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<br />'.' <br /> <br />~ ) ...... <br /> <br />RESOLUTION NO. R7-7 <br /> <br />A RESOLUTION APPROVING AND AUTHORIZING THE <br />EXECUTION OF A CONTRACT FOR PRIVATE DEVELOP- <br />MENT WITH BRIGHTON OAKS SHOPPING CENTER <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 Oistr ict No. 1 <br />(the "Development Distr let") in an area (the "Project <br />Area") located in the City. <br /> <br />(e) 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 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 Oaks Shopping Center, a Minnesota <br />general partnership, has presented the City with a pro- <br />posal for the construction within the Project Area of an <br />approximately 100,000 square foot shopping center, and a <br />certain Contract for Private Development between the <br />City and Brighton OakS Shopping Center (the "Development <br />Agreement") stating the terms and conditions of such <br />development and the Ci ty' s responsibili ties respecting <br />the assistance thereof has been presented to the Ci ty <br />Council for its consideration. <br />