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EDA RESOLUTION IS -EDA -306 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION CONDITIONALLY AUTHORIZING THE ACQUISITION OF TAX -FORFEITED LAND AT A DISCOUNT FOR THE DEVELOPMENT OF MULTI -FAMILY AFFORDABLE HOUSING WHEREAS, two parcels of real property (PID 06.30.23.31.0031 and PID 06.3 0.23.31.024 1), both of which are legally described on the attached Exhibit A (the "Property"), have forfeited to the State of Minnesota in trust for the taxing districts for the failure to pay real estate taxes; and WHEREAS, pursuant to Minnesota Statutes, section 282.01, Ramsey County manages the Property and is authorized to sell the Property directly to an organized or incorporated governmental subdivision of the state for any public purpose for which the governmental subdivision is authorized to acquire property; and WHEREAS, the Economic Development Authority of the City of Mounds View, Minnesota (the "EDA") desires to purchase the Property and work with both the City of Mounds View, Minnesota (the "City") and Boulevard Apartments, Limited Partnership (the "Developer") for the development of a 60 -unit affordable housing complex (the "Development"); and WHEREAS, the Development will consist of 60 units of affordable rental housing with a mix of one-, two-, and three-bedroom units. Units will be rented to residents earning less than 60% of the area median income with rents no greater than 30% of 60% of the area median income in accordance with Section 42 of the IRS tax code. The Development will include underground parking, a children's play area, on-site management, and a community room. It is anticipated that construction will commence in October of 2018 and complete in September of 2019 with initial leaseup anticipated to be complete in March of 2020; and WHEREAS, the EDA and the City have entered into a Real Estate Option Agreement with the Developer (the "Option Agreement"); and WHEREAS, the Option Agreement authorizes the Developer to provide the EDA and the City with written notice that will require them to make reasonable efforts to acquire the Property from Ramsey County (the "Option Notice"); and WHEREAS, the EDA, by virtue of its enabling resolution, possesses the authority of both an economic development authority and a housing and redevelopment authority pursuant to Minnesota Statutes, Section 469.091, subd. 1; and WHEREAS, Minnesota Statues, Sections 469.101 and 469.012 authorize an economic development authority and housing and redevelopment authority, respectively and collectively, to acquire property for the purpose of redevelopment; and