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<br />~ <br /> <br />.. <br /> <br />RESOLUTION NO. 87-148 <br /> <br />A RESOLUTION APPROVING AND AUTHORIZING THE <br />EXECUTION OF A CONTRACT FOR PRIVATE DEVELOP- <br />MENT WITH BRIGHTON PARK, INC. <br /> <br />It is hereby resolved by the City Council of the City of <br />New Brighton, Minnesota (the "City"), as follows: <br /> <br />1. Recitals. <br /> <br />(a) The City has the powers provided in Minnesota <br />Statutes, Sections 469.124 through 469.134 (the "Act"). <br /> <br />(b) Pursuant to and in furtherance of the objec- <br />tives of the Act, the City has undertaken a program to <br />promote development of certain land within the City and <br />in this connection is engaged in carrying out its de- <br />velopment project known as Development Distr ict No. 1 <br />(the "Development Distr ict") in an area (the "Project <br />Area") located in the City. <br /> <br />(c) There has been approved by the City Council, <br />pursuant to the Act, a Development Program for the De- <br />velopment District, as amended (the "Development pro- <br />gram" ) . <br /> <br />(d) The acquisition and the subsequent sale or <br />lease of the potential development property to private <br />developers for development are stated objectives of the <br />Development Program. <br /> <br />(e) In order to achieve the objectives of the <br />Development Program and particularly to make the land in <br />the Project Area available for development by private <br />enterprise in conformance with the Development Program, <br />the City has determined to provide substantial aid and <br />assistance in connection wi th the Development Program <br />through the financing of certain of the public costs of <br />development in the Project Area. <br /> <br />(f) Brighton Park, Inc., a Minnesota corporation, <br />has presented the City with a proposal for the construc- <br />tion wi thin the Project Area of approximately 290,000 <br />square feet of office, warehouse, and/or industrial <br />facilities, and a certain Contract for Private Develop- <br />ment between the City and Brighton Park, Inc. (the "De- <br />velopment Agreement") stating the terms and conditions <br />of such development and the city's responsibilities <br />respecting the assistance thereof has been presented to <br />the City Council for its consideration. <br />