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EDA Resolution 07-EDA-230 Page 2 1.09 The Property has been inspected by City staff and has been determined to qualify for funding through the Housing Replacement Program Section 2. Resolved. 2.01 The Board hereby determines that the Authority's execution of the Agreement and the subsequent clearance of the Property would be in furtherance of the Project Plan and the Housing Replacement Program and hereby approves and authorizes said actions, including the execution of the Agreement by the officers of the Authority in their discretion and at such time, if any, as they may deem appropriate. 2.02 Upon execution and delivery of the Agreement, the officers and employees of the Authority (including members of the City Staff, acting in their capacity as staff to the Authority as well) are hereby authorized and directed to take or cause to be taken such actions as may be appropriate or necessary on behalf of the Authority to implement the Agreement, including the demolition of the Property's building, which is being accomplished for redevelopment purposes. 2.03 That the Board of the Authority hereby determines that the execution and performance of the Agreement for redevelopment of the Property will help realize the public purposes of the Act and are in furtherance of the Project Plan and the Housing Replacement Program and authorizes the President and Executive Director to appropriate a maximum of $8,000 in tax increment funds to arrange for the demolition of the building on the property located at 2617 Sherwood Road. Adopted by the Board of Commissioners of the Mounds View Economic Development Authority this 12th day of March, 2007. _______________________ Rob Marty, President ATTEST: ______________________ Kurt Ulrich Executive Director