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RESOLUTION NO. 8892_ CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA APPROVING CONSENT TO OWNERSHIP CHANGE IN SILVER LAKE COMMONS PROJECT WHEREAS, the city of Mounds View ("City") previously entered into a development agreement for real property located within the City, dated December 2151, 1998 (the "Agreement"); and WHEREAS, the Agreement, along with the various other documents cited therein, included various ongoing obligations which would need to be satisfied by the Silver Lake Commons Project (the "Property"); and WHEREAS, the Property is currently owned by the Mounds View Family Limited Partnership (the "Partnership"); and WHEREAS, the City previously acknowledged and consented to a change in the form of the Partnership, as well as a modification to the Management Agreement entered into between the City and the Partnership; and WHEREAS, neither of the previous consents abridged or released any obligations with respect to the ongoing ownership or operation of the Property; and WHEREAS, the Partnership has entered into an agreement to sell the Property to Burnsville Parkway Estates, LLC, a limited liability company formed under the laws of the state of Minnesota (the "Buyer"); and WHEREAS, the Agreement requires that the City consent to any change in ownership related to the Property; and WHEREAS, the Partnership has requested that the City acknowledge and consent to the change in the ownership by signing the Acknowledgement and Consent attached hereto as Exhibit A, and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED, that the above -referenced recitals are incorporated herein to this Resolution. NOW, THEREFORE, BE IT FURTHER RESOLVED, that the City does hereby acknowledge and consent to the change in ownership, subject to the terms contained herein. Nothing herein shall be interpreted or construed to alter, substitute, or abrogate any duty, obligation, or benefit belonging to any party under the Agreement or any amendment thereto. Further, the City's consent is hereby expressly condition on the Buyer's ongoing obligation to meet all of the requirements of the Agreement, and any other requirement which may otherwise be applicable to the Property or as would have applied to the current owner, had there not been a transfer in ownership. The sole purpose and scope of the City's acknowledgement and consent is to the change in ownership of the Property, as it relates to the Agreement, and therefore the City's approval shall have no relationship to any substantive term of the Agreement, any amendment thereto, or any other obligation as it exists with relation to the Property. Subject to the conditions contained in this Resolution, the City authorizes execution of the Acknowledgment and Consent attached hereto as Exhibit A by the Mayor and City Administrator. NOW, THEREFORE, BE IT FINALLY RESOLVED THAT, the City Administrator, Mayor, and City's attorneys are hereby authorized and directed to take any and all additional steps and actions necessary or convenient to file or record the appropriate documents to facilitate the directives of the City Council as provided herein in order to accomplish the intent of this Resolution. Adopted by the City Council of the City of Mounds View this 81 day of January, 2018. CITY OF MOUNDS VIEW Carol A. Mueller, Mayor ATTEST: Nyle tmund rty AdministratoP 514562v2 MU210-17 ; i'