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EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL IN AND FOR <br />THE CITY OF RAMSEY, MINNESOTA <br />HELD: September 27, 2011 <br />Pursuant to due call and notice thereof, a special meeting of the City Council in and for <br />the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall in said <br />City on Tuesday, the 27 day of September, 2011 at 8:30 o'clock p.m. <br />The following members were present: <br />Mayor Ramsey, Councilmembers Backous, Elvig, McGlone, Strommen, Tossey, and Wise. <br />and the following were absent: <br />None <br />Councilmember Elvig introduced the following resolution and moved for its adoption: <br />RESOLUTION #11- 09 -177A <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 City Council in and for the City of <br />Ramsey, Minnesota as follows: <br />Section 1. The Board of Commissioners of the Housing and Redevelopment Authority <br />and the Ramsey City Council hereby determines that the sale is advisable; approves the <br />Agreements and the various documents and agreements referred to therein and attached as <br />