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ATTACHMENT A <br /> RESOLUTION NO. 97-EDA75 <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A <br /> PARTICIPATION AGREEMENT FOR THE REDEVELOPMENT OF 8265 SPRING <br /> LAKE ROAD <br /> WHEREAS,the Mounds View Economic Development Authority(EDA)established a <br /> Housing Replacement Program to remove houses which are in very poor condition,thereby, <br /> assisting in the elimination of the blighting influence of substandard homes; and <br /> WHEREAS,the EDA purchased and demolished a substandard home located at 8265 <br /> Spring Lake Road; and <br /> WHEREAS,the vacant lot at 8265 Spring Lake Road was advertised for sale by the <br /> EDA; and <br /> WHEREAS, on August 25, 1997 the EDA approved a Participation Agreement with <br /> Loren Hansen Construction per Resolution No. 97-EDA73 which was never executed by Loren <br /> Hansen Construction;and <br /> WHEREAS, Preferred Builders,Inc. is proposing to purchase the vacant lot at 8265 <br /> Spring Lake Road for$28,000 to construct a three bedroom,two bath modified two story home <br /> with an estimated market value of$145,000. <br /> NOW THEREFORE BE IT RESOLVED,that the Economic Development Authority <br /> approves and authorizes the execution of a participation agreement with Preferred Builders for <br /> the purchase of 8265 Spring Lake Road; and <br /> BE IT FURTHER RESOLVED,that the Economic Development Authority waives the <br /> requirement in the Housing Replacement Program for a buyer\builder team with the assurance <br /> that the home will be constructed with the intent to sell to a qualified buyer as soon as possible. <br /> Adopted this 13th day of October, 1997 <br /> ATTEST: <br /> President <br /> (SEAL) i <br /> Executive Director <br />