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RESOLUTION NO. 98-:EDA-93 • MOUNDS VIEW F,CONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING AND AUTHORIZING THE EXPENDITURE OF TAX INCREMENT FUNDS FOR THE ACQUISITION OF 6991 PLEASANT VIEW DRIVE AS PART OF THE EDA'S HOUSING REPLACEMENT PROGRAM It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "Authority") as follows: Section 1. Recitals. 1.10 The Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the "Act"). 1.02 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 tl~e City of Mounds View and in this connection is engaged in carrying out the Mounds View Economic Development Project (tl~e "Project") within the City. 1.03 Tliere has been approve pursuant to the Act a Project Plau for the Project. 1.04 The Housing .Replacement Program has been adopted under and as part of the Project Plan. • 1.05 The redevelopment of property within the Project is a stated objective of the Project Plan and the Housing Replacement Program. 1.06 Iii order to achieve the objectives of the Project Plan, the Authority has determined to provide substantial aid and assistance through the financing of certain public costs of development. 1.07 The stated purposes of the Housing Replacement Program include reducing the social costs of blight, making better use of public infrastructure, and redistributing tax base to communities ~vitl~ higher levels of fiscal needs. The Housing Replacement Program's objectives include replacing smaller, lower-value housing on scattered sites throughout the City with larger, new and higher-value housing designed for families, the elimiiiatio~i of blighting influences and substandard housing, and the increase of available quality Dousing for families within the City. 1.08 It has been proposed that the Authority acquire the property located In the City at 6991 Pleasant View Drive (the ``Property") and that the Authority enter into a purchase agreement and/or similar agreement (s) (collectively, tl~e "Agreement") for that acquisition and/or subsequent clearance of the property for redevelopment. Section 2. Resolved. 2.01 The Board hereby determines that tl~e Authority's execution of the Agreement and the subsequent acquisition and/or clearance of the Property would be in furtherance of the Project Plan and the Housing Replacement Program and hereby approves and authorizes said actions, including the execution of the Agreement by the officers of the Authority in their discretion and at such time, if any, as they may deem appropriate. •