Resolution 30-05 Transfer of Property

WHEREAS, the Mt. Iron Economic Development Authority (the “Authority�) and the City of Mountain Iron (the “City”) have entered into a Development Agreement with Mt. Timber Properties, LLC (the “Developer”), which provides for the development of Project Area No. 1; 

WHEREAS, the Developer desires to transfer a part of the Development Property consisting of approximately 12 acres to the Laurentian Energy Authority I, LLC (“LEA”) for the purpose of constructing a wood yard and bio-mass fuel processing facility to serve the LEA�s bio-mass energy generation project facilities in Hibbing and Virginia; and

WHEREAS, there have been presented to the City Council a form of Transfer Agreement, a copy of which is attached hereto, whereby the proposed transfer would be approved.

NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA:

1. That the Transfer Agreement is hereby approved and shall be executed by the Mayor and City Administrator of the City in substantially the form on file but with all such changes therein as may be approved by the officers executing the same, which approval shall be conclusively evidenced by the execution thereof.

2. The City Administrator of the City may take such other action as may be necessary or expedient to facilitate the execution and effectuation of the Transfer Agreement.

DULY ADOPTED BY THE CITY COUNCIL THIS 3rd DAY OF OCTOBER, 2005.