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• RESOLUTION NO. 9 S-FnA-10 <br /> A RESOLUTION APPROVING AND AUTHORIZING <br /> THE EXECUTION OF A DEVELOPMENT ASSISTANCE <br /> AGREEMENT WITH BRIDGES LEASING COMPANY <br /> It is hereby resolved by the Board of Commissioners (the <br /> "Board") of the Mounds View Economic Development Authority (the <br /> "Authority") as follows : <br /> 1 . Recitals . <br /> (a) The Authority has the powers provided in Minnesota <br /> Statutes, Sections 469 . 124 to 469 . 134 and 469 . 090 to 469 . 108 <br /> (collectively, the "Act") . <br /> (b) Pursuant to and in furtherance of the objectives of <br /> the Act, the Authority has undertaken a program to promote <br /> development and redevelopment of certain land within the City <br /> of Mounds View and in this connection is engaged in carrying <br /> out the Mounds View Economic Development Project (the <br /> "Project" ) within the City. <br /> (c) There has been approved pursuant to the Act a <br /> Project Plan for the Project . <br /> (d) The redevelopment and development of property within <br /> the Project by private developers are stated objectives of the <br /> Project Plan. <br /> (e) In order to achieve the objectives of the Project <br /> Plan, the Authority has determined to provide substantial aid <br /> and assistance through the financing of certain of the public <br /> costs of development. <br /> (f) Bridges Leasing Company, LLC, a Minnesota limited <br /> liability company (the "Developer") , has presented the <br /> Authority with a proposal for the completion of certain <br /> improvements within the Project, consisting generally of the <br /> construction of an approximately 30, 000 square foot office/ <br /> warehouse/manufacturing facility, in the City, and a certain <br /> Development Assistance Agreement between the Authority and the <br /> Developer (the "Development Agreement") stating the terms and <br /> conditions thereof and the Authority' s responsibilities <br /> respecting the assistance thereof has been presented to the <br /> Board for its consideration. <br /> 2 . The Board hereby determines that the Authority' s execution <br /> and performance of the Development Agreement would be in <br /> • <br /> 298106.1 <br />