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<br />. <br /> <br />. <br /> <br />. <br /> <br />EDA RESOLUTION NO. 04-EDA-185 <br /> <br />CITY OF MOUNDS VIEW <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING THE TERMINATION OF THE DEVELOPMENT <br />AGREEMENT BETWEEN THE MOUNDS VIEW EDA AND MICHAEL INVESTMENTS <br />ENTERED INTO APRIL 26,1999 AND CANCELLATION OF THE TAX INCREMENT <br />REVENUE NOTE FOR THE BUILDING N PROJECT. <br /> <br />WHEREAS, the Board of Commissioners of the Mounds View Economic <br />Development Authority (the "EDA") and Michael Investments (the "Developer") have <br />entered into a Development Agreement, dated as of April 26, 1999 (the "Development <br />Agreement") in connection with the construction of an approximately 69,582 square foot <br />office/flex/service facility in the City; and <br /> <br />WHEREAS, the Developer and the EDA have determined that it is in the best <br />interests of both parties to terminate the Development Agreement and cancel the <br />Taxable Tax Increment Revenue Note of 1999 (Building "N" Project) (the "Note"). <br /> <br />NOW, THEREFORE BE IT RESOLVED by the Mounds View Economic <br />Development Authority as follows: <br /> <br />1. The Board of Commissioners hereby approves the Termination of <br />Development Agreement in substantially the form submitted, and the President and <br />Executive Director are hereby authorized and directed to execute the Termination of <br />Development Agreement on behalf of the EDA. <br /> <br />2. The Note as originally executed, issued on and dated April 26, 1999 is hereby <br />terminated and cancelled in its entirety. <br /> <br />3 <br />