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EDA RESOLUTION 19 -EDA -320 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />A RESOLUTION APPROVING PURCHASE AND <br />DEVELOPMENT AGREEMENT AND CONVEYANCE OF <br />PROPERTY LOCATED IN MOUNDS VIEW, MINNESOTA <br />BE IT 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 />1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections 469.090 to <br />469.1081 (the "EDA Act'), to acquire and convey real property and to undertake certain <br />activities to facilitate the development of real property by private enterprise. <br />1.02. The Authority is fee owner of certain real property in the city of Mounds View (the <br />"City"), legally described in the attached Exhibit A (the "Property"). <br />1.03. To facilitate the development of housing on the Property, the Authority proposes to <br />enter into a Purchase and Development Agreement (the "Contract") between the Authority and INH <br />Property Management, Inc. (the "Developer"), under which, among other things, the Authority will <br />convey the Property to the Developer to constrict a 127 -unit apartment complex, subject to certain <br />terms and conditions. <br />1.04. The Authority has, on January 7, 2019 and in accordance with Minnesota Statutes, <br />Section 469.105, conducted a duly noticed public hearing regarding the sale of the Property to the <br />Developer, at which all interested persons were given an opportunity to be heard. <br />1.05. The Authority finds and determines that conveyance of the Property to the Buyer is <br />in the public interest and will further the objectives of its general plan of economic development, <br />because it will provide an opportunity for increased housing opportunities in the City and serve as <br />an impetus for further development. <br />1.06. The Board has reviewed the Contract and finds that the execution thereof by the <br />Authority and performance of the obligations thereunder are in the best interest of the Authority, the <br />City and its residents. <br />Section 2. Authorization. <br />2.01. The recitals set forth in this Resolution are incorporated into and made apart of this <br />Resolution. <br />550567vl MANIU20546 <br />