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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 97-EDA75 <br /> <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A <br />P ARTICIP ATION AGREEMENT FOR THE REDEVELOPMENT OF 8265 SPRING <br />LAKE ROAD <br /> <br />WHEREAS, the Mounds View Economic Development Authority (ED A) established a <br />Housing Replacement Program to remove houses which are in very poor condition, thereby, <br />assisting in the elimination of the blighting influence of substandard homes; and <br /> <br />WHEREAS, the EDA purchased and demolished a substandard home located at 8265 <br />Spring Lake Road; and <br /> <br />WHEREAS, the vacant lot at 8265 Spring Lake Road was advertised for sale by the EDA; <br /> <br />and <br /> <br />WHEREAS, on August 25, 1997 the EDA approved a Participation Agreement with <br />Loren Hansen Construction per Resolution No. 97-EDA73 which was never executed by Loren <br />Hansen Construction; and <br /> <br />WHEREAS, Preferred Builders, Inc. is proposing to purchase the vacant lot at 8265 <br />Spring Lake Road for $28,000 to construct a three bedroom, two bath modified two story home <br />with an estimated market value of$145,000. <br /> <br />NOW THEREFORE BE IT RESOL YED, that the Economic Development Authority <br />approves and authorizes the execution of a participation agreement with Preferred Builders for <br />the purchase of 8265 Spring Lake Road; and <br /> <br />BE IT FURTHER RESOLVED, that the Economic Development Authority waives the <br />requirement in the Housing Replacement Program for a buyer\builder team with the assurance <br />that the home will be constructed with the intent to sell to a qualified buyer as soon as possible. <br /> <br />ATTEST: <br /> <br /> <br />r.~ <br /> <br />(SEAL) <br />