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FORMA ~~1e~ <br />RESOLUTION N0.97-EDA67 <br />CTTY OF MOUNDS VIEW <br />COUNTY OF RA,~15EY <br />STATE OF MINNESOTA <br />RESOLUTION APPROVING AND AUTHORIZL~IG THE EXECUTION OF A <br />llEVELOPMENT ASSISTANCE AGREEMENT WITH THE EVEREST GROUP, LTD., <br />REGARDL~IG THE BUILDING "N" PROJECT <br />It is hereby resolved by the Boned of Commissioners (the "Board's of the Mounds View <br />Economic Development Authority (the "Authority's as follows: <br />Recitals. <br />(a) Pursuant to Minnesota Statues, Sections 369.124 to 469. l34 and 469.090 <br />to 469.L08 (collectively, the "Act") <br />(b) Pursuant to and in furtherance of the objectives of the Act, the Authority <br />has undertaken a program to promote development and redevelopment of certain <br />land within the City of Mounds View and in connection is engaged in carrying out <br />the Mounds View Ewrtomic Development Project (the "Project) within the City. <br />(c) There has been approved pursuant to the Act a Project Plan for the Project <br />(d) The redevelopmern and development of property within the Project by <br />private developers are stated objectives of the Project Plan <br />(e) In order to achieve the objectives of the Project Plaa, the Authority has <br />determined to provide substantial aid and assistance through the financing of certain of <br />the public costs of development <br />(f) The Everest Group, Ltd. (the "Developer ~, has presented the Authority <br />with n proposal for the completion of certain improvements within the Project, consisting <br />generally of the wnsttucdon of an approximately 103,U00 square foot building, end a <br />certain Development Assistance Agreement between the Authority and the Developer <br />(the ''Development Agreement's stating the terms and conditions thereof and the <br />Authority's responsibilities respecting the assistance thereof hag been presented to the <br />Board for its consideration. <br />3. The Board hereby deterarines that the Authority's execution end performance of <br />the Development Agreement would be in furtherance of the Project Plan and hereby approves the <br />Development Agreement, substantially in the form presented to the Board and hereby authorizes <br />the otiicers of the Authority in their discretion and at such time, if any, as they may deem <br />