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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION Y0.97-EDA78 _---. ~ ~ ~ . ~ ~-.- . , COUNTY OF RAVISEY I ~akyi e ~.r-d j STATE OF MINNESOTA u~'_ ~ , .~ u,~c 1 L~~ ~ i RESOLUTION APPROVING AND AU"I'HORIZL~iG THE ACQU7SlTION OF 8005 GROVELAir'D ROAD FOR REDEVELOPMENT PURPOSES AND THE EXECUTION OF A PURCHASE AGREEMENT FOR THAT PURCHASE it is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View Economic Developmem Authority (the "Authority's as follows: (a) the Atrthority 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 fintherance ofthe objectives of the Act, the Authority has undertaken a program to promote development and redevelopment of certain land within • the City of Mounds View and in this connection is engaged in carrying out the Mounds View Economic Developmem Project (the "Project's within the Ciry. (c) There hav 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. (ej In order to achieve the objectives of the Project Plan, the Authority hay determined to provide substantial aid and assistance through the financing of certain public costs of development. (f) The Authority desires to acquire approximately .79 acres of land located in the City at 8005 Groveland Road (the '`Property'}, and it has been proposed that the Authority emer Imo a purchase agreement and/or similar agreement(s) (collectively, the "Agreement') with the owners of that property for that acquisition and/or subsequerrt cl~rp++r° of the properly for redevelopment. (g) The Authority authorizes the acquisition of the property for 385,000 with an eependiture no greater than 3° o of the purchase price to be rued for closing costs. •