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1.11. The City has determined it is most cost effective to convey the Property to the Authority in consideration of one dollar ($1.00) and other good and valuable consideration pursuant to this Resolution and a standard quit claim deed. 1.12. The Property shall be subsequently conveyed by the Authority pursuant to Minnesota Statutes, Section 469.105 for development purposes. 1.13. The City finds and determines that conveyance of the Property to the Authority is for a public purpose and is in the public interest because it will further the objectives of the Development and the Project. 1.14. The City finds and determines that the further conveyance by the Authority of the Property for the Development is for a public purpose and is in the public interest because it will further the objectives of the Project. 1.15. The City Council finds that the requirements of Minnesota Statutes Section 462.356, Subdivision 2 are hereby deemed satisfied, and that the conveyances of the Property to the Authority and by the Authority for the Development are consistent with the proposed amended comprehensive municipal plan, or alternatively, the City dispenses with the requirements of Minnesota Statutes Section 462.356, Subdivision 2 and finds in the City Council's judgment that the proposed conveyance of the Property to the Authority has no relation to the proposed amended comprehensive municipal plan of the City. Section 2. Authorization. 2.01. The recitals set forth in this Resolution are incorporated into and made a part of this Resolution. 2.02. The City Council finds and determines that the requirements of Minnesota Statutes Section 462.356, Subdivision 2 are hereby satisfied, or alternatively, dispensed with based upon the findings of the City Council. 2.03. The City Council finds and determines that the transaction herein referenced and contemplated is for a public purpose and is in the public interest. 2.04. The City Council approves the conveyance of the Property to the Authority pursuant to Minnesota Statutes Section 465.035 and Minnesota Statutes Section 471.64, and authorizes and directs the Mayor and City Administrator to execute the deed and related documents necessary to facilitate the transaction referenced herein and contemplated herein, with all such actions to be in accordance with the terms and conditions set forth in this Resolution. 2.05. The Mayor and City Administrator, staff and consultants are hereby authorized and directed to take any and all additional steps and actions necessary or convenient in order to accomplish the intent of this Resolution. 2 DOCSOPEN\MU205\52\763745.v 1-11 /18/21