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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 6581 <br /> <br />CITY OF MOUNDS -VIE\V <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />CITY OF MOUNDS VIE\V RESOLUTION AUTHORIZING <br />SALE OF CITY OF MOlJNDS VIEW PROPERTY TO THE <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> <br />BE IT RESOLVED by the City Council ("Council") of the City of Mounds Vie\\' as <br />follows: <br /> <br />Section 1. <br /> <br />Recitals. <br /> <br />Ull. The City of :f\.1ounds Vie\\- (the "City") has previously established the ivlounds View <br />Economic Development Project (the "Project"). \vhich is currently administered by the Mounds <br />Vie\\' Economic Development A.uthority (the "Authority"). <br /> <br />1.02. The Authority and City are considering approval of a ta;.; increment financing plan <br />("TIF Plan") and a proposed ora\: Increment Financing District "\'0. 5 (the "TIF District") within the <br />Proj ect. <br /> <br />1.03. The City owns certain property within the Project legally described as set forth in <br />Exhibit A (the '.PropeI1yu). <br /> <br />] .04. The City and Authority have previously approved (by City Resolution ~o. 6564 and <br />Authority Resolution 05-ED/\-2(3) a deydopment proposal trom Medtronic, Inc. (the "De\Cloper") <br />for an office facility (the "Development") to be constructed on the PropeI1y which is located \\-ithin <br />the proposed TIF District. and in connection with that proposal. the City and /\uthority have caused <br />to be prepared a Purchase Agreement and Contract for Private Development between the City. the <br />AuthOlityand Developer (the .'Contrac('). <br /> <br />1.05. The Council previously reviewed and approved the Contract providing tor the sale <br />of the Property. the construction of the Deve]opment on the Property and ce]1ain tax increment <br />payments to the Developer in connection with the De\elopment. ,md concluded that the proposed <br />deYe]opment was consistent with and promoted the goals and objectives fl1r which the Project was <br />established. <br /> <br />1.06. Pursuant to the Contract. the City agrees to eonyey to the Authority, and the <br />Authority agrees to subsequently convey to the Developer. the Properly described in the Contract. <br />subject to cel1ain tcmlS and conditions. <br /> <br />1.07. The City is authorized to conwy real propcI1y pursuant to Cit::- ChaI1er Seclion <br />11.05 to any paI1y (as previously apprO\ed by the Cily in Resolution No. 6564\. or pursuant to <br /> <br />S) ~>2(~~26~\ I <br />\'1l.'2(l~~31.! <br />