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<br />J <br /> <br />'3" <br /> <br />.... ~-..- <br /> <br />RESOLUTION NO. 88-14 <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, Sections 469.124 to 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 District No. 1 <br />(the "Development District") in an area (the "Project <br />Areaft) 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 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 revised proposal for the construction within the Proj- <br />ect Area of an 8 unit townhome housing facility, and a <br />certain Contract for Private Development between the <br />City and the Company (the "Development Agreement") <br />stating the terms and conditions of such development and <br />the City's responsibilities respecting the assistance <br />thereof has been presented to the City Council for its <br />consideration. On August 11, 1987, the City Council <br />approved a similar agreement with the Company, but due <br />