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<br />.i: <br /> <br />CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 03-031 <br /> <br /> <br />A RESOLUTION AUTHORIZING APPROVAL OF A TERM SHEET BY AND <br />'. BETWEEN THE CITY OF NEW BRIGHTON, MINNESOTA AND ENGELSMA <br />LIMITED PARTNERSHIP FOR REDEVELOPMENT OF THE BRIGHTON VILLAGE <br />SHOPPING CENTER <br /> <br />. BE IT RESOLVED by the City Council (the "Council") of the City of New <br />. : Brighton, Minnesota (the "City") as follows: <br /> <br />Section 1. Recitals. <br /> <br />1.01 The City has presented to Engelsma Limited Partnership (the <br />, "Redeveloper") a term sheet (the "Term Sheet"), attached as Schedule A, outlining <br />i the terms and conditions under which the City is williing to enter into a Contract for <br />. Private Redevelopment with the Redeveloper. <br /> <br />1.02 It has been proposed that the City enter into a Contract for Private <br />: Redevelopment (the "Contract") with the Redeveloper. <br /> <br />j! <br /> <br />Section 2. Findinqs. <br /> <br /> <br />2.01 The Council hereby finds that the proposed redevelopment which <br />would be the subject of the Contract promotes the objectives as outlined in its <br />Modified Development Program established pursuant to Minnesota Statutes, <br />Sections 469.124 to 469.134, as amended. <br /> <br />2.02 The Council hereby finds that the Property is located in an area <br />which the Council intends to include in a new tax increment financing district <br />'. pursuant to Minnesota Statutes, Sections 469.174 through 469.1799, inclusive. <br /> <br />, j' <br /> <br />,1 <br />