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I j ; i- I' I , i CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA I II I; . , \ i I RESOLUTION NO.03-030 ,i A RESOLUTION AUTHORIZING APPROVAL OF A TERM SHEET BETWEEN THE i i CITY OF NEW BRIGHTON, MINNESOTA AND BEISSWENGER'S HARDWARE i: FOR THE PURCHASE OF THE REAL PROPERTY LOCATED AT 1360 OLD : i HIGHWAY 8, NEW BRIGHTON, MINNESOTA AND THE DEVELOPMENT OF ! i REAL PROPERTY AT 1823, 1853, 1873 AND 1951 OLD HIGHWAY 8, NEW : BRIGHTON, MINNESOTA : BE IT RESOLVED by the City Council (the "Council") of the City of New I i Brighton, Minnesota (the "City") as follows: I . Section 1. Recitals. 1.01 The City has presented to Beisswenger's Hardware (the "Company") a ! term sheet (the "Term Sheet"), attached as Schedule A, outlining the terms and , conditions under which the City is willing to purchase certain real property located at 1360 Old Highway 8, New Brighton, Minnesota (the "Current Site"). 1.02 It has been proposed that the City enter into a Purchase Agreement for purchase of the Current Site if mutually agreeable terms can be reached consistent with the Term Sheet. 1.03 It has been proposed that the City enter into a Contract for Private : Redevelopment with the Company if the City can arrange satisfactory terms for the purchase of 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. Section 2. Findinqs. 2.01 The Council hereby finds that acquisition of the Current Site, and the New Site for relocation of the Company, promotes the objectives as outlined in its Modified Development Program established pursuant to Minnesota Statutes, Sections 469.124 to 469.134, as amended.