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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 01-EDA-153 <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF THE <br />EDA'S TAXABLE TAX INCREMENT REVENUE BONDS, SERIES 2001, <br />AND APPROVING EXECUTION OF VARIOUS AGREEMENTS <br /> <br />BE IT RESOLVED by the Board of Commissioners (the "Board") of the Mounds <br />View Economic Development Authority (the "EDA") as follows: <br /> <br />1. Recitals and Findings. It is hereby recited and determined: <br /> <br />(a) The EDA is authorized under the laws of Minnesota, including Minnesota <br />Statutes, Sections 469.090 through 469.108, and the powers conferred on the EDA <br />therein (collectively, the" Act"), to enter into certain agreements and to issue revenue <br />bonds to aid in financing certain projects. <br /> <br />(b) Pursuant to and in furtherance of the objectives of the Act, the EDA has <br />undertaken a program to promote development and redevelopment of certain land within <br />the City of Mounds View and in this connection is engaged in carrying out the Mounds <br />View Economic Development Project (the "Development Project") within the City. <br /> <br />(c) MoundsVista, Inc. (the "Developer"), has presented the EDA with a <br />proposal for the completion of certain improvements within the Development Project, <br />consisting generally of certain redevelopment activities and the construction of new hotel <br />and banquet facilities, and a certain Development Assistance Agreement between the <br />EDA and the Developer (the "Development Agreement") stating the terms and conditions <br />thereof and the Authority's responsibilities respecting the assistance thereof has on the <br />date hereof been presented to the Board for its consideration. <br /> <br />(d) To provide financing for certain Development Costs, as defined in the <br />Development Agreement, the EDA expects to issue its Taxable Tax Increment Revenue <br />Bonds, Series 2001 (the "Bonds"). <br /> <br />(e) The Bonds are to be issued pursuant to a certain Indenture of Trust (the <br />"Indenture") between the EDA and U.S. Bank National Association, in Saint Paul, <br />Minnesota, as "Trustee" thereunder. <br /> <br />(f) The Developer has arranged for Miller Johnson Steichen Kinnard, Inc_, <br />and/or other underwriters (the "Placement Agent"), to prepare and distribute a certain <br />Private Placement Memorandum respecting the Bonds (the "Private Placement <br />Memorandum") and arrange for the purchase of the Bonds from the EDA. <br /> <br />1280407v2 <br />