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CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 10-088 A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A DEVELOPMENT AGREEMENT WITH THE VIEW AT LONG LAKE, LLC. 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 Council previously approved a term sheet with Stuart Development Co any d/b/a The View at Long Lake, LLC (the "Redeveloper") setting out the terms and con itions under which the City would sell to Redeveloper approximately 4 acres of land in the orthwest Quadrant of the 1-694 and 1-35W interchange west of Old Highway 8 (the "Prc Oerty") for the purpose of constructing a 124 unit apartment building ("Project") 1.02 It has been proposed that the City enter into a Development Agreement -act") with the Redeveloper for the Project. Section 2. Findings. i 2.01 The Council hereby finds that the Project promotes the objectives outlined in thl i City s Modified Development Program established pursuant to Minnesota Statutes, Sed on 469.124 et seq, and the Tax Increment Financing Plan for Tax Increment Fin cing District No. 31 and 31A (NWQ Special Law), established pursuant to Minnesota Staft tes, Section 469.174 et seq. and Laws of Minnesota 1998, Chapter 389, Article 11, Sec on 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: Substantial conformity of the Contract to the form of contract presented to the City as of this date, with such additions and modifications as the Officers may deem desirable or necessary as evidenced by the execution thereof.