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Resolution 18 -EDA -306 February 26, 2018 Page 2 WHEREAS, Minnesota Statutes, section 282.01, subd, la(d) authorizes a county to sell tax -forfeited property to a governmental subdivision at less than fair market value if (1) the reduced price will lead to the development of affordable housing and (2) the governmental subdivision has documented both its plans for developing affordable housing and the laws authorizing it to acquire the property in furtherance of said plans; and WHEREAS, Section 4.57.60 of the Ramsey County Administrative Code further allows the Property to be purchased by a governmental subdivision for 25% of its market value, plus maintenance costs and recording fees, on condition that the acquiring party enter into a memorandum of understanding with the county providing that it will monitor and enforce compliance with all applicable requirements contained in said Section 4.57.60 of the Ramsey County Administrative Code, including, but not limited to, placing and enforcing a deed restriction and/or declaration of restrictive covenant on the Property related to the ongoing affordability of the multi -unit development; and WHEREAS, the EDA wishes to acquire the Property from Ramsey County for the amount provided in the price sheets contained in the attached Exhibit B and pursuant to the aforementioned discount, for a total of $53,036.25 for the purpose of facilitating the Development, and further wishes to enter into a memorandum of understanding with Ramsey County to ensure that the discounted acquisition meets the requirements provided for in Section 4.57.60 of the Ramsey County Administrative Code. NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Mounds View, Minnesota, as follows: 1. The EDA hereby approves the purchase of the Property from Ramsey County for $53,036.25 for the purpose of a collaborative redevelopment project, as described herein, between the EDA, the City, and the Developer. 2. The acquisition of the Property is conditioned on the EDA and the City first receiving the aforementioned Option Notice from the Developer in accordance with the terms of the Option Agreement. 3. Upon the receipt of the Option Notice from the Developer, EDA staff may provide a copy of this Resolution to Ramsey County and may further enter into a memorandum of understanding with Ramsey County, as approved by the EDA's attorney, related to the requirement that the Property be used for affordable housing in accordance with Section 4.57.60 of the Ramsey County Administrative Code. 0)