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CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 07-107 Min , RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A ;ONTRACT FOR PRIVATE REDEVELOPMENT WITH NEW BRIGHTON 4TH STREET LLC IT RESOLVED by the City Council (the "Council") of the City of New Brighton, (the "City") as follows: ion 1. Recitals. 01 On July 31, 2007, the City approved a Term Sheet with The Ryan Companies US, Inc. ("Ryan") setting out the terms and conditions under which the City is willing to enter into a Contract for Private Redevelopment with Ryan relating to the purch a and redevelopment by the Redeveloper of approximately 5.8 acres of land in the Northwest Quadrant of the 1-694 and 1-35W interchange east of Old Highway 8 (the "Prop y"), as well as the granting of an option to Ryan to purchase and redevelop additi al property adjacent to the Property in a future phase (the "Option Property"). It is conte plated that Ryan will lease the Property and the Option Property to Transoma Medi I, Inc. 11.02 It has been proposed that the City enter into a Contract for Private Rede lopment (the "Contract") with New Brighton 14th Street LLC, the development entity hat Ryan has created for this project (the "Redeveloper"). n 2. Findings. 2.01 The Council hereby finds that the Contract promotes the objectives outlined in the City's Modified Development Program established pursuant to Minnesota Statutes, Secti61 469.124 et seq. and the Tax Increment Financing Plan for Tax Increment Financing District No. 32 (NWQ Special Law), as modified, established pursuant to Minn ota Statutes, Section 469.174 et seq. and Laws of Minnesota 1998, Chapter 389, Articl 11, Section 24. Section 3. Authorization. 3.01 The Mayor and City Manager (the "Officers") are hereby authorized to e and deliver the Contract when the following condition is met: