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RESOLUTION NO. 02-EDA-167 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION AUTHORIZING PAYMENT OF PAY-AS-YOU-GO DEVELOPMENT PAYMENTS TO RED CENT MANAGEMENT, LLC; HEARTLAND-MOUNDS VIEW COMMON BOND; BRIDGES LEASING COMPANY; AND KENMARK PARTNERSHIP,LLP. It is hereby resolved by the Board of Commissioners (the “Board”) of the Mounds View Economic Development Authority (the “Authority”) as follows: WHEREAS, the EDA has entered into pay-as-you -go development agreements on five properties with the developers of those properties; and, WHEREAS, first half payments for Pay 2002 regarding four of these agreements are due on August 1st; and, WHEREAS, payment of $13,429.88 to Red Cent Management, LLC (The Everest Group), for the Building N project is now appropriate; and, WHEREAS, payment of $23,422.43 to Heartland-Mounds View Common Bond for the Silver Lake Pointe project is now appropriate; and, WHEREAS, payment of $27,423.00 to 21st Century Bank on behalf of Bridges Leasing Company for the Midwest I.V. project is now appropriate; and, WHEREAS, payment of $8,118.71 to Kenmark Partnership, LLP for the Zep Manufacturing project is now appropriate. NOW THEREFORE BE IT RESOLVED, that the Mounds View Economic Development Authority, that payments of $13,429.88 to Red Cent Management, LLC, $23,422.43 to Heartland-Mounds View Common Bond, $27,423.00 to 21st Century Bank on behalf of Bridges Leasing, and $8,118.71 to Kenmark Partnership under pay-as-you -go development agreements may be made the week of August 12th and subsequently included on the August 26, 2002 Just and Correct Claims List. Adopted by the Board of Commissioners of the Mounds View Economic Development Authority this 12th day of August 2002. ___________________________ Rich Sonterre, President ATTEST: ____________________________ Kathleen Miller, Executive Director Motion: Second: Sonterre: Stigney: Quick: Marty: Thomas: