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EXTRACT OF MINUTES OF MEETING <br /> OF THE CITY COUNCIL OF THE <br /> CITY OF PEQUOT LAKES, MINNESOTA <br /> HELD: August 7, 2007 <br /> Pursuant to due call and notice thereof, a meeting of the City Council of the City of <br /> Pequot Lakes, Crow Wing County, Minnesota, was duly called and held at the City Hall in said <br /> City on Tuesday, the 7th day of August, 2007, at 6:30 o'clock p.m. <br /> The following members were present: Mayor Malecha, Council Members Nagel, Ryan, <br /> Sjoblad, and Oraskovich <br /> and the following were absent: None <br /> Member Oraskovich introduced the following resolution and moved its adoption: <br /> RESOLUTION 07-21 <br /> RESOLUTION AUTHORIZING <br /> EXECUTION OF A DEVELOPMENT AGREEMENT AND PURCHASE <br /> ■.' AGREEMENT AND APPROVING THE FORMS OF A PROMISSORY NOTE <br /> AND GUARANTY <br /> A. WHEREAS, Lonesome Real Estate, LLC (the "Developer")has requested that the <br /> City of Pequot Lakes, Minnesota (the "City") assist with the financing of certain costs in <br /> connection with the construction of an approximately 27,200 square foot manufacturing facility <br /> to be constructed by the Developer in the City(the"Project"). <br /> B. WHEREAS, the Developer and the City have determined to enter into a <br /> Development Agreement providing for the City's assistance for the Project (the "Development <br /> Agreement"). <br /> C. WHEREAS, the Developer and the City previously entered into a Purchase <br /> Agreement providing for the City's conveyance of certain real property for the Project and have <br /> determined to make certain technical corrections to such Agreement (as amended, the "Purchase <br /> Agreement"). <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot <br /> Lakes, Minnesota, as follows: <br /> 1. The City Council hereby approves the Development Agreement and the Purchase <br /> Agreement, as amended, in substantially the forms submitted, and the Mayor and Clerk are <br /> 2060538v2 <br />