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Resolution No. 12/01/94 WHEREAS, the City of Pequot Lakes has received an application for tax increment financing assistance to facilitate the development of Electro Mechanical Industries, Inc. (the "Project") in the City of Pequot Lakes; and WHEREAS, the City Council has reviewed and considered the application and preliminary plans for the project and intends to proceed with the preparation of documents required to facilitate development of the project; and WHEREAS, the documents will include the preparation of a tax increment financing plan and related materials resulting in the creation of Tax Increment Financing District No. 1-3 in the City of Pequot Lakes; and WHEREAS, Community Partners, Inc. will assist the City of Pequot Lakes in their efforts to successfully locate Electro Mechanical Industries, Inc. on a parcel of land in the newly created Pequot Lakes Industrial Park. NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Pequot Lakes hereby authorizes Community Partners, Inc. to proceed with all convenient `.. speed to assemble and present the documentation that is necessary to facilitate the development of Electro Mechanical Industries, Inc. in the City of Pequot Lakes pursuant to the proposals made and presented to the City Council on December 1, 1994, including the following: 1. A pledge of tax increments created by the project to repayment of up to $480,000 of financing provided by the Rural Electrification Administration/Arvig Telephone Company. 2. A financial participation by the City of Pequot Lakes in an amount up to $220,000 subject to terms to be finalized and approved by the City Council. BE IT FURTHER RESOLVED, that the City Council of Pequot Lakes hereby authorizes the scheduling of a public hearing to consider a tax increment financing plan relating to the creation Tax Increment Financing District No. 1-3 for the Electro Mechanical Industries, Inc. project on February 7, 1995.