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538619v3 MU205-46 <br />EDA RESOLUTION 18-EDA-315 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING AN AMENDMENT TO THAT PRELIMINARY <br />DEVELOPMENT AGREEMENT ENTERED INTO BY AND BETWEEN THE MOUNDS <br />VIEW ECONOMIC DEVELOPMENT AUTHORITY AND INH PROPERTY <br />MANAGEMENT, INC. <br /> <br />WHEREAS, the Mounds View Economic Development Authority (the “EDA”) and INH Property <br />Management, Inc., (the “Developer”) entered into that certain Preliminary Development Agreement <br />dated January 8th, 2018 (the “Preliminary Agreement”); and <br /> <br />WHEREAS, the Preliminary Agreement included an initial term of one year from the date of <br />execution thereof; and <br /> <br />WHEREAS, the parties have continued to negotiate additional terms related to the development of a <br />purchase agreement and development agreement related to the proposed development; and <br /> <br />WHEREAS, the Developer has requested, and the EDA is amenable to, an extension of the term of the <br />Preliminary Agreement until May 1, 2019; <br /> <br />WHEREAS, the EDA has determined that the adoption of an amendment, the First Amendment to <br />Preliminary Development Agreement (hereinafter, the “First Amendment”) to extend the term of the <br />Preliminary Agreement is in the public interest. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Mounds View Economic Development Authority <br />of the City of Mounds View, Minnesota, as follows: <br /> <br />1. That the above-referenced recitals are incorporated into this Resolution. <br />2. That the EDA approves the First Amendment which provides for an extension of the term of <br />the Preliminary Agreement, with a copy of such First Amendment being attached hereto as <br />Exhibit A. <br />3. EDA staff and officials are authorized to take all actions necessary to perform the EDA’s <br />obligations under the Preliminary Agreement and the First Amendment. <br />4. The EDA and Developer shall continue negotiating the terms of the proposed development in <br />an effort to develop a purchase and development agreement related to the future development <br />activity as contemplated herein. <br /> <br />Adopted this 26th day of November, 2018. <br />________________________________ <br /> Carol A. Mueller, President <br />ATTEST: <br /> <br />________________________________ <br />Nyle Zikmund, Executive Director <br /> <br />(seal)