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e UNAPPROVED• 0 1 PROCEEDINGS OF THE MOUNDS VIEW • 2 ECONOMIC DEVELOPMENT AUTHORITY 3 4 Meeting No.47 5 December 8,1997 6 Mounds View City Hall 7 2401 Hwy. 10,Mounds View MN 55112 8 *********************************************************************************** 9 10 CALL TO ORDER 11 12 The Economic Development Authority was called to order by President McCarty at 9:00 p.m.on December 8, 13 1997. 14 15 ROLL CALL 16 17 MEMBERS PRESENT: Duane McCarty,Sherry Gunn,Gary Quick,Roger Stigney,Roger Koopmeiners, 18 Clerk Administrator Chuck Whiting,Economic Development Director Cathy Bennett,and City Attorney Bob 19 Long. 20 21 OTHERS PRESENT: None 22 23 A. AGENDA ADDITIONS: 24 25 None. 26 27 B. APPROVAL OFMINUTES: . 28 29 1. November 24,1997 EDA Meeting Minutes: 30 31 MOTION/SECOND: Quick/Koopmeiners to approve the minutes of the EDA Meeting on November 24, 32 1997 as presented. 33 34 VOTE: 5 ayes 0 nays Motion Carried 35 36 C SPECIAL ORDER OF BUSINESS: 37 38 None. 39 40 D. CONSENTAGENDA: 41 42 No items on Consent Agenda. 43 44 E. COUNCIL BUSINESS: 45 46 1. Consideration of Resolution No.97-EDA77,Approving and Authorizing the Execution of a 47 Purchase and Redevelopment Agreement by and between the Mounds View Economic Development 48 Authority and Preferred Builders,Inc. 49 50 Ms.Bennett explained that in November a Participation Agreement with Preferred Builders,Inc.was approved 51 for the land located at 8265 Spring Lake Road. Preferred Builders has proposed to purchase the land and build 52 a three-bedroom,modified two story home with a three car garage and two full bathes with an estimated market • 53 value of$145,000 after construction. The Participation Agreement acts as a letter of intent to sell the land to 54 the builders pending the negotiation of the Purchase and Redevelopment Agreement. Preferred Builders has 55 submitted the$500.as a non-refundable fee for the EDA to draft the purchase and redevelopment agreement.