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EDA RESOLUTION NO. 06-EDA-220 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />AUTHORIZATION TO ACQUIRE THE FORMER PREMIUM STOP <br />PROPERTY LOCATED AT 2390 COUNTY ROAD 10 <br />WHEREAS, the properly located at 2390 County Road 10 is presently available for acquisition; and, <br />WHEREAS, the Mounds View Economic Development Authority (the "Authority") has entered into an <br />agreement with the property owner CHO Investments (the "Seller") to acquire said property subject to contingencies <br />identified within the Agreement; and, <br />WHEREAS, staff has confirmed that the property at 2390 County Road 10 is on the City's list of parcels <br />identified for potential acquisition; and, <br />WHEREAS, an appraisal of the property has been conducted by Tisdell Appraisal Services, Inc., on the <br />behalf of the Authority, which determined a value in excess of the agreed upon sale price; and, <br />WHEREAS, the Seller has conducted the necessary environmental analyses which have been reviewed by <br />the MPCA and the Authority's consulting engineer Short Elliott Hendrickson (SEH) which have been found to be <br />satisfactory; and, <br />WHEREAS, the Seller has arranged to have the underground fuel tanks removed in accordance with state <br />and local regulations and have filed the proper documentation with the MPCA; and, <br />WHEREAS, the Seller has submitted sufficient documentation regarding leasehold and tenant interests to <br />protect the City against any and all potential claims regarding the property to the satisfaction of the City Attorney. <br />NOW, THEREFORE BE IT RESOLVED THAT, the Mounds View Economic DevelopmentAuthority hereby <br />authorizes and approves the acquisition of the former Premium Stop properly located at 2390 County Road 10 at a <br />cost of $625,000, with $25,000 of that amount to be held in escrow for a period of two years to cover any potential <br />future environmental remediation associated with the property's redevelopment. <br />NOW THEREFORE BE IT FUTHER RESOLVED THAT, the funding source for the acquisition shall be from <br />excess tax increment financing (TIF) pooled revenues. <br />Adopted this 26th day of June, 2006 by the Mounds View Economic Development Authority <br />;:,%, <br />Rob Marty, President <br />ATTEST: <br />~~~ ` <br />Kurt Ulrich, Executive Director <br />(SEAL) <br />