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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 96-EDA55 <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION APPROVING AN]) AUTHORIZING THE ACQUISITION OF 2975 <br />HIGHWAY 10 FOR REDEVELOPMENT PURPOSES .AND THE EXECUTION OF A <br />PURCHASE AGREEMENT FOR THAT PURCHASE <br />It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View <br />Economic Development Authority (the "Authority") as follows: <br />1. RECITALS: <br />(a) the Authority has the powers provided in Minnesota Statutes, Sections 469.124 to <br />469.124 and 469.090 to 469.108 (collectively the "Act"). <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 within <br />the City of Mounds View and in this connection is engaged in carrying out the Mounds <br />View Economic Development Project (the "Project") within the City. <br />(c) There has been approved pursuant to the Act a Project Plan for the Project. <br />(d) The redevelopment and development of property within the Project by private <br />developers are stated objectives of the Project Plan. <br />(e) In order to achieve the objectives of the Project Plan, the Authority has determined to <br />provide substantial aid and assistance through the financing of certain public costs of <br />development. <br />( fl The Authority desires to acquire the approximately .63 acres of land located in the <br />City at 2975 Highway 10 (the "Property"), bounded generally be Highway 10 and Spring <br />Lake Road, and it has been proposed that the Authority enter into a purchase agreement <br />(the "Agreement") with the owners of that property for that acquisition presently <br />estimated at a cost of $106,000. <br />(g) The Authority authorizes an eYpenditure no greater than 3% of the pwrchase price to <br />be used for closing costs. <br />