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<br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 6564 <br /> <br />CITY OF MOUNDS VIEW RESOLUTION APPROVING <br />PURCHASE AGREEMENT AND CONTRACT FOR PRIVATE <br />DEVELOPMENT BETWEEN CITY OF MOUNDS VIEW, <br />MOUNDS VIEW ECONOMIC DEVELOPMENT <br />AUTHORITY AND MEDTRONIC, INC. <br /> <br /> <br /> BE IT RESOLVED by the City Council ("Council") of the City of Mounds View as <br />follows: <br /> <br /> Section 1. Recitals. <br /> <br /> 1.01. The City of Mounds View (the "City") has previously established the Mounds View <br />Economic Development Project (the "Project"), which is currently administered by the Mounds <br />View Economic Development Authority (the "Authority"). <br /> <br /> 1.02. The Authority and City are considering approval of a tax increment financing plan <br />("TIF Plan") and a proposed Tax Increment Financing District No. 5 (the "TIF District") within the <br />Project. <br /> <br />1.03. The City owns certain property within the Project legally described as set forth in <br />Exhibit A (the “Property”). <br /> <br /> 1.04. The City and Authority have received a development proposal from Medtronic, Inc. <br />(the "Developer") for an office facility (the "Development") to be constructed on the Property which <br />is located within the proposed TIF District. <br /> <br />1.05. The Developer has proposed to acquire the Property from the City and Authority, <br />and in connection with that proposal the City and Authority have caused to be prepared a Purchase <br />Agreement and Contract for Private Development between the City, the Authority and Developer <br />(the “Contract”). <br /> <br /> 1.06. The Council has reviewed the Contract providing for the sale of the Property, the <br />construction of the Development on the Property and certain tax increment payments to the <br />Developer in connection with the Development, and has concluded that the proposed development <br />is consistent with and promotes the goals and objectives for which the Project was established. <br /> <br />1.07. Pursuant to the Contract the City agrees to convey to the Authority, and the <br />Authority agrees to subsequently convey to the Developer, the Property described in the Contract, <br />subject to certain terms and conditions. <br /> <br />EXHIBIT A