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RESOLUTION NO. 4533 <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION TRANSFERRING TO THE MOUNDS VIEW EDA THE CONTROL, AUTHORITY, <br /> AND OPERATION OF THE CITY'S DEVELOPMENT DISTRICTS AND PROGRAMS <br /> AND THE TAX INCREMENT FINANCING DISTRICTS THEREIN <br /> IT IS HEREBY RESOLVED by the City Council (the "Council") of the City <br /> of Mounds View, Minnesota (the "City") , as follows: <br /> 1. Recitals. <br /> (a) On March 28 , 1994, the Council adopted a certain "enabling <br /> resolution" establishing the Mounds View Economic Development Authority <br /> (the "EDA") pursuant to Minnesota Statutes, Sections 469 . 090 through <br /> 469 . 108 <br /> (b) The City has heretofore established its Development District <br /> Nos. 1, 2 , and 3 , adopted the( Development Programs therefor, and <br /> established certain Tax IncreMent Financing Act, presently codified in <br /> Minnesota Statutes, Sections 469 . 124 through 469 . 134 and 469 . 174 <br /> through 469 . 179, respectively. <br /> (c) Pursuant to Minnesota Statutes, Section 469 . 094 , Subdivision <br /> 2 , the City may, by resolution of the Council, transfer the control, <br /> authority, and operation of the Development Project to the EDA, and <br /> the Council hereby finds that it would be in the best interests of the <br /> development and redevelopment efforts of the City to do so. <br /> 2 . Project Transfer. Subject to the acceptance thereof by the EDA, <br /> pursuant to Minnesota Statutes, Section 469 . 094 , Subdivision 2 , the <br /> City hereby•transfers the control, authority, and operation of the <br /> Development Project to the EDA from the City. Upon its acceptance of <br /> such transfer, the EDA may exercise all of the powers that the City <br /> could exercise with respect to the Development Project. In accepting <br /> such transfer, the EDA shall covenant and pledge to perform the terms, <br /> conditions, and covenants of all bond indentures and other agreements' <br /> executed for the security of any bonds issued and other activities <br /> undertaken with respect to the Development Project. <br /> Duly adopted by the City Council of the City of Mounds <br /> View, Minnesota on March 28, 1994 . <br /> ATTEST: <br /> MAYOR <br /> (SEAL) <br /> CITY ADMINISTRATOR <br />