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EDA RESOLUTION NO.22-EDA-354 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION AUTHORIZING THE PURCHASE OF REAL PROPERTY WHEREAS, Elsa H. Lee, a single person and Amelia A. Sullivan, a single person (collectively, the "Owners"), are fee owners of a parcel of real property (PID 053023230032), which is located at 8271 Long Lake Road, Mounds View, Minnesota 55112 and legally described as set forth in Exhibit A (the "Property"); and WHEREAS, the Owners entered into that certain Purchase Agreement, dated February 14, 2022 (the "Agreement"), with the Mounds View Economic Development Authority (the "EDA"), whereby the Owners agreed to sell the Property to the EDA; and WHEREAS, Minnesota Statutes, Section 469.101 authorizes an economic development authority to purchase real property; and WHEREAS, the EDA desires to purchase the Property, as authorized in the aforementioned statutory provision; and WHEREAS, the EDA has followed any and all applicable statutory provisions and finds that the purchase of the Property will fulfill the objectives, goals and mission of the EDA. NOW THEREFORE, BE IT RESOLVED by the Mounds View Economic Development Authority as follows: 1. The recitals set forth in the preamble to this Resolution are incorporated into this Resolution as if fully set forth herein. 2. The EDA hereby approves the Agreement in substantially the form presented to the EDA on this date and on file with the Executive Director, including the purchase and acquisition of the Property by the EDA, subject to modifications that do not alter the substance of the transaction and that are approved by the EDA's attorney. 3. The President and Executive Director of the EDA are hereby authorized and directed to execute the Agreement for and on behalf of the EDA. The President, Executive Director, staff and consultants of the EDA are hereby further authorized to perform the EDA's obligations under the Agreement, and to draft, execute, and deliver any and all documents deemed necessary or convenient to carry out the intentions of this Resolution, including the acquisition of real property contemplated herein. DOCSOPEN\MU205\57\778535. v2-2/7/22