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Mounds View EDA June 27, 2005 Regular Meeting Page 17 President Marty asked City Attorney Riggs to clarify the process of transferring the property to the EDA and why they are doing this. City Attorney Riggs explained that the EDA exists on its own authority and is a legal entity in and of itself. He stated that it is pursuant to Minnesota Statutes Chapter 469 and once it is created it overrides any charter provision and is a legal separate entity. He stated that they are sitting as an entity that is totally separate from City Council. He stated that it is not necessary to transfer the property noting that the Council could choose to do it if they so desire. He confirmed that neither of these arises remotely to anything approaching a conflict of interest according the Minnesota law. MOTION/SECOND Stigney/Gunn To approve EDA Resolution 05-EDA-203, a Resolution approving purchase agreement and contract for private development between the City of Mounds View, the Economic Development Authority and Medtronic and to waive the reading. 4 – Ayes 1 – Nay (Marty) Motion carried. B. Resolution 05-EDA-204 Requesting the Mounds View City Council Set a Public Hearing for August 22, 2005 for the Proposed Establishment of Tax Increment Financing District No. 5 (A Special Legislation Economic Development District) Mr. Backman stated that in order to facilitate the Medtronic development the city sought passage of a special TIF legislation during the 2005 session. He stated that on May 23, 2005 the Minnesota Legislature approved the public finance bill, which included the city’s legislation allowing the creation of this district. He explained that in order to begin the process of creating the district and TIF plan the EDA has to request that the City Council calls for a public hearing on the proposed adoption of the modification to the development program for the Mounds View Economic Development Project and to propose adoption of the TIF plan. MOTION/SECOND Stigney/Thomas To approve Resolution 05-EDA-204 a request that the Mounds View City Council set a public hearing for August 22, 2005 for the proposed establishment of Tax Increment Financing District No. 5 (A Special Legislation Economic Development District) and to waive the reading. 4-Ayes 1-Nay (Marty) Motion carried. 7. REPORTS City Administrator Ulrich reported that the last Executive Session was held on June 13, 2005 from 6:30 p.m. to 7:00 p.m. with all EDA members present along with the City Attorney, a