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RESOLUTION NO. 99 -EDA -114 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION APPROVING AND AUTHORIZING THE APPRAISAL AND ACQUISITION OF <br />2225 HILLVIEW ROAD AS PART OF THE EDA'S HOUSING REPLACEMENT PROGRAM <br />It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View <br />Economic Development Authority (the "Authority") as follows: <br />Section 1. Recitals. <br />1.10 The Authority has the powers provided in Minnesota Statutes, Sections 469.124 <br />to 469.134 and 469.090 to 469.108 (collectively, the "Act"). <br />1.02 Pursuant to and in furtherance of the objectives of the Act, the Authority has <br />undertaken a program to promote development and redevelopment of certain land within the <br />City of Mounds View and in this connection is engaged in carrying out the Mounds View <br />Economic Development Project (the "Project") within the City. <br />1.03 There has been approved pursuant to the Act a Project Plan for the Project. <br />1.04 The Housing Replacement Program has been adopted under and as part of the <br />Project Plan. <br />1.05 The redevelopment of property within the Project is a stated objective of the <br />Project Plan and the Housing Replacement Program. <br />1.06 In order to achieve the objectives of the Project Plan, the Authority has <br />determined to provide substantial aid and assistance through the financing of certain public <br />costs of development. <br />1.07 The stated purposes of the Housing Replacement Program include reducing the <br />social costs of blight, making better use of public infrastructure, and redistributing tax base to <br />communities with higher levels of fiscal needs. The Housing Replacement Program's <br />objectives include replacing smaller, lower -value housing on scattered sites throughout the City <br />with larger, new and higher -value housing designed for families, the elimination of blighting <br />influences and substandard housing, and the increase of available quality housing for families <br />within the City. <br />1.08 It has been proposed that the Authority acquire the property located in the City <br />at 2225 Hillview Road (the "Property") and that the Authority enter into a purchase agreement <br />and/or similar agreement (s) (collectively, the "Agreement") for that acquisition and/or <br />subsequent clearance of the property for redevelopment. <br />Section 2. Resolved. <br />2.01 The Board hereby determines that the Authority's execution of the Agreement <br />