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I'!"';' .'- ~ .to ... ~ RESOLUTION NO. 89-76 A RESOLUTION APPROVING AND AUTHORI7.1NG TilE: EXECUTION OF A CONTRACT FOR PRIVATE DEVELOPMENT WITH OPUS CORPORATION It is hereby r'esol ved by the City Counci 1 (the "Counci 1" ) of the Ci ty of. New Br ighton, Minnesota (the "Ci ty" ), as follows: 1. Reci tals. (a) The City has the powers provided in Minnesota Statutes, Sections 469.124 through 469.3.34 (the "Act"). (b) Pursuant ,to and in furtherance of the objec- tives of the Act, the City has undertnken a program to promote development of certain land within the City and in this connection is engaged in carrying out its development project known as Development Distr ict No. .l (the "Development District") in an area (the "Project Area") located in the City. (c) There has been approved by the Counc i 1., pursuant to the Act, a Development Program for the Development Distr lct (the "Development Program"). (d) The acquisition and the subsequent sale or lease of the potential development proper ty to pr i va te developers for development are sta ted objectives of the Development Program. (e) In order to achieve the obj ecti ves of the Development Program and particularly to make the land in the Project Area available for development by private enterpr ise in conformance wi th the Developmen t Program, the City has determined to provide substantial aid and assistance in connection with the Development Program through the financing of certain of the public costs of development in the Project Area. . (f) Opus Corporation, a fl-1.i.nnesota r:orpof-7ltion (I~he "Company"), has presented the Ci ty Hi l h a proposa J. for the construction within the Project Area of 3 story, approximately 72,000 squa re foot of f iCI~ bu i ld i.ng , a ncl a cer ta in Cont.rac t for Pr i va te Developmen l. bel:l.,reen the C.i ty and the Cor:;pany (the "Deve lopment Ag reemen t") s ta ti n9 the