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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION 14 -EDA -287 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION AUTHORIZING CANCELLATION OF A PURCHASE <br />AGREEMENT <br />WHEREAS, Shelly D. Parker, a single person ("Seller"), is an owner of real estate located at <br />2665 Ardan Avenue, Mounds View, Ramsey County, Minnesota, and which is legally described in <br />the Cancellation Agreement as hereinafter defined (the "Property"); and <br />WHEREAS, the Mounds View Economic Development Authority, a public body corporate <br />and politic (the "EDA") desires to cancel the executed purchase agreement made with the Seller of <br />the Property; and <br />WHEREAS, the EDA has determined that at this time, due to the limitations and <br />requirements of the CDBG grant funds, the purchase of the Property and new home construction will <br />not be financially feasible; and <br />WHEREAS, on October 13, 2014, the EDA executed an offer and purchase agreement (the <br />"Agreement") providing for the terms of the conveyance of the Property from Seller to the EDA. <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, AS FOLLOWS: <br />1. The recitals set forth in this Resolution are incorporated into and made a part of this <br />Resolution. <br />2. The cancellation of the purchase of the Property by the EDA is hereby approved <br />pursuant to the terms of the Agreement, which is also approved in substantially the form presented <br />to the Commission on this date, subject to modifications that do not materially alter the EDA's rights <br />and obligations under the Agreement and that are approved by the Authority's President and <br />Executive Director, which approvals shall be conclusively evidenced by execution of the Agreement. <br />3. The President and Executive Director of the EDA are hereby authorized and directed <br />to execute all appropriate documents, including but not limited to the Cancellation Agreement, to <br />effectuate the transaction contemplated by this Resolution. <br />