BY COUNCILOR GILBERT:
RESOLVED, that pursuant to the requirements of Resolution No. 02-0606, the Duluth economic development authority's (DEDA) authorization to enter into the termination of development agreement with Saturn Systems, Inc., terminating of that development agreement dated March 15, 2000, upon issuance of a Note in the amount of $8,700 by Saturn Systems in favor of DEDA, authorized pursuant to DEDA Resolution No. 04D-37, adopted on March 16, 2004, a copy of which is on file in the office of the city clerk as Public Document No. _________, is hereby approved.
STATEMENT OF PURPOSE: The purpose of this resolution is to approve the action of the DEDA board of commissioners pursuant to its Resolution 04D-37 as is required by Resolution 02-0606.
The nature and purpose of the termination together with the issuance of a new Note are set forth in DEDA Resolution 04D-37 and its statement of purpose.