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RESOLUTION NO. 05-EDA-209 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AUTHORIZING PAYMENT OF PAY-AS-YOU-GO DEVELOPER PAYMENT TO RED <br />CENT MANAGEMENT, LLC FOR THE BUILDING N PROJECT IN MOUNDS VIEW. <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 />WHEREAS, the EDA has entered into pay-as-you-go development agreements on four <br />properties with the developers of those properties; and, <br />WHEREAS, first half payment for Pay 2005 regarding one of these agreements (Building N) <br />was due on August 1st; and, <br />WHEREAS, Bethlehem Baptist Church (BBC) acquired the building in June of 2004 from <br />Everest Development (which assigned its TIF Note to Red Cent Management); and <br />WHEREAS, BBC made a property tax payment of $26,667 to Ramsey County in May of <br />2005; and <br />WHEREAS, payment of $3,066.17 to Red Cent Management, LLC for the Building N <br />Project in Mounds View is now appropriate. <br />NOW THEREFORE BE IT RESOLVED, that the Mounds View Economic Development <br />Authority does hereby approve a payment of $3,066.17 to Red Cent Management, LLC under apay- <br />as-you-go development agreement. <br />Adopted by the Board of Commissioners of the Mounds View Economic Development <br />Authority this 22nd day of August, 2005. <br />____ - __ <br />', <br />~ /~- ,I <br />Rob Marty, President <br />ATTEST: <- <br />-. _~ --- <br />` ~ Kurt Ulrich, Executive Director <br />(seal) <br />