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1 <br />517969v2 JAE MU205-47 <br />EDA RESOLUTION 18-EDA-312 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT AND <br />ISSUANCE OF TAX INCREMENT NOTE <br /> <br /> <br />WHEREAS, the Mounds View Economic Development Authority (the “Authority”) was created <br />pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended, and was authorized to <br />transact business and exercise its powers by a resolution of the City Council of the City of Mounds View, <br />Minnesota (the “City”); and <br /> <br /> WHEREAS, the Authority and the City have undertaken a program to promote economic <br />development and job opportunities, promote the development and redevelopment of land which is <br />underutilized within the City, and facilitate the development of affordable housing, and in this connection <br />created a redevelopment district known as the Mounds View Economic Development Project (the <br />“Project”) in the City, pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended; <br />and <br /> <br /> WHEREAS, following a duly noticed public hearing held on March 12, 2018 by the City <br />Council of the City, the Board of Commissioners of the Authority (the “Board”) approved the <br />modification of the Redevelopment Plan for the Project (the “Redevelopment Plan”) and approved a new <br />tax increment financing plan (the “TIF Plan”) for Tax Increment Financing District No. 1-6 (a housing <br />district) (the “TIF District”), pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as <br />amended (the “TIF Act”), all as described in a plan document presented to this Board; and <br /> <br /> WHEREAS, Boulevard Apartments, Limited Partnership, a Minnesota limited partnership (the <br />“Developer), has proposed to acquire certain property within the TIF District and construct and develop a <br />three-story, 60-unit workforce rental building, including underground parking and storage (the “Minimum <br />Improvements”); and <br /> <br /> WHEREAS, there has been presented before this Board a Contract for Private Development (the <br />“Agreement”) proposed to be entered into between the Authority and the Developer setting forth the <br />terms of the development of the Minimum Improvements; and <br /> <br /> WHEREAS, pursuant to the Agreement, the Authority has proposed to issue a Tax Increment <br />Revenue Note (the “TIF Note”) in the maximum principal amount of $546,000, to reimburse the <br />Developer for certain qualified costs related to the Minimum Improvements (the “Qualified Public <br />Development Costs”); <br /> <br /> NOW THEREFORE, BE IT RESOLVED by the Mounds View Economic Development <br />Authority as follows: <br /> <br />1. The Agreement. The Board approves the Agreement in substantially the form on file in <br />City Hall. The President and Executive Director are hereby authorized and directed to <br />execute and deliver the Agreement. All of the provisions of Agreement, when executed <br />and delivered as authorized herein, shall be deemed to be a part of this resolution as fully <br />and to the same extent as if incorporated verbatim herein and shall be in full force and