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<br />. <br /> <br />. <br /> <br />. <br /> <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION 05-EDA-203 <br /> <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION APPROVING PURCHASE AGREEMENT AND <br />CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN <br />CITY OF MOUNDS VIEW, MOUNDS VIEW ECONOMIC <br />DEVELOPMENT AUTHORITY AND MEDTRONIC, INC. <br /> <br />BE IT RESOLVED by the Board of Commissioners ("Commission") of the Mounds View <br />Economic Development Authority as follows: <br /> <br />Section 1. <br /> <br />Recitals. <br /> <br />1.01. The City of Mounds View (the "eity") has previously established the Mounds View <br />Economic Development Project (the "Project"), which is currently administered by the Mounds <br />View Economic Development Authority (the "Authority"). <br /> <br />1.02. The Authority and City are considering approval of a tax increment financing plan <br />("TIF Plan") and a proposed Tax mcrement Financing District No.5 (the "TIF District") within the <br />Project. <br /> <br />1.03. The City owns certain property within the Project legally described as set fOlih in <br />Exhibit A (the "Property"). <br /> <br />1.04. The City and Authority have received a development proposal from Medtronic, mc. <br />(the "Developer") for an office facility (the "Development") to be constructed on the Property which <br />is located within the proposed TIF District. <br /> <br />1.05. The Developer has proposed to acquire the Property from the City and Authority, <br />and in connection with that proposal the City and Authority have caused to be prepared a Purchase <br />Agreement and eontract for Private Development between the eity, the Authority and Developer <br />(the "Contract"). <br /> <br />1.06. The eommission has reviewed the Contract providing for the sale of the Property, <br />the construction of the Development on the Property and certain tax increment payments to the <br />Developer in connection with the Development, and has concluded that the proposed development <br />is consistent with and promotes the goals and objectives for which the Project was established. <br /> <br />SJR-2M611 vl <br />MU205-30 <br /> <br />1 <br />