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<br />~ <br /> <br />+../ <br /> <br />,- <br /> <br />RESOLUTION NO. <br /> <br />RQ-l:)R <br /> <br />A RESOLUTION APPROVING AND AUTHORIZING THE <br />EXECUTION OF AN AGREEMENT RELATING TO MORTGAGE <br />FINANCING FOR INTERSTATE CENTRE <br />DEVELOPMENT GROUP PROJECT <br /> <br />It is hereby resolved by the City Council (the "Council") <br />of the City of New Brighton, Minnesota (the "City"), as <br />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 ~s engaged in carrying out its <br />development project known as Development District No. 1 <br />(the "Development District") in an area (the "Project <br />Area") located in the City. <br /> <br />(c) There has been approved by the Council, <br />pursuant to the Act, a Development Program for the <br />Development District (the "Development Program"). <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 with the Development Program <br />through the financing of certain of the public costs of <br />development in the Project Area. <br /> <br />(f) Interstate Centre Development <br />Minnesota partnership (the "Partnership"), <br />have entered into a certain Contract <br /> <br />Group, a <br />and the City <br />for Private <br />