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FROM BRIGGS AND MORGAN ST.PAUL 612 223 6645 (THU)07.24' 97 11:43 /ST, 11:41/ NO.3360015-940 P. 4 <br /> • RESOLUTION NO. i7-sox -7a <br /> A RESOLUTION GIVING CONDITIONAL APPROVAL TO <br /> THE SALE OF CERTAIN PROPERTY <br /> It is hereby resolved by the Board of Cottimabtoners (the <br /> "Board") of the` Mounds view Economic Development Authority (the <br /> "Authority") as follows: <br /> 1. Re itals. <br /> (a) Pursuant to Minnesota Statutes, Sections 469.124 to <br /> 469.134 and 469.090 to 469..108 (collectively, the "Act") , the <br /> Authority (i) has undertaken a program to promote development <br /> and redevelopment of certain land within the City of Mounds <br /> View and is engaged in carrying out the Mounds View Economic <br /> Development Project (the "Project") within the City; (ii) has <br /> approved a. Project Plan for the Project; and (iii) has <br /> approved and adopted a Housing Replacement Program under and <br /> as an aspect of the Project Plan. <br /> (b) The redevelopment of property within the Project is <br /> a stated objective of the Project Plan and the Housing <br /> Replacement Program. <br /> (c) The stated purposes of the Housing Replacement <br /> • Program include reducing the social costs of blight, making <br /> better use of existing public infrastructure, and <br /> redistributing tax base to communities with higher levels of <br /> fiscal needs. The Housing Replacement Program's objectives <br /> include replacing smaller, lower-value housing on scattered <br /> sites throughout the City with larger, new and higher-value . <br /> housing designed for families, the elimination of blighting <br /> influences and substandard housing, and the increase of <br /> available quality housing for families within the City. <br /> (d) Under the Housing Replacement Program the Authority <br /> has heretofore acquired the property located in the City at <br /> 2625 Highway 10 (the "Property") . <br /> (e) MSP Real Estate ("MSP") has proposed to purchase the <br /> Property from the Authority which MSP or a related development <br /> entity would then combine with several adjacent parcels in <br /> connection with the construction of new townhomes and the <br /> rehabilitation of existing apartments (collectively, the "MSP <br /> Development") . <br /> (f) On the date hereof, the Board held apublic hearing <br /> on the general question of the Authority's sale of the <br /> 359025.1 <br /> i <br />