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RESOLUTION NO. 99-EDA-111 <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION APPROVING AND AUTHORIZING THE EXPENDITURE OF TAX <br /> INCREMENT FUNDS FOR THE ACQUISITION OF 2091 HILLVIEW ROAD FOR THE <br /> PURPOSE OF RESELLING THE PROPERTY FOR REDEVELOPMENT/REHABILITATION <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 <br /> 469.124 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 <br /> has undertaken a program to promote development and redevelopment of certain land <br /> within the City of Mounds View and in this connection is engaged in carrying out the <br /> Mounds View Economic Development Project (the "Project")within the City. <br /> 1.03 There has been approve pursuant to the Act a Project Plan for the Project. <br /> 1.04 The redevelopment of property within the Project is a stated objective of <br /> the Project Plan. <br /> 1.05 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 /> 1.06 It has been proposed that the Authority acquire the property located in the <br /> City at 2091 Hillview Road (the "Property") and that the Authority enter into a purchase <br /> agreement and/or similar agreement(s) (collectively, the "Agreement") for the acquisition <br /> and resale of the Property for the purposes of redevelopment. <br /> Section 2. Resolved. <br /> 2.01 The Board hereby determines that the Authority's execution of the <br /> Agreement and the subsequent acquisition and redevelopment of the Property would be in <br /> furtherance of the Project Plan and hereby approves and authorizes said actions, including <br /> the execution of the Agreement by the officers of the Authority in their discretion and at <br /> such time, if any, as they may deem appropriate. <br /> 2.02 Upon execution and delivery of the Agreement, the officers and employees of <br /> the Authority(including members of the City Staff, acting in their capacity as staff to the <br /> F:\DATA\GROUPS\ECONDEv\EDA-EDC\EDA\RES99\RS99-III.EDA.DOC <br />