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<br />.!:"" .,..... <br /> <br />,- <br /> <br />........ <br /> <br />-.. ~ <br /> <br />-~ ..,~ <br /> <br />RESOLUTION NO. 87-84 <br /> <br />A RESOLUTION APPROVING AND AUTHORIZING THE <br />EXECUTION OF A CONTRACT FOR PRIVATE DEVELOP- <br />MENT WITH CBA RESIDENTIAL DEVELOPMENT, LTD. <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, Chapter 472A, as amended (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 Distr ict, 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 pr ivate <br />enterprise in conformance with the Development Program, <br />the City has determined to provide substantial aid and <br />assistance in connection with the Development Program <br />through the financing of certain of the public costs of <br />development in the Project Area. <br /> <br />(f) CBA Residential Development, Ltd., a Minnesota <br />corporation (the "Company"), has presented the City with <br />a proposal for the construction within the Project Area <br />of a 9 unit condominium housing facility, and a certain <br />Contract for Private Development between the City and <br />the Company (the "Development Agreement") stating the <br />terms and conditions of such development and the City's <br />responsibili ties respecting the assistance thereof has <br />been presented to the Ci ty Council for its considera- <br />tion. <br />