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RESOLUTION NO.9594 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA CITY OF MOUNDS VIEW RESOLUTION AUTHORIZING THE CONVEYANCE OF CITY OF MOUNDS VIEW PROPERTY TO THE MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED by the City Council ("Council") of the City of Mounds View as follows: Section 1. Recitals. 1.01. The City of Mounds View (the "City") has previously established the Mounds View Economic Development Project (the "Project"), which is currently administered by the Mounds View Economic Development Authority (the "Authority"). 1.02. The City owns certain property within the Project legally described as set forth in Exhibit A, both the pre -plat and post -plat described property (the "Property"). 1.03. The Property is presently vacant land. 1.04. There is no future use of the Property contemplated by the City and the Property is deemed surplus property for redevelopment. 1.05. The City and Authority are considering a development proposals for an apartment facility and the proposed expansion of an adjacent business (the "Development") to be constructed on or adjacent to the Property. 1.06. The City and Authority previously reviewed the proposals for the Development on the Property and have concluded that the proposed Development is consistent with and promoted the goals and objectives for which the Project was established. 1.07. In order to facilitate the Development, the City agrees to convey to the Authority, and the Authority agrees to subsequently utilize the Property for the Development. 1.08. The City is authorized to convey real property pursuant to Minnesota Statutes Section 465.035 to any governmental subdivision or Minnesota Statutes Section 471.64 to any other political subdivision of the State. 1.09. The Authority is a political subdivision of the State pursuant to Minnesota Statutes Section 469.091, Subdivision 2. MU205\52\793345.v2