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~'I" ':.": ~ ~,;- . .., " !- ..-.1 RESOLUTION NO. 89- 27 IT IS HEREBY RESOLVED by the City Council (the "Council") of the City of New Brighton, Minnesota (the "City"), as follows: 1. Recitals. (a) The City has established and amended from time to time its Development District No. 1 (the "Development District") within the City and has adopted and revised from time to time a development program (the "Development Program") as a plan for the betterment, development, and redevelopment of the Development District, all pursuant to Minnesota Statutes, Sections 469.124 to 469.134. (b) One of the Development ,Program is within the City which redevelopment purposes. stated objectives of the the acquisition of property is needed for development and (c) There has been presented for the Council's consideration a certain purchase agreement (the "Purchase Agreement") pursuant to which the City would purchase certain property (the "Property"). (d) The Property is located in the vicinity of the intersection of Old Highway 8 and County Road D, is within the Development District, and is a "candidate site" identified in the City's Old Highway 8 Corridor Plan. (e) The City has been exploring various possibilities for the development and redevelopment of the Old Highway 8 Corridor, including the redevelopment of the Property, and the Council believes and finds that it is in the best interests of the City to attempt at this time to acquire the Property in accordance with the terms of the Purchase Agreement. The City is currently attempting to conclude a development agreement with a private developer which would involve the redevelopment of the Property, together with additional property. 2. Authorization of Execution. The Council hereby approves the purchase of the Property pursuant to the terms of the Purchase Agreement and for purposes of the redevelopment thereof consistent wi th ,the Development Program and the Council further authorizes