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<br />. <br /> <br />. <br /> <br />. <br /> <br />l1I'" <br /> <br />RESOLUTION NO. 99-EDA-112 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A <br />DEVELOPMENT ASSISTANCE AGREEMENT WITH MICHAEL INVESTMENTS <br />REGARDING THE BUILDING "Nil PROJECT <br /> <br />It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds <br />View Economic Development Authority (the "Authority") as follows: <br /> <br />1. Recitals. <br /> <br />(a) 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 />(b) Pursuant to and in furtherance of the objectives of the Act, the Authority has <br />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 />(c) There has been approved pursuant to the Act a Project Plan for the Project. <br /> <br />(d) The redevelopment and development of property within the Project by private <br />developers are stated objectives of the Project Plan. <br /> <br />(e) 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 of <br />the public costs of development. <br /> <br />(f) Michael Investments (The 'Developer'), has presented the Authority with <br />proposals for the completion of certain improvements within the Project, consisting <br />generally of an approximately 69,582 square foot building, and a certain Development <br />Assistance Agreement between the Authority and the Developer (the "Development <br />Agreement") stating the terms and conditions thereof and the Authority's <br />responsibilities respecting the assistance thereof has on the date hereof been <br />presented to the Board for its consideration. <br /> <br />2. The Board hereby determines that the Authority's execution and performance <br />of the Development Agreement would be in furtherance of the Project Plan and hereby <br />approves the Development Agreement substantially in the form presented to the Board <br />and hereby authorizes the officers of the Authority to execute the same on behalf of the <br />Authority, with such additions and modifications as those officers may deem desirable <br />