to initiate and assist in the preparation of such documents as may be appropriate to the Project, if it is approved. 2.04. The Borrower will pay any administrative fees of the City and pay, or, upon demand, reimburse the City for payment of, any and all costs incurred by the City in connection with the Project and the issuance of the Bonds,whether or not the Bonds are issued. 2.05. The adoption of this Resolution does not constitute a guaranty or firm commitment that the City will issue the Notes as requested by the Borrower. The City retains the right in its sole discretion to withdraw from participation and accordingly not to issue the Notes, or issue the Notes in an amount less than the amount referred to herein, should the City at any time prior to issuance thereof determine that it is in the best interest of the City not to issue the Notes, or to issue the Notes in an amount less than the amount referred to in Section 2.01 hereof, or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents required for the transaction. 2.06. This Resolution shall be in full force and effect from and after its passage. 2