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EDA RESOLUTION 19 -EDA -328 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION APPROVING ASSIGNMENT, ASSUMPTION, AND AMENDMENT TO PURCHASE AND DEVELOPMENT AGREEMENT BE IT RESOLVED by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "Authority") as follows: Section 1. Recitals. 1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (the "EDA Act"), to acquire and convey real property and to undertake certain activities to facilitate the development of real property by private enterprise. 1.02. The Authority is fee owner of certain real property in the city of Mounds View (the "City"), legally described in the attached Exhibit A (the "Property"). 1.03. To facilitate the development of housing on the Property, the Authority entered into a Purchase and Development Agreement (the "Contract") between the Authority and INH Property Management, Inc. (the "Developer"), under which, among other things, the Authority will convey the Property to the Developer to construct a 127 -unit apartment complex, subject to certain terms and conditions. 1.04. The Authority has previously, on January 7, 2019 and in accordance with Minnesota Statutes, Section 469.105, conducted a duly noticed public hearing regarding the sale of the Property to the Developer, at which all interested persons were given an opportunity to be heard. 1.05. The Authority found and determined that conveyance of the Property to the Buyer was in the public interest and would further the objectives of its general plan of economic development, because it would provide an opportunity for increased housing opportunities in the City and serve as an impetus for further development. 1.06. The Authority previously approved a version of the Contract on January 7, 2019, which was amended by the Authority and Developer on February 25, 2019. 1.07. The Authority and Developer desire to further amend and assign the Contract as set forth in the Assignment, Assumption, and Amendment to Purchase and Development Agreement (the "Amendment") as set forth in the attached Exhibit B and incorporated herein by reference. 1.08. The Board has reviewed the Contract and Amendment and finds that the execution thereof by the Authority and performance of the obligations thereunder are in the best interest of the 604818v I M U205-46