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Parcel are structurally substandard to a degree requiring substantial renovation (i.e. 100% of the buildings in the proposed TIF District) or clearance and at least 15% of the area of the Parcels identified on Exhibit A attached hereto contains improvements including four structurally substandard buildings and therefore more than 70% of the area of the proposed TIF District is occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures as required by the TIF Act. 2. After the date of approval of this resolution, the buildings on the Parcels may be demolished or removed by the EDA or the City, or such demolition or removal may be financed by the EDA, or may be undertaken by a developer under a development agreement with the EDA. 3. The EDA intends to include the Parcel in a redevelopment TIF District, and to file the request for certification of such district with the Ramsey County auditor within 3 years after the date of demolition of the building on the Parcels. 4. Upon filing the request for certification of a new tax increment financing district, the EDA will notify the Ramsey County auditor that the original tax capacity of the Parcel must be adjusted to reflect the greater of (a) the current net tax capacity of the parcel, or (b) the estimated market value of the Parcel for the year in which the building was demolished or removed, but applying class rates for the current year, all in accordance with Minnesota Statutes, Section 469.174, Subd. 10(d). 5. EDA staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. Adopted by the Board of Commissioners of the Mounds View Economic Development Authority this 24 day of June, 2019. Carol A. Mueller President ATTEST: Nyl/'ikfnil ' _d, Executive Director (Seal) 58744MMU205-49