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RESOLUTION NO. 00-EDA-132 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING ECONOMIC DEVELOPMENT PROJECT AND TAX INCREMENT FINANCING AMENDMENTS BE IT RESOLVED by the Board of Commissioners (the “Board”) of the Mounds View Economic Development Authority (the “EDA”), as follows: Section 1. Recitals. 1.01. It has been proposed that the EDA amend the Project Plan for the EDA’s Mounds View Economic Development Project (the “Project”) and amend the tax increment financing plans for the tax increment financing districts heretofore established within the Project to reflect increased development goals, activities, expenses and bonded indebtedness; all pursuant to Minnesota Statutes, Sections 469.001 through 469.047, 469.090 through 469.108, 469.124 through 469.134, and 469.174 through 469.179, respectively (collectively, the “Plans”), and all as reflected in the certain document entitled in part “Amendments Relating to the Mounds View Economic Development Project of the Mounds View Economic Development Authority,” dated August 14, 2000, and presented for the Board’s consideration. 1.02. The Board has investigated the facts relating to the Plans and has caused the Plans to be prepared. 1.03. The EDA has performed all actions required by law to be performed prior to the adoption and approval of the Plans, and has also requested that the Mounds View City Council hold a public hearing on and thereafter consider approving the Plans. Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Board herby finds that the Plans are in the public interest and that the proposed development would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary; that the Plans conform to the general plan for the development or redevelopment of the City as a whole; and that the Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Mounds View Economic Development Project by private enterprise. 2.02. The Board further finds that the Plans are intended and, in the judgment of the Board, their effect will be, to promote the public purposes and accomplish the objectives specified in the tax increment financing plans and the Project Plan for the Mounds View Economic Development Project. 2.03. The bases, reasons, supporting and justifications for the findings made in the Plans and this Resolution include (a) the nature and location of the various properties to be improved, the deficiencies respecting those properties, and the development and redevelopment needs of the City, all of which necessitate tax increment and related public assistance in order to