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EXTRACT OF MINUTES OF MEETING <br />OF THE BOARD OF COMMISSIONERS OF THE <br />HOUSING AND REDEVELOPMENT AUTHORITY IN <br />AND FOR THE CITY OF RAMSEY, MINNESOTA <br />HELD: September 27, 2011 <br />Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners <br />of The Housing and Redevelopment Authority in and for the City of Ramsey, Anoka County, <br />Minnesota, was duly called and held at the City Hall in said City on Tuesday, the 27th day of <br />September, 2011, at 8:00 o'clock p.m. <br />The following members were present: <br />and the following were absent: <br />Member <br />adoption: <br />introduced the following resolution and moved its <br />RESOLUTION AUTHORIZING <br />EXECUTION OF A PURCHASE AGREEMENT <br />AND DEVELOPMENT AGREEMENT AND AUTHORIZING <br />THE DISPOSITION OF REAL PROPERTY <br />WHEREAS, The Housing and Redevelopment Authority in and for the City of Ramsey, <br />Minnesota (the "Authority") has caused to be prepared a Purchase Agreement (the "Purchase <br />Agreement") between the Authority, the City of Ramsey, Minnesota (the "City") and F & C <br />Ramsey, LLC, an Indiana limited liability company (the "Developer"), in connection with the <br />sale of certain real property by the Authority to the Developer pursuant to Minnesota Statutes, <br />Section 469.105. <br />WHEREAS, the Developer has requested that the Authority assist with the financing of <br />certain costs in connection with the acquisition, construction and equipping of a 230 unit <br />multifamily rental housing facility and an approximate 3,000 square foot retail facility (the <br />"Project"). <br />WHEREAS, the Developer, the Authority and the City have determined to enter into a <br />Development Agreement providing for the Authority's assistance for the Project (the <br />"Development Agreement" together with the Purchase Agreement (the "Agreements"). <br />NOW, THEREFORE, BE IT RESOLVED by The Housing and Redevelopment <br />Authority in and for the City of Ramsey, Minnesota as follows: <br />Section 1. The Board of Commissioners hereby determines that the sale is advisable; <br />approves the Agreements and the various documents and agreements referred to therein and <br />attached as Exhibits thereto in substantially the forms submitted; authorizes the disposition of the <br />4279738v1 <br />