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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 99-EDA-ll1 <br /> <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING AND AUTHORIZING THE EXPENDITURE OF TAX <br />INCREMENT FUNDS FOR THE ACQUISITION OF 2091 HILL VIEW ROAD FOR THE <br />PURPOSE OF RESELLING THE PROPERTY FOR REDEVELOPMENT/REHABILIT A TION <br /> <br />It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View <br />Economic Development Authority (the "Authority") as follows: <br /> <br />Section 1. Recitals. <br /> <br />1.10 The Authority has the powers provided in Minnesota Statutes, Sections <br />469.124 to 469.134 and 469.090 to 469.108 (collectively, the "Act"). <br /> <br />1.02 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 land <br />within the City of Mounds View and in this connection is engaged in carrying out the <br />Mounds View Economic Development Project (the "Project") within the City. <br /> <br />1.03 There has been approve pursuant to the Act a Project Plan for the Project. <br /> <br />1.04 The redevelopment of property within the Project is a stated objective of <br />the Project Plan. <br /> <br />1.05 In order to achieve the objectives of the Project Plan, the Authority has <br />determined to provide substantial aid and assistance through the financing of certain public <br />costs of development. <br /> <br />1.06 It has been proposed that the Authority acquire the property located in the <br />City at 2091 Hillview Road (the "Property") and that the Authority enter into a purchase <br />agreement and/or similar agreement(s) (collectively, the "Agreement") for the acquisition <br />and resale of the Property for the purposes of redevelopment. <br /> <br />Section 2. Resolved. <br /> <br />2.01 The Board hereby determines that the Authority's execution of the <br />Agreement and the subsequent acquisition and redevelopment of the Property would be in <br />furtherance of the Project Plan and hereby approves and authorizes said actions, including <br />the execution of the Agreement by the officers of the Authority in their discretion and at <br />such time, if any, as they may deem appropriate. <br /> <br />2.02 Upon execution and delivery of the Agreement, the officers and employees of <br />the Authority (including members of the City Staff, acting in their capacity as staff to the <br /> <br />F:\DA T A \GROUPSIECONDEVIEDA-EDCIEDA IRES99\RS99-1I I.EDADOC <br />