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. MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 97-EDA62 COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION AUTHORIZING STAFF TO PURSUE THE NEGOTIATION OF ^ PURCHASE AGREEMENT WITH MSP REAL ESTATE It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds \ ..;w Economic Development Authority (the "Authority") as follows: 1. RECITALS: (a) the Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.124 and 469.090 to 469.108 (collectively the "Act"). . (b) Pursuant to and in furtherance of the objectives of the Act, the Authority has undertaken a program to promote development and redevelopment of certain land within the City (,fMounds View and in this connection is engaged in carrying out the Mounds View Economic Development Project (the "Project") within the City. (c) There has been approved pursuant to the Act a Project Plan for the Project. (d) The redevelopment and development of property within the Project by private developers are stated objectives of the Project Plan. (e) The Authority purchased property located in the City at 2625 Highway 10 Northea!'! (the "Property"), bounded generally be Highway 10, County Road I, and Eastwood in December of 1995 authorized per Resolution No. 95-EDA34 for the purpose of redevelopment. (f) The Authority desires to pursue the negotiation ofa purchase agreement for the sale of the Property with MSP Real Estate for the purpose of the development of townhomes. 2. The Board hereby determines that authorizing staff to pursue the negotiation of a purchase agreement for the sale of the Property would help realize the public purpose of the Act and is in furtherance of the Project Plan. 3. The Authority is also directing staff to bring back a negotiated purchase agreement for the Property for final approval prior to execution to include terms of the agreement such as purchase price, earnest money, closing date and contingencies. e