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~ ~ ~ RESOLUTION NO. 87~05 A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A CONTRACT FOR PRIVATE DEVELOP- MENT WITH [BEISSWENGER] It is hereby resolved by the City Council of the City of New Brighton, Minnesota (the "City"), as follows: 1. Recitals. (a) The City has the powers provided in Minnesota Statutes, Chapter 472A, as amended (the "Act"). (b) Pursuant to and in furtherance of the objec- tives of the Act, the City has undertaken a program to promote development of certain land within the City and in this connection is engaged in carrying out its de- velopment project known as Development District No. 1 (the "Development Distr ict") in an area (the "Project Area") located in the City. (c) There has been approved by the City Council, pursuant to the Act, a Development Program for the De- velopment Distr ict, as amended (the "Development Pro- gram"). (d) The acquisi tion and the subsequent sale or lease of the potential development property to private developers for development are stated objectives of the Development Program. (e) In order to achieve the objectives of the Development Program and particularly to make the land in the Project Area available for development by private enterprise in conformance with the Development Program, the City has determined to provide substantial aid and assistance in connection wi th the Development Program through the financing of certain of the public costs of development in the Project Area. (f) [Beisswenger] has presented the Ci ty wi th a proposal for the construction within the Project Area of an approximately 21,000 square foot hardware store, and a certain Contract for Private Development between the Ci ty and [Beisswenger] (the "Development Agreement") stating the terms and conditions of such development and the City's responsibilities respecting the assistance thereof has been presented to the City Council for its consideration.