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<br />2 <br />516451v3 DTA MU205-47 <br />reduced price will lead to the development of affordable housing and (2) the governmental <br />subdivision has documented both its plans for developing affordable housing and the laws <br />authorizing it to acquire the property in furtherance of said plans; and <br /> <br /> WHEREAS, Section 4.57.60 of the Ramsey County Administrative Code allows the <br />Property to be purchased by a governmental subdivision for 25% of its market value, plus <br />maintenance costs and recording fees, on condition that the acquiring party enter into a <br />memorandum of understanding with the county providing that it will place and enforce a deed <br />restriction and/or declaration of restrictive covenant on the Property requiring that it will only be <br />sold to parties qualifying for affordable housing for the next seven years; and <br /> <br /> WHEREAS, the EDA wishes to acquire the Property from Ramsey County together with <br />the City for the amount provided in the price sheets contained in the attached Exhibit B and <br />pursuant to the aforementioned discount, for a total of $53,036.25 for the purpose of facilitating <br />the Development. <br /> <br /> NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority of <br />the City of Mounds View, Minnesota, as follows: <br /> <br />1. The EDA hereby approves the purchase of the Property from Ramsey County for <br />$53,036.25 for the purpose of a collaborative redevelopment project, as described <br />herein, between the EDA, the City, and the Developer. <br /> <br />2. The acquisition of the Property is conditioned on the EDA and the City first <br />receiving the aforementioned Option Notice from the Developer in accordance with <br />the terms of the Option Agreement. <br /> <br />3. Upon the receipt of the Option Notice from the Developer, EDA staff may provide a <br />copy of this Resolution to Ramsey County and may further enter into a <br />memorandum of understanding with Ramsey County, as approved by the EDA’s <br />attorney, related to the requirement that the Property be used for affordable housing <br />for seven years following the acquisition thereof. <br /> <br />4. EDA staff is hereby further authorized to take any and all necessary steps as may be <br />determined required to effectuate the acquisition contemplated by this Resolution. <br /> <br />Adopted on the 26th day of February, 2018. <br /> <br />_________________________________ <br />Attest: Carol A. Mueller, President <br /> <br />________________________________ <br />Nyle Zikmund, Executive Director <br /> (SEAL)