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• CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION N0.6754 <br />CITY OF MOUNDS VIEW RESOLUTION APPROVING AMENDED <br />AND RESTATED PURCHASE AGREEMENT AND CONTRACT <br />FOR PRIVATE DEVELOPMENT BETWEEN CITY <br />OF MOUNDS VIEW, MOUNDS VIEW ECONOMIC <br />DEVELOPMENT AUTHORITY AND MEDTRONIC, INC. <br />BE IT RESOLVED by the City Council ("Council") of the City of Mounds View as <br />follows: <br />Section 1. Recitals. <br />1.01. The City of Mounds View (the "City") 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 />• 1.02. The Authority and City have approved a tax increment financing plan ("TIF Plan") <br />and Tax Increment Financing District No. 5 (the "TIF District") within the Project. <br />1.03. The City and Authority previously conveyed certain property within the Project <br />legally described as set forth in Exhibit A (the "Property") to Medtronic, Inc. (the "Developer"). <br />1.04. The City and Authority previously approved a development proposal from the <br />Developer for an office facility to be constructed on the Property which is located within the <br />proposed TIF District. <br />1.05. The City and Authority have received an amended development proposal from- the <br />Developer for an office facility (the "Development") to be constructed on the Property which is <br />located within the proposed TIF District. <br />1.06 The Developer has proposed to accelerate development of the Property and in <br />connection with that proposal, the City and Authority have caused to be prepared an Amended and <br />Restated Purchase Agreement and Contract for Private Development between the City, the <br />Authority and Developer (the "Contract"). <br />1.07. The Council has reviewed the Contract providing for the sale of the Property (which <br />has already occurred), the construction of the Development on the Property and certain tax <br />increment payments to the Developer in connection with the Development, and has concluded that <br />• <br />SJR-278596v1 <br />MU205-30 <br />1 <br />