Resolution 05-EDA203 - Laserfiche WebLink

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. . . 1.07. Pursuant to the eontract the eity agrees to convey to the Authority, and the Authority agrees to subsequently convey to the Developer, the Property described in the Contract, subject to certain terms and conditions. 1.08. The Authority has on June 20, 2005 held a public hearing pursuant to Minnesota Statutes, Section 469.105 regarding conveyance of the Property to the Developer at which all interested persons were given an opportunity to be heard. 1.09. The Authority finds that conveyance by the eity of the Property to the Authority is in the public interest because it will further the objectives of the Project. 1.10. The Authority finds that conveyance of the Property to the Developer is in the public interest because it will further the objectives ofthe Project. 1.11. The Contract provides for certain financial assistance that constitutes a "business subsidy" within the meaning of Minnesota Statutes, Section l16J.993 to l16J.995 (the "Business Subsidy Act'} 1.12. The "business subsidy agreement" as required under the Business Subsidy Act is included as Article V of the eontract, and the City and the Authority have on June 20, 2005, conducted a duly-noticed public hearing regarding the business subsidy agreement at which all interested persons were provided an opportunity to be heard. 1.13. The eommission has reviewed the eontract, including the business subsidy agreement, and finds that the execution thereof by the City and the Authority and performance of the City's and the Authority's obligations thereunder are in the best interest of the Authority, the eityand its residents. Section 2. Authorization. 2.01. The Authority approves the City's conveyance of the Property to the Authority, subject to satisfaction of all terms and conditions of the eontract, and authorizes and directs the President and Executive Director to execute the Contract and related documents necessary to carry out such real estate transaction. 2.02. The Authority approves the conveyance of the Property to the Developer, subject to satisfaction of all terms and conditions of the Contract, and authorizes and directs the President and Executive Director to execute the eontract, deed and related documents necessary to carry out such real estate transaction. 2.03. The eommission hereby approves the eontract, including all necessary accompanying agreements included therein, the business subsidy agreement within the Contract, and any tax increment payment obligations contained therein, in substantially the foml presented to the Commission on this date, subject to modifications that do not materially alter the City's or the Authority's rights and obligations under the Contract and that are approved by the Mayor and elerk- SJR-26461I vI MU205-30 2