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RESOLUTION RECITING A PROPOSAL FOR AN INDUSTRIAL DEVELOPMENT PROJECT AND TAKING OFFICIAL ACTION WITH RESPECT THERETO AND INDICATING PRELIMINARY INTENT TO ASSIST THE FINANCING OF THE PROJECT PURSUANT TO THE MINNESOTA MUNICIPAL INDUSTRIAL DEVELOPMENT ACT WHEREAS, (a) The purpose of Minnesota Statutes, Sections 469.152 through 469.165 known as the Minnesota Municipal Industrial Development Act (the "Act") as found and determined by the legislature is to promote the welfare of the state by the active attraction and encouragement and development of economically sound industry and commerce to prevent so far as possible the emergence of blighted and marginal lands and areas of chronic unemployment; (b) Factors necessitating the active promotion and development of economically sound industry and commerce are the increasing concentration of population in the metropolitan areas and the rapidly rising increase in the amount and cost of governmental services required to meet the needs of the increased population and the need for development of land use which will provide an adequate tax base to finance these increased costs and access to employment opportunities for such population; (c) The city Council of the City of Roseville (the "City") has received a proposal from College Properties, Inc., a Minnesota corporation (the "Company"), that the City assist in financing a Project hereinafter described, through the issuance of a Revenue Bond or Bonds in the maximum aggregate principal amount of $3,500,000 (hereinafter referred to in this resolution as "Revenue Bonds") pursuant to the Act; (d) The City desires to facilitate the selective development of the community, retain and improve the tax base and help to provide the range of services and employment opportunities required by the population; and the Project will assist the City in aChieving those objectives. The project will help to increase tax capacities of the City and surrounding area and help maintain a positive relationship between tax capacities and debt and enhance the image and reputation of the community; (e) The Project to be financed by the Revenue Bonds is the acquisition of land, construction and installment of a 57 unit motel (approximately 32,000 square feet) and related equipment and improvements to be located in the Company's 244249