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• 110 RESOLUTION NO. 94-EDA13 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A REVISED DEVELOPMENT AGREEMENT WITH SILVER LAKE POINTE APARTMENTS, LLC. It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "Authority") as follows: 1. Recitals. (a) The Authority has the powers provided in Minnesota Statues, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the "Act"). (b) Pursuant to and in furtherance of the objectives of the Act, the Authority has undertaken a program to promote development and redevelopment of certain land within the Aik City of Mounds View and in this connection is engaged in carrying out the Mounds View 41. Economic Development Project (the "Project")within the City. (c) There has been approved pursuant to the Act a Project Plan for the Project. (d) The redevelopment and development of property within the Project by private developers are stated objectives of the Project Plan. (e) In order to achieve the objectives of the Project Plan, the Authority has determined to provide substantial aid and assistance through the financing of certain of the public costs of development. (0 The Silver Lake Pointe Apartments, LLC (the "Developer"), has presented the Authority with a proposal for the completion of an 83-unit apartment community, 3-story elevatored building, located on a 2.7 acre parcel on County Road I and Mounds View Drive just south of Highway 10 in the City, and a certain Development Assistance Agreement between the Authority and the Developer (the "Development Agreement" - Dated May 23, 1994) stating the terms and conditions thereof and the Authority's responsibilities respecting the assistance thereof has been presented to the Board for its consideration. (g) The Development Agreement is revised from the similar agreement which was approved by the Board on May 23, 1994, in that a revision has been made in reference to the VIP Undertakings of the Developer. which changes the date of completion of improvements from December 31, 1995 to June 30, 1996 and Undertakings of the Authority. which sets back the taxes payable by one year.