EDA Resolution 06-EDA-216 - Laserfiche WebLink

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the proposed development is consistent with and promotes the goals and objectives for which the Project was established. 1.08. The Contract provides for certain financial assistance that constitutes a "business subsidy" within the meaning of Minnesota Statutes, Section 1161993 to 1161995 (the "Business Subsidy Act 1.09. The "business subsidy agreement" as required under the Business Subsidy Act is included as Article V of the Contract, and the Authority has on February 27, 2006, conducted a duly- noticed public hearing regarding the business subsidy agreement at which all interested persons were provided an opportunity to be heard. 1.10. The Commission has reviewed the Contract, including the business subsidy agreement, and finds that the execution thereof by the City and the Authority and performance of the City's and the Authority's obligations thereunder are in the best interest of the Authority, the City and its residents. 2.01. The Commission hereby approves the Contract, including all necessary accompanying agreements included therein, the business subsidy agreement within the Contract, and any tax increment payment obligations contained therein, in substantially the form presented to the Commission on this date, subject to modifications that do not materially alter the City's or the Authority's rights and obligations under the Contract and that are approved by the Mayor and Clerk Administrator and the Authority's President and Executive Director, which approvals shall be conclusively evidenced by execution of the Contract. 2.02. The proper Authority officials are authorized to execute the Contract and take any and all other steps necessary or convenient in order to carry out the Authority's obligations under the Contract. Approved by the Board of Commissioners of the Mounds View Economic Development Authority this 27 day of February, 2006. ATTEST: SJR- 278610v1 MU205 -30 Section 2. Authorization. 2 Executive Director