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<br /> <br />EDA RESOLUTION 19-EDA-331 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION APPROVING SECOND ASSIGNMENT, ASSUMPTION, AND <br />AMENDMENT TO PURCHASE AND DEVELOPMENT AGREEMENT AND NOTICE <br />OF PARTIAL ASSIGNMENT OF RIGHTS UNDER REAL PROPERTY PURCHASE <br />AGREEMENT <br /> <br /> BE IT RESOLVED by the Board of Commissioners (the “Board”) of the Mounds View <br />Economic Development Authority (the “Authority”) as follows: <br /> <br /> Section 1. Recitals. <br /> <br /> 1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections 469.090 to <br />469.1081 (the “EDA Act”), to acquire and convey real property and to undertake certain activities <br />to facilitate the development of real property by private enterprise. <br /> <br /> 1.02. The Authority is fee owner of certain real property in the city of Mounds View (the <br />“City”), legally described in the attached Exhibit A (the “Property”). <br /> <br /> 1.03. To facilitate the development of housing on the Property, the Authority entered into a <br />Purchase and Development Agreement (the “Contract”) between the Authority and INH Property <br />Management, Inc. (the “Developer”), under which, among other things, the Authority will convey the <br />Property to the Developer to construct a 127-unit apartment complex, subject to certain terms and <br />conditions. <br /> <br /> 1.04. The Authority has previously, on January 7, 2019 and in accordance with Minnesota <br />Statutes, Section 469.105, conducted a duly noticed public hearing regarding the sale of the Property <br />to the Developer, at which all interested persons were given an opportunity to be heard. <br /> <br /> 1.05. The Authority found and determined that conveyance of the Property to the Buyer <br />was in the public interest and would further the objectives of its general plan of economic <br />development, because it would provide an opportunity for increased housing opportunities in the City <br />and serve as an impetus for further development. <br /> <br /> 1.06. The Authority previously approved a version of the Contract on January 7, 2019, <br />which was amended by the Authority and Developer on February 25, 2019. <br /> <br /> 1.07. The Authority and Developer previously amended and assigned the Contract as set <br />forth in the Assignment, Assumption, and Amendment to Purchase and Development Agreement (the <br />“Amendment”) pursuant to Resolution EDA-2019-328 adopted on August 12, 2019. <br /> <br />604818v1MU205-46 <br /> <br />