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EDA RESOLUTION 22-EDA-355 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />A RESOLUTION APPROVING PURCHASE AND <br />DEVELOPMENT AGREEMENT AND CONVEYANCE OF <br />PROPERTY LOCATED IN MOUNDS VIEW, MINNESOTA <br />BE IT RESOLVED by the Board of Commissioners (the "Board") of the Mounds View <br />Economic Development Authority (the "Authority") as follows: <br />Section 1. Recitals. <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 />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 />1.03. To facilitate the development of a commercial development and dental office on the <br />Property, the Authority proposes to enter into a Purchase and Development Agreement (the <br />"Agreement") between the Authority and Sabry Sharara (the "Developer"), under which, among other <br />things, the Authority will convey the Property to the Developer to construct a commercial <br />development and dental office, subject to certain terms and conditions of the Agreement, which is on <br />file with the Executive Director of the Authority. <br />1.04. The Authority has on April 11, 2022, and in accordance with Minnesota Statutes, <br />Section 469.105, conducted a duly noticed public hearing regarding the sale of the Property to the <br />Developer, at which all interested persons were given an opportunity to be heard. <br />1.05. The Authority finds and determines that conveyance of the Property to the Developer <br />is in the public interest and will further the objectives of its general plan of economic development, <br />because it will provide an opportunity for increased commercial and office space opportunities in the <br />City and serve as an impetus for further development. <br />1.06. The Board has reviewed the Agreement and finds that the execution thereof by the <br />Authority and performance of the obligations thereunder are in the best interest of the Authority, the <br />City and its residents. <br />DOCSOPEN\M U205\53\783 511. v2-4/5/22 <br />