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<br /> <br /> RESOLUTION NO. 00-EDA-134 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING AND AUTHORIZING THE EXPENDITURE OF TAX <br />INCREMENT FUNDS FOR THE ACQUISITION OF 7861 GROVELAND ROAD FOR <br />THE PURPOSE OF FUTURE REDEVELOPMENT <br />It is hereby resolved by the Board of Commissioners (the ‘Board’) of the Mounds View <br />Economic Development Authority (the ‘Authority’) as follows: <br />Section 1. Recitals. <br />1.10 The Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the “Act”). <br /> 1.02 Pursuant to and in furtherance of the objectives of the Act, the Authority <br />has undertaken a program to promote development and redevelopment of certain land within the City of Mounds View and in this connection is engaged in carrying out the <br />Mounds View Economic Development Project (the “Project”) within the City. <br />1.03 There has been approved pursuant to the Act a Project Plan for the Project. <br /> 1.04 The redevelopment of property within the Project is a stated objective of <br />the Project Plan. <br />1.05 In order to achieve the objectives of the Project Plan, the Authority has determined <br />to provide substantial aid and assistance through the financing of certain public costs of <br />development. <br /> 1.06 It has been proposed that the Authority acquire the property located in the <br />City at 7861 Groveland Road (the “Property”) and that the Authority approve the purchase agreement and/or similar agreement(s) (collectively, the “Agreement”) attached <br />as “Appendix A” for the acquisition of the Property for the purposes of redevelopment. <br />Section 2. Resolved. <br />2.01 The Board hereby determines that the Authority’s execution of the Agreement and the subsequent acquisition and redevelopment of the Property would be <br />in furtherance of the Project Plan and hereby approves and authorizes said actions, including the execution of the Agreement by the officers of the Authority in their discretion <br />and at such time, if any, as they may deem appropriate. <br />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 <br />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 <br />Agreement, including the acquisition of the Property, which is being accomplished for redevelopment purposes. <br /> 2.03 That the Board of the Authority hereby determines that the execution and <br />performance of the Agreement and acquisition of the Property will help realize the public purposes of the Act and are in furtherance of the Project Plan and authorizes the President <br />and Executive Director to appropriate a maximum of $130,000 in tax increment funds to