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EDA Meeting#47 • December 8, 1997 Page 2 1 The Purchase and Redevelopment Agreement acts as a purchase agreement for the legal transfer of the land 2 and also allows the EDA to place conditions on the development of the land. If the conditions are not met 3 under the agreement,the EDA can take back possession of the land and any improvements that have been 4 made on the land up to the time of default. 5 6 Ms.Bennett explained that the Construction Plans must be submitted to the Authority for written approval to 7 ensure that the provisions of the agreement have been met. The construction of the minimum improvements 8 shall be substantially completed by July 5, 1998. 9 10 Ms.Bennett noted that she has checked the builder references and found them to be satisfactory. Ms.Bennett 11 went through the three changes that have been made to the agreement. 12 13 MOTION/SECOND: Koopmeiners/Gunn to approve Resolution No.97-EDA77,Approving and Authorizing 14 the Execution of a Purchase and Redevelopment Agreement by and between the Mounds View Economic 15 Development Authority and Preferred Builders,Inc. 16 17 VOTE: 5 ayes 0 nays Motion Carried 18 19 20 F. REPORTS: 21 •22 Report of EDA Board Members: 23 24 Report of President McCarty: No report. 25 26 Report of Vice President Koopmeiners: No report. 27 28 Report of Commissioners: 29 30 Commissioner Quick: No report. 31 32 Commissioner Stigney: No report. 33 34 Report of Executive Director: No report. 35 36 Report of Treasurer No report. 37 38 Report of Attorney: No report 39 40 G. ADJOURNMENT: 41 42 MOTION/SECOND: Stigney/Koopmeiners to adjourn the meeting at 9:10 p.m. 43 44 VOTE: 5 ayes 0 nays Motion Carried 45 46 47 Respectfully submitted, • 48 49 4a/rytmajda,e1.1e--,eAl-d -