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I I ~I i I, " "'" 'l l{ il II Ii Ii II II i1 II Ii 'I II II !I II II A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A Ii CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE CITY OF NEW q BRIGHTON, MINNESOTA AND BEISSWENGER'S NEW BRIGHTON I HARDWARE, INC. I I CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 03-041 BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, Minnesota (the "City") as follows: Section 1. Recitals. 1.01 The City and the Company have reached agreement upon a Term Sheet providing for the acquisition by the City of the Company's current site at 1360 Old Highway 8, New Brighton, Minnesota (the "Current Site") and relocation I of the Company's store to a new location within the City, and such Term Sheet was approved by previous Council Resolution. 1.02 It has been proposed that the City enter into a Contract for Private Redevelopment (the "Contract") with Beisswenger's New Brighton Hardware, Inc. (the , "Company") relating to the parcels at 1823, 1853, 1873 and 1951 Old Highway 8, New Brighton, Minnesota (the "New Site"), so that the Company's business may be relocated to the New Site, provided that the City can arrange satisfactory terms for the purchase of all of the parcels comprising the New Site. Section 2. Findings. 2.01 The Council hereby finds that acquisition of the Current Site and acquisition of the New Site for conveyance to and relocation of the Company promotes the objectives outlined in its Restated Development Program established pursuant to Minnesota Statutes, Sections 469.124 to 469.134, as amended. 2.02 The Council hereby finds that both the Current Site and the New Site are located in areas which the Council intends to include in new tax increment financing districts pursuant to Minnesota Statutes, Sections 469.174 through