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<br />will not be considered. They also provide <br />that the administrative fee shall be the <br />greater of $10,000 or 1% of the project. <br />The Council may waive the $1,000,000 figure <br />~y giving preliminary approval to the pro- <br />Ject. If there is to be any change in the <br />administrative fee, it should come by speci- <br />fic Council action. <br /> <br />(d) The Applicants are the owners of the <br />existing facility which is being remodeled <br />and added to. The project proposed would be <br />entirely financed from the industrial revenue <br />financing with no additional equity supplied <br />on the part of the Applicants. <br /> <br />(e) The Applicants have agreed to pay all <br />costs incurred by the City and its agents in <br />processing the application if not covered by <br />the sums previously deposited with the City. <br />All costs of the City and its agents, all <br />other attributable costs of the financing <br />and the City administrative fee should be <br />paid at the time of closing. <br /> <br />(f) The adoption of a resolution calling <br />for a public hearing will not commit the Council <br />to final approval of the project. Depending on <br />the results of the public hearing, Applicants <br />would request that the Council approve the <br />preliminary resolution and submit a completed <br />application to the Commissioner of the Minnesota <br />E~ergy and Economic Development Authority for <br />hlS approval. <br /> <br />Dated: December 19, 1983 <br /> <br />PETERSON, KNUTSON, FLYNN & HETLAND <br /> <br />-4- <br />