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EDA RESOLUTION 18 -EDA -313 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />A RESOLUTION APPROVING PURCHASE AND <br />DEVELOPMENT AGREEMENT AND CONVEYANCE OF <br />PROPERTY LOCATED IN MOUNDS VIEW, MINNESOTA <br />BE IT RESOLVED by the Board of Commissioners (`Board") of the Economic <br />Development Authority of Mounds View, Minnesota (the "Authority") as follows: <br />Section 1. Recitals. <br />1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections 469.090 to <br />469.1081 (the "EDA Act'), to acquire and convey real property and to undertake certain <br />activities to facilitate the development of real property by private enterprise. <br />1.02. The Authority has initiated the acquisition of certain real property in the city of <br />Mounds View (the "City"), legally described in the attached Exhibit A (the "Property"), fiom <br />Ramsey County and pursuant to that certain Real Estate Option Agreement between the Authority <br />and Boulevard Apartments, Limited Partnership (the "Buyer"), entered into on or about February <br />26, 2018. <br />1.03. To facilitate development of the Property, the Authority proposes to also enter into a <br />Purchase and Development Agreement (the "Contract') between the Authority and the Buyer, <br />under which, among other things, the Authority will convey the Property to the Buyer to construct a <br />60 -unit multi -family affordable housing complex, subject to certain terms and conditions. <br />1.04. The Authority has, on June 11, 2018 and in accordance with Minnesota Statutes, <br />Section 469.105, conducted a duly noticed public hearing regarding the sale of the Property to <br />Buyer, at which all interested persons were given an opportunity to be heard. <br />1.05. The Authority finds and determines that conveyance of the Property to the Buyer is <br />in the public interest and will further the objectives of its general plan of economic development, <br />because it will provide an opportunity for increased housing opportunities in the City and serve as <br />an impetus for further development. <br />1.06. The Board has reviewed the Contract and finds that the execution thereof by the <br />Authority and performance of the obligations thereunder are in the best interest of the Authority, the <br />City and its residents. <br />Section 2. Authorization. <br />1 <br />5264442 DTA MU205-47 <br />