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CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 13 -043 A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A CONTRACT FOR PRIVATE REDEVELOPMENT WITH PULTE HOMES OF MINNESOTA LLC. BE IT RESOLVED by the City Council ( "Council ") of the City of New Brighton, Min asota ( "City ") as follows: Section 1. Recitals. 1.01 In April 2012, Pulte Homes of Minnesota, LLC ( "Redeveloper ") approached the C. ty with a proposal to construct a residential development ( "Project ") in New Brighton Exch nge on approximately 27 acres of land referred to as Block I ( "Property "). 1.02 The Council requested that Redeveloper present their proposal to the Planning Commission and Economic Development Commission ( "EDC ") in June 2012 for initi 1 feedback. The Planning Commission and EDC both expressed interest in the Redeloper's proposal. 1.03 The City and Redeveloper subsequently entered into a Contract for Exclusive Negotiations that granted Redeveloper certain rights to investigate the Property. the ��1.04 On October 31, 2012 Redeveloper submitted a Letter of Intent to purchase operty from the City, subject to a number of conditions. 1.05 The Council and Redeveloper met in December 2012 to discuss the Letter of Int0f and the Council directed staff to continue working with Redeveloper on the development details. 1.06 Since December 2012, the City and Redeveloper have been negotiating the various business terms and conditions and have mutually agreed that it is appropriate to enter into a Contract for Private Redevelopment ( "Contract ") to formalize the details. Section 2. Findings. 2.01 The Council hereby finds that the Project promotes the objectives outlined in th City's Modified Development Program established pursuant to Minnesota Statutes, Section 469.124 et seq, and the Tax Increment Financing Plan for Tax Increment Financing District No. 31 and 31A (NWQ Special Law), established pursuant to Minnesota